Best Life Insurance Companies in Georgia for February, 2024

I believe Northwestern Mutual is the best life insurance company in Georgia.

min read
Updated: 23 January 2024
Written by
Bob Phillips
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Finding the right life insurance policy for you and your family can be a time-consuming and daunting task. At Insuranceopedia, we aim to simplify this process for you. By evaluating numerous life insurance companies, we’ve gathered a group of the best life insurance companies in Georgia for you to review.

After a thorough evaluation, we have deemed Northwestern Mutual to be the Best Overall choice due to its superior coverage quality and large market share in Georgia. MassMutual comes in a close second with its highly trained agents and extremely competitive pricing.

Additionally, Mutual of Omaha is an excellent choice for young people in Georgia, MassMutual is best suited for seniors, State Farm offers exceptional customer service, and Nationwide is best for smokers in the Peach State.

Best Life Insurance Companies In Georgia 2024

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Best Life Insurance Overall - Northwestern Mutual
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Best for Seniors - MassMutual
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Best for Young People - Mutual of Omaha
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Best for Smokers - Nationwide
Best Life Insurance, Georgia 2024

Compare The Best Life Insurance Companies In Georgia

To help in your evaluation of the top life insurance companies in Georgia, here is a table displaying our preferred companies across a few key criteria.

Overall Rating Best For A.M. Best Rating J.D. Power Rating (Best 1000) Online Experience (Best 10.0) Get A Quote
Northwestern Mutual
4.9

Best Overall

A++

794

9.6

Instant Quote
Mutual of Omaha
4.7

Young adults

A+

801

9.7

Instant Quote
MassMutual
4.8

Best Overall Runner-Up

A++

780

9.7

Instant Quote
State Farm
4.8

Best Customer Service

A++

839

9.5

Instant Quote
MassMutual
4.8

Best For Cheapest Life Insurance

A++

780

9.7

Instant Quote
Nationwide
4.7

Best For Smokers

A+

791

9.6

Instant Quote
Scroll to see comparisons

Our Methodology

We used a comprehensive approach when selecting the best life insurance companies, considering various factors like customer service ratings, product offerings, pricing, and online experience. Moreover, my experience of selling life insurance and interacting with agents of other insurers has given me valuable insights into their products and services.

We didn’t choose the companies based solely on being the cheapest for life insurance, except for the "Best for Cheapest Life Insurance" category. We believe each of these companies is exceptional in its respective market niche, and price should not be the only factor in choosing a life insurance policy or company.

87

Quotes Analyzed

15+

Years Of Industry Experience

22

Brands Reviewed

27+

Research Hours

Life Insurance Company Reviews


Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

Northwestern Mutual, also known as “The Quiet Company,” is the leading seller of life insurance in Georgia and the United States. Despite not being the most advertised brand, it has the largest market share among all major life insurers in the state. This is due to the company’s commitment to helping people understand the importance of life insurance and selecting a policy that can last a lifetime.

Northwestern Mutual also has a reputation for exceptional agent training and retaining its agents for many years. This ensures policyholders have stable support and contributes to its high client retention rate. This has made Northwestern Mutual one of the most financially sound companies in the insurance industry.

Career life insurance agents with other companies consider Northwestern Mutual the most respected name in the life insurance industry. Northwestern Mutual is recognized as the leader in whole life insurance products, offering top-quality life insurance options to buyers who value exceptional products sold by a top-rated company.

Benefits & Drawbacks

Benefits
  • Term and permanent life insurance policy options
  • High customer satisfaction ratings
  • Well-trained agent sales force
Drawbacks
  • You can only purchase through Northwestern Mutual career agents
  • Premiums can be too expensive for younger adults and seniors
  • Doesn’t sell a variable life insurance policy

Best Overall Runner-Up

Overall Rating
4.8

Key Statistics

10/10 Affordability
8/10 Customer Reviews
10/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

MassMutual was named the Best Overall Runner-Up due to its numerous strengths. It offers a range of high-quality life insurance products, including term life insurance policies, whole life insurance, and universal life insurance policies, all at competitive prices. Additionally, its life insurance policies come with a diverse selection of riders.

MassMutual’s sales agents are exceptionally well-trained. They consist of “career agents” that are company employees, not brokers, and who have received extensive training on the company’s life insurance product line. They are committed to exclusively selling MassMutual products, which benefits life insurance buyers who are unfamiliar with the various types of life insurance and want to do business with a top-tier company.

MassMutual has also shown a strong commitment to the state of Georgia. The company employs hundreds and leases prime real estate in every major city in the state.

Being chosen as the Best Overall Runner-Up reflects MassMutual’s dedication to providing a diverse product line supported by a well-trained sales team rather than just having competitive insurance rates. Although MassMutual may not have the same level of national brand recognition or market share as some of its competitors, it is a highly respected brand in Georgia.

