Life Insurance Quotes in Georgia

Georgia Life insurance is a contract that you get into with a Life Insurance Company so that upon your demise, the insurance company will pay a sum of money to your beneficiaries to cover the expenses and cover up for your lack of income.

Statistics on Life expectancy in Georgia

The state is ranked 41st out of the 50 States and the District of Columbia with a life expectancy of 75.3 years.1000 people out of 100,000 aged between 55 and 64 years old die annually. This figure more than doubles up to 2400 for those aged between 65 to 74 years of age. Well over 6000 Georgians aged between 75 to 84 die annually.

Particulars of Georgia Life Insurance Program

The State Insurance Code of Georgia is charged with the responsibility of regulating of insurance industry in the state. This code provides oversight, streamlining the industry to protect both Life Insurance consumers as well as offering fair play to the service providers. Some of the provisions of this code to the consumers are:-

Grace period- The code provides that life insurance companies operating in the state provide a grace period of up to 30 days to consumers before canceling a policy for non payment of premiums. This means that should you fail to pay your premiums in time for any reason, then the insurance company is obliged to give you a 30- day grace period to update your payments without terminating the policy.

“Free look”- The code compels insurance companies to include this provision in every life insurance plan. This provision allows you to study the plan for up to 10 days during which you can choose to change your mind even after appending your signature to a contract with the insurance company.

The code also provides protection to life insurance companies against fraudulent consumers. For instance, the Insurance Company has the right to challenge the information you submitted during application for life insurance cover within a period of two years during which any misinformation can lead to immediate termination of the contract.

So, why should you have a Life Insurance cover?

Life insurance is the single most important investment that helps you realize two very important needs, which are saving for life’s important goals and protecting your assets. This investment gives you the reassurance of asset protection coupled with a strong element of asset appreciation.

Life insurance ensures that financial interest of your family is protected from such occurrence as loss of income due to critical illness or your death. At the same time, insurance products also have a viable inbuilt wealth generation program. You are thus bound to benefit on two counts as life insurance presents a unique opportunity in the landscape of investment options available to you.

Life insurance provides tailor made products for all life stages. Whether you are a newly wed couple saving for a home, a family with school going children saving for their education or an elderly couple looking forward to retirement, life insurance has a product exactly for you.

Some simple ways you can save on your life insurance

Your age, health and habits- yes habits! does determine the price you pay for a life insurance cover. While you can not do much about your age, you certainly have a significant role to play on your health and habits. Here are some simple approaches you can put in consider to help cut down on your cost of life insurance cost.

1. Negotiating your premiums

Negotiating your premiums can significantly reduce on the amount of money you pay especially when you have a condition that would other wise call for higher premiums.

2. Bulk buying

In some cases, more insurance is usually cheap. For example, a middle aged non smoker buying a $100,000 to $ 249,999 of renewable term insurance would pay $1.02 per $1000 coverage. The rate drops to 92 cents per $1000 for $250,000 to $499,999 cover

3. Streamlining your act

Habits like smoking and overweight can greatly shoot up the cost of your life insurance cover. Most insurance companies will charge you twice as much if you are a smoker.

4. Hidden fees.

Always ask all that it is going to cost you before signing a life insurance contract. Some insurance companies will charge you fees up to 15% to 20% of the annual premium for the privilege of making monthly payments. Such charges often build into the payment and are a sure bite on your finances.