Ohio Life InsuranceOhio Life Insurance
life insurance can be a tough process. Weeding through all the sales hype and
getting to the essential information takes time. But don’t despair! InsureMe can
It’s our belief that a little knowledge goes a long way. So we’ve
assembled a life insurance primer of sorts. Below, we cover what life insurance
is for, what kinds of coverage are available, how much you should buy, and what
factors you should consider before purchasing a policy.Life
Insurance: Facts and Information
At the most basic level, life insurance
is used to replace lost income after you die. It can also cover for funereal and
other end of life expenses. Life insurance has also become a savings tool, as
well as an ingredient in estate planning and charitable giving.
Life Insurance Options
There are two different types of life insurance.
Term life: This type of insurance covers you for the duration
of the term period – one year, thirty years, until you turn 65, etc. Term
policies pay out a death benefit if you die during the policy term and are
usually cheaper than permanent/cash value policies.How Much to Buy?
value: Permanent polices are often referred to as “cash value” polices
because they usually include a death benefit component and a long term,
tax-advantaged savings plan. Because of the savings component, they typically
have a higher premium.
yourself the following questions to further determine how much life insurance to
- Will any estate taxes be due upon my death?
- How would my family pay my final expenses and remaining debts in case of my
- How much of my family's income do I provide?
- Do I have children for whose education I would need to set aside money?
- How will inflation affect my family's future needs?
- Are there family members or organizations to which I would like to donate
money when I die?
Some life insurance experts recommend purchasing five
to eight times your income to ensure adequate protection. However, the amount
needed varies by individual. Talk to a licensed life insurance agent to
determine whether this is necessary in your situation.What affects my
Your health and lifestyle play a large part in determining
whether a life insurance company considers you insurable.
When you apply
for life insurance, you will be asked a variety of questions concerning these
factors. Answer everything honestly and accurately, as inconsistencies or
outright lies can cause your application to be denied—or even worse, cause later
rejection of claims filed.
Some of the questions an insurer might ask to
determine eligibility include:
- Do you smoke?
- Do you have a record of drunk driving?
- Do you health conditions such as heart disease, cancer, AIDS, diabetes,
- Do you have a family history of fatal disease?
- Does your occupation frequently put you in danger?
- Are you disabled or retired due to illness or injury?
: while Ohio does not allow genetic testing for health insurance
applicants, insurance companies may use genetic information when determining
your suitability for a life insurance policy.Before you
Make sure you buy a policy from a licensed, trustworthy and
financially secure insurer. A.M. Best provides free stability ratings and
complaint histories of Ohio life insurance companies.
information, contact the Ohio Department of Insurance at 800-686-1526, or access
their Web site at www.ohioinsurance.gov.
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