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Georgia is home to Wesleyan College, the first school in the world to award degrees to women, and in 1866, became the first state to give women full property rights. Georgia is also the birthplace of Julia Roberts, Kanye West, Jackie Robinson, and Jason Aldean. With its high rates of stroke and kidney disease, but conversely low rates of accidents and smoking, you should absolutely compare life insurance rates before purchasing a policy.
The number-one killer in Georgia is heart disease. Also, the state has one of the highest death rates from that condition in the US. Insurers seriously consider health issues like this one when determining premiums, which explains why Georgians can have a hard time finding affordable life insurance rates.
Shopping around is one solution. So, let QuoteWizard connect you to a number of life insurance companies so you can compare quotes. That’s the best way to find a policy and rate that fits your insurance needs.
Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that it will pay out, so the lower your rates will be, other things being equal. So, it’s best to get life insurance while you’re young.
Life expectancy at birth in Georgia is 77.2 years, lower than the life expectancy at birth for the US overall, which is 78.9 years. What if you purchased a 30-year term life policy in Georgia at age 50? You'd be more likely than not to pass away before 80 years of age, the end of the term.
On the other hand, what if you were 34 years old and purchased a 30-year term life policy? You'd be well under Georgia’s life expectancy of 77.2 years old when the policy term ended. And you’d be a much lower risk to insure and would therefore pay much lower rates than the person in the former example.
Driving Record - Car accidents are incredibly common; they kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.
Firearm Deaths - Places that have higher rates of accidental or premature death generally have higher rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Georgia, the death rate from injury due to firearms is 12.6 per 100,000 deaths, the #19 highest rate in the country. Nationwide, the average firearm death rate is 10.4 per 100,000.
Gender - Women live longer than men on average. So they pay less for life insurance than a similar man would. In Georgia, the percentage of the population that’s female is 51.1%. The percentage that’s male is 48.9%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.
Health History - Most of us have one or two minor health issues. But if you have a serious illness or a family history of serious illnesses, it can impact your rates.
There are conditions like heart disease or cancer which can make your premiums much higher. In some cases, a pre-existing condition can make you ineligible. That's is why it’s important to get life insurance before something serious happens.
Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance.
Marital Status - Married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. In Georgia in 2009, the rate of marriage for people over 15 was 42.5 per 1,000 people. The rate of divorce was 23.2 per 1,000 people. And the rate of widowhood was 10.8 per 1,000 people.
Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job. The most common job in Georgia is a textile worker.
Tobacco Use - Tobacco users don’t live as long as non-tobacco users. So tobacco users pay a lot more for life insurance. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD. Any of which may cause higher rates as well as an earlier death.
As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2014, approximately 18.8% of Georgia adults smoked cigarettes – about 1,426,000 adults.
Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you will pay more for insurance than a traveler who sticks to developed countries.
Value of Policy - One of the largest contributing factors to a policy’s premiums is the value of the policy. As with anything, you get what you pay for. The more protection that you purchase, the more you pay.
Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy. This means an increased probability of their policy being paid out. Obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers. So overweight and obese individuals can expect to pay higher rates.
As of 2013, the adult obesity rate in Georgia was 30.3%. This makes Georgia the #18 most obese state. Overall, the average obesity rate in the US is 34.9%.
While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible. And, a quick and easy way to do this is by using QuoteWizard.
|Rank||Cause of Death||Total Deaths||Death Rate||State Rank||US Death Rate*|
|3||Lower Respiratory Disease||4,172||45.4||24th||42.1|
|*Death Rate calculated as: (deaths from that cause / total population) / 100,000|
|Rank||Company||Direct Premiums Written (in thousands)||Market Share|
|1||Massachusetts Mutual Life Insurance Co.||$1,162,200||9.5%|
|3||American International Group||$706,406||5.7%|
|5||Lincoln National Corp.||$579,862||4.7%|
|6||Prudential Financial Inc.||$533,629||4.3%|
|7||Jackson National Life Group||$502,853||4.1%|
|8||Manulife Financial Corp.||$429,211||3.5%|
|9||New York Life Insurance Group||$378,357||3.1%|
|10||Northwestern Mutual Life Insurance Co.||$365,301||3.0%|
Source: A.M. Best (Ratings as of 8/31/2015)
This legislation is used to regulate claims and provide certain protections to Georgia consumers, for example:
Grace Period: Any life insurance policyholder in Georgia is entitled to a 30-day “grace period” to make up a missed payment without punishment or file a death claim after the missed payment. This is to prohibit the insurance company from withholding a claim or cancelling a policy because of a slightly late payment. If the insured individual passes away during the grace period, the insurance company is responsible for paying the claim.
Timely Payment on Claims: When a claim is filed, insurance companies in Georgia have 30 days to pay the beneficiaries. If a company fails to make the payment in a timely manner, they will be fined, and interest will accrue on the owed amount until it is made.
These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Georgia insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.
This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your carrier, you should contact the GLHIGA. Their contact info is below:
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