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Ohio Life Insurance

Ohio Life Insurance
Finding 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 help.
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.

Your 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.

Permanent/cash 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.

How Much to Buy?
Ask yourself the following questions to further determine how much life insurance to purchase:
  • Will any estate taxes be due upon my death?
  • How would my family pay my final expenses and remaining debts in case of my death?
  • 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 premium?
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, etc?
  • 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?
Please note: 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 buy
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.
A.M. Best
908-439-2200
www.ambest.com

For more information, contact the Ohio Department of Insurance at 800-686-1526, or access their Web site at www.ohioinsurance.gov.

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