20-Year term life insurance plans are one of the most popular policies issued by major life insurance carriers. 20-Year term life insurance plans provide stable and affordable life insurance protection. Most plans guarantee that the premium will remain level for 20 years and the death benefit will not reduce during that time. This type of coverage is ideal for individuals, families or businesses that wish to provide a large amount of death benefit for approximately 20 years at a reasonably low cost.
The death benefit is guaranteed and not subject to federal income taxes. If you are still living at the end of the 20-year term, your policy ends. However, if you are still healthy, you may apply for a new policy for any face amount or term limit (subject to company restrictions). Your new rate will be based on your current age and health. Of course, you can apply for a different face amount of coverage.
A common mistake is buying a less expensive 10-year term life policy with the intention of purchasing an additional 10-year term life policy in 10 years. Initially, your premium payments will be lower. However, by waiting 10 years to purchase coverage, if your health changes, premiums for the second 10-year term life policy could substantially increase, or you could possibly become uninsurable. Although common conditions such as high blood pressure or high cholesterol won’t always substantially increase the rate, certain conditions, such as diabetes could easily double the premium.
When you purchase a (guaranteed) 20-year term life policy, any change in your health during those 20 years will have no affect on the rate. Whether you put on weight, start taking new medications or have multiple surgeries, your premium will not increase. Also, if you decide you no longer need coverage, you may cancel the policy at any time. You are never required to keep the policy any longer than you want.
Optional riders are available with most 20-Year term life plans. Some of the most common riders include:
* Waiver Of Premium If the primary insured becomes totally disabled, premium payments are waived.
* Accidental Death Benefit If the insured does as a direct result of a covered accident, an additional death benefit is paid in addition to the original face amount.
* Living Benefits If the insured is diagnosed with a terminal illness (life expectancy of less than one year), a portion of the death benefit may become available as an immediate cash benefit.
Each company will have different guidelines and availability on their term life insurance plans. In addition to 20-year level term plans, most major life insurance companies offer 10-year level term policies and 15-year level term policies.
To instantly view, compare or apply for term life insurance coverage, please click on the “View Term Rates” button at the top of the page. Your personal information is never shared with any other person or company.
A cheap Ohio term life insurance policy online is available through Ohioterminsurance.com, the nation’s premier trusted resource for affordable term insurance plans. Instantly, you can view, compare or apply online for the guaranteed lowest term life insurance rates provided by each carrier. The rates you view on this website are the most unbiased term insurance comparisons in the country and only “A” rated companies (A.M. Best Co.) are considered. And we will never share your information with any other person or company.
Term life insurance rates have been steadily dropping since 1985. Generally, as people live longer, term insurance rates become cheap and much more affordable. We’ll help you find the specific term life insurance policy that meets your needs but also fits within your budget. Whether your need is short-term (10 years or less) or longer, we’ll research the top online companies to determine the best option.
What Is Term Life Insurance?
Term life insurance is the cheapest form of life insurance and helps secure your family’s future. Level term policies are the most popular form of coverage and provide a fixed amount of death benefit with premiums that remain stable over a specific period of time. Typically, rates are guaranteed for 10, 15 or 20 years. Additional increments are also available. The policy can be cancelled at any time, without any penalty or fee. Term coverage is different than final expense life insurance and whole life insurance. A “no exam” life insurance policy is available, although premiums will be higher than term coverage.
How “Cheap” Are Term Life Insurance Rates?
Check out these ANNUAL rates:
$500,000 Of Coverage 10-Year Guarantee
$205 40 Year Old Male
$195 40 Year Old Female
$500,000 Of Coverage 20-Year Guarantee
$359 40 Year Old Male
$310 40 Year Old Female
$250,000 Of Coverage 15-Year Guarantee
$720 50 Year Old Male
$500 50 Year Old Female
$250,000 Of Coverage 10-Year Guarantee
$485 50 Year Old Male
$405 50 Year Old Female
**Rates are based on “Preferred Plus” rate classification
Why Purchase Term Insurance From Us Instead Of Someone Else?
