We plan for tomorrow, and even next week. We make plans for summer vacation a year in advance to get great deals. We plot grocery shopping trips to multiple stores to save a few dollars. Ohio residents like to save money and plan to do so, but just how far in advance do you plan? We all know that death is inevitable, but few are prepared when the time comes. The sooner you purchase Ohio life insurance, the more money you can save on your policy.
It can be hard to know which OH life insurance products are right for you. But when you work with an independent insurance agent in our network, you have a professional insurance guide who can help you compare policies and Ohio life insurance quotes. Your independent agent will work with you to determine what your personal needs are, and help you find a policy that matches. Find an agent right in your area today, to get started.
Top Causes of Death
- Heart Disease
- Chronic lung disease
Do I Need Ohio Life Insurance?
Although life insurance isn’t required by Ohio law, it’s a product worth investigating. The main reason many purchase life insurance is because it provides a financial benefit to their family upon the individual’s passing. That money can be used to pay for anything from funeral expenses to an unpaid mortgage. But does everyone really need life insurance? Not necessarily. It’s important to take the time to evaluate your personal life and who depends on you. If you’re young, single, and have little debt, investing in life insurance might not be the best use of your money at this point.
On the other hand, since you present little risk to an insurance company, you could lock in a low rate for a permanent life insurance policy, for years to come. This is good financial planning. Later, when you have people you want to protect, your permanent life insurance premiums will still be inexpensive and will have accrued cash value. If you have a growing family, and responsibilities are adding up, now is the best time to take a look at which life insurance policy will work for you. The sooner you act, the better your rates may be.
What Is Term Life Insurance?
Term life insurance is the most affordable type of life insurance and is purchased for certain time periods. These range anywhere from 5 to 30 years, although riders can be purchased to extend the life of the contract. If you die while your policy is still active, your family members will receive a death benefit. This is available in amounts ranging into the millions. The amount of coverage and length of term are major factors used to determine your premium. If your policy expires and you’re still alive, you simply renew your policy, but your new rates usually increase with age. Also, if you develop a serious health problem during the term, you may be unable to renew your previous coverage.
What Is Permanent Life Insurance?
Permanent life insurance is a policy that lasts until the age of 100, although it can be extended, even beyond the 100 mark. Unlike term life insurance, permanent life insurance keeps you covered for a lifetime, no matter how your health condition may change. Although there are several factors that will determine your premium, permanent life insurance tends to be more expensive than term life insurance. However, besides lifelong coverage, it offers the added benefit of accruing a cash value, which you can liquidate or borrow against, if the need arises. These are two of the most common types of permanent life insurance policies:
- Whole life insurance: This policy is basic, permanent life insurance, with a set premium and death benefit for the duration of your lifetime. It offers a steady rate of savings, but might not be best for aggressive investors, who wish to accrue cash value more quickly, with slightly higher risks.
- Universal life insurance: This type of life insurance allows you the flexibility to adjust your premiums and death benefits, as well as the freedom to add and remove beneficiaries. It has a more aggressive investment approach than whole life insurance, which adds risk but can lead to lower costs. It can act as a tax shelter in retirement, or provide income replacement, and can be used as collateral if you need a loan.
Find the Best Life Insurance for You
It can be hard to know which life insurance product is right for you and your loved ones. An independent agent can tailor a life insurance package designed specifically for your end of life goals. If budget is an issue, but you still want flexibility, an independent agent has the ability to compare multiple policies and Ohio life insurance quotes to find the coverage you want at a price you can afford.
To get the Ohio life insurance that you and your family need, contact an independent agent in our network today.