Term Life Insurance In Georgia // Free Quotes & Tips For 2019

May 29, 2019 (0) comment

term life insurance in georgia
term life insurance in georgia

The Best Life Insurance Companies In ​​Georgia

​Finding the right life insurance policy in your state can be a bit confusing, and understanding what protections you have can be complicated.

​We put together this post so that you can have quick access to your states department of insurance as well as their guaranty association.

​You will also find out information specific to the state of ​​Georgia and have a better understanding of why you need life insurance if you life in ​​Georgia.

​In This Article



​Comparing ​​Georgia Life Insurance Quotes

​What's The Free Look Period

When you purchase your life insurance policy you still have what is known as the "free look" period in which you can return the policy.

If you use the free look period, the insurance company must refund you all of your monies and the the policy will be cancelled.

​The average free look period is 30 days; however, each company can have a different period so it is best to check with them directly.  

How Life Insurance Rates Are Determined In ​​Georgia

Age

​Age is going to be one of the largest factors when determining your life insurance rates in ​​Georgia.  The younger you are when you purchase coverage, the more affordable it is going to be.

​Gender

Your gender is going to be the second largest factor when figuring out your life insurance rates.  You will find that women are going to have much more affordable rates than men, primarily because they live longer than men on average.

Tobacco Usage

If you are a tobacco user, you can expect your rates to be upwards of 65% more expensive on a monthly basis. With Cancer being a leading cause of death in ​​Georgia, and since smoking increases your rates considerably, if you smoke, it's probably time to quit.

Coverage Amount

The amount of coverage that you purchase will also change your rates.  The higher the coverage amount you purchase, the more expensive the policy will become.  

Term Length

Term lenght is going to be a factor because the longer the term length the more expensive a policy will become. However, don't let this fool you, if you lock your rates in for a longer term, you will actually save more money over time.

Current Health

Everyone is underwritten on an individual basis, this means that if you have a twin, their rates can still be different if their health is different.

Driving Record ​

Life insurance companies want to know that you aren't a crazy driver.  If you have a history of speeding, DUI's or DWI's you could be looking at higher rates or even a decline for coverage.

Top 10 Leading Causes Of Death In ​​Georgia

​It is essential that you purchase ​​Georgia life insurance ​when you are young so that your rates are affordable. 

  1. 1
    ​Heart Disease - ​18,143 Deaths
  2. 2
    ​Cancer - ​17,184 Deaths
  3. 3
    ​ Chronic Lower Respiratory Diseases - ​4,805 Deaths
  4. 4
    ​Accidents - ​4,021 Deaths
  5. 5
    ​Stroke - ​4,349 Deaths
  6. 6
    ​Alzheimer’s Disease - ​3,714 Deaths
  7. 7
    ​Diabetes - ​2,238 Deaths
  8. 8
    ​Kidney Disease - ​1,864 Deaths
  9. 9
    ​​Septicemia - ​1,565 Deaths
  10. 10
    ​Suicide - ​1,423 Deaths

​​A life insurance policy would cover all of the ​above deaths, including suicide after 2 years of having the policy.

​​Georgia Department Of Insurance

georiga department of insurance

Website: ​Georgia Department Of Insurance

Insurance Commissioner:  ​Drew Lane

Consumer Insurance Helpline:  ​(800) 656 – 2298

Office Hours:  Monday - Friday  9:00 am to 5:00 pm

File a Consumer Insurance Complaint​: Complaint Page

Find a Licensed Life Insurance Agent: Agent License Search Page

​​Georgia Life & Health Insurance Guaranty Association

georgia guaranty association

​The ​​Georgia Guaranty Association was created to make sure that consumers were protected if a life insurance company become insolvent. Their contact info is below:

Website: ​​Georgia Life & Health Insurance Guaranty Association

Phone: ​(770) 621 – 9835

Address:
     ​Georgia Life & Health Insurance Guaranty Association
     Marchman-Steele Agency, Inc.
     Gwinnett Commerce Center
     3700 Crestwood Parkway, NW
     Suite 400
     Duluth, GA 30096

​Georgia Guaranty Association Protection Limits

Each state has a specific limit that they can go up to in case your life insurance company ​fails.

Pre July 1, 2012 Insolvencies

  • ​​Life Insurance Death Benefit: $300,000 per insured life 
  • Life Insurance Cash Surrender: $100,000 per insured life 
  • Health Insurance Claims: $300,000 per insured life 
  • Annuity Cash ​Value: $100,000 per contract owner 
  • ​Annuity In Benefit: $300,000 per contract owner
  • ​Unallocated Group Annuity Benefits: $5,000,000 per contract owner

Post July 1, 2012 Insolvencies

  • ​​Life Insurance Death Benefit: $300,000 per insured life 
  • Life Insurance Cash Surrender: $100,000 per insured life 
  • Health Insurance Claims: ​$500,000 ​Medical, surgical insurance, or major medical
  • Health Insurance Claims: ​$300,000 ​​Disability, L​TC, other ​health insurancel 
  • Annuity Cash ​Value: $​250,000 per contract owner 
  • ​Annuity In Benefit: $300,000 per contract owner
  • ​Unallocated Group Annuity Benefits: $5,000,000 per contract owner


Sa El is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 11 years of experience in the industry. He is an Entrepreneur, Insurance Educator and Field Underwriter. Sa is on a Journey to get 1 Million Families insured.

All posts by Mark Mathon

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