Best Ohio Life Insurance 2021

Last modified: January 10, 2021

Looking for the best life insurance in Ohio? Click here to know about the basics of buying a life insurance policy in Ohio.

Introduction

No matter which city you live in, you need life insurance to protect yourself and your family.  In my opinion, a life insurance policy should reflect your needs and lifestyle. It should be designed to provide you and your family with complete financial support if the breadwinner of the family dies unexpectedly. The State of Ohio offers certain employees who have served the state for more than a year with term life insurance benefits. These are provided free of cost and require no insurability evidence. Others can get the right  Ohio life insurance from one of the numerous insurance providers in the market. 

You must consult with an Ohio life insurance company to evaluate your living standards and understand the details about the coverage a basic life insurance policy offers.

Life insurance premiums vary across states. According to S&P Global Market Intelligence, Ohio’s average premium for a life insurance policy is $599 ($49/month). This rate is set according to factors, such as risks, the standard of living, life value, age, and gender. This rate is slightly less than the national average, which is $631. Other states that stand beside Ohio with the same premium rates include Oklahoma, Kentucky, Iowa, and Kansas.

To help you pick the best life insurance in Ohio, I have created a short guide that will take you through the basics of buying such a policy in this state. I will discuss in detail the average cost of Ohio life insurance, their returning policy, answers to few FAQs, and list the top companies offering life insurance in Ohio.

Let’s get started:

Life Insurance Facts

The average life expectancy in Ohio is 77.52 years. This is 1.09 years less compared to other US states. When broken up based on gender, women live a longer life than men. The leading cause of death that puts Ohio lower on the life expectancy list is heart disease.

Ohio life expectancy by county is way down on the list. In women, Geauga takes the lead with 83.21 years and, in men, Noble with 80.54 years. Compared to other counties, Ohio’s life expectancy has a gap of 30 years. 

Following are Ohio life insurance policy stats you should know about before purchasing a policy:

  • Life Expectancy for Males: 75.2 years
  • Life Expectancy for Females: 80.19 years
  • Percentage of the Adult Population with Life Insurance in 2019: 54%
  • State Rank for Life Expectancy: 46th
  • Average Life Insurance Premium: $599
  • The Most Popular Type of Insurance Policy in the State: Health Insurance

The two most popular Ohio life insurance plans are whole life insurance and term life insurance. According to Ohio law, the contestable period of a life insurance policy is two years from the moment it goes into effect.

Average Cost

Even though the Ohio life insurance cost rate is slightly less than other states, you can expect to pay more based on your lifestyle. Different Ohio life insurance companies will quote you variable premiums according to your health, age, and the coverage type you want. Gather multiple life insurance Ohio quotes before deciding because, in case of an accident, the money from your policy will be used to pay funeral arrangements, grocery and utility bills, children’s college fees, mortgages, and more.

The key to choosing affordable life insurance in Ohio is first determining your monthly and yearly expenses, the valuables you own, the area you live in, and its crime rate. Only then can you make a decision that fully protects you, your family, and your assets.

  • The Average Cost of Life Insurance: $631
  • Average Monthly Cost: $49
  • The Average Cost a Year: $599
  • What You Can Expect To Pay: $822

Average Price by Cities

The average price of insurance premiums in Ohio by cities ranges between $27 and $49. The prices are subject to changes based on years of the term, age, and a few other factors.

Important Factors to Consider When Looking for Insurance in Ohio

You have to meet several Ohio insurance requirements before being considered eligible for a life insurance policy. For example, if your medical report reveals a severe illness that lowers your life expectancy, then your policy terms might be stringent. If the life insurance company feels that you are not up to the mark, your application might not be approved. 

Your ability to pay the monthly payments on your term life insurance in Ohio depends on your financial stability. Based on how much you earn and spend, you should choose an insurance policy with a premium that can you easily afford and keep up with using your savings in case you lose your job. The less attractive you look on the insurance application, the higher the premium rate quote you will get. 

This is as good as a time to make some lifestyle changes and adopt some healthy habits. 

Below are two company’s life insurance factors that affect premiums:

Third-Party Ratings 

You might see Yelp’s or Google’s stamp on the life insurance company’s website you are browsing and assume that you have landed at the right place, but that’s not true. Looking at an Ohio life insurance company rating is not the best way to evaluate the company. Some companies pay to be added to the list to appear at the top. Relying on these numbers is a mistake, and therefore, you should always invest more time in reading reviews and background research.

