Life insurance policy seekers in Georgia would be foolish to not educate themselves on the basics of life insurance in the state. The state of Georgia, like every other state in the United States, has its own set of laws that regulate the life insurance industry. These laws, which mainly deal with life insurance claims, are important to gain a basic understanding of. Doing so will help you make an educated decision on your insurance policy purchase.
Skip ahead to:
- Georgia’s Life Insurance Laws and Regulations
- State of Georgia Life Insurance Guaranty
- The 10 Best Life Insurance Companies in Georgia
Life Insurance Laws and Regulations
Life insurance rules are largely regulated on the local, state-level (as opposed to being controlled by the federal government). Therefore, the state of Georgia, and not the U.S. government, has control over the life insurance industry within its borders. In Georgia, life insurance is regulated under Title 33 of the Code of Georgia. To gain a better understanding of the law, you can study the fine print of the Georgia code, or you can allow us to highlight the key points:
Free Look Period In Georgia
In the state of Georgia, consumers are allowed to cancel their coverage within 10 days of purchasing the policy. If you decide to cancel the policy within the “free look” period, you will be given a full refund, no questions asked. This provision allows consumers with “buyers remorse” or consumers who may have been pressured into buying a life insurance policy a way out of their policy.
Grace Period In Georgia
The state of Georgia offers a 30-day payment grace period to life insurance policyholders. This means that if you are late paying your life insurance premium, you have a 30 day time period in which you can make up for your late payment before your policy is canceled. This grace period is meant to protect consumers (often elderly) who, for one reason or another, missed their premium payment.
Timely Payment On Claims In Georgia
Once a life insurance claim is filed in the state of Georgia, the life insurer is given 30 days to make the payment to the beneficiary. If the payment is not made within 30 days, the insurer will be penalized. In addition, the beneficiary will accrue interest on the amount in their account until payment is made.
For more information on Georgia life insurance laws, please contact the Office of Insurance and Safety Fire Commissioner at:
State of Georgia Life Insurance Guaranty
In Georgia, your life insurance policy is protected even if the insurance company goes out of business. These benefits are backed by the Georgia Life and Health Insurance Guaranty Association. This association will step in to protect policyholders in the state of Georgia in case their insurer goes insolvent. They will protect you for up to $300,000 in lost death benefits per individual (the limit stands at $300,000 even if the deceased was covered under multiple life insurance policies).
If you have any further questions about the state of Georgia life insurance guaranty, please contact the Georgia Life and Health Insurance Guaranty Association at:
2177 Flintstone Drive, Suite R
Tucker, GA 30084
The 10 Best Life Insurance Companies in Georgia
Offering whole life, term life, and universal life, Northwestern Mutual has been around for 160 years. It received excellent ratings in 2019 and has superb financial strength. Although they don’t provide life insurance quotes online, their whole life insurance policies are prevalent. As a mutual company, Northwestern Mutual pays dividends to eligible policyholders every year. In 2020, it paid out $6.2 billion. Financial advisors are available to help you make the best decisions to protect your assets and families. A complete financial review is required to receive a quote. This provides comprehensive financial planning. Going the extra mile with financial advisors is one reason why Northwestern Mutual is one of Georgia’s best insurance companies.
Offering more than just life insurance policies, Lincoln Financial has been open since 1905 and has term life insurance policies as well as universal life. Offering quotes over the phone, Lincoln Financial has two different term life policies. These policies are TermAccel and LifeElements. LifeElements is a little harder to qualify for and has term limits of 10, 15, 20, or 30 years. You will need a medical exam to be eligible for LifeElements. If you don’t want to get a medical exam, TermAccel is Lincoln Financial’s no exam plan. The only exception to this is if you smoke, you will have to get an exam. TermAccel is one of the reasons why Lincoln Financial is one of Georgia’s best life insurance companies.
There are many reasons why State Farm is one of Georgia’s top life insurance companies. First, State Farm grants some coverage directly online without a medical exam and without hoops to jump through. You get an instant answer as well as free quotes for term and permanent life coverage when using its website. State Farm has excellent ratings, a long history, and has superior financial strength. A retired farmer began State Farm in 1922, and it has grown to a Fortune 500 company. The ease of use of State Farm makes it one of Georgia’s top life insurance companies.
Offering immediate term life insurance online, MassMutual provides more than just life insurance. Similar to Northwestern Mutual, MassMutual pays dividends to eligible customers every year. In 2020, MassMutual paid $1.7 billion to eligible policyholders. MassMutual does require medical exams but once approved; coverage takes place immediately for term life policyholders.
HavenLife is MassMutual’s subsidiary. HavenLife uses medical information to set rates. If you are young and healthy, HavenLife may not require a medical exam.
New York Life
If you want to convert a term life policy to a permanent life insurance policy at some point, New York Life gives you this option. New York Life offers the best term policies, making it one of Georgia’s best life insurance companies. It provides the four main types of life insurance and has a long history of financial strength. Found 175 years ago, New York Life is a reliable company that consistently scores well on AM Best, Standard & Poor’s, and JD Power surveys. Much like Northwestern Mutual, you can not get a quote online, but you can speak with a representative to see what coverage is ideal for you.
American International Group
AIG for short, American International Group offers unique policies with great insurance rates. If you are looking for a term life policy, AIG has some of the best in Georgia. Although customer service isn’t exceptional, AIG does excel in customizable policies to fit any situation. AIG doesn’t provide the cheapest rates, but it does give unique plans. Its “Select-a-Term” policy can be customized to the term length of your choice. These term lengths are dependent on your age and tobacco use.
One of the highest-rated life insurance companies in the county, Transamerica, provides low-cost life insurance. The rates are affordable for both men and women and offer several riders for its term life policies. Besides term life, Transamerica offers whole life and universal life for all ages. This company has excellent financial strength to pay out claims and doesn’t require a paramedical exam for term life policies with coverage between $25,000 and $99,999. Founded in 1906, Transamerica’s easy way to file a claim makes it one of Georgia’s top life insurance companies.
Prudential Financial Inc.
Founded in 1873, Prudential Financial Inc. has great financial strength-giving customers peace of mind regarding the company paying on claims. It is a robust and stable company. Prudential is one of the nation’s long-living life insurance companies with universal and term life coverage. Prudential offers a Children’s Life Insurance rider for families with one or multiple children. Protection is Prudential’s primary goal when it comes to its customers. Protecting the customer, their assets, and their beneficiaries are what Prudential does. This protection is what makes Prudential one of Georgia’s best life insurance companies.
The most significant factor that makes John Hancock one of Georgia’s best life insurance companies is the benefits policyholders receive alongside their term life policy. Policyholders get Accelerated Benefit, Convertibility, Conversion, Insurance Rider, Unemployment Protection, and Total Disability Waivers. Some of these benefits do add to the premium, but not all of them. For no high cost, policyholders get the accelerated service, which allows the policy owner to receive 50% of the eligible death benefit if terminally ill with a life expectancy of less than one year.
With an above-average customer satisfaction score, Guardian offers a wide range of term and permanent life insurance coverage. Another mutual company, Guardian, paid $982 million to its policyholders in 2020. Term life is available in 10, 15, 20, or 30-year coverage. You can get a quote on the company’s website but can not purchase a policy online. Guardian also offers universal life and whole life insurance. Guardian EstateGuard is Guardian’s whole life survivorship policy provided to two people on the same policy. Guardian is one of Georgia’s best life insurance companies because they offer life insurance policies to people living with HIV (with some restrictions).