Best Life Insurance Rates in Georgia

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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.

Georgia Life Insurance Quotes

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.

Life Insurance Rate Factors in Georgia

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. So, if you purchased a 30-year term life policy in Georgia at age 50, you would be more likely than not to pass away before 80 years of age, the end of the term.

On the other hand, if you were 34 years old and purchased a 30-year term life policy, you would be well under Georgia’s life expectancy of 77.2 years old when the policy term ended. 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 - This might seem like a confusing inclusion, as this page is about life insurance, not auto insurance, but 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 - Since women live longer than men on average, they pay less for life insurance than a similar man would, other things being equal. In Georgia, the percentage of the population that’s female is 51.1%, and 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.

Gender of Georgia residents that used QuoteWizard last year.

 
         
 
   
56%Female
   
44%Male
 

Health History - While most of us have one or two minor health issues, if you have been diagnosed with a serious illness, or if you have a family history of such illnesses, this can have a significant impact your rates.

There are certain conditions, such as heart disease or certain kinds of cancers, which can make your premiums much higher if you have them or a family history of them. In some cases, a pre-existing condition can make you ineligible altogether, which is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in Georgia that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
56%Healthy
   
34%Major
   
10%Minor
 

Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay more for insurance, other things being equal, than those who don’t.

Marital Status - Research shows that on average, 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. According to the most recent data available from the US Census, 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.

Marriage status of Georgia residents that used QuoteWizard last year.

 
         
 
   
69%Single
   
31%Married
 

Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job, other things being equal. The most common job in Georgia is a textile worker.

Tobacco Use - Because tobacco users don’t live as long as non-tobacco users (other things being equal) tobacco users pay substantially more for life insurance than an identical non-tobacco user would pay for the same policy. 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.

Percentage of QuoteWizard users in Georgia that indicated that they smoke last year.

 
         
 
   
90%Don't Smoke
   
10%Smoke
 

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 - It shouldn’t come as a huge surprise that one of the largest, if not the largest contributing factor, 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, which means an increased probability of their policy being paid out. Because obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers, overweight and obese individuals can expect to pay higher rates than similar individuals who are not obese.

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.

Leading Causes of Death US vs. Georgia - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 16,550 178.7 17th 169.8
2 Cancer 16,417 167.6 20th (tie) 163.2
3 Lower Respiratory Disease 4,172 45.4 24th 42.1
4 Accidents 3,727 38.3 40th 39.4
5 Stroke 3,694 41.4 10th 36.2
6 Alzheimer's Disease 2,048 25.0 23rd 23.5
7 Diabetes 2,199 23.0 17th 21.2
8 Influenza/Pneumonia 1,494 16.8 21st (tie) 15.9
9 Kidney Disease 1,652 18.1 8th 13.2
10 Suicide 1,212 12.0 40th 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Georgia Life Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Massachusetts Mutual Life Insurance Co. $1,162,200 9.5%
2 MetLife Inc. $1,060,898 8.6%
3 American International Group $706,406 5.7%
4 AEGON $629,979 5.1%
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%

Financial Strength Ratings of Top Georgia Life Insurers

Source: A.M. Best (Ratings as of 8/31/2015)

  • Massachusetts Mutual Life Insurance Co.: A++
  • Metlife Inc.: A+
  • American International Group: A
  • AEGON: A+
  • Lincoln National Corp.: A+
  • Prudential Financial Corp: A+
  • Jackson National Life Group: A+
  • Manulife Financial Corp.: NR
  • New York Life Insurance Group: A++
  • Northwestern Mutual Life Insurance Co.: A++
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Rating Guide

Georgia Life Insurance Regulations

Insurance in Georgia is governed by the laws defined by Title 33 of the Code of Georgia, as outlined by the Georgia State Legislature.

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.

Georgia Life & Health Insurance Guaranty Association

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:

Website:
Homepage
Phone:
(770) 621 – 9835
Address:
Georgia Life & Health Insurance Guaranty Association
Marchman-Steele Agency, Inc.
Gwinnett Commerce Center
3700 Crestwood Parkway, NW
Suite 400
Duluth, GA 30096

Georgia Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Ralph T. Hudgens
Insurance Hotline:
(800) 656 – 2298
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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