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.
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.
The 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.
While many states provide a free look periods in their jurisdiction to let the buyers make informed decisions, Ohio does not.
The free look period is the 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 offer a free look period.
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 claim if it is not processed within the stipulated time period.
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 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 about 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, to qualify for these benefits provided by the Ohio Life and Health Insurance Guaranty Association it is important that your former insurance company was licensed to carry out its operations in Ohio.
It is also important that you paid all payments on time. You can get more information by contacting the below:
1840 Mackenzie Drive, Suite 100
Columbus, OH 43220