A Guide to Life Insurance in Georgia (GA)

When delving into how to go about securing Georgia Life Insurance Quotes that are right for you, it is a good idea to consider first the specifics of life insurance in Georgia.

Georgia is in the southern part of the United States and is bordered by Florida below. The Peach State is home to some 9.68 million people as of the 2010 Census, and is the 9th most populated state in the US.

As its size might indicate the life insurance industry in Georgia is also large, and there are currently 466 different Georgian insurance companies who do business in the state.  These directly employ about 30,000 people, and there are an additional 46,000 people who are supported by the life insurance industry in Georgia according to the American Council of Insurers.

Cumulatively residents of Georgia have death benefit cover that amounts to $870 billion, and group life insurance cover accounts for a further $330 billion. So it should be clear by now that in Georgia Life Insurance is big business and has a massive part to play in the economics of the state.

In terms of individual life insurance policies there are some 5 million in Georgia, and the average amount of life cover for each of these is some $100,000.

The State capital of Georgia is Atlanta and this is a thriving metropolitan community that is home to over half a million people.

When you are looking into getting Life Insurance in Georgia it is first of all important to think about the type of life cover that you want.

There are two main types of life insurance – Term Life Insurance and Whole Life Insurance. The first is based on a specific time frame (such as ten years, twenty years etc.) during which time if you die than a specified benefit would be paid out. It does not however have any residual value, and so you cannot sell the life insurance policy on, and if you stop paying the premiums then thee cover will stop.

Whole life insurance on the other hand is cover that lasts for your entire life. It does accumulate cash value as you keep on paying the premiums, and there is the possibility to sell the policy on. This sounds ideal, but the downside is that it costs considerably more than Term Life Insurance (which is relatively cheap), and depending on your age is going to cost more and more with each passing year.

There are a number of variations on the same theme with life insurance, and you will see names like Universal Life, decreasing term, variable life and graded life bandied about. So be sure to read up carefully when you get some Georgia Life Insurance Quotes and are assessing the different types.

If some particular companies quote seems too cheap, then be sure to read the policy extremely carefully before finalising anything. In Georgia, as with many other states, the Georgia State Insurance Code (more on that later) allows you 10 days after you have purchased the Georgia Life Insurance to read through the policy documents again and make sure if it is definitely for you.

If not then you can cancel the policy and change your mind without penalty. In this way you can be doubly sure that your Georgia Life Plan is really for you. In some cases some life insurance companies in Georgia actually allow cooling off periods that are longer than 10 days.

However, don’t count on this feature. You are better off to do your due diligence BEFORE you buy any Georgia Life Policy, as you will save yourself considerable time and trouble.

However, don't let this put you off getting some Georgia Life Insurance Quotes, because then you can immediately start to properly assess what the differences between policies really are.

Georgia Life Insurance – The Detail

The detail of life insurance in Georgia is covered by the State Insurance Code of Georgia which is a set of legal regulations that handles how insurance is regulated in the State of Georgia.

You can find out more about the rules and regulations surrounding insurance on the official Georgia State legislature website here:

http://www.georgia.gov

This is quite a complicated set of rules however, and so for most people it is overkill to read them. However, if you would like a copy then they will be able to supply you with one.

 

Georgia Life Insurance Resources


The Georgia Office of Insurance


This office is responsible for regulating insurance in the State of Georgia. It also doubles up as a source of advice for consumers, and a source of legislative information for insurance companies and enforces the State Insurance Code of Georgia rules where necessary.

http://www.oci.ga.gov/home.aspx

Georgia Life & Health Insurance Guaranty Association

Hopefully you never need the assistance of the Georgia Life & Health Insurance Guaranty Association, because if you do then it means that something has gone seriously amiss. This association provides protection to Georgia residents who have life insurance, and in the event that an insurer in Georgia becomes insolvent they can get assistance.

http://www.gaiga.org/

 

Georgia Life Insurance Company Ratings

You can get financial ratings of life insurance companies in Georgia at this website. And also see which companies have the best ratings.

http://www.demotech.com/

 

The key thing to realise is that getting life insurance arranged really needs to be a high priority, because it is the only way that you can confidently know that your family will be looked after if anything happened to you.



 

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