Unlike most online insurance sites, we’re located in Ohio (Springboro) and are extremely familiar with what plans might be best for you. We never charge any fees and will always keep you informed of any tax or financial reform changes that may affect your policy. But also, just as importantly, it is imperative that if you have a current health condition, you should be properly matched with the company that will offer the best rate for that specific condition. We’ll take the time to find and recommend the most affordable plan. And if you don’t qualify for the rate that was quoted, we’ll negotiate a lower rate for you, and if necessary, contact other carriers to find a cheaper rate.
If I Purchase A Term Life Insurance Policy In Ohio, Is It Good In Every State?
Yes, it is! But by purchasing your insurance through us, we’ll make sure your rate is the lowest allowable by law and you will never be charged any fee for using our service.
What If I Already Have Term Life Insurance, But I Need More Coverage?
It is very possible that the rate you are currently paying now is higher (perhaps significantly higher) than the online quotes you are viewing on our website. However, there are many factors to consider. Your current health, financial situation and age of your oldest dependent are some of the important issues we should review with you to determine if changing your term insurance policy(s) would be advantageous. Cheap term insurance plans are always available. But you do not want to jeopardize existing coverage unless you are approved for a rate that is acceptable to you. For that reason, never cancel existing coverage unless you have reviewed and accepted the offer on the new policy.
You can instantly view, compare or apply online for term insurance coverage by clicking on the “View Term Rates” button on the left side of the page.
Low cost term life insurance policies are available from many major life insurance companies. We research and compare term life insurance plans from dozens of carriers to provide you with the guaranteed lowest allowable rate. As the premier resource for affordable term insurance plans in Ohio, we’ll provide unbiased and accurate information that will allow you to compare term life insurance policies.
The most affordable life insurance plans are 10-year term policies. Rates are guaranteed not to increase for 10 years. If you still need coverage after 10 years, you may re-apply for an additional low cost term policy. Depending on the face amount of coverage, rates should be extremely inexpensive. For example, $500,000 of term coverage on a healthy 40 year-old-male costs approximately $18 per month. $500,000 of term coverage on a healthy 45 year-old-male costs approximately $29 per month.
Term life insurance plans do not accumulate cash value. But because the premiums are extremely low, you are able to purchase between four and eight times the amount of coverage for the same dollars that you could with a traditional whole life or cash accumulating policy. We’ll be happy to furnish a “life insurance calculator” that will help you determine the correct amount of coverage to consider.
We try to make simplify the process of applying for a low cost term life insurance policy. We’re located here in Ohio, so we’ll help you choose the right plan, complete the application, and help provide the insurance company any information needed to quickly approve coverage for you. We’ll also arrange your free medical exam. When approved for your term life coverage, you still are not under any obligation to accept the offer.
Low cost term life insurance plans may be currently available to you because of your good health and age. However, if your health changes or you get older before you apply for coverage, the rate will increase. Purchasing term coverage while you are young is the least expensive way to create an immediate estate that is not taxed at the time of death.
To instantly view low cost term insurance rates here in Ohio, please click on the “View Term Rates” button at the top left of the page or complete the "Get Instant Term Quote" section at the bottom of the page. Your personal information is never shared with any other person or company.
What is Term Life Insurance?
Term life insurance is the least expensive type of life insurance. Coverage is provided for a specific period of time (Usually 5, 10, 15, 20, 25 or 30 years). Premiums are generally extremely affordable, allowing for the purchase of large amounts of coverage at low rates. Common uses for term life insurance include covering financial responsibilities of the insured in case of a death. The proceeds paid by the insurance policy can cover funeral costs, pay off a mortgage or provide supplemental income to replace lost wages.
How Often Do Term Life Premiums Increase?
Actually, your premiums are guaranteed not to increase for the duration of your policy. For example, if the policy is a 20-year guaranteed term plan, the rate will remain level for the entire policy, regardless of any change in health.
How Do I Determine How Much Term Coverage I Need?
The amount of coverage you need will vary depending on your particular situation. Generally, the number of people that are dependent on your income will greatly influence how much life insurance should be in effect. Other major factors that will impact the decision include the outstanding balance on a mortgage, car loan, funeral expense costs and other obligations.
Future expenses also must be considered such as anticipated education costs for your children, estate taxes, and any business expenses associated with self employment. Having an open discussion with your spouse regarding these expenses should always take place.
Although you determine how much term coverage you need, most insurance companies will only allow a specific amount of coverage, which is based on income and age guidelines.
