Life Insurance in Georgia
Life insurance is more than just another type of insurance. By buying a life insurance policy, you buy protection for your family and peace of mind for yourself. It may be challenging to choose the right policy that will match your needs and budget, especially if you have never done before. For those who live in the state of Georgia, Birdsong Agency Inc. has prepared the list of things you should know about it.
- Life Insurance in GA is regulated under Title 33 of the Code of Georgia, which is the codification of general laws of the state that are currently in force.
- There is a Free Look Period, which means that you can cancel your coverage within 10 days of purchasing the life insurance policy. If you decide to cancel it within 10 days, you will receive a full refund.
- The state also has a Grace Period. It is a 30-day payment period, in which you can make payments before the policy is canceled. The purpose of this period is to protect policyholders, especially those who are older and often forget to make their payments on time.
- Once a life insurance claim is filed in GA, an insurance company has 30 days to make the payment to the beneficiaries. The company will be penalized if the payment is not completed within 30 days. Moreover, a beneficiary will also accrue interest on the amount in the account until the insurance company makes payment.
- Your life insurance policy is protected even if your insurance company goes out of business. The Georgia Life and Health Insurance Guaranty Association will step in to protect policyholders if their insurance goes insolvent.
If you are a resident of Georgia and you are looking for a reliable insurance company to purchase a life insurance policy, Birdsong Agency Inc. is ready to assist you and find the policy based on your needs and budget. Give us a call today to talk to one of our insurance agents and receive all the information you need.