Tricks To Life Insurance Companies In Georgia – Even In This Down Economy


It is common to note that many people ignore life insurance. They do not understand the importance of life insurance, which provides financial security, if the insured, who may be the breadwinner of the family, dies suddenly. If the main breadwinner of the family has insured his or her life for a specified amount and if the incumbent dies at an early stage, the benefits of the insurance will go to the family members, who were depending on his or her earnings. Let us see how life insurance companies are functioning in Georgia and helpful to the people.

Types of Life Insurance Policies:

There are two basic types of life insurance policies offered by life insurance companies of Georgia and they are Traditional Whole Life Insurance and Term Life Insurance. Under whole life policy, the policyholder has to pay the premiums until his or her death and the corpus is paid to the family of the insured. Term life insurance, offered by the life insurance companies of Georgia, is a policy in which the policyholder is required to pay premiums for a specified period of time and on the expiry of the policy, the insured amount with some perks shall be paid to the insured. If the insured dies in the middle of the policy period, the insurer will pay the benefits to the family of the deceased. Term life insurance is considered as more affordable.

Whole life insurance is another type of policy sold by the life insurance companies of Georgia and it comes under permanent insurance type. The premium under this policy remains the same throughout the life of the policy. It may seem that the premiums may look high with the risk of death in the early years, but, they can accumulate cash value and the amount is usually invested in company's general investment portfolio. You are allowed to borrow loan from the cash value or else you can surrender your policy for its face value.

Universal Life Insurance:

This policy comes under the category of whole life policy, but, you have flexibility in either increasing the premiums or altering the frequency as well as the amount of coverage. You have to remember that altering the premiums may decrease the death value benefit.

Variable Life Insurance:

This also comes under the broad category of whole life policy. You have the same coverage as that of permanent life insurance. But, you have the control in deciding how your cash value can be invested. You can instruct that the cash value be invested in stocks, bonds, etc. But, if your investment do not perform well, you have to face the loss incurred. The premium of this policy will remain the same throughout.

A recent study have revealed that the top ten life insurance companies of Georgia are as follows.

1. AIG
2. Assurity
3. Banner
4. MetLife
5. Mutual of Omaha
6. North American Company
7. Protective
8. Prudential
10. Transamerica.

Points to be Considered before Buying Life Insurance:

1. In general, prices of life insurance policies are the same irrespective of the company from where you buy. Prices of any policy is based on your age and health only.
2. When you apply for a life insurance policy with any of the life insurance companies of Georgia, you have to undergo a health check and an underwriting. Underwriting is nothing but a health examination to be conducted by a nurse on your health and the insurer will consult your doctor to know your present health condition in order to fix the premium of the policy.
3. Remember that your health rating, health history of your family, your occupation etc. are some of the important factors in deciding your life insurance premium.
4. You have to decide what type of life insurance you need and do not depend on the advice of the agents. Your temporary needs will be fulfilled by term insurance and the permanent life insurance will take care of your cash value needs.
5. When you buy a life insurance from among the life insurance companies of Georgia, contact the reliable agents who can provide you the quotes of several companies. These agents alone can consider your future benefits. In other words, do not rely upon captive agents.
6. While selecting a life insurance company among the available life insurance companies of Georgia, consider the reliability as well as their customer service record.
7. Do not get attracted by the perks and riders that are offered extra by some life insurance companies.
8. If your employer provides you life insurance free of cost, avail the same. Do not try to buy extra life insurance if you are hale and healthy.

Objectives of Life Insurance:

A life insurance policy will act as an income replacement for your family. If you are the sole breadwinner of your family and if you die at the early stage of your life, your family will have to meet various expenses such as children's education expenses, repaying mortgage loans and the like. The death benefits, your family receives, will be a great relief as an income replacement.

You and your family may have to face certain emergencies such as health and medical expenses, lay-off periods, losing jobs, retirements, etc. Life insurance will come to your rescue at this juncture.

If you are young, hale and healthy, then this is the right time to buy a life insurance in your name. This is because your insurance premium will be small and will continue to remain as the same until you reach the age of 65. There is no point in buying the life insurance at the age of forty or more as this is the time you are likely be affected by some major diseases. If so, you will have to face a high premium policy.


At the young age if you are not in a position to purchase health insurance, you have to buy a life insurance. This is because, if you happen to suffer from a terminal disease, your life insurance will come forward to pay a lump sum for treatment and this will be done on confirmation of the terminal disease. Even otherwise, life insurance will come to your help at the hour of need if you avail some types of life insurances. Live a peaceful life with a Life Insurance.