Latest Life Insurance Industry News – Trends And Changes

Posted by

The best  life insurance news stories are hand selected to bring you up-to-date information on new  information, tips and changes.

Life insurance on your children? I tend to agree with the author. It’s important, but should not be at the top of your insurance shopping list. You probably will never use it, but your kids will appreciate that you started a plan for them. Read about it here.

Donate your policy to charity? This idea is growing in popularity. You can either transfer ownership of your plan or simply name the charity as beneficiary. If there is significant cash accumulation, the second option may be best. Also, a charitable deduction may be available.  Read about it here.

AIG is expected to pay back all of the money they borrowed from the US government. Well…they say they will. So far, AIG has received more than $132 billion in taxpayer support. AIG CEO Robert Benmosche spent many years at MetLife before coming to AIG. Read about it here.

Instant online term insurance quotes take less than a minute to view. Instantly, compare, and if you wish…apply for coverage at the guaranteed lowest available rates by law. Read about it here.

Individual life insurance purchases are up 10% in the first three months of 2010. Although the report does not specifically mention Ohio, I assume Ohio’s numbers are similar. Universal Life insurance sales increased dramatically, which I found surprising. Normally, when unemployment rates are high, term insurance sales tend to be lower. Read about it here.

Estate taxes will be increasing in January of 2011. If the beneficiary on your life insurance is someone other than your spouse, unless Congress acts, the federal estate tax rate will increase to 55%. You do, however, have some options. Read about it here.

Marijuana smokers are no longer receiving large rate increases or application denials for their habit. Although approximately 80% of large insurers continue to include marijuana usage in their underwriting process, about 30% of these companies offer a “non-smoker” rate if specific guidelines are met. Two of the biggest carriers, Prudential and MetLife, allow light smoking for their “non-smoking” classification. Three times per week is Prudential’s maximum, while Metlife’s is less than once per week. Additional details can be found in Kaiser’s article here.

To view, compare or apply for low cost life insurance plans at the guaranteed lowest allowable rate,  please click on the “Quote” buttons provided. After you view your rates, we’ll help you select the insurer that’s best for you.

Ohio Term Life Insurance Rates

Posted by

Term life insurance rates change every month. The top life insurance companies closely observe each other to retain their competitive age. If one major life insurance company, such as Ohio National Life, lowers their term rates, many of the other carriers will consider matching the rate decrease.

Currently, Ohio prices are at or near their historical lows. Policies that cost $1500 per year in the 1990s now only cost between $375 and $450. These price reductions have allowed Ohio consumers to save substantial amounts of money by either replacing their current term policy with another policy from the same or applying for coverage with a different company. Also, a higher face-amount term policy could have been purchased for the same premium. The assumption, of course, is that the insured’s health had not changed.

But rates may be rising soon. Many life insurers have lost capital due to under-performing real estate investments, and are starting to raise term insurance rates. Also, some insurers are charging higher rates for particular conditions such as high blood pressure, high cholesterol or obesity. Protective Life, for example, has recently raised term insurance rates by 10%-12% on some policies. Other insurers are making it more difficult to qualify for “preferred” rates and are instead, offering “standard” rates, which can be 10%-25% higher.

Term life insurance still remains the most popular form of life insurance. If your need is for a specific period of time, this type of coverage is clearly the best option. Most major companies offer flexible plans to match your specific need.

Ohioterminsurance.com is Ohio’s premier resource for low-cost term life insurance plans. To instantly view, compare and apply for high quality  coverage, simply click on the “Get Instant Quote” button at the top of this page. Your personal information is never shared with any other person or company.