Ohio, the birthplace of Neil Armstrong, Thomas Edison, and the hot dog, is the seventh most populated state of all 50 states. With millions of innovators, space dreamers, and hot dog lovers all within the borders of Ohio, families and residents are looking to the future. Securing your loved one’s future with a life insurance policy helps keep the dream alive. 

Use Insurify to help meet your financial goals. Protect your assets and your loved one’s future with the right life insurance policy. Within minutes, Insurify will generate a list of quotes from leading life insurance companies. Find the best policy to meet your needs with the right company all in one place.

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Why Should I Buy Life Insurance If I Live in Ohio?

Although Ohio has unique qualities all its own, the personal and business uses of life insurance are universal. Life insurance provides reassurance that your survivors, estate, and business are financially supported or preserved in the event of your passing. It may also supply funds for end-of-life expenses, such as long-term care and funeral costs.

Survivor Protection 

Life insurance gives you the peace of mind that your family and loved ones will have financial security in the event of your passing. Life insurance may provide income to meet your loved ones living expenses, pay off your mortgage and debts, and provide for your children’s education. it may also create an immediate estate. 

Living Benefits

Whole life insurance or permanent life insurance grows cash value that you can use while you are alive. You can get cash value through a withdrawal or loan or if you surrender the policy. Long-term care insurance provides funds for long-term medical or personal care, such as nursing home care or a home health aide. Also, riders can be attached to permanent policies to add long-term care benefits. 

Estate Conservation

Insurance coverage is also a means of preserving your estate. The death benefit of a life insurance policy can be used to pay estate taxes or any cost the estate may face upon the policyholder‘s passing. Coverage also avoids probate. The death benefit goes directly to your beneficiary to pay for estate taxes, to provide an inheritance, or for any reason you chose, outside the terms of a will.

Life insurance is perhaps best known for financing final or end-of-life expenses. But despite the implications, life insurance insures life. The future security of your household and peace of mind while you’re still living are the principal benefits of being a life insurance policyholder. The Ohio Department of Insurance is a resource for consumer education and regulates life insurance in Ohio.

State Regulation

The state of Ohio is smaller in square miles than most states it surpasses in population, such as Georgia and North Carolina. Popular metro areas, such as Cleveland and Cincinnati, are home to various professionals, families, and businesses that add value to the life insurance market with the rest of the state. Insurers, insurance agents, and insurance products are regulated by the Ohio Department of Insurance(ODI).

The ODI provides educational materials for consumers and agent education resources. They answer and investigate fraud and consumer complaints against insurers and agents, and they oversee and enforce insurance laws. The ODI also regulates automobile, homeowner, long-term care, and health insurance plans and annuities. Visit insurance.ohio.gov to learn more.

Types of insurance

Along with retirement vehicles, such as annuities, life insurance is regulated by the state and delivered by life insurance companies. The state of Ohio offers permanent and term life insurance coverage from affordable life insurance companies. Whether you want to ensure a legacy or preserve your estate, you can find the right policy for your needs.

Whole Life

Whole life insurance is any type of permanent life insurance that lasts your lifetime and grows cash value. Whole life insurance products are characterized by the way they grow cash value. A traditional whole life insurance policy offers a fixed death benefit and grows cash value in a general account at a guaranteed minimum interest rate. 

Other types of whole life policies such as universal, and variable life, offer an investment feature. Policyholders can use cash value as a living benefit for whatever reason they choose. Cash value is a good way to supplement retirement plans or pay for end-of-life medical expenses.

Universal and Variable Life

Universal life insurance offers a death benefit and minimum growth of cash value. However, premiums are placed in an investment account and cash value fluctuates depending on market performance. Universal policies are flexible. Policyholders can increase, decrease, or use the cash value to cover premiums. Policyholders can also decrease or increase (subject to insurability) the death benefit.   

Variable life insurance premiums are placed in investment subaccounts that you own, similar to mutual funds. Insurers offer a minimum death benefit, but the cash value and the death benefit rise and fall based on the performance of the subaccounts. Variable life is considered security as well as life insurance and is regulated by the Financial Industry Regulatory Authority (FINRA). 

A variable universal life policy combines aspects of universal life insurance and variable life insurance. Like variable life, premiums are placed in investment subaccounts, and like universal life, premiums are flexible. You can increase, decrease, or use the cash value to cover the entire premium. This type of policy is also considered life insurance and a securities product.

Term Life Insurance

Term life insurance is a life insurance policy that lasts for a limited time, as short as a year and as long as 20 years or more, or until the insured turns a certain age. The policy pays a death benefit only if you pass away within the term. Term life policies are less expensive than permanent policies and do not have a cash value component. Most term policies are guaranteed convertible and renewable, and premiums usually increase with age.

Term life insurance, like whole life insurance, comes in a variety of forms. A decreasing term policy can cover the cost of your mortgage or your child’s education. Attach term riders to your life insurance policy to add coverage. Group life insurance provided by employers is typically an annually renewable term life insurance policy.

