The Most Important Facts about Life Insurance in Ohio

Ohio Life InsuranceWelcome to Huntley Wealth Insurance, where we offer a variety of Ohio Life Insurance policy types including term and whole life insurance.  Whether you are a healthy individual or someone who takes medication for health conditions, we are the experts in providing low cost life insurance in Ohio.

Sample Life Insurance Quotes from Ohio

Below we’ve provided some sample quotes for a healthy male living in the state of Ohio.  The quotes are for 10 year term, 20 year term, and 30 year term life insurance from age 30 to 70 for $500,000 coverage.

Age                                    10 Year Term             20 Year Term             30 Year Term
Male Age 30                          $155                                $245                             $385
Male Age 40                          $195                                $350                             $621
Male Age 50                          $485                                $930                             $1,535
Male Age 60                          $1,315                             $2,505                         $4,458
Male Age 70                          $3,999                            $9,490                        *$11,811  — All Quotes Per Year

*30 year term is not available in Ohio after age 65 with any companies presently, so I’ve provided a quote for a level payment policy for the 30 year term, male age 70 category.  This is actually not a term policy, but a Genworth Colony SM Lifelong Universal Life policy with guaranteed level premiums to age 100, which is similar to 30 year term, but built on a universal life foundation.

Accuracy of premiums based on date of this post’s publication, and may change over time.

Insurance with Medical Issues

Some life insurance companies are much more liberal in Ohio about certain health concerns than others.  If we take the example of an individual with a history of hypertension, you’ll find that each insurance company is going to treat that issue differently.

That’s why it’s so important to speak to a knowledgeable, independent Ohio life insurance agent about your needs, so he or she can recommend the company who will be the most lenient about your health history and most likely offer the lowest premium.

We’ve had great success getting residents of Ohio offers for medical issues such as diabetes type II (as good as Preferred Non Smoker in some cases) with ING.  We’ve gotten Preferred Best offers for people on medication for depression or anxiety, as well as preferred best offers for life insurance with high blood pressure.  We’ve also successfully obtained Standard offers for individuals with heart disorders such as coronary artery disease (CAD), stent placement, history of heart attack, as well as valve replacement.

Ohio Term Life Insurance Rates for Smokers

We do offer great rates for term and whole life insurance policies for cigarettes smokers, as well as for men using other forms of tobacco besides cigarettes, such as pipes, cigars, or chewing tobacco.

In fact, non smoking (non tobacco) rates can be achieved at some life insurance carriers, depending on the type of tobacco you use.  Use the form on the right for low cost term life insurance for smokers quotes.

How are Premiums Calculated?

The five variables which determine your premium are:

1. Age

2. Gender – Males pay more than females.

3. Health Rating – The better health you’re in, the lower your premium.

4. Amount of Coverage

5. Length of Term – Shorter terms (10 and 15 years) cost less than longer terms such as 20 and 20 years.

Term and Whole Life Differences

Most of our clients in Ohio need term life insurance.  Term is generally less expensive than whole life and serves to meet a temporary coverage need, such as 10 or 20 years.  Also, I should take this opportunity to say that while we recently wrote an Ohio National Life Insurance review, we are by no means limited to companies headquartered in Ohio.

We work with carriers all over the nation.  For example, Genworth Life Insurance is stationed in Lynchburg, VA, but we can still sell their products in Ohio, like the Colony Term UL.  Many companies like ING and Prudential are headquartered in other states, but their products have also been approved by the Ohio Department of Insurance to be sold in Ohio.

Back to term life insurance now.  It is most commonly needed for salary replacement.  So if you plan to work 20 more years, a 20 year term policy might be the most suitable product for you.  Perhaps you only plan to work 10 more years, in which case a 10 year policy could suit you fine.

Term life insurance does not build cash value, so if you cancel it, you won’t get any money returned to you.  A term life insurance premium simply charges you the least amount of premium for the most amount of coverage.  Guaranteed level term is the most affordable type of Ohio Life insurance available.

10 year term means the premiums stay fixed for 10 years, and 15 year term means the payments are fixed for 15 years, and so on. Whole life insurance provides guaranteed coverage, and builds cash value.

If cash accumulation is not your goal, you might really want a guaranteed universal life policy to age 100, which still offers guaranteed level premiums for life, but will accrue little to no cash value.