How I Do Choose How Long I Need Coverage?
Each situation is different. Perhaps the two most important factors to be considered are the number of years left until retirement, the age of your children and your current financial situation. As an example, if your youngest child is nine years old, you may wish to consider a 15-year term policy that will provide coverage until they have completed college. Naturally, if your youngest child is 15 years old, a 10-year term policy might be more appropriate.
How Do Your Life Insurance Rates Compare To Other Prices I See Online?
The quoted rates that you see on our website are guaranteed to be the lowest allowable rate available for your particular rate class from each life insurance company. Of course, the final determination of your rate is made by an “underwriter” of the company that you apply with. Once the policy is approved and the rate is established, you may either accept or reject the offer.
Do I Need To Take a Physical To Get Term Life Coverage?
To qualify for the better rates, often an at-home exam is required. However, it is much less invasive and less time-consuming than a regular physical. The insurance company also pays the full cost of the exam and you are not under any obligation to accept the insurance offer.
How Long Does It Take To Approve A Policy?
There are many factors that can affect the process. Generally, a policy can be approved within 14-28 days. However, if additional medical information is required, the process could take longer.
Most companies or small businesses have at least one employee who is crucial to the success of the business. That person can be a top salesperson, the owner, a partner or someone who controls the day-to-day operations. But the loss or death of that person could cause the company irreparable damage and possibly force bankruptcy.
A Key Person Term Life Insurance policy is actually life insurance on the business. The company is the beneficiary of the policy and naturally pays the insurance policy premiums. The tax-free proceeds provided from the death of the “key person” allow the business to spend much-needed time to find a new person, or, if necessary, make the appropriate adjustments to insure the company remains profitable. It also helps assure continuity of the business for employees, the local community, and customers. The company can also use the life insurance proceeds to distribute money to investors, pay off debt, or possibly avoid bankruptcy.
Premiums for key-person coverage are based on a many factors, including age, current physical condition (including existing medications), past medical history and the amount of coverage desired. Often, the existence of these conditions may increase the premium, but seldom prohibit the applicant from qualifying for some type of coverage. But before the insurance policy is purchased, a value must be established for the key person and his his/her services to the business. Factors to be considered include the cost of replacing, hiring and training the replacement, the lost sales generated by the key employee and future lost revenue that would have been generated.
Many businesses purchase key-person coverage as a permanent life insurance policy. Term insurance, however, is much less expensive and can generally provide ample coverage. A term life policy can provide a large amount of coverage with the rate guaranteed for as many as 30 years. However, since this type of policy is quite flexible, it can be cancelled at any time without a penalty. Before purchasing a Key-Person term life insurance policy, several different types of coverage should be considered, along with comparing quotes from many different “A” rated life companies (Ratings furnished by A.M. Best Co.)
Ohioterminsurance.com is the premier resource for affordable Ohio life insurance plans. To instantly view, compare or apply for coverage from the top-rated companies, please click on the “View Term Rates” button on the left side of the page, or just below this article. Your information is never provided to any other person or company. The quoted life insurance rates are the lowest allowable by the state.
Term Life insurance is the most popular form of life insurance purchased in the US. But what makes it so popular and why do so many people buy it? Perhaps price is the main reason. Term insurance coverage is not just less expensive than a traditional whole-life policy. It’s substantially less expensive. Often, the difference in premium is thousands of dollars per year, and tens of thousands of dollars over your lifetime.
For example, the annual cost for $250,000 of term life insurance on a non-smoking healthy 40 year-old male is approximately $200-$250 per year. This assumes no major medical conditions and the rate is guaranteed not to increase for 20 years. A Universal Life or Whole Life insurance policy for the same amount will cost between $2,800 and $4,000 per year. Of course, the Universal Life and Whole Life policies will gradually build cash value. However, accumulating cash in your Roth IRA or 401K may prove to be the perfect companion for your term coverage.
Whole Life, Universal Life and Variable Life insurance policies still should be considered when evaluating your personal finances. They feature certain advantages such as equity building and permanent death protection. But if accumulating cash for retirement is a priority, these types of policies may not be the best option.
Undeniably, term life insurance is also the simplest and purest form of insurance. If you pay the premium, the death benefit will be paid. If you don’t pay the premium, your coverage ends. There are no penalties and no outstanding taxes. The term is usually between 1 year and 20 years and almost always renewable. And life insurance rates, unlike most other types of coverage, tend to decrease over time.
