What additional requirement is needed when replacing life insurance in Georgia?

When replacing life insurance in Georgia, an important requirement is the implementation of a 30-day free-look period for replacements. This provision allows policyholders to thoroughly review their new policy in the context of their needs and make an informed decision about whether they want to proceed. During this period, the policy can be returned for a full refund if the policyholder decides not to keep it.

The rationale behind this requirement is to protect consumers by giving them ample time to assess if the new policy truly meets their goals and needs, especially since replacing one insurance policy with another can lead to potential gaps in coverage or losses in benefits. This safeguard promotes responsible consumer behavior and ensures that policyholders have adequate opportunity to consider their choices carefully before fully committing to a replacement policy.