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 one’s 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.
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.
Life insurance In Ohio is available from most of the major life insurance companies. More than one hundred quality companies such as Prudential, Transamerica, MetLife and Genworth offer affordable Ohio policies. Term insurance, whole life insurance and Universal life insurance are the three major forms of insurance protection.
Term Insurance
Term insurance is the simplest and least expensive form of life insurance. It provides the largest possible death benefit while spending the least amount of money. Death benefits are almost always tax-free to the beneficiary and you can select the length of time you need coverage.
Although term insurance in Ohio builds no cash value, the low premiums allow you to “invest the difference” in the appropriate investment of your choice. And hopefully, by the time your need for life insurance has substantially reduced, the money that you invested separately will have grown to an amount that far exceed your insurance needs.
Term insurance policies can guarantee a premium not to increase for a specified number of years. Normally, this period of time is between 5 and 30 years. If the need for coverage is short term, a period of 10 years or less is appropriate. If your health changes during the guarantee period, the rate will not increase. However, at the end of the term, obtaining additional coverage may be very difficult.
Whole Life Insurance
Whole Life insurance is a form of permanent coverage that you keep as long as you live and premiums are paid. Premiums are generally level and paid for life. Since premiums are level, it is less expensive to purchase whole life insurance coverage in your younger years.
Some Ohio whole life policies pay dividends that will allow you to suspend or skip premium payments. Cash value (some is guaranteed) accumulates tax-deferred, making this type of coverage better-suited for long term needs. You may also be able to borrow or withdraw some of the cash. When you choose to terminate the policy, you will also be eligible to keep any existing available cash.
Universal Life Insurance
Universal Life Insurance was created in the early 1980s as a more flexible version of whole life insurance. A portion of the cash accumulates tax-deferred, similar to whole life policies. Some of the remaining cash is used to maintain the death benefit. A guaranteed minimum interest rate (usually about 4%) is applied to the policy for protection against adverse investment return.
For an extra premium, some companies will guarantee the death benefit to age 100. But premiums must not be skipped or reduced, or the guarantee may no longer be valid. Universal life policies offer greater flexibility than most other types of life insurance. But as many Ohio customers have seen, policies can easily lapse or premiums can become extremely expensive if proper attention is not paid to the policy.
Life insurance should be an essential part of any financial plan. We'll help you determine the appropriate amount of insurance you should have and which company will meet your needs in the most affordable way.
Ohio term life insurance rates have steadily reduced since 1980. Term premiums in recent years have been 50% less than 20 years ago. Longer life spans and increased investment returns have allowed life insurance companies to drastically lower rates on term insurance plans.
But life insurance rates for Ohio (and the rest of the US) have recently started to increase, and there are a number of reasons for this reversal. One reason is that the cost of maintaining an insurance company’s “reserves” has dramatically increased in 2009. “Reserves” are the portion of assets that insurance companies are required to keep liquid. Also, life insurance companies are earning less on their investments, which is forcing rates up.
However, not all life insurance companies have raised their rates…yet. Depending on many factors, including the performance of the US economy, rates could continue to increase. We research and recommend the “A” rated companies that offer the lowest rate for your insurance coverage. Our service is free and your rate is guaranteed to be the lowest underwritten premium offered by the insurance company.
To instantly view, compare and apply for the lowest possible life insurance rates, please click on the “View Term Rates” button on the upper left side of the page. Your personal information is never shared or sold to any third party.