Certainly, we are not suggesting that this type of coverage is the perfect fit for everyone. But it is the most efficient and inexpensive method to provide large amounts of death benefit at an affordable cost. Term insurance is also one of the most customizable types of life insurance, allowing you to buy precisely the exact amount of needed coverage.
Ohioterminsurance.com is Ohio’s leading resource for affordable term life insurance plans. To instantly view, compare and apply for the best available term coverage, simply click on the “Get Instant Quote” at the top of this page. Your personal information is never shared with any other person or company.
To accurately calculate how much life insurance you need, first we need to determine if you need life insurance. Ohio Life insurance protects the persons that depend on your income if you die prematurely. It also can provide a continuous income to family members to pay for ongoing expenses and other legal medical and funeral costs. If you have dependents or your current debts are higher than your assets, you probably need life insurance.Choosing the correct amount of life insurance will depend on four factors:
· Future Financial Obligations: Children’s education and outstanding mortgage are two of the biggest financial expenses many families face. Although the outstanding mortgage amount is reducing (unless you refinance or buy a bigger home), the cost of a college education usually increases every year. Assuming an Ohio state-tuition will reduce the amount of needed life insurance coverage.
· Replacement of Income: If you are the sole or principal provider of income for your Ohio family, you need a life insurance policy large enough to replace that income. Of course, the younger you are, the greater the potential lost income, and accordingly, the need for a larger face amount of coverage. Assuming a 7% return on your investments, you would need a $715,000 policy to provide $50,000 of continuous income to the beneficiary. A 9% return would reduce the required face amount to approximately $450,000.
· Your Budget: Perhaps the most important factor in determining how much coverage you need is the dollar amount you are willing/able to spend each month to pay for the policy. If you don’t have the available funds to purchase enough life insurance coverage, then reducing the face amount of the policy or selecting a shorter period of term coverage will lower the rate.
· The Amount Of Debt You Have: Your debt consists of mortgages, credit card balances, car loans and any other money you owe to a third party. Credit card debt would be the main priority because of the high interest rate on the outstanding balance. Paying off debt is essential if the principal source of income is no longer available.
For Ohio life insurance consumers, one of the hardest tasks is calculating the amount of coverage to purchase, from whom and the type of policy. As Ohio’s premier resource for affordable life insurance plans, we’ll shop and research all of the top companies, and present the best options for your specific needs. Only “A” rated carriers are considered and your personal information will never be shared with any other person or company.
Ohio term life insurance is offered by most of the major US insurers. Although prices and plan availability varies with each company, Ohioans have a wide variety of plans to choose from. Some of the larger insurance companies that offer competitive rates are Prudential, Transamerica, Genworth and MetLife. However, other smaller companies such as Ohio National, Midland National, Banner Life and West Coast Life often feature extremely low rates, depending on the specific insured.
As the leading resource for Ohio term life insurance plans, we only consider companies that are rated “A” by A.M. Best Company, one of the leading US rating companies. An A.M. Best rating is an independent opinion of an insurer’s financial strength and ability to meet its ongoing contract and insurance policy obligations. Their rating system has a proven track record in identifying life insurance companies that may, over time, encounter financial difficulties. And of course, those companies are not the ones we are going to use when providing quotes.
The largest US life insurance companies do not necessarily always charge the lowest rate. For example, MetLife, Prudential, New York Life, Northwestern and Massachusetts Mutual are the five largest US life insurers (ranked by revenue). However, some of the companies offering the lowest term rate for a healthy 40 year-old Ohio male ($250,000 face amount guaranteed for 10 years) are not highly-visible carriers. They include Ohio National, Midland National, National Life of Vermont , Protective Life and Banner Life. All five life insurers are “A” rated companies and offer coverage for $150 per year (or less).
Another important factor is the treatment of pre-existing conditions by particular companies. For example, some life carriers will charge a much higher rate for certain conditions, such as high blood pressure, elevated cholesterol or weight problems. Our experience and unique relationship with each company, allows us to research and find the life carrier that will offer you the most competitive rate. Remember…we work for you, and by representing all of the major life insurance companies, we’ll find what you need at the lowest available cost.
