If you have children, a spouse, or debt, it’s essential to have a financial plan to implement for when you’re no longer around to provide. Life insurance offers this solution with two types — whole life and term life. To help you understand how best to protect your family, here is a guide to life insurance in Georgia.

A Guide to Georgia Life Insurance

What Are Term & Whole Life?

Term life is temporary, lasting for a specific period; when it expires, you must renew it at a higher rate. It is basic, inexpensive, and easy to get.

Whole life insurance lasts a lifetime, so it is more expensive — given the certainty of the payout. It also includes additional benefits, like an investment component and disability coverage. Premiums never increase, but you may have to pass a physical and medical history to be approved.

What Is a Burial Policy?

A burial policy pays for funeral and burial expenses. Because they are not legal in Georgia, this term refers to small, industrial life policies with a $2,000 maximum payout. This ensures your loved ones do not struggle with your final expenses.

Can You Cancel a Life Insurance Policy & Get Your Money Back?

In Georgia, you have a legal right to change your mind about any life or health insurance policy within 10 days; this is called the “free look” period. If you cancel during this window, you can get your money back. After this period, you must contact your insurer to provide written notice of your cancellation. This is simple for term insurance, but whole-life clients will have to decide if they want to cash out the policy, reduce payments, and let it lapse.

How Long Does It Take to Receive the Death Benefit?

Georgia law requires insurers to pay out on a life insurance claim within 30 days. How soon these payouts come depends on when your loved one passed, the cause of their death, and how your insurance company implements their procedures. Your insurer is subject to financial penalties if they fail to provide these payments. They must also pay interest on the amount unpaid.

To have a friendly, experienced agent help you design a life insurance policy to protect your family, contact Advantage Insurers in Demorest, GA. They are an independent agency serving clients in Habersham and White Counties. Visit their website for additional service information, or call (706) 754-1590 to request a life insurance quote.