Georgia Life Insurance
- Choosing the right life insurance solution for your family's needs is critical. Shop smarter by knowing Georgia life insurance laws and consumer protections.
Life insurance is designed to safeguard your loved ones from the devastating financial losses that can happen when a family member dies, but choosing a plan that suits your family's needs is crucial. To be a smart policy shopper, it may be helpful to familiarize yourself with the regulations that govern Georgia life insurance transactions and the protections they provide consumers statewide.
Georgia Life Insurance Rules and Specifics
In Georgia, life insurance policies and the companies that sell them are regulated by the state's Office of the Insurance and Safety Fire Commissioner. The OCI’s insurance division handles the licensing of insurance-related entities and enforces the laws set forth in Title 33 of the Rules and Regulations of the State of Georgia, which includes several important consumer protection provisions, such as:
- The free-look period: All policies sold in Georgia must include a free-look period, which gives purchasers 10 days to review their coverage and request a full refund if they change their mind about the policy.
- A 30-day grace period: Under Georgia law, policyholders who miss a premium payment must be granted 30 days during which they can bring their account current without risking cancellation for nonpayment.
- Three-year guaranteed reinstatement period: If life insurance coverage is cancelled due to nonpayment, the issuer must reinstate the policy at the written request of the policyholder within three years from the date of default, unless the policy was surrendered or its term expired. For a policy to be reinstated, past-due premiums and accrued interest must be paid, and the policyholder must supply satisfactory evidence of insurability.
- Timely claims payment: State law requires claims filed against a life insurance policy be paid in a timely fashion once proof of death is provided. Claims that aren't settled within 30 days accrue interest, beginning on the date of death.
Life Insurance Resources in Georgia
Georgia residents who have life insurance-related questions or complaints, or who wish to open a formal dispute with an agency or issuing company, may seek help through one or more of the following state and national channels:
- Office of the Insurance and Safety Fire Commissioner: The OCI maintains a dedicated consumer services division, which handles public inquiries and complaints. Policyholders can reach out to the OCI for help resolving disputes with insurance companies or agents or to report activities that may be fraudulent.
- Georgia Life & Health Insurance Guaranty Association: All state-licensed life insurance companies belong to the Georgia Life & Health Insurance Guaranty Association, a private organization that provides protections to Georgia policyholders when the issuing company has been liquidated. Typically, as long as premiums are paid as contracted, the guaranty association will continue the coverage as governed by Georgia law.
- National Association of Insurance Commissioners: Beneficiaries who can't find policy information for a deceased policyholder may request help through the NAIC's policy locator service.