Updated April 13, 2022
Reading time: 4 minutes
For the benefit of your loved ones, life insurance is necessary. Although it doesn’t get much talk-time like health insurance, it’s just as important.
Life insurance protects your partner, children, and any other individuals who rely on you financially. Shopping for insurance in Georgia is easy.
Whether you’re in Atlanta or Albany, Insurify’s online comparison shopping tool helps you find the best life insurance coverage while saving you time and money. Simply fill out the online form, and you’ll be matched with insurance companies that offer life insurance in the state of Georgia.
Life insurance premiums are based on the type of policy you choose, in addition to your age and gender. Here’s a glimpse of what you can expect to pay for term life insurance if you’re a non-smoker and in good overall health.
Life insurance laws are similar between states, but each state has its own regulatory commission that oversees the insurance industry. In Georgia, this is done by the Office of Insurance and Safety Fire Commissioner, located on Martin Luther King Jr. Drive in Atlanta.
The OCI oversees the Georgia Department of Insurance and can tell you if a licensed life insurance agent has a valid insurance license. The Georgia Life and Health Insurance Guaranty Association is a resource for residents to see if an insurer is insolvent.
Georgia has a 30-day grace period that allows policyholders to retain coverage if they get behind on their premiums. Additionally, life insurance policies in Georgia are incontestable after being in effect for two years. The only exception is if the policy remains unpaid past the grace period.
Death benefits, the money paid out to a beneficiary, are not considered income and are not taxed in Georgia or any other state. Situations in which there are tax implications for life insurance payouts are not common. However, beneficiaries who choose to receive the money in installments rather than a lump sum may have tax obligations. Also, large estates that are the beneficiary of a life insurance policy need to pay taxes if the benefit exceeds a certain threshold.
Get free life insurance quotes from Georgia’s top-rated insurance companies in just minutes. Start by entering your ZIP code here and answering a few questions, and you’ll be matched with life insurance providers in Georgia.
There are hundreds of life insurance companies in the United States that offer both term and whole life insurance policies. These are some of the top-rated companies that offer a variety of products to help you protect your loved ones.
With a composite score of 96 from Insurify’s proprietary rating system, State Farm has an A.M. Best financial rating of A++ and is a household name throughout Georgia. Its term life insurance comes with a variety of riders that offer additional coverage to policyholders. Waiver of premiums and child protection are common riders that young people should consider when buying a life insurance policy.
Many term life and permanent life insurance options are available from MassMutual. It has an A++ rating from A.M. Best and an Insurify score of 94. Both 10- and 20-year term life policies are available. It’s whole life policies have a variety of dividend options, and universal life has a selection of riders so that you get the exact coverage you need.
For those interested in term life insurance, this is where Nationwide shines. It has an Insurify composite score of 85 and offers term lengths ranging from 10 to 30 years. Coverage is available to Georgia residents from 18 to 80 years of age. It offers child protection and spouse protection riders.
Prudential, which has a composite score of 83, has many options for riders on policies with term lengths of 10, 15, 20, and 30 years. Further protect your future by choosing an accidental death benefit or a living/accelerated death benefit for either term or universal life policies. The latter comes with flexible premiums, plus a variety of riders that maximize the cash value of the policy.
For those who want coverage later in life, New York Life underwrites policies for individuals up to 60 years old. Rated A++ by A.M. Best, it’s earned a composite score of 85 from Insurify. Term policies feature level premiums, meaning they will never go up during the life of your policy. In addition to the usual riders like child protection and accidental death, it offers long-term care and disability riders—two that most of its competitors do not.
Seniors who want life insurance can benefit from whole life and universal life insurance, both of which are permanent life insurance policies. These policies give you coverage for the rest of your life. Another option to consider is life insurance annuities, a type of life insurance that gives you part of the money to use now, rather than as a death benefit to your heirs.
This table shows what seniors in Georgia can expect to pay for term life insurance:
|Age Group||Monthly Cost of Term Life Insurance|
Make sure you check out our guide to buying the best senior life insurance!
Many young adults think they’re too young for life insurance, but this is the optimal time to get a policy because you’re young and healthy. Getting a 30-year level term policy at age 25 will ensure that your family is covered for the years when your kids rely on your income the most. Choose a policy that’s 10 times your annual income, and don’t forget to buy one for your partner as well.
Here are the average quotes for life insurance for young adults in Georgia:
|Age Group||Monthly Cost of Term Life Insurance|
There’s no need to set an appointment with an insurance agent and risk exposure to COVID-19 to get a life insurance policy. You can do it all from the comfort of your couch. Fill out a short questionnaire to get personalized quotes from Insurify’s comparison tool. Compare quotes side by side to choose the one that’s right for you, then finish the application process without ever talking to an agent.
Charlotte Edwards is a freelance writer with a passion for educating others in the areas of personal finance, health, and education. An educator-turned-writer, she has written for publications worldwide over the past decade. In her spare time, she enjoys reading, watching classic movies, and spending time with her husband and two children. You can learn more about her work and life abroad at www.livinginchinawithkids.com.Learn More