Life Insurance in Cleveland, OH

Experts break down Cleveland, OH life insurance costs, coverage, companies, and more.

Ann Herro, Insurance Expert Written by Ann Herro
Ann Herro, Insurance Expert
Written by Ann Herro

Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Mature couple at home using video call to talk with friends or family. Find Cleveland Ohio life insurance.

As a resident of Cleveland, OH, it's important to make sure that your dependents can pay your debts and support themselves in the event of your death. By purchasing a life insurance policy, you can have peace of mind knowing that your loved ones will be cared for.

An independent insurance agent in Cleveland can help you find a suitable life insurance policy. A local agent will help you obtain life insurance quotes and guide you through the many different coverage options and policy types available to you, so you can be sure to make the best choice for your needs.

Is Life Insurance Required in Cleveland, OH?

Although life insurance isn’t required by Ohio law, it’s definitely worth your time to learn about it and seriously consider purchasing a policy. Life insurance provides a financial benefit to an individual’s family after his or her passing. That money can be used to pay for anything from funeral expenses to an unpaid mortgage.

Not everyone needs life insurance. But those who own a home or have dependents should seriously consider it. If you’re young, single, and have little debt, you may be able to wait a while before you invest in a life insurance policy.

What Does Life Insurance Cover in Cleveland, OH?

There are two major types of life insurance policies available: term life insurance and permanent life insurance. Each offers benefits for different periods of time. The proceeds of any life insurance policy can be used to:

  • Pay off accumulated debt
  • Pay for a dependent's college tuition or mortgage
  • Cover your funeral and burial costs
  • Donate to your favorite charity fund 
  • Any other expenses or concerns that are important to you

Term life insurance provides financial protection for a specified period of time, such as 10, 20, or 30 years. If you die while the policy is in force, your beneficiaries receive the death benefit. If you live to the end of the policy term, the policy terminates unless there is an option to renew.

Permanent life insurance provides more than a death benefit. These types of policies offer long-term savings or investment component (cash value). Whole life, universal life, and variable life insurance are all examples of permanent life insurance.

Why Do You Need Life Insurance in Cleveland, OH?

The average life expectancy in Ohio is 76 years, which is slightly shorter than the national average life expectancy of 77.3 years. The state of Ohio is rated as the 41st in the nation for life expectancy, meaning that Ohio residents on average live shorter lives than those in a majority of other states. The top five causes of death per year in Ohio are as follows:

  • Heart disease
  • Cancer
  • Accidents
  • Chronic lower respiratory disease
  • Stroke

The cost of a funeral can be enough to break the bank for many people after a death in the family. These days, the average funeral can cost upwards of $15,000.

  • Cremation with no memorial service: $750 to $4,500
  • Cremation with a traditional funeral service: $7,000 to $9,500
  • Burial with a memorial service: $11,000 to $15,500
  • Burial with a traditional funeral service: $12,500 to $17,500

It’s vitally important to make sure that your loved ones are left with a life insurance policy that will at the very least help them with funeral expenses.


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What Does Life Insurance Cost in Cleveland, OH?

Premiums for life insurance in Cleveland, OH vary depending on the type of policy that you purchase, the policy period that you choose, and the amount of the death benefit that is paid out upon your death.

Insurance companies also price life insurance based on your age at the time you purchase your policy, your health status, and certain lifestyle factors like whether or not you smoke or engage in other risky activities.

The premiums for term life are typically level and guaranteed for the initial time period. After the initial time period expires (e.g., 10 years), you can usually choose to continue the coverage, but often at a much higher rate. Term life generally costs much less than permanent life insurance. It is ideal for people looking to simply pay some final expenses and provide income replacement for their remaining spouse and other dependents.

Permanent life insurance policies generally have much higher premiums than term life because you are funding a cash value account as well as paying additional fees and expenses related to the policy. Permanent life insurance is very complex and can offer many possible outcomes throughout the life of the policy.

What Are the Best Life Insurance Companies in Cleveland, OH

It can be simple to find the best life insurance companies in Ohio. A local independent insurance agent can help you get life insurance quotes from multiple insurance companies so you can select the best policy for your needs and budget.

How Can an Independent Insurance Agent Help You Find Life Insurance Quotes in Cleveland, OH?

Instead of just getting an online quote, find an independent insurance agent now, and get a one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.  

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Contact an agent today for a free, no-obligation consultation.

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