Financial decisions can be challenging for anyone. One of your important decisions will be how to provide for your family when you die. If you are in the Commerce, GA, area, our team at Commerce Insurance Agency will explain how life insurance works, including what your rights and protections are when you buy a life insurance policy.

What Rights and Protections Do Life Insurance Policyholders Have?

According to Legal Clarity, life insurance policyholders have rights that are guaranteed by the state. Insurance agencies are prohibited from discriminating against potential clients based on race, national origin, or disability. You may be interested to learn that the Georgia Insurance Code establishes a free-look period of 10 days after the startof a policy. During the free-look period, you can cancel the policy for a full refund. 

Once your policy is active, the Georgia Insurance Code establishes a grace period for premium payments. You are allowed to pay your premiums as late as 30 days after their due date. You can also provide a secondary addressee on your policy, who will receive notices if your policy is in danger of lapse for nonpayment. This gives you a backup if you are in danger of a policy lapse.

Call Us for an Appointment

Many people see the advantages of life insurance because it can help their families pay for their funeral expenses or compensate for some of the financial losses they will experience. Our team at Commerce Insurance Agency can answer any questions you have about life insurance. Call us for an appointment. We’re currently serving the Commerce, GA, area.