Financial Stability and Paying Ability

The company’s ability to pay you back when a claim is made should also be considered when browsing insurance companies. You need to be sure that your years’ worth of savings is being paid to reliable life insurance in Ohio that will pay out all the benefits promised to you. This is why you need to look for the following information:

  • Power rating
  • Financial Strength Rating 
  • Years in business
  • The number of states the company has an operating license
  • The maximum coverage it offers for death benefits

What Factors Can Impact Your Policy?

To qualify for the best rates, you need to meet a set of standards set by the insurance company. While your financial stability decides how high of a premium you can afford, four other factors that decide your coverage and, in turn, the premium.

Let’s take a look at the term life insurance factors that affect the amount of premium you can afford:

*Keep in mind that the differences in premiums for term life insurance and whole life insurance are based on the years of coverage they offer. The former is for a short-term policy for people who are about to retire, hence the low premium, and the latter is for life. This is why the company tries to recoup the payment cost with a high premium.

Age

Age is the number one factor that affects Ohio life insurance policy premiums. The younger you are, the lower the premium. The likelihood of getting sick also increases with age, which puts the insurer at risk because, sooner or later, it has to pay out on the policy.

Family Medical History

You probably think if you have a clean bill of health, you will be able to get a lower premium, right? However, your medical history can have a huge influence on the premium. If a hereditary disease runs in your family, your premium will be high to cover costs early.

Lifestyle

Your lifestyle includes your extracurricular activities, as well as your job. For example, if your hobby is jumping out of planes, cliff diving, or paragliding, be prepared to pay higher premiums.  As for work, if you have a job that puts your life at risk every day, such as working at a construction site, the insurance company will look into your place of employment before deciding on your premium. 

Overall Health

As mentioned above, your current health also changes the premium rate. In this case, no matter how short or long the term is, your premium will be high.

What’s the Returning Period for Policy in the State?

One of the things that most insurance policyholders are concerned about is whether their benefits will be paid on time or not after they have made a claim. Every state has different policies when it comes to buying insurance policies and making claims. 

Is There a Return Period for the Insurance in the State?

According to Ohio insurance law’s Revised Code, Division (C) of Section 1321.78, you have 60 days to cancel your contract with the insurer and pay the remaining amount of premium that is due. 

Let’s take a look at some of the details regarding the returning period on an insurance policy in Ohio:

Free Period: A free period is known as the time in which a person can test an insurance policy and then return it with a full refund. Ohio does not have this policy. However, you can ask your insurance company whether they offer Ohio free look period life insurance.

Grace Period: Insurers are obligated to inform the insured that they have a 6-day grace period to make their premium payment and that too at no cost. 

Timely Claims: If you fail to make a payment, your policy doesn’t get canceled, but all benefits are suspended. As for the return of policy premium, you won’t get your money back since Ohio does not offer a free look period. The State of Ohio has mandated that the insurer pay the insured their money within two months after a claim is made.

What Happens in the Case of an Unclaimed Policy?

If you are one of those people who had no idea that a family member had an insurance policy that went unclaimed, you are in luck. According to the Revised Code of the Ohio State Laws, unclaimed policies can easily be tracked online. The beneficiary has to fill out a form, and they will be connected to the insurer. Ohio life insurance claim time is two years. In case the insurer cannot contact the beneficiary, the money is given to the state where the beneficiary last lived. 

For an Ohio life insurance unnamed beneficiary, the life insurance payout goes through probate, which might reduce the amount of the death benefits paid to the deserving party. According to the Revised Code 2107.64 of Ohio life insurance beneficiary law, anyone can be named as a beneficiary through a will. In case the beneficiary fails to come forward within 12 months, the funds are handed over to the insured’s administrator. 

The best choices of beneficiaries are your spouse and kids. If these are not viable, you can name your next of kin who are capable of handling the funds. Do not name minors as your beneficiaries because, in such cases, the claim funds will go to a guardian until the minor reaches legal age.

How Do You Find Out Who Is a Beneficiary?

If you are unaware of who was named the beneficiary on the life insurance policy, all you need to do is get your loved one’s death certificate and submit it to the insurance company. In most cases, the insurance company will only confirm whether your name is on the policy or not. 

Leading Causes of Death in Ohio

As mentioned earlier, one of the common causes of death in Ohio is heart disease, with an annual death rate of 28,008. Below are the leading causes of death in Ohio by CDC and how they rank by frequency among other US states:

  • Heart Disease: 12th
  • Cancer: 8th
  • Stroke: 11th
  • Accidents: 2nd
  • Chronic Lower Respiratory Disease: 16th
  • Alzheimer’s Disease: 26th
  • Diabetes: 8th
  • Septicemia: 11th
  • Kidney Disease: 18th
  • Chronic Liver Disease/Cirrhosis: 10th

What If Life Insurance Goes Bankrupt?

