Financial support of life insurance is one of the priority and important tasks of the state, as human life is the most significant and valuable asset of the country's economy. In Georgia, life insurance is an unpopular field, because the interest of the population and the number of insured persons are small. Therefore, it is important to determine the state of the life insurance market and the ways of its development, as the population of Georgia suffers from a lack of information in terms of life insurance, thus it is necessary to regulate the prices of consumer-oriented life insurance services. The population has always needed and needs protection from financial losses, which contributed to the development and establishment of life insurance. During life insurance, in exchange for the payment of the insurance premium, in the case of the death of the beneficiary or reaching a certain age, the insured or the beneficiary will receive the sum determined by the contract by the insurer. In the case of life insurance, after the death of the insured, the amount is transferred to the named trustees, and compensation is also provided in the case when the insured becomes seriously ill or is temporarily or permanently incapacitated as a result of an accident. Insurance companies reimburse the insurance amount in the following cases: death by natural causes; death as a result of an accident; As a result of an incident of critical illness, when the insured becomes permanently or temporarily incapacitated. Coverage of insurance risks by insurance companies depends on the insurance contract and the insurance policy.
The types of life insurance in the world are long-term. In Georgia, insurance companies often include short-term life insurance in their health insurance policies. According to the risk determination criteria, types of life insurance are distinguished, such as: life risk insurance; life accumulation and mixed life insurance. Each of them is characterized by the appropriate features. Life insurance and short-term life insurance are quite popular among the population. While long-term or medium-term insurance is rarely used, it is mainly sold in the form of long-term accumulative life insurance. Untimely death is not the only financial problem, marriage, tuition fees, celebrations, also require significant costs as well. Short-term life insurance is effective and cheap, however, with the passage of time and the increase of the insured's age, it becomes ineffective and therefore more expensive, because the probability of death (within one year) increases from the age of 28-30. The insurance company is forced to increase the insurance premium because it determines the price based on statistical data.
Short-term life insurance for employees is less common in Georgia, but it has a great potential to gain a firm foothold in the Georgian insurance market. A life credit insurance policy also protects the family from financial obligations, especially since most of the population of Georgia has a loan taken from a bank. If person dies before the expiration of the insurance period, he will receive a certain compensation. In developed countries, the minimum and maximum term of the insurance package is different, which is defined as 5-50 years. In Georgia, the term of the insurance package depends on the contract concluded between the insurance company and insured. In the insurance market of Georgia, there is an increase in the collected insurance premium - in auto insurance, property, health and life insurance. In the recent period, life insurance has improved dramatically, and according to the data of the same year, the total amount of collected premiums amounted to 55,100,000 GEL. Life insurance accounts for 0.9% of policies sold in Georgia, which is an indicator that this market is not utilized in Georgia. The reason for this can be, for example: unstable economy, not so great insurance culture, low level of development of the investment market, lack of information, mistrust towards insurance companies. Despite the increasing insurance premiums collected, the unexploited portion in life insurance is very large. In addition, there are problems in the development of the life insurance industry, such as: distrust of the population towards insurance companies; less informed population in the field of life insurance; scarcity of insurance packages; economic situation of the population; high level of poverty and unemployment and others. In order to solve the mentioned problems, it is advisable to inform the population about the current insurance packages in the field of life insurance, the proposed programs should be easy to understand; It is also necessary for the population to understand the importance of life insurance in human life.
Keywords: accumulative life insurance; life risk insurance; mixed life insurance; whole life insurance; short-term life insurance; long term life insurance; medical insurance.
JEL Codes: G20, G22, G28, G29

References:
• Kakashvili N., Barbakadze K. (2021). sitsotskhlis dazghvevis bazris ganvitarebis perspektivebi sakartveloshi [Perspectives of the Development of Life Insurance in Georgia. The New Economist, # 3-4 (62-63),T.16, publishing house „Loy“.] in Georgian http://neweconomist.com.ge/media/documents/03-04-
• Kakashvili N., Kakhniashvili N. (2019). sadazghvevo produktebis gakidvis inovatsiuri metodebi. [Innovative Insurance Products Selling Methods. International scientific conference "Science for practice and development", collection of scientific materials p. 134-140. Baku Publishing House, Azerbaijan.] in Georgian
• sakhelmtsipo dazghvevis zedamkhedvelobis samsakhuri. [State Insurance Supervision Service. http://insurance.gov.ge. (last seen 4 April, 2023).] in Georgian
• Kakashvili N., Shatirishvili J. (2012). sadazghvevo sakme [Insurance Case. Handbook, publishing house"Innovation" , p. 436, Tbilisi .] in Georgian
• www.aldagibci.ge. (last seen 4 April, 2023). in Georgian
• www.gpih.ge. (last seen 4 April, 2023.) in Georgian
• sakartvelos kanoni dazghvevis shesakheb, [Law of Georgia on Insurance (1997).Tbilisi.] in Georgian
• www.irao.ge. (last seen 4 April, 2023.) in Georgian