Best Life Insurance Companies in Georgia

Life insurance provides a financial safety net for your family or dependents when you pass away. However, life insurance companies in Georgia charge different rates depending on the applicants’ age, gender, and health. This means that it is vital to shop around when looking for a life insurance policy. MoneyGeek analyzed life insurance quotes in Georgia from different insurers to help you find the cheapest and best life insurance companies. Our analysis will help you find the best life insurance policies in Georgia based on your age, health, gender and other rating factors.

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Best Cheap Life Insurance in Georgia

One of the key factors that impact the cost of life insurance in Georgia is the amount of coverage you purchase. The lower your coverage amount is, the lower the monthly premiums will be. In Georgia, MassMutual offers the cheapest life insurance policy for a $250,000 coverage at an average cost of $9.99 for men and $10.45 for women.

While a lower coverage amount may be cheaper in terms of premiums, it may not be sufficient to cover all the financial obligations your dependents could incur if you pass away. Therefore, it is important to consider what coverage will be enough to ensure that your family or dependents are fully protected.

Based on the average living expenses, incomes, debt levels and other state-specific factors, MoneyGeek recommends that Georgia residents get a life insurance coverage of at least $680,000. This should adequately cover expenses after death and ensure that your dependents are sufficiently protected.

For men purchasing life insurance in Georgia, the most affordable policy with $680,000 in coverage is MassMutual, which costs $17.06 per month. The cheapest option for women in Georgia purchasing a $680,000 coverage policy is Nationwide at $16.36 monthly.

Best Cheap Life Insurance Companies in Georgia: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $680k
  • MassMutual
    $9.99
    $17.05
  • Nationwide
    $10.63
    $17.49
  • Mutual of Omaha
    $10.84
    $18.00
  • State Farm
    $18.40
    $34.79
  • AAA
    $19.21
    $43.56
  • Progressive Life
    $21.73
    $44.96
  • Prudential
    $25.71
    $52.33
Best Cheap Life Insurance Companies in Georgia: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $680k
  • Nationwide
    $11.59
    $16.36
  • Mutual of Omaha
    $11.83
    $16.49
  • MassMutual
    $10.45
    $16.59
  • AAA
    $11.88
    $21.91
  • Prudential
    $21.08
    $26.99
  • State Farm
    $18.27
    $30.37
  • Progressive Life
    $15.01
    $38.80

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Georgia using average buyer profile statistics in Georgia, including average age of 30, average weight of 193 pounds for males and 153 pounds for females, and an average coverage need of $680,000.

What Is the Average Cost of Life Insurance for Companies in Georgia?

Life insurance rates in Georgia depend on the gender of the policyholder. Since women have longer lifespans, they typically pay less for life insurance compared to men. On average, the cost of life insurance for men in Georgia for a policy with $250,000 in coverage is $18.75 monthly compared to an average of $15.77 per month for women.

For a policy with $680,000 in coverage, men in Georgia pay an average of $38.39 monthly while women spend $28.53 monthly. If you want to upgrade your coverage from $250,000 to the recommended coverage of $680,000, men will pay $19.64 more per month while women will pay $12.76 more.

Most Popular Life Insurance Companies in Georgia

In Georgia, the most popular company for life insurance is Northwestern Mutual, with 10.84% of the total market share. In other words, Northwestern Mutual underwrites the highest number of life insurance policies in the state. Therefore, an insurer’s market share or general popularity is an important consideration when shopping for life insurance in Georgia because it indicates the insurer’s credibility.

The seven most popular life insurance companies in Georgia make up 36.84% of Georgia’s total life insurance marketplace.

Most Popular Life Insurance Companies in Georgia

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  • Company
    Market Share
  • Northwestern Mutual
    10.84%
  • Lincoln Financial
    5.05%
  • State Farm
    4.76%
  • MassMutual
    4.68%
  • New York Life
    4.29%
  • AIG
    3.45%
  • Transamerica
    3.39%

Life insurance market share data for Georgia is based off of total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Georgia?