If you live in Ohio and are shopping for affordable life insurance protection, feel free to call us at (888) 513 6446 or click on the “View Term Rates” button at the top of the page or the "Get Instant Term Quote" section in the middle of the page for an immediate estimate.
Ohio Guaranteed Level Term Life Insurance is one of the most popular and affordable types of life insurance. Rates are guaranteed not to increase for a specified number of years and the death benefit remains level for the duration of the policy. If death occurs while the policy is in-force, the insurance company will pay a death benefit (normally tax-free) to the named beneficiary of the policy.
An Ohio Guaranteed level term policy insures that the rate will not increase during the coverage period. Some other forms of term insurance feature premiums that are not guaranteed, and thus, can unexpectedly increase. Normally, you can purchase a policy with a rate guarantee for 5, 10, 15, 20 or 30 years. The longer the rate is guaranteed, the higher the premium becomes.
Term life policies can be cancelled at any time, even if the policy has not reached its maturity. For example, if you purchased a 20-year term policy 10 years ago, it may be cancelled without any additional premium due. Likewise, that same policy could be cancelled the first year or the 20th year without any penalty. However, when the policy is cancelled, you will have to medically re-qualify to purchase any additional term life insurance coverage. At that time, if your health is still good, it is advisable to consider a term policy with a small number of guaranteed years to keep the premiums low.
Ohio Guaranteed Level Term Life plans are often utilized when children are in the household and still dependent. When all children are finished with school and no longer dependent, the need for life insurance reduces. At that time, perhaps the most important reason to own term insurance is to protect the loss of potential income to each income-earner in the household.
To instantly view and compare your term insurance options, please click on the “View Term Rates” button at the top of the page or complete the “Get Instant Term Quote” section in the middle of the page. Your personal information is never shared with any other person or company.
Term insurance is the least expensive type of Ohio life insurance. Premiums are significantly lower than other forms of insurance, allowing you to purchase a high face amount of coverage.
Ohio Level Term Insurance
Level Term insurance is the most popular form of term coverage. Both the face amount and premiums remain level for a specified amount of time. The most common lengths of Ohio level term plans are between 5 and 30 years. Naturally, the longer the length of coverage, the more expensive the plan will be. This type of policy is issued by most of the major life insurance companies.
While premiums are very low on a 5 or 10 year level term policy, when the contract expires, and if you wish to continue coverage, you will have to re-qualify medically to secure a competitive rate. The insurance company can choose to continue coverage, but it could be at an extremely high rate. However, if your health is still good, you apply for additional coverage, and choose a new face amount and length of time you would like coverage.
Ohio Annual Renewable Term Insurance
Annual renewable term insurance was the most popular type of term insurance in the 1980s. Although this type of coverage is still offered, its popularity has reduced since premiums increase gradually every year. Most annual renewable term policies allow you to continue your coverage despite a major change in your health. But since your rate increases each year, after 5-12 years, this type of policy almost always becomes more expensive than a level term plan.
Although premium projections are provided with this type of coverage, there is no guarantee that premiums will remain at that level. In fact, in past years, many insurers have raised rates higher than the projected rate. Another criticism of this type of coverage is how rapidly premiums increase in later years. While rate increases are fairly small for ages under 45, rate increases can be quite substantial for insured over the age of 60.
Ohio Group Term Insurance
Group term coverage is often available through an employer. While rates aren’t necessarily low, often the employer pays a portion (sometimes a large portion!) of the premium, making it a nice addition to your group insurance portfolio. Rates are often fixed for five years before increasing. Since group coverage is lost if you leave your employer, it is always recommended to own other life insurance coverage. Group coverage can be converted to individual coverage, but the rate will dramatically increase.
Ohio Decreasing Term Insurance
Often referred to as “mortgage insurance,” this type of policy features a decreasing face amount of coverage that eventually reduces to zero. Premiums remain level throughout the term of the policy. The most common use for decreasing term insurance is for the protection of the home mortgage. Coverage can be designed to decrease at the same rate as the balance of the mortgage.
Term insurance provides maximum coverage at an affordable rate. We’ll help you find the best plan for your particular situation. And since rates are regulated by the state, we guarantee you’ll receive the lowest allowable rate from a high quality insurance company. And of course, your personal information is never shared with any other person or company.