Benefits & Drawbacks

Benefits
  • Well-trained career agent sales force
  • Diverse product portfolio
  • Cheapest rates in Georgia
Drawbacks
  • Can’t buy whole life products online
  • Lower J.D. Power rating than major competitors
  • Can only buy through MassMutual agents

Best For Young Adults

Overall Rating
4.7

Key Statistics

9/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

For young adults living in Georgia, Mutual of Omaha is the go-to choice for affordable premiums. Although it’s widely known for senior life and Medicare supplement insurance products, the company offers competitive pricing for the younger demographic, who are often budget-conscious.

Investing in Mutual of Omaha’s whole life insurance policies is a smart move for those in their 20s and 30s. These policies provide life insurance benefits and accumulate cash value that can be withdrawn or borrowed for future needs, such as homeownership or funding a child’s education.

With its high customer satisfaction rating according to J.D. Powers rankings and exceptional financial stability, young life insurance buyers can count on Mutual of Omaha to be their trusted life insurer for years to come.

Mutual of Omaha has made a financial commitment to the younger market in Georgia. Not usually known for having low rates, the Wild Kingdom company has become very competitive not only in the senior marketplace but now in the younger market too. In addition, the company continues to benefit from its solid reputation built on marketing to the younger generation’s parents.

Benefits & Drawbacks

Benefits
  • Lowest premiums for young adults
  • Whole life insurance policies are available in small face amounts
  • No medical exam is required for some policies
Drawbacks
  • Life insurance policies are not sold online
  • The underwriting process can be slow
  • Doesn’t offer indexed or variable life insurance

Best Life Insurance Companies For Young Adults In Georgia

Life Insurance Company Monthly Cost
Mutual of Omaha $16
Mass Mutual $17
AAA $17
Prudential $18
State Farm $19
Progressive Life $23

*Based on $260,000 of coverage for a 25-year-old male non-smoker


Best For Customer Service

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims/Payouts
8/10 Coverage Level

Why We Like Them

According to J.D. Powers, State Farm has earned the highest customer satisfaction rankings for a life insurance company for several years in a row. This recognition is well-deserved, as the company has the largest number of agents in the field compared to any other insurance company in America.

State Farm is known for its dedication to excellent customer service, which many policyholders appreciate. Unlike most other companies we reviewed, State Farm has local neighborhood offices where people can meet with their local agent in person for any sales assistance or policyholder service they need.

State Farm is renowned for its exceptional customer service and prompt handling of claims, which is critical in the life insurance sector, especially when a family is mourning and depends on its life insurer for timely and compassionate assistance.

Benefits & Drawbacks

Benefits
  • Has a much lower number of customer complaints than the industry average
  • Carries top financial ratings for claims-paying ability
  • More agents providing service than any other insurer
Drawbacks
  • Can only buy life insurance policies from State Farm agents
  • A limited number of riders are available

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

In addition to being named Best Runner-Up for life insurance in Georgia, MassMutual is also a financial powerhouse with the most competitive rates in Georgia overall. This is somewhat surprising considering the number of cheap term insurance sellers competing in the Georgia market.

As we’ve mentioned, it’s not advisable to buy life insurance based on price alone, but price is definitely a factor when it comes to life insurance policies with large face amounts. For people buying life insurance in Georgia, MassMutual has the best rates.

MassMutual is typically associated with professionalism, not price. However, it is readily apparent that it wants to increase its market share in Georgia and is willing to price its life insurance plans aggressively to accomplish that.

When it comes to purchasing items, including life insurance, price is a major consideration in today’s economy. MassMutual has effectively balanced low premiums with high face amounts, making it an excellent option. While its whole life insurance and universal life insurance policies are less competitive, MassMutual typically offers large face amounts for term life insurance due to the significantly higher cost of permanent life insurance policies.

Benefits & Drawbacks

Benefits
  • An extensive network of trained agents sells MassMutual life insurance policies
  • Offers a full complement of life insurance products
  • Is the least expensive we evaluated for life insurance in Georgia
Drawbacks
  • No online applications for life insurance products
  • Can only buy through a MassMutual agent

Cheapest Life Insurance Companies In Georgia

Life Insurance Company Average Monthly Cost
MassMutual $10.76
Nationwide $12.07
Mutual of Omaha $12.92
AAA $12.01
Progressive $15.81

*Rates based on a $250,000 term life insurance policy for a 30-year-old female nonsmoker


Best For Smokers

Overall Rating
4.7

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

Nationwide is another quality company that has neighborhood offices for sales and service. The company’s slogan, “Nationwide is on your side,” is especially true for smokers in Georgia who are looking to buy life insurance. While Nationwide has slightly higher rates for smokers than its top two competitors in this category, we deemed it to be the best for smokers based on rates, agent availability, and customer service.

