Best Life Insurance in Ohio

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Ohio truly has something for everyone, from small-town charm to big city adventures. Before you jump in and discover what incredible journeys await you in life, it’s a good idea to protect yourself. 

That could mean getting the best life insurance in Ohio. Benzinga has researched top-rated companies that offer a balance of quality service, fast claims processing and affordable pricing. Here are our top picks.  

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The Best Life Insurance in Ohio:

Life Insurance in Ohio: Fast Facts

Here’s a brief overview of life expectancy and life insurance statistics in the Buckeye State:

  • Ohio life expectancy for males: 75.1 years
  • Ohio life expectancy for females: 79.9 years
  • Percentage of adult population with life insurance in 2019: 57%
  • State rank for life expectancy: 37th

How Does Life Insurance Work?

Life insurance is designed to protect your spouse, children or anyone you designate as your beneficiary. It’s a contract between you and the life insurance company. When you die, a lump sum of funds is paid to your beneficiaries to take care of these expenses. The life insurance company invests the premiums you pay and hopes it will make more money than what it pays out in claims. 

Final expenses aren’t the only costs that life insurance can help take care of. It may also help with the financial burden of mortgages, college loans, debts and more. This depends on the specific type of life insurance you get since some types of life insurance build cash value that you can borrow against and others only pay the lump sum benefit if you pass away while the policy is active during that time frame.

Life insurance isn’t a decision that you’ll want to put off too long — you’ll pay less for it when you’re younger.

3 Reasons to Buy Life Insurance

Why get life insurance? Here are a couple of reasons:

  • You can help make sure that your loved ones aren’t left with high debts, loans, a mortgage or other expensive costs after your death.
  • You can help provide for the future by funding a college education for your children or grandchildren.
  • You can protect your family from the high costs of final expenses and ensure that everything is done the way you want it to be when you pass away. 

What You Can Expect to Pay

The amount you pay for life insurance varies from company to company. In addition, every life insurance company calculates risk differently using a variety of factors. For instance, older people and smokers tend to pay more for life insurance. Here’s an overview of estimated rates from a variety of companies for different circumstances like age, gender, length of coverage and more. 

GenderAgeSmokerCoverage AmountLength of CoverageEstimated Monthly Premium
Female30No$500,00020 years$16.68
Female30Yes$500,00020 years$55.56
Male30No$500,00020 years$19.49
Male30Yes$500,00020 years$68.81
Female45No$750,00030 years$89.06
Male45No$750,00030 years$116.70

Whole Life vs. Term Life

As you compare life insurance costs in Ohio, you’ll come across terms like “whole life” and “term life” insurance. But what do these mean and what are the benefits and drawbacks of each? 

  • Whole life: As the name implies, whole life insurance lasts your whole life. Whole life insurance builds cash value over time that you can borrow against if you need to. As long as you pay your premiums on time and in full, your plan cannot be canceled and your rates cannot go up. Because it can last longer and the price stays fixed, whole life insurance is quite a bit more expensive than term life insurance. 
  • Term life: Term life insurance is life insurance that exists for a set term or timeframe, usually 20 or 30 years. Should you pass away during this timeframe, your beneficiaries will receive only the stated cash benefit. Term life policies do not build cash value over time. If you outlive the term, there are no funds paid to your beneficiaries. Term insurance is ideal for those who need a financial safety net as you deal with large expenditures like a mortgage. Term life is a cheaper alternative to whole life insurance if you’re looking for cheap life insurance.

5 Best Life Insurance Companies in Ohio

Whether you’re looking for life insurance for seniors or you’ve just started a family and want to make sure everyone is protected, these 5 insurance companies in Ohio will help you choose a plan that’s tailored to your needs. You’ll also be able to save money and take care of final expenses — and more. We recommend getting a quote from each of the companies profiled below so you can see the various costs and options customized for your needs. 

There’s no single answer for “how much life insurance do I need?” Be sure to weigh your options and costs carefully and choose a plan that will cover you for today and tomorrow. 