The Ohio Property and Casualty Insurance Guaranty Association, also known as Ohio Life and Health Insurance Guaranty Association (OLHIGA), ensures that you receive your funds if an insurance company goes bankrupt. Set by the Ohio Department of Insurance, the agency is responsible for laying down the law for bankrupt insurance agencies. No matter how many policies you hold, OLHIGA will pay you a maximum amount of $300,000. Once the insurance company is declared insolvent, the funds are transferred to a solvent life insurance company

Best Life Insurance Companies in Ohio

Company Key Features Best For Pricing
Western & Southern Life Retirement planning and investment management, along with insurance policies Families
Bestow Life Term life insurance with no medical exam

Easy application and not commission based

Older adults under 55 $3 to $16/month
Nationwide Car insurance

Level premiums and renewable options 

People on a budget $16 to $53/month
MetLife Affordable prices and timely claim process

Selling different insurance policies through workplaces

Companies and employees $100 to $107/month
Prudential Customized coverage

Term and universal life insurance

Individuals and institutions $13 to $41/month
Fabric Affordable policies and customizable coverage Young families with children $15 to $19/month

 

MetLifeOhio

Average customer satisfaction does not define MetLife Ohio’s reputation. As one of the world’s largest insurance companies, it has made its name by selling all kinds of insurance policies, including term and whole life insurance. The company mostly deals with businesses and employees. However, the diverse array of products it offers also makes it attractive to individuals and seniors. Its key features are competitive prices and a timely claim process.

Nationwide Life Insurance Ohio

Nationwide Ohio life insurance has very few complaints online and an A++ rating. The insurance company offers great plans for people on a budget and offers term and whole life insurance policies. One of the best things about their policies is that the premiums are level, and you can change the terms of the policy anytime you want. 

Fabric Life Ohio

Fabric Life Ohio offers online term life insurance for young families. Some of the best things about their policies are affordable prices, the ability to customize coverage according to your needs and wants, and online quotes. As an online insurance agency, their customer service is good but could improve in answering queries.

Prudential Insurance Ohio

Prudential Insurance Ohio offers whole and term life insurance, and several other insurance policies. They are great at catering to individuals and institutions. Their best feature is customizable packages so you can plan your coverage according to your needs and wants. 

Their website does not list quotes for most of their policies, but you can easily talk to their consultant and get all the information you need. The company comes highly rated by top rating agencies and has a complaint form that answers queries regarding life insurance policies and other matters.

Bestow Insurance Ohio

Bestow Insurance Ohio specifically offers great deals for older adults and seniors. Since the company does not ask for a medical exam before giving the policy, it has gained a great reputation. You don’t need to provide your contact information to get a quote, which is why Bestow ranks quite high in customer satisfaction. The only drawback is that they don’t offer a whole life insurance policy.

Conclusion

Be sure to remember the personal and insurance company factors mentioned above when buying Ohio life insurance. These factors will help you lower your premiums and ensure that you are choosing a reliable company.

Happy hunting!

 

Pros & Cons

The Pros

The Cons

Final Verdict

Be sure to remember the personal and insurance company factors mentioned above when buying Ohio life insurance. These factors will help you lower your premiums and ensure that you are choosing a reliable company.

Happy hunting!

 

FAQs

What Insurance Companies Are in Ohio?

There are around 256 insurance companies in Ohio, and most of them offer life insurance, auto insurance, and home insurance, among other types. 

What Is the Best Age for Life Insurance?

The best age for buying life insurance is in your 20s. In this age period, you are in good health, and since the insurer is taking less risk, you get a lower premium.

Who Has the Cheapest Insurance in Ohio?

A market comparison revealed that Ambetter Balanced Care 29, Molina Constant Care Silver, and CareSource Marketplace Low Premium Silver offer the cheapest insurance plans.

Is Ohio Car Insurance Higher?

The average Ohio car insurance premium is $1,034. The state ranks 49th in the list of “Highest Car Insurance Premiums,” with Michigan taking the lead at double cost and Maine being at the bottom.

Do You Have to Have Full Coverage in Ohio?

No, you do not need full coverage in Ohio. However, the law mandates that you have adequate coverage to protect your assets and pay for your injuries.