Ohio residents would be wise to educate themselves on the life insurance situation in their state. Every state in the country has its own set of rules and regulations regarding life insurance, and Ohio is no different. Whether you are looking to get cheaper life insurance rates, or you are looking to make your first life insurance policy purchase, learning about the life insurance situation in your state is extremely beneficial.
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Ohio Life Insurance Laws
Title 39 of the Ohio Revised Code outlines the laws in regards to life insurance in the state. This thick piece of legislation was written not only to protect the consumers of the good state of Ohio, but also the businesses as well. Feel free to study the law code to learn as much as you possibly can about life insurance, but if you would rather spend your time on the finer things in life, allow us to highlight the code’s key points:
No Free Look Period In Ohio
Many states in the country have legally mandated “free look periods” that allow people to test-drive their life insurance policies (with the option of a full-refund) before fully committing to them. Ohio does not. With that being said, most life insurance companies in the state will still allow for a free look period, thanks to their company policies’. Check with your insurer to see if a free look period is allowed. Although not legally required, many companies will still offer a free look period between one and two weeks.
Timely Payment On Claims In Ohio
In Ohio, life insurance companies are required to make payment on life insurance claims within two months of receiving them. This law is put into place in order to ensure policyholders get their money in a timely fashion. If the insurer does not make a timely payment on the claim, the beneficiary’s account will begin to accrue interest.
Your Personal Information
In the state of Ohio, insurance companies are permitted to do what they wish with your personal information. This includes giving it to financial agencies and employers. While you have no control over what the insurance company will do with your information, they are legally obligated to tell you what they do with it. Check your insurer’s company policy for more information.
To learn more about your life insurance rights in the state of Ohio, please contact:
Ohio Department of Insurance
State Guaranty of Ohio
In the event your life insurance company goes out of business in the state of Ohio, your life insurance policies are still insured. The Ohio Life and Health Insurance Guaranty Association backs your insurance policies for up to $300,000 in lost death benefits and $100,000 in lost cash surrender.
In order to qualify for these benefits from the Ohio Life and Health Insurance Guaranty Association, your (former) insurance company must have been legally licensed to operate in the state of Ohio and you must be up to date on your premium payments. For more information, please contact them at:
1840 Mackenzie Drive, Suite 100
Columbus, OH 43220
The 10 Best Life Insurance Companies in Ohio
MassMutual is one of the best life insurance companies in Ohio, especially if you are a smoker. MassMutual’s premiums are far less than other insurance companies offering the same coverage. A 65-year-old male smoker is over $100/year cheaper with MassMutual than the next most affordable insurance. MassMutual is a mutual company, meaning instead of making a CEO rich, MassMutual pays dividends to its members and policyholders. These members and policyholders get to vote on the board of directors. MassMutual has a free life insurance program for low-income families. MassMutual goes above and beyond for its policyholders, which is why it is one of Ohio’s best life insurance companies.
Western and Southern Financial Group
If you are looking for a life insurance company that offers policy flexibility, look no further than Western and Southern Financial Group. Whether you want term life or whole life insurance, Western and Southern has you covered. They have competitive pricing to meet a variety of families’ budgets and needs. On Western and Southern’s website, you can see which kind of life insurance works best for you with a quick glance. Also available on the website is a tool to calculate how much life insurance coverage you will need. You can use this estimation to help you choose one of their flexible policy options.
Offering a wide range of products, State Farm’s life insurance is one of Ohio’s best life insurance coverage. State Farm wants its customers to find exactly what they need, so they offer ten customizable life insurance plans to choose from. These ten customizable plans include term life, whole life, or universal life options. After a time, you can convert your term life policy into permanent coverage. One of the best products State Farm offers is its no-exam insurance policy.
Nationwide Mutual Group
Nationwide Mutual Group is one of Ohio’s best life insurance companies if you want to leave your beneficiaries some money. Nationwide’s whole life insurance policies come in universal and variable plans that will build cash value and provide your beneficiaries with protection after you are gone. Nationwide has excellent financial stability, so there is no need to worry about Nationwide’s ability to pay out claims. Besides whole life insurance, Nationwide also has policies for term life coverage as well. Although Nationwide is more known for its auto insurance, its life insurance coverage may be a good fit for you.
In today’s day and age, we want fast, and MetLife gives us fast. MetLife is one of the best life insurance agencies in Ohio because of its fast claims payment. MetLife is also one of the leading providers of life insurance in the country. Not only does MetLife have quick claim payments, but they also provide quite quotes directly online. MetLife has impressive financial stability, giving policyholders peace of mind knowing their claims will be paid. You can receive life insurance for as low as $8.70/month.
Much like State Farm, Prudential is one of Ohio’s best life insurance companies because of its customizable policies. Although it doesn’t provide as many customizable policies as State Farm, it has superior financial strength compared to State Farm. Prudential wants to educate its policyholders, so they offer many articles on different insurance topics, including the different types of life insurance. Prudential offers universal life, whole life, and term life insurance coverage. Prudential received an A+ from A.M. Best Rating and AA- from S&P. These high ratings are one of the reasons Prudential is one of Ohio’s best life insurance companies.
Founded in 1905, Lincoln Financial provides permanent life, term life, and whole life insurance coverage. Lincoln Financial is the parent company to Lincoln National Life Company. Not only does Lincoln Financial provide life insurance, but it also provides annuities. Lincoln Financial does not offer quotes online. Lincoln Financial is one of Ohio’s best life insurance companies because of their TermAccel policy. This policy allows customers to apply for and be approved for life insurance coverage without an exam. It has competitive pricing with coverage ranges from $100,000 to $1 million. Tobacco users must complete a medical exam. This is a term life policy available in terms of 10, 15, 20, or 30 years.
If you are younger than 55 and looking for life insurance, Bestow Life may be the best company for your life insurance coverage. Bestow’s application process is quick and easy and can be completed entirely online. Bestow has term life coverage in the ranges of $50,000-$1,000,000. It does not offer whole or universal life. Offering two kinds of life insurance policies Bestow uses proprietary technology to underwrite your insurance policy. Plans start as low as $8/month and it is decent coverage if you need insurance quickly and without hassle.
Mostly known for its auto insurance, Allstate offers term life insurance in term lengths between 10 and 30 years. Allstate gives you the option to turn your term life insurance into permanent life insurance in the future. Also available through Allstate is universal life, variable universal life, and whole life insurance. According to the 2019 J.D. Power study, AllState has fewer customer complaints than other life insurance companies. Allstate’s ability to tailor your policy to fit your needs is why Allstate is one of Ohio’s best life insurance companies.
Fabric is one of Ohio’s best life insurance companies if you have a family with children you want to protect. Fabric offers term life insurance for individuals between 25 and 50-years-old. Its application process is quick and easy and can be completed in 10 minutes. Backed by Vantis Life, a Penn Mutual Company, Fabric provides coverage from $100,000 to $5,000,000. No medical exam for those who qualify and no hassle with an insurance salesman. If you are looking for an affordable premium, a free app with helpful tools and quick coverage, look into Fabric for your life insurance needs.