Benefits & Drawbacks

Benefits
  • An extensive network of trained agents sells Nationwide policies
  • Offers a full complement of life insurance products
  • Has many offices located throughout Georgia
Drawbacks
  • No online applications for life insurance products
  • Can only buy through a Nationwide agent

Best Life Insurance Companies In Georgia For Smokers

Life Insurance Company Average Monthly Cost
MassMutual $118
State Farm $124
Nationwide $131
Mutual of Omaha $149
Progressive $198

*Rates based on $680,000 of 20-year term life for a 30-year-old male smoker

If you’re a smoker buying life insurance, keep in mind that you can get your rates reduced to non-smoker rates if you can show that you’ve gone 12-24 months without smoking, depending on the insurer. You will have to have a

How To Find The Best Affordable Life Insurance Company For You

Life insurance in Georgia is not a one-size-fits-all solution. Each person’s situation is unique, which is why Insuranceopedia evaluates multiple insurers and has awards for different categories. To find the best life insurance for your specific needs, follow these three steps:

  1. Determine the amount of life insurance coverage you require: Many life insurance companies offer “life insurance calculators” on their websites to assist you in determining how much coverage you need.
  2. Choose three companies to compare: It’s always a good idea to compare insurance companies and get a couple of free life insurance quotes, not just their rates, but also their financial stability. While low rates are important, they are meaningless if your insurer can’t pay your claim.
  3. Apply for coverage: Many life insurance shoppers don’t complete the purchasing process, so don’t procrastinate when buying life insurance. Your family’s financial future is at stake, so act quickly.

Largest Life Insurance Companies In Georgia

There are dozens of life insurance companies doing business in Georgia. These are the five largest as measured by market share:

Life Insurance Company Market Share
Northwestern Mutual 10.84%
Lincoln Financial 5.05%
MassMutual 4.68%
New York Life 4.29%
AIG 3.45%

Average Cost Of Life Insurance In Georgia

Average Cost Of Life Insurance In Georgia For Females

Life Insurance Company Rates for $250,000 Coverage Rates for $680,000 Coverage
MassMutual $10.76 $17.61
Nationwide $12.07 $17.83
Mutual of Omaha $12.92 $18.94
AAA $12.01 $22.01
Progressive $15.81 $39.54

*Rates based on a 10-year term life insurance policy for a 30-year-old female nonsmoker

Average Cost Of Life Insurance In Georgia For Males

Life Insurance Company Rates for $250,000 Coverage Rates for $680,000 Coverage
MassMutual $10.06 $17.92
Nationwide $11.63 $18.39
Mutual of Omaha $10.97 $18.76
State Farm $19.60 $34.79
AAA $19.21 $43.56

**Rates based on a 10-year term life insurance policy for a 30-year-old male nonsmoker

Factors That Impact The Cost Of Your Life Insurance In Georgia

The cost of life insurance in Georgia is influenced by several factors, including:

  • your life insurance company
  • age
  • gender
  • health status
  • smoking habits
  • credit score
  • riders added to your policy

Males typically pay more than females due to their shorter life expectancy, and smokers also pay more since they tend to have a shorter lifespan. In addition, insurers in Georgia may use your credit score to determine your rate, and adding riders such as disability waiver of premium or child riders can also increase the cost of your life insurance policy.

How Much Life Insurance Do You Need In Georgia?

How much life insurance you need will differ based on your circumstances and personal needs. For instance, those with a mortgage typically require more coverage than renters. Additionally, individuals with dependents, such as children, may need considerably more protection.

It’s commonly suggested by life insurance agents to obtain 10-20 times your yearly salary to ensure your loved ones are sufficiently covered. For example, if you make $75,000 annually, you would need coverage ranging from $750,000 to $1.5 million.

Georgia Life Insurance Laws To Know

If you are considering getting life insurance in Georgia, it’s important to know that the state has specific insurance regulations and guidelines in place to protect you as a policyholder. These laws include the following:

Contestable Period

Georgia law states that life insurance companies have a period of two years from the policy’s effective date, during which they can reject a claim if they find out that the policyholder provided false or misleading information on their application. After two years, the insurance company can’t dispute the application due to any mistakes or inconsistencies.

Free Look Period

Once you receive your life insurance policy from the company or agent, you have 10 days to review it. During this time, if you decide that you don’t want the policy, you can return it for a full refund of any premiums paid to the issuing insurance company without a penalty.

Grace Period For Missed Payments

If you miss a payment, Georgia law allows for a grace period during which you can still make the payment without losing life insurance coverage. The length of the grace period may vary depending on the policy, but it typically ranges from 30 to 60 days.

FAQs

Is life insurance more expensive in Georgia?

The cost of life insurance in Georgia is not higher than in any other state because life insurance rates are determined based on individual factors, and location does not play a role in determining the cost of insurance.

How much per month is a million-dollar life insurance policy in Georgia?

We discovered that Guardian Life offers the most favorable rate for a 20-year term life insurance policy of $1 million in Georgia, with a premium of $61 per month.

What is the average monthly cost of life insurance in Georgia?

The average monthly cost of life insurance in Georgia for a 30-year-old male can be as low as $9.99 for $250,000 of coverage and $10.45 for a female male who is the same age.

What is the Georgia Life & Health Insurance Guaranty Association?

The Georgia Life & Health Insurance Guaranty Association (GLHIGA) is a state-regulated company that safeguards your insurance policies in Georgia by providing protection and financial assistance in the event that the life or health insurance company becomes financially insolvent, ensuring that you continue to receive coverage and benefits.

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