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Affordable Ohio Life Insurance options

By James Tobin, CFP®

 

Critical Takeaways

  • The Application Process
  • Cost of Life Insurance
  •  Both Exam and "No Exam" Options
  • Consumer Protections for Ohio Residents
Affordable Life Insurance for Ohio Residents
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Expert Review Of Affordable Ohio Life Insurance Options

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Reviewed by

Jim Tobin, CFP®

Why you can have confidence in this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

What kinds of life insurance quotes are available in Ohio?

The good news is that there is a type of life insurance available in Ohio for every situation. 

When type of life insurance is discussed, people are usually referring to either the structure of the policy or the underwriting criteria.

Regardless of your state, when it comes to the underwriting requirements of policies, there are three basic policy types: traditional (term,whole life,UL) , simplified issue "final expense", and guaranteed issue.  

Because the underwriting standards are different for each type of policy, this review of  life insurance options in Ohio  is broken into  three sections:   (click button to go directly to section)

Best Price

Strict Underwriting

Exam - Yes

Good Price

Strict Underwriting

Exam - No

More Expensive

Easy Underwriting

Exam - No

What information will insurers want to know?

In order to underwrite your OH application for  life insurance carriers will need to know about any symptoms that you  have experienced, any treatment undergone, including surgeries, prescription drugs used, and any medical follow up. For a more exhaustive discussion of the underwriting process please scroll to What Insurers Will Want to Know

What does life insurance cost in Ohio?

The rates you pay for Ohio tem insurance are dependent on the underwriting class you are graded by the carrier. If you are in great health, your rating will likely be preferred or preferred plus,

However, if you suffer from a potentially serious health condition, the ratings will likely be standard or lower. This issue is discussed,  using  skin cancer as an example, with  rating guides and  pricing samples. Sample pricing for simplified issue and  guaranteed issue policies is provided in the corresponding links.

How accurate are the OH life insurance quotes on this site?

The quotes you receive from the quote tool on this site are 100% accurate for the information inputted. That is to say, if you get the rate class correct- your rate will be correct. The problem with online tools is that people generally think they are inn better or worse condition than is reality. 

If you are unsure about rate class you should choose a range and hope to be pleasantly surprised. Alternatively, you can fill out the customized quote form and we will get in touch with you as soon as possible.

How can I improve my underwriting grade and lower my cost of life insurance in Ohio?

The most effective ways to improve your life insurance rating are to use an agent that has access to the companies that will view you most favorably and to take care of your health. 

As far as lifestyle goes, if you take diet and exercise seriously along with limiting alcohol and quitting smoking (if you smoke), it should be reflected in your blood markers. 

If you have a medical condition, like  history of skin cancer , documenting compliance with medical advice and any medications is very important. Obtaining Having a physicians letter stating that you have been compliant and improving is helpful.

Do these things and you can't help but improve your health and your life insurance rating.  

Do I need to take a medical exam for life insurance in OH?

Although the term life insurance market is quickly adopting accelerated underwriting programs that do not require a medical exam as part of the application process, this option may not be available if you have been diagnosed with a serious medical condition.

If you are required to take a pare-medical exam, it will be a  15-20 minute meeting with a  nurse. Your exam will consist of a blood draw, blood pressure reading, urine sample, and height and weight recorded.

Phone Interview

In addition to the exam, many term carriers will have the underwriting department do a telephone interview with you. The conversation will be wide-ranging, and last about 20 minutes.

The purpose of the interview will be to flesh out the information that it has from your exam, medical information, and driving history. Questions will often revolve around lifestyle. Answer as honestly as possible, but never "offer" unrequested information.

If it turns out that simplified issue or guaranteed issue policies are the best fit for your application, no exam will be required. See How Term Life Insurance Works for more on the exam

What are the consumer protection life insurance regulations in OHIO?

Insurance in Ohio is governed by the laws defined by Title 39 of the Revised Code of Ohio, as outlined by the State of Ohio.

This legislation is used to regulate claims and provide certain protections to Ohio consumers, for example:

No Free Look Period: A ?free look period? is a time period between 7 and 30 days, in which consumers can test out their insurance policy after purchasing it. During this time, an individual can cancel the policy for any reason for a full refund. Ohio is one of only a few states that does not require this by state law. 

Timely Payment of Claims: In Ohio, it is required that insurance companies pay out claims in a timely manner, meaning within two months. If unreasonable delay occurs, the state will fine the insurance company and charge interest. The accrued interest is also required to be paid to the beneficiary.

The legislature has also seen fit to empower insurers to protect against fraud by contesting information provided in the application process for up to 2 years.

What is the application process for Ohio life insurance?

Regardless of your great health or  pre existing condition, the application process is largely the same. The life insurance application process is an eight step process that includes choosing your terms, picking a carrier, submitting to the exam,  and signing documents (digital signatures accepted). The entire 8 step process is laid out for you here

Your Next Step

Now that you know the information you will need to receive the most accurate quote possible for Ohio life insurance,  it's time to gather the information and speak to an independent Agent (raising my hand). Simply give us a call or shoot an email over and we can get you started. We are committed to totally transparent pricing (we'll even share our computer screen with you if you'd like), and making the application process as painless as possible.

Thank you again for choosing the Life insurance Help Desk to  research your options for life insurance in Ohio. If you have any questions, please give us a call or contact us by email.

Bonus: The most common mistakes people make buying life insurance and how to avoid them

(Click Twice)

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