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.

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