GA Life Insurance

Life insurance offers security in the unlikely event of your demise, and like other forms of insurance, your life insurance protects your family financial ruin. Taking adequate life insurance ensures that your dependents are provided with the necessary funds so that the loss of income that arises from your death is managed.

Life Insurance Laws In Georgia

The insurance industry in Georgia is regulated strict laws that allow the state to supervise claims procedures and policy requirements. This has been done in order to protect the consumer. Georgia Title 33 allows several protections for life insurance policyholders as follows:

• A policyholder can hold a policy for 10 days before rejecting it without any financial penalty.
• Insurance companies have to allow a 30-day grace period for overdue premiums. During this period, the insurance company cannot cancel the policy due to late payment.

Claims Must Be Timely

The State of Georgia also requires that life insurance companies should complete claims settlements in a timely manner. This stipulation indicates that death benefits should be received within a month after the insurance company receives proof of death. If this rule is not followed, then the policy proceeds will collect interest as stipulated in the policy. This is a very beneficial rule for the benefactors, as insurance companies cannot hold a policy indefinitely, enjoying interest on the premiums paid till then.

Protection For Insurers

Georgia insurance law offers insurance companies some protection as well. Georgia life insurance companies can contest any statement made in a policy application till two years from the policy's effective date. If the insured party has made any misstatements, the company can cancel the policy and refund premiums if any. Misstated age will result in recalculation of benefits.

The Georgia Life Insurance Guarantee

The Georgia Life and Health Insurance Guaranty Association offers life insurance policyholders some protection. This organization covers policies and takes them over in the event that an insurance company becomes insolvent. There are certain restrictions to this provision, however. This rule is valid if the reimbursement for death benefit proceeds do not exceed $300,000 per insured person. This limit stands true even if a person owns more than one policy. The total must not exceed $300,000. Your insurance company must be licensed within Georgia in order for you to enjoy this protection.

Check for life insurance companies online today and ask for a quote.