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Those seeking additional protection and security, especially if they have legal dependents that would surely be affected in case of untimely death, should consider purchasing any one of the numerous life insurance policies offered in Georgia. These policies are designed to address certain needs and priorities at a particular point in a consumer’s life. Generally, potential policyholders can choose term or permanent policies, depending on their financial resources and perceived insurance needs. Of the two types, term insurance policies are generally more affordable compared to permanent life insurance policies. However, some insurance offer term policies with provisions of converting it to permanent or whole life policies the moment the policyholder is financially capable to do so.

Most permanent life insurance policies, such as whole life insurance, have cash value aside from providing benefits upon death. To this end, permanent policies may be used for other financial transactions, such as acquiring loans or putting the policy as some sort of collateral. Most policies carry specific time period in which positive cash value can be enjoyed and it would pay for policyholders to understand this particular provision fully.

The state of Georgia allows a free-look period of 10 days after receiving the policy in which the policyholder may have the option of not continuing the policy and asking for a full refund instead. Another provision of the insurance law of the state requires insurance companies to settle a death claim within 30 days of submitting all the needed forms. However, if the policy has been enforced for less than two years, the state allows insurers extended time to conduct its own investigation though interest still needs to be paid on the benefits until the time it will be released to the beneficiaries.

The application process for life insurance policies is considered a vital factor in the policy’s approval. Any misinformation or inaccurate information given by the applicant could be basis for rejecting the application all together, or worse, denial of a claim made later on. To this end, each potential policyholder should make sure that information is certified to be true so as to avoid hassles later on. Customers should be cautious and wary of some insurance agents who might even encourage them to leave out certain piece of information in order to increase the chances of approval.

Under state law, the policyholder has the right to change provisions related to the beneficiaries, choose the settlement options, make loans, examine the cash surrender policy, and may even transfer ownership in the form of a viatical settlement. The policyholder is also entitled to ask for projections that will realistically predict future premium cost and cash value, so as to avoid unpleasant surprises later on. The state of Georgia also created the Life & Health Guaranty Fund to provide payments of cash value policies should the insurance provider becomes bankrupt. However, the fund also requires the said to be a member before they can provide payments to its policyholders.