Ohio Life Insurance Quotes
If you live in Ohio, it is wise to educate yourself about various rules and regulations applicable to life insurance policies and quotes.
Whether you are interested in getting the cheapest life insurance quotes in Ohio or are looking to purchase a policy for the first time, the knowledge of various state rules and industry practices will help you make the best choice.
Ohio Life Insurance Sample Quotes
If you reside in Ohio and want to buy a life insurance policy, here is what you can expect price wise.
A Columbus, Ohio woman aged 36 years, with 166 pounds weight and 5’3” height may have to pay around $1,095 in annual premium for a whole life insurance policy worth $900,000.
It is assumed that she is in good health and does not smoke. The habit of smoking will raise her annual premium to $2,589 for the same policy.
The same 36 year old Ohio woman would pay around $675 in annual premium for a term life policy worth $900,000.
Compare Life Insurance Quote in Ohio
Ohio Life Insurance Laws
Life insurance business is regulated through the provisions of Title 30 of the Ohio Revised Code. The law is codified to protect the interests of the consumers and the industry alike.
No Free Look Period in Ohio
While many states provide for free look periods in their jurisdiction to let the buyers make informed decisions, Ohio does not.
Free look period is the time period during which the buyer may decide to abandon the policy and receive their entire payment back without any deduction. However, most of the insurance companies in Ohio still provide for free look period.
Timely Payment of Claims in Ohio
The life insurance companies in Ohio are required to complete the payment on life insurance claims within two months of the receipt of relevant documents. The law is enacted to ensure that policyholders are not unduly harassed by the insurance companies. The beneficiaries are entitled to receive interest on their claims, if these are not processed within the stipulated time period.
Your Personal Information
In Ohio, insurance companies are entitled to use the personal information provided by the buyers in any manner whatsoever. While the buyers may not stop the companies from utilizing the private information in any way they want, they are still entitled to be informed about the intended use of such information.
You can know more your life insurance rights in Ohio by contacting the following:
Ohio Department of Insurance
State Guaranty of Ohio
In an unfortunate event of your life insurance company in Ohio going out of business, your rights are protected by the Ohio Life and Health Insurance Guaranty Association to the tune of $300,000 for lost death benefits and up to $100,000 in lost cash surrender value.
However, in order to qualify for these benefits provided by the Ohio Life and Health Insurance Guaranty Association, it is important that your former insurance company had legal license to carry out its operations in Ohio.
It is also important that you had paid all the premium payments fallen due. You can get more information by contacting the below:
1840 Mackenzie Drive, Suite 100
Columbus, OH 43220
Let Us Help
Choosing the right life insurance policy is involves research. Here at NoExam.com, we do that work for you and present it in an easy to use fashion.
In order to get the best quote, it is important that you shop around for various life insurance quotes in Ohio.
NoExam.com allows you to carry out this research from the comfort of your own home, without spending any money or giving away personal info. You can save your time and money by using NoExam.com to find life insurance in Ohio.