Georgia Life Insurance
Georgia Life insurance comes in all flavors, but the most popular is term life insurance. As the name implies, you purchase a policy for a specific term . . . 10 years, 20 years, 30 years. You are required to pay premiums every year to keep the policy in effect. If you miss a premium your coverage will lapse.
Georgia Term Life Insurance
When you get to the end of the term, the life insurance policy expires. Some Georgia Life plans have conversion privileges that allow you to exchange the term insurance for a permanent plan that will last until you die. Most of the policies issued today limit your conversion privileges to the first 5 years or so the policy is in effect while others will allow you to convert the plan to permanent until the final years.
Georgia Term insurance does not build cash values, but some term plans have a return of premium (ROP) feature. If you pay all your premiums on time for the full length of the term and the expiry of the policy you are entitled to a refund of premiums paid.
Permanent Life Insurance
Permanent insurance is designed to last as long as you live or age 100, whichever comes first. Types of Georgia permanent Life insurance include whole life, universal life, and variable universal life just to list a few. Permanent insurance is NOT intended as an investment but rather is used to satisfy a permanent need such as to provide estate liquidity.
How Much Life Insurance Do I Need?
Most Georgia life insurance is purchased as part of family financial planning. The big question is always, how much life insurance do I need?
There are many formula’s and ways to calculate your life insurance needs. Here is a site I use as a “quick & dirty” method of estimating life insurance needs: life insurance calculator
How Much Does Term Life Insurance Cost?
Starting term life insurance premiums are determined by a number of factors including your age, gender, amount of coverage and how long you plan to keep the coverage. Women usually pay less than men for life insurance up until age 60 or so when the differences converge. Older people pay more for life insurance than younger people do. The longer the term (30 years vs. 20 years for example) the higher the premium.
Quoted rates have little bearing on the final rate. Once your application goes to underwriting a final rate offer will be made. Things that can affect your final rate include your BMI (Body Mass Index), blood work (especially cholesterol levels), driving record and overall health.
If your BMI is under 25, your are in excellent health and your blood work is in normal range you could qualify for the best rates. With most carriers there are 3 – 4 standard rate classes from Super Preferred to Standard and 1 – 2 tobacco user standard classes.
You can get an idea of term life premiums by clicking on our Instant Life Insurance Quote link.