10 Best Life Insurance Companies in Georgia

Life insurance companies in Georgia can help you find a policy to protect your loved ones.

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I got both life insurance and disability insurance from Pradeep Audho. He was really great to work with. Very knowledgeable and helpful without ever being too pushy.” —Patrick Waldrop

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10 Best Life Insurance Companies in Georgia

Key Terms

  • A life insurance policy is one of the best investments you can make for you family’s financial future. It can provide peace of mind in the case of an accidental death.
  • A good life insurance policy can cover your mortgage payments, your child’s education, and even therapy for your loved ones should you pass unexpectedly.
  • Georgia life insurance companies can help you find a policy to suit your needs and budget.

Georgia is known as the Peach State and is located in the southern United States. It’s bordered by North Carolina to the north, Tennessee to the east, Florida to the south, and Alabama to the west. With a population of 10.9 million people, it’s the 8th-most populous state. The largest city in Georgia is Atlanta which has a population of 498,715 residents (although the metro area is much bigger). Atlanta is also the state capital.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Georgia is approximately 76.6 years which is lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in Georgia have been heart disease, cancer, and Covid-19. The homicide rate in Georgia is around 10.5 homicides per 100,000 residents, which is higher than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in Georgia, the 90th percentile income is currently $99,700. The median income in the state is approximately $38,340. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Georgia, this works out to around $997,000 – $1,994,000 dollars for top earners.

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How life insurance works in Georgia

There is no such thing as a one-size-fits-all life insurance policy. There are many different types of packages and policies, and which one you should choose depends on your unique situation. That said, the general idea behind life insurance is pretty easy to understand.

An insurance agency is a business that sells insurance policies on behalf of one or more insurance companies. The insurance industry is a large and diverse sector of the economy that provides a range of insurance products and services to individuals and businesses.

An individual’s insurance needs can vary depending on their personal circumstances, such as their age, health, and financial situation. An insurance provider is a company that offers insurance products and services to meet these needs. Insurance rates are the prices that are charged for insurance policies, and they can vary depending on factors such as the type and amount of coverage, the policyholder’s age and health, and the level of risk involved.

There are two main types of life insurance: term and whole life. Term life insurance (term life policies) is the most basic and straightforward type of policy. It pays out a death benefit if you die while the policy is still in force. Term life insurance is often much cheaper than whole life insurance, because it only pays out if you die during the policy’s term. It doesn’t build up cash value or provide any other perks.

Whole life insurance is more complicated and mixes insurance with investments. These policies are also called permanent life insurance policies or universal life insurance policies. Whole life policies don’t have any timeframe associated with them. As long as you pay your premiums, a whole life policy will pay out whenever you happen to pass away. They also have a cash value component. The cash value grows over time, and you can access it while you’re still alive. You can use it to pay premiums, take out loans, or for other purposes. Most people will be better off just purchasing term life insurance.

You can shop around for free life insurance quotes online, but the best way to find a life insurance policy is to speak with a licensed insurance agent. An insurance agent can help you understand your options and choose a policy that’s right for you. They can also answer any questions that you may have about your coverage. Then you can compare your life insurance coverage, life insurance options, and which life insurance products and life insurance plans are right for you.

10 Biggest life insurance companies in Georgia

Georgia life insurance companies ranked by premiums written in the state.

RankCompany NameGeorgia
Premiums Written
Market Share
1Northwestern Mutual$497,430,5068.38%
3New York Life$361,760,6646.09%
4Mass Mutual Life Ins$298,265,2865.02%
6State Farm$225,978,4513.81%
7Lincoln National$211,831,0163.57%
8Sammons Enterprises$164,504,2972.77%
9Aegon Us Holding$159,334,0972.68%
10Guardian Life$157,545,1272.65%

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How much life insurance do you need in Georgia?

The 90th percentile salary in Georgia is approximately $99,700 as of 2022. As mentioned, most financial advisors recommend that you purchase a life insurance policy that will cover your beneficiary for at least 10X – 20X your average annual income. In Georgia that works out to around $997,000 – $1,994,000. This amount will ensure that your loved ones can continue to pay their bills, settle your debts, and cover the cost of your final expenses.

You may also want to purchase additional life insurance to cover:

  • Your mortgage (if you want your spouse and kids to be able to live in the home without worrying about mortgage payments)
  • Children’s education costs (if you want your child’s education to be covered without any additional stress to your spouse)
  • Bereavement therapy costs for your spouse and children (if you want them to spend time with a therapist after your unexpected death)
  • Any other expenses that may be unique to your family or lifestyle

Georgia life insurance laws

There are a few unique features with respect to Georgia Life Insurance Laws that have an impact on your specific policy if you are a resident of the state.

Here’s what you need to know:

  • Free Look Period: When you purchase a life insurance policy in Georgia, you have 10 days from the date of purchase to cancel the policy without penalty.
  • Missed Payment Grace Period: If you miss a payment for any reason or need to make your life insurance payment late, the state of Georgia allows you up to 30 days from the due date to make the payment. During this period your coverage will remain active.
  • Timely Payment On Claims In Georgia: The state of Georgia requires life insurance companies to settle policies within 30 days of the claim being filed. This means that the insurer has to pay the claim within 30 days or face penalties. In addition, after 30 days, the coverage amount will accrue interest until the insurer settles the claim.
  • Life Insurance Guaranty in Georgia: The Georgia Life and Health Insurance Guaranty Association will cover you for up to $300,000 death benefit per insured life and cash surrender of $100,000 per insured if your insurer goes bankrupt.

Life insurance companies often offer annuities as a way for policyholders to save for retirement and to provide a source of income in their later years. In the event that a life insurance company becomes insolvent, its policyholders may be protected by state-run insurance guaranty associations, which provide financial assistance to policyholders of failed insurance companies.

Of course, there’s no one-size-fits-all answer when it comes to how much life insurance you need. The amount you need will depend on factors like your age, health, income, debts and other obligations. But as a general rule of thumb, experts say you should have coverage that equals 10-20 times your annual income.

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Joshua Holt is a licensed insurance agent (License #2785989) and founder of Biglaw Investor and Sidebar Insurance LLC, an insurance agency created by lawyers, for lawyers. His insurance expertise lies in the areas of life and disability insurance, particularly covering lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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