The cost of life insurance in Georgia will largely depend on how old you are. Young people pay less for life insurance since they are considered lower risk because of their higher life expectancy. If you want to save on your policy costs, getting a life insurance policy early is best.

For young people in Georgia, the cheapest life insurance companies are:

  • Mutual of Omaha: $14.99 per month
  • MassMutual: $15.35 per month
Best Life Insurance Companies for Young People in Georgia

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $14.99
  • MassMutual
    $15.35
  • AAA
    $16.50
  • Prudential
    $17.53
  • State Farm
    $18.31
  • Nationwide
    $18.59
  • Progressive Life
    $21.53

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Georgia who is 5 ft 10 inches and 164 pounds that purchases a 20-year term contract at the average coverage need of $260,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Georgia?

Senior citizens in Georgia will likely pay higher life insurance rates than younger people. This is because seniors typically have a lower life expectancy, making them a higher risk category to insure. However, even as an older person in Georgia, you can still find an affordable life insurance policy.

The most affordable life insurance company for seniors in Georgia are:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month

The rates for seniors are based on a coverage amount of $100,000. Most seniors will not have young families to support, so a lower coverage amount is usually sufficient. This is why the coverage amount for seniors is lower compared to that for younger people. However, it is important to note that a lower coverage amount will typically cover fewer expenses over time.

Best Life Insurance Companies for Seniors in Georgia

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • Progressive Life
    $69.17
  • AAA
    $72.34
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Georgia who is 5 ft 10 inches and 193 pounds that purchases a 10-year term contract at the average coverage need of $77,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Georgia?

Life expectancy is one of the critical factors used in calculating life insurance rates in Georgia. Apart from age and gender, health risks such as smoking are used as rating factors in the cost of your life insurance. Therefore, since smokers have higher health risks, they will pay more for life insurance than non-smokers.

If you are a smoker in Georgia, the least expensive life insurance companies are:

  • MassMutual: $111.24 per month
  • State Farm: $111.42 per month
Best Life Insurance Companies for Smokers in Georgia

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  • Company
    Monthly Cost
  • MassMutual
    $111.24
  • State Farm
    $111.42
  • Nationwide
    $115.59
  • Mutual of Omaha
    $121.75
  • Progressive Life
    $170.35
  • Prudential
    $182.19
  • AAA
    $211.64

Rates were determined by analyzing quotes for a 30-year-old male smoker in Georgia who is 5 ft 10 inches and 193 pounds that purchases a 20-year term contract at the average coverage need of $680,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Georgia Life Insurance Laws You Should Know

Georgia, like other states, has laws and regulations that govern the life insurance industry. This means that before you purchase a life insurance policy in Georgia, you need to be aware of the following state regulations regarding life insurance.

  • Free Look Period: When you purchase a life insurance policy in Georgia, you have 10 days from the date of purchase to cancel the policy if you are not satisfied. This 10-day period is referred to as the free look period, and it allows policyholders to cancel their coverage and get a full refund with no questions asked.
  • Missed Payment Grace Period: If you miss a payment for any reason or need to make your life insurance payment late, the state of Georgia allows you up to 30 days from the due date to make the payment. This 30-day grace period ensures that your insurance company will not cancel your policy if you miss a payment, provided you pay within 30 days.
  • Timely Payment On Claims In Georgia: The state of Georgia requires life insurance companies to settle policies within 30 days of the claim being filed. This means that the insurer has to pay the claim within 30 days or face penalties. In addition, after 30 days, the coverage amount will accrue interest until the insurer settles the claim.
  • Life Insurance Guaranty in Georgia: The Georgia Life and Health Insurance Guaranty Association will cover you for up to $300,000 death benefit per insured life and cash surrender of $100,000 per insured if your insurer becomes insolvent.

Methodology

To determine the recommended life insurance coverage amount of $680,000 in Georgia, MoneyGeek used per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. However, there are various factors to consider when choosing life insurance. The best coverage amount for your needs will depend on your circumstances.

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


sources
  • Georgia Life & Health Insurance Guaranty Association. "FAQs." Accessed August 5, 2021.
  • Oci.georgia.gov. "Life Insurance." Accessed August 5, 2021.