Taxation to Consider

Presently, death benefits are not charged income tax to residents of Ohio, or any other state for that matter, as long as you don’t deduct the premiums

However, life insurance benefits may be part of your taxable estate upon death, so be sure to consult an attorney and tax advisor to try to minimize estate taxes.

I’d Like To Buy – What Now?

Please get a free quote using the form on the right. On the next page, you can request an application for the policy you’d like.  Please note if you use our quote form, quotes appear on the next page. We know other insurance sites require many pages of personal details before providing quotes, but not ours.

Your other option is to call us at 877-996-9383 for Ohio life insurance quotes over the telephone.

Live in Georgia & Need Life Insurance?

Georgia Life InsuranceIn this article, we’ll cover everything you need to know about obtaining the lowest cost Georgia life insurance policy, the types of coverage available, and how to apply.  Whether you are a resident of Georgia, or a neighboring state and wish to travel there to purchase life insurance, we’ve got the answers and expertise you’re looking for.

Life Insurance Policy Types

There are three common types of life insurance offered in Georgia, which are term life insurance, whole life insurance, and universal life insurance.  Amongst term and universal policies, there are different variations available such as differing lengths of term (10, 15, 20 years), and so on.

You can also structure a Georgian universal life contract in various ways.  If you plan to keep it for the duration of your life, you could either pay level premiums for life with a guaranteed death benefit, or you have the option to plan your policy’s values and benefits based on assumed cash value growth, rather than guarantees.

Cost of Life Insurance

We provide all three of these options in Georgia, term, whole, and universal life, with the exception being a sub-type of UL known as variable universal life.  For sample 10 or 20 year term quotes, please use our form on the right.

This instant online quote will also provide guaranteed universal life quotes to age 95 or 120, but does not provide whole life quotes, so you’ll want to call us directly for help with a Georgia whole life illustration.  877-996-9383

It’s important to understand that there is no difference in cost between Georgia life insurance and any other state’s premium.  For example, if a man takes out term life insurance at age 47 with Genworth Life Insurance’s Colony Term UL 30 product, the premium will be identical in Georgia as it is in California or Florida, or any other state.

Where Georgian life insurance is unique is in the number and types of products that are approved there.  In some states, like Washington or New York, it may be difficult for an insurance company to get a product that they want to sell approved.  But I haven’t seen that in Georgia.  In any case I’ve seen, if a product is available in another state, it is usually also available in GA.

One example would be United Home Life who offers their Express Issue Whole Life policy in many states, including GA, but not in others like Massachusetts.  So if you lived in MA, you couldn’t purchase that product even if you wanted to without traveling to another state nearby.

Purchase GA Life Insurance from Out of State

One way to get around a lack in product offerings in nearby states is to travel to GA to take the application.  So if you life in Alabama, Florida, or the Carolinas, and need life insurance, you could just look for quotes in your state, but why not also expand your search to products available in states like Georgia?  You may find a much better deal, and if you live close enough, or if the deal is sweet enough, you may find that it makes sense to come to Georgia to purchase your life insurance.

Of course, the same holds true for Georgian natives.  When shopping for term or whole life insurance, you’ll want to also look at the offerings in neighboring states for the same reason.

Applying for Life Insurance

You can apply by phone or via request of an application with most agencies.  For most policies, a short medical exam will also be required, at the expense of the life insurance carrier.

One requirement for applying for a Georgia life insurance policy is the owner must be there at the time when he or she signs the application, but does not necessarily need to be a GA resident.

Let’s say you’re a resident of Ohio, and are visiting family or are on vacation in Georgia when you are approached by a life insurance agent who solicits your business.  If you apply for coverage in Georgia, the application forms and policy will all be written on GA forms.

How to Get Started?

Before applying with an agent, we recommend you get several quotes from at least two agencies.  Some agents represent different life insurance carriers than others, and some agents may only represent one company, so you’re really limiting your chances of getting the best deal by only shopping with one agent.

Your best bet is to find an experienced independent agent in Georgia who can assess your life insurance needs, take your health history, tobacco use or non-use, and other personal details, and shop your case for you amongst a multitude of carriers.

We are one of these independent agencies, licensed with over 30 life insurance companies, so when you come to us for help, you’ll know the quotes we provide you are the absolute lowest prices available.  For more information or to get started with an application for Georgia life insurance, sign up for some quotes using our instant quote form on the right or call us at 877-996-9383.