Long-Term Care Insurance

Long-term care insurance covers medical and personal care should you become unable to function independently. Coverage includes medical services and assisted living care. You can also buy a long-term care policy rider to add long-term care coverage to your permanent life insurance policy.

How Much Does Life Insurance Cost in Ohio?

Life insurance premiums are determined during underwriting in the application process. Underwriting also determines if your application is accepted or rejected. Premiums are determined by examining information from a variety of sources, such as your application, the agent’s report, consumer reports, and a medical exam. 

No-exam term life does not require an insurance exam. It uses accelerated underwriting with public records. These policies are usually more expensive than fully medically underwritten policies and typically available to applicants under the age of 65. 

When establishing life insurance rates in the state of Ohio, and in every state, mortality is a factor. The National Association of Insurance Commissioners (NAIC) provides information and model laws to help states uniformly regulate insurance. The Commissioners Standard Ordinary Table (CSO) is compiled by the NAIC and supplies mortality statistics. The average mortality in Ohio may be a factor in premiums.    

Who Has the Cheapest Life Insurance in Ohio?

The mortality factor reflects the insured’s risk of death; the higher risk you are to an insurer, the more your premiums will be. Therefore, the younger and healthier you are, premiums will be generally less expensive, regardless of the insurance company you choose. Also, some risks may prevent your application from acceptance, such as hazardous occupations and hobbies.

Insurers classify risks into categories. A preferred risk doesn’t have risky habits, has no history of family-related illness, is in excellent health, and gets lower premiums. A standard risk is an acceptable risk to an insurer and pays standard premiums. A substandard risk is more of a chance of loss, such as an applicant with a medical condition, and pays higher premiums.

The table below represents the average cost of insurance for different age groups in Ohio.

Age Group Average Cost
Teen $27.87
20–29 $21.47
30–39 $38.36
40–49 $52.26
50–59 $94.79
60–69 $91.20
70–79 $80.62
80–89 $330.76

 

What Are the Best and Cheapest Life Insurance Companies in Ohio?

What determines the best life insurance policy for you depends on your individual circumstances. Independent rating services provide information on insurers’ financial strength and ability to pay claims. A.M. Best, founded in 1899 in New York City, was the first rating agency in the world. Other agencies include Standard and Poor’s, Moody’s, and more.

Rating services give life insurance companies grades, usually from A to D, with an A+ being superior financial strength and claims-paying ability and a D being in liquidation. The Ohio Life & Health Insurance Guaranty Association assists in protecting Ohio policyholders if their life insurance company goes insolvent.

Life insurance companies may also use reinsurance to help protect themselves from insolvency. This is when they share the risk of large policies with other insurers by signing a contractual agreement. Ohio has laws regulating insurance holding companies, which participate in reinsurance.

As mentioned, the younger and healthier you are, the more likely you will pay lower life insurance premiums. However, the type of plan and the death benefit amount that you choose play a role in the cost of insurance. A 10-year term life insurance policy is one of the least expensive insurance products on the market. The tables that follow are the average costs of life insurance per age group for a 10-year, $100,000 policy.

Best and Cheapest Life insurance for Teens

Life insurance for children can be purchased the first day they are born. When life insurance for teens is bought, the parent or grandparent is responsible for paying the premiums and is usually also designated as the beneficiary. One benefit of teen life insurance, depending on the insurer you choose, is that a term life insurance policy for a young adult could lock in rates for the entire term.

Protective Life

Protective Life offers affordable, level-premium term life insurance policies. Protective Life has superior financial strength ratings with A.M. Best, Standard and Poor’s (S&P), Fitch, and Moody’s. They offer minor life insurance and child riders.

Pacific Life 

Pacific Life offers life and disability insurance in the state of Ohio. Their term life policy term lengths increase in increments of five years, from 10 to 30 years. Pacific Life has a stable financial outlook and superior ratings.

The following table displays affordable 10-year, $100,000 life insurance policies for teens in Ohio.

Age Teens
Company name Avg Cost
Protective Life $21.49
Pacific Life $22.58
Lincoln National $23.55
Transamerica $23.70
SBLI $24.77
United of Omaha $30.96
Prudential $31.16
Mutual of Omaha $31.52
Banner Life $34.50
Legal & General America $34.50

Best and Cheapest Life Insurance for People 20 to 29 Years Old

Buying a life insurance policy in your 20s is a wise and responsible choice. But how many people are wise and responsible in their 20s? For people who have the foresight to buy a life insurance policy in their 20s, insurance premiums are less expensive and can cover student loans and debt and secure the standard of living for your loved ones should you pass.

Bestow

Bestow life insurance uses an online application process that takes seconds to be approved if you qualify. Their policies are no-medical-exam term life insurance products. The perk to Bestow life insurance is how quickly you can get your policy. Although fully medically underwritten policies are less expensive, Bestow offers affordable rates.

