Term life insurance rates in Ohio have been steadily reducing for the last 20 years. Better mortality, increased competition and lower expenses have all contributed to the price reduction. The trend should continue, despite some recent speculation that prices may be increasing. 10-Year and 20-Year plan costs have never been lower for both males and females, as the population continues to live longer.
Term protection covers a person against death for a specified period. Prices are substantially less than whole Life, variable life, or universal life insurance, giving the flexibility to invest your money elsewhere. Policies can be terminated at any time without paying any fee or penalty. If a better deal or lower rates are offered while coverage is active, you can apply for a lower price without risking losing current coverage.
Protecting your assets has never been easier. During the child-raising years, typically, the need for coverage is higher. Business-owners often need extra protection that is low-cost and also ensures that the business remains under control of the surviving family or business partner. The entire policy face amount is paid at the time of the covered person’s death. Unless the policy premiums are tax-deducted, the payout is not subject to federal taxes.
The death benefit and premium remain level during the “guarantee” period. You also have a conversion option from most carriers, allowing you to change to another form of policy without answering any medical questions. However, this option may expire at age 60 (or another age). Also, since you only can convert to a plan issued by your current carrier, shopping additional companies is advised if you don’t need to use the guaranteed option.
Compare Term Rates In Seconds
We offer free online term quotes and a calculator to consumers by shopping hundreds of different plans through the top-rated carriers. Only a few basic questions need to be answered before you can view the best offers. Ratings of companies should also be reviewed, and no carrier that is not rated at least “A” by A.M. Best Company should be considered. Often, several companies will offer similar pricing.
Additional lines of business can also be viewed, including final expense plans and non-medical life policies. Average annual rates change often, so the premiums you view are always current.
At any time, you may cancel a policy without paying a fee. It’s not unusual to purchase a policy that guaranteed the rate for 15 years, but the policy was only kept for 5-10 years. In retrospect, buying a 10-year contract would have been cheaper and accomplished the same goals. But it is often difficult to predict how long you inevitably are going to keep coverage active. Family, work, and personal situations may change, which impacts the level of protection that is needed.
For example, a 45-year-old male can buy $250,000 of coverage for approximately $197 per year (10-year guarantee Super-Preferred rating). A 20-year guarantee would only raise the premium to $323 per year. And yes, these are annual, not monthly rates! Female premiums are less expensive. Listed below are several additional examples (monthly rates) assuming the same health.
$10 – 35-year-old Male. $250,000 10-year Rate Guarantee (Protective Life and Ohio National)
$14 – 35-year-old Male. $250,000 20-year Rate Guarantee (Pacific Life and American General)
$20 – 40-year-old Male. $500,000 15-year Rate Guarantee (Protective Life)
$11 – 40-year-old Female. $250,000 10-year Rate Guarantee (Protective Life)
$16 – 40-year-old Female. $250,000 20-year Rate Guarantee (Lincoln National)
$39 – 45-year-old Female. $500,000 20-year Rate Guarantee (Lincoln National)
$85 – 55-year-old Female. $500,000 20-year Rate Guarantee (Banner Life)
How Long Do You Need Coverage?
One of the biggest factors in determining the length of time you need coverage, is the rate of return on your investments and the expected payout from Social Security and a private pension (if you have one). Since guaranteed interest rates are much lower than they were in the past, it takes more assets to provide the needed income required for a stable retirement. Unanticipated expenses or medical expenses could also require additional income.
We can help you determine the optimum amounts you need. In many situations, a 15-year policy may be more cost-effective than a 20-year policy. Also, if you will not be converting the policy before it terminates, the choice of carriers is impacted. Often, changes within the household will impact the need and required face amount. If a new employer provides additional life insurance, or if there is a divorce or death of a spouse, coverage may have to be changed.
We will research and find the lowest-cost “A” rated term insurance policies. By being independent and objective, you’ll receive the lowest available prices from the top companies. If you apply for coverage, you can apply direct or we can assist you.