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.