Georgia Life Insurance

Georgia life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

Briefly describes Georgia life insurance regulations.

Explains the protection of the Georgia Guaranty Association.

Links to more information about life insurance in Georgia

Premiums can vary by as much as 50%. Enter your ZIP code on the right, and with just one short form, you'll receive quotes from several insurers in your state. Start comparing quotes today:

Use InsureME to compare additional term life and whole life quotes, and get expert advice from an agent in your area, who can help you design a plan that's right for you. Click here to fill out a quick form.

Georgia life insurance rights and regulations

The insurance industry in Georgia is regulated under Title 33 of the Official Code of Georgia. These laws allow the state to oversee claims procedures and policy requirements in order to protect you, the consumer.

One such consumer protection allows policyholders in Georgia 10 days to decline a new life insurance policy without any financial penalty.

Another requires that insurers allow a grace period of 30 days for overdue premiums. During this time the policy cannot be cancelled due to the late payment.

Georgia life insurance law also requires insurers to make claims settlements in a timely manner. If death benefits are not received within a month after receipt of proof of death, the proceeds will begin to collect interest. (Check any life insurance policy for the insurer's exact claims procedure.)

However, Georgia law also offers insurers some protections. Georgia life insurance companies may contest statements made in a policy application for up to two years from its effective date. Any misstatements can result in policy cancellation and a refund of premiums.

A misstatement of age will usually only result in a recalculation of benefits.

Sidebar
If you are ready to apply for a Georgia term life insurance policy, or if you just want a quick online quote, visit Insured Street now.
If you are not sure about what type of life coverage you want, you can also try InsureME. They will put you in touch with agents who can answer any questions that you might have.

The Georgia Life Insurance Guaranty

Most Georgia life insurance policyholders are offered some protection by the Georgia Life and Health Insurance Guaranty Association. This organization helps cover policies in the event of an insurance company insolvency.

However, there are some restrictions. The reimbursement for lost death benefit proceeds may not exceed $300,000 per insured individual. This limit stands even if an insured owns two policies that total more than $300,000.

And, to qualify for protection under the association, your insurance company must be licensed in the state of Georgia. You can check your insurer's status with the Georgia Department of Insurance at (404) 656-2056.

Sidebar
Apply for a quote with confidence at Insured Street
(for Georgia term life insurance), or InsureME.
Your insurer will be licensed in Georgia.

Viatical settlements

Viatical settlements, which are written purchasing agreements between an insured individual and a third party, are allowed and regulated in Georgia. These agreements allow a third party to purchase a life policy from the insured, maintain the payments, and become the policy's beneficiary. Never arrange a viatical agreement without the aid of a licensed agent.

More GA life insurance help

If you want more help getting the best value on your GA life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about GA life insurance laws and regulations, visit the official website of the Georgia Insurance and Safety Fire Commissioner.