Georgia Life Insurance

Georgia residents providing for their families might not have thought about life insurance as a serious need, but even if you’re young and healthy you still need a good safety net for your family in case disaster should strike. To maintain financial security for your loved ones you’ll need a good life insurance policy, and to make it easy to understand and navigate that territory The Simple Dollar has put together a comprehensive guide. Read on to learn more about stats, data, info, and resources for life insurance policies in Georgia.

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Stats in Your State

Use the charts and data below to expand your perspective on the life insurance industry in Georgia. Despite what you may think, life insurance plays a major role in Georgia’s economy.

Life Insurance in Georgia

The life insurance industry provides billions of dollars of benefits and income in the form of annuities for Georgia residents each year, playing a major role in Georgia’s economy.

Number of Licensed Life Insurers 464
Total Life Insurance Coverage $914 billion
Average Policyholder Coverage $106,000 per life insurance policyholder*
Amount Paid Out in 2011 $9 billion**
Amount of Paid Annuity Benefits in 2011 $1 billion
Source: ACLI.com

*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.

Life Insurance Administered Programs

Over 20,000 Georgia residents have policies through a government administered program. Many of those policyholders are retired veterans or servicemen and women.

The Life Insurance Industry: Beyond Insuring You

Life insurers in Georgia create tens of thousands of jobs and invest billions in the Georgia economy each year.

Job creator Roughly 83,000 Georgia jobs come from the life insurance industry
Invested in Georgia 's Economy Roughly $120 billion is invested in Georgia’s economy by life insurance companies.
Source: ACLI.com

Rules in Your State

The life insurance industry in Georgia is regulated by two things: consumer insurance policy contract terms, and the Official Code of Georgia, which specifies acts, practices and standards for insurance conduct. Read below to learn more about Title 33 and the way it regulates insurers in Georgia.

Georgia Insurance Unfair Trade Practices

Title 33 of the Official Code of Georgia outlines specific unfair claims practices, and insurers are prohibited from using such practices when settling claims. If you think your rights have been compromised or you’ve been treated unfairly in a claim, read through the list in the link below, and consider consulting with an attorney about your claim.

Here are some of the most significant unfair claims settlement practices defined by the Code of Georgia. For the full list of 14 points, click on the link above.

  • (1) Knowingly misrepresenting to claimants and insureds relevant facts or policy provisions relating to coverages at issue;
  • (4) Not attempting in good faith to effectuate prompt, fair, and equitable settlement of claims submitted in which liability has become reasonably clear;
  • (5) Compelling insureds or beneficiaries to institute suits to recover amounts due under its policies by offering substantially less than the amounts ultimately recovered in suits brought by them;
  • (6) Refusing to pay claims without conducting a reasonable investigation;
  • (14) Issuing checks or drafts in partial settlement of a loss or claim under a specific coverage which contain language which releases the insurer or its insured from its total liability.

Representatives & Resources in Your State

Consumers everywhere need assistance from time to time, and the Georgian resources below will provide a starting point for readers to connect with their local government and get help on insurance issues.

Office of Insurance and Safety Fire Commissioner
Consumer Services Division
2 Martin Luther King, Jr. Drive
West Tower, Suite 716
Atlanta, Georgia 30334
(404) 656-2070
Contact Information
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Life Insurance Information for Consumers
The Insurance Commissioner’s office has put together a useful brochure for readers to learn more about life insurance in Georgia.
Consumer Complaint Portal
Use the link above to contact the Insurance Commissioner about filing a complaint against a particular insurance company.

Georgia Life & Health Insurance Guaranty Association
2177 Flintstone Drive, Suite R
Tucker, GA 30084
(770) 621-9835
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The Georgia Life & Health Insurance Guaranty Association ensures that your policy will be in effect even if your insurer withdraws from the market or becomes financially unstable.

Unclaimed Life Insurance Resources
If you are concerned that a family member carried a life insurance policy, but you cannot find a policy or paperwork to be 100% sure, you might be able to track it down. These resources will help you find unclaimed life insurance benefits: MissingMoney.com, National Association of Unclaimed Property Administrators, MIB Group, Inc.