1. Best for Policy Flexibility: Western & Southern Life 

Not sure whether you want a term life insurance policy, whole life or something in between? Western & Southern Financial Group is a great option to consider. With several plans and competitive pricing, this company is well known in Ohio for providing comprehensive life insurance that suits a variety of needs and budgets. The company’s website also offers helpful guides that walk you through the different kinds of insurance and important considerations to keep in mind before you choose. You can also get a quote directly online by just answering a few simple questions. 

2. Best for Young, Healthy People Under 55: Bestow Life

Bestow Life Insurance is term life insurance that’s ideal for people 55 or under. Bestow has done away with the long, complicated forms and questions and handles much of the insurance process entirely online, including filing a claim and checking the status of your claim. The basic approval process is handled by artificial intelligence that uses the data you’ve entered to give you preliminary approval. Insurance amounts range from $50,000 to $1,000,000. 

3. Best for Estate Planning: Nationwide Mutual Group

Nationwide offers many different types of life insurance, including whole and term life insurance. It also offers universal and variable life insurance, which are hybrid life insurance products that mix some of the features of term and life to provide a more balanced range of plans. If you’re looking to leave a legacy and plan to leave money to beneficiaries, you’ll want to check out Nationwide’s whole life insurance plans and get a quote on universal and variable plans since these can also build cash value and provide you with a greater safety net.

4. Best for Fast Claims Payment: MetLife Inc.

MetLife has been around for decades and is a well-known insurance company nationwide. If you want an insurance company that processes claims quickly and has superior financial strength, MetLife is a great option. The company is also helpful if you need to review your insurance coverage because of major life changes such as a recent marriage or divorce, having children or grandchildren about to enter college or to provide help to a child or parent. Your insurance policy may be able to provide cash value to help in these cases. MetLife can help steer you toward the right insurance product. You can get a quote directly online as well as learn about the different types of insurance and their benefits in a way that’s straightforward. 

5. Best for Customizing a Policy: Prudential Financial

Prudential Financial offers policies that can be customized depending on major milestones in your life or what you wish to leave behind to your beneficiaries. Prudential doesn’t offer as many unique plan options as some of the other companies profiled here but its financial strength is second-to-none and it offers a number of educational articles that can help you better understand the different types of life insurance. Through the online quote system, you can get an estimate and a customized policy in minutes.

Get the Best Life Insurance in the Buckeye State

You want to be sure your loved ones have the protection, financial security and peace of mind you can get with life insurance. There’s no one-size-fits-all policy that works for everyone so it’s a good idea to get a quote directly from these top 5 companies to see which one is the perfect fit for your specific needs. 

Even if you’re convinced you’d be better served by term or whole life insurance, it may be a good idea to get estimates for other types as well so you can carefully weigh the pros and cons and choose a policy with confidence. 

Frequently Asked Questions

1) Q: What are the advantages of term life insurance?

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1) Q: What are the advantages of term life insurance?
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A term life policy allows you to purchase coverage at a guaranteed premium for a limited amount of time. This structure makes term life an affordable choice to protect your family if you have a financial commitment that won’t last forever, like a mortgage or the cost of raising kids. A 20-year term life insurance policy is the most popular life insurance policy purchased to protect loved ones if the unexpected happens. Get a quote here from top providers.

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2) Q: How much life insurance do I need?

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2) Q: How much life insurance do I need?
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Many in the industry recommend that you carry 8-12 times your annual income in life insurance coverage. A more granular approach can be beneficial, however, and accounting for debt and ongoing financial commitments in more detail when choosing a coverage amount can better provide for your family than an arbitrary multiple of earnings. Get a customized quote for the best policy.

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3) Q: How can I lower my life insurance premiums?

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3) Q: How can I lower my life insurance premiums?
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Life insurance premiums are based on age, insured amount, and a number of health and behavioral risk factors. Rates have fallen in recent years as longevity has increased and insurers have become better at pricing risk factors. If you have an old policy, it may be possible to replace your coverage for a lower premium with a new policy. If you don’t have coverage yet, don’t wait too long to buy a policy. Rates increase with age. Many insurers also offer a sizeable discount on auto insurance if you have a life insurance policy with the company as well, creating a way to save money on your overall insurance costs. Get the best deals here.

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