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Life Insurance in Georgia

Gainesville, GA life insurance agents, will tell you that burial policies are illegal in the state of Georgia. They will also tell you that insurance policies and practices have always varied from state to state, but all policies identify as either term life or whole life (also known as permanent life), with subtle nuances concerning premiums and benefits.

The basic differences between term and whole life insurance are how and when you save money as opposed to what is covered. Term insurance lasts for a certain number of years and covers death that occurs within that term. It works best for short terms as it can be renewed, is available for the more inexpensive premiums, and is not usually contingent upon changes or stability of health.

Bear in mind that the practices in place at the time of each renewal are subject to change. If you end up renewing for enough years, your premiums will add up, become more expensive, and eventually defeat the purpose of having term life insurance. Whole life will cover you for as long as you maintain the policy by keeping your premiums current. The premiums are initially significantly higher than term life premiums, but eventually, over time, those term life premiums will become more expensive than the whole life premiums. You may also be able to find an independent insurance agency that will allow you to obtain whole life insurance with policies to be paid for just 20 years or until you are 65 years of age for a higher premium.