Sagicor Life

Sagicor Life offers permanent and term life insurance policies. Their accelerated underwriting process allows for acceptance within minutes for a no-medical-exam term policy. Policy e-delivery is applicable if you apply online.

The table below illustrates the average cost of a $100,000, 10-year term life insurance policy for ages 20 to 29.   

Age 20–29
Company name Avg Cost
Bestow $17.61
Sagicor Life $18.58
Protective Life $19.14
Haven Life $19.87
Legal & General America $21.86
American Family $22.48
Transamerica $22.80
Assurity $23.71
American General $24.22
Vantis Life $24.50

Best and Cheapest Life insurance for People 30 to 39 Years Old

By the time we reach our 30s, we may have taken on greater responsibilities, like starting our own business, having a family, or buying a house. Now older and more knowledgeable, we’ve begun to take our chosen path. Buying a life insurance policy to secure our financial future and protect our assets makes sense. This is why most people buy a life insurance policy in their 30s.

North American

North American provides term and permanent life insurance policies at affordable prices. Founded in 1886, North American is rated A+ with A.M. Best, the Better Business Bureau, and more. Its term policies have term lengths of 10 to 30 years. Benefit levels are high.

Mutual of Omaha

Mutual of Omaha’s term life policy features include level premiums, a fixed death benefit, convertibility, and high benefit amounts. Applicants must be between the ages of 18 and 80 to qualify. Mutual of Omaha is rated A+ with S&P and A.M. Best and rated A1 with Moody’s.

The following chart shows the average quote for a 10-year, $100,000 policy for applicants 30 to 39.

Age 30–39
Company name Avg Cost
Vantis Life $19.51
Sagicor Life $31.37
North American $34.87
SBLI $38.89
Bestow $40.36
Haven Life $41.35
Minnesota Life $42.73
John Hancock $44.44
American Family $44.86
Mutual of Omaha $45.19

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Best and Cheapest Life insurance for People 40 to 49 Years Old

In our 40s, we may have children going off to college and other people who rely on our income to support the household. Getting a life insurance policy in your 40s is still affordable and can ensure your mortgage will be paid or the car payments will be paid off. It also provides a benefit for your loved ones should you pass away.

Foresters Financial

Foresters Financial has been in business for 140 years and has had an A excellent rating with A.M. Best for the past 20 years. Their life insurance policies include term, whole, and universal life products. As a modern fraternal benefit society, Foresters is funded by its policyholders and offers member benefits such as online learning and online document preparation services.

Assurity

Term life policies from Assurityprovide a guaranteed death benefit and level premiums. It also offers disability income insurance and annuities. Assurity has been in business for over 125 years, and it is a certified B corporation that promotes sustainability in communities.

The chart below demonstrates average rates for a $100,000, 10-year term policy for people 40 to 49.

Age 40–49
Company name Avg Cost
Foresters Financial $29.49
Sagicor Life $37.28
Bestow $39.63
Assurity $47.09
American Family $52.25
Pacific Life $61.26
SBLI $61.28
Principal Life $63.41
John Hancock $65.31
Vantis Life $65.59

Best and Cheapest Life insurance for People 50 to 59 Years Old

If you do not have a life insurance policy in place by 50, you’ll see a significant increase in life insurance quotes. Not to fear, because there are still affordable options for people in their 50s. A 10-year term life insurance policy can preserve your estate, provide an inheritance, or provide a charitable donation.

Legal & General America

Legal & General is rated AA- with Fitch and S&P and A+ with A.M. Best, with $782 billion of policies in force. They are committed to affordable coverage with term and universal life insurance products. Legal & General also donates to communities through annual charitable campaigns and community awards.

Vantis Life

Vantis Life offers no-medical-exam term life insurance policies. The premiums for its policies stay level for 10 to 30 years. Coverage can be as much as $2.5 million. Vantis Life is rated A+ with the BBB and A.M. Best.

The chart below shows the average quotes for a 10-year, $100,000 policy for people ages 50 to 59.

Age 50–59
Company name Avg Cost
American Family $56.12
Vantis Life $69.98
Sagicor Life $71.44
SBLI $93.81
Haven Life $94.42
Pacific Life $104.44
Legal & General America $106.06
North American $115.97
American General $116.85
Banner Life $118.85

Best and Cheapest Life insurance for People 60 to 69 Years Old

The average retirement age in the U.S. is 65 for men and 63 for women. People in their 60s are reasonably ready to enjoy the finer things in life. And a life insurance policy is a way to help individuals in their 60s feel secure about their financial future and the future of their loved ones.

Penn Mutual

As a mutual company, Penn Mutual is owned by its policyholders. Established in 1847, Penn Mutual partners with other insurance companies, such as Vantis Life, to offer a variety of life insurance products. It has A ratings with S&P, A.M. Best, Kroll Bond, and more.

SBLI 

SBLI life offers no-medical-exam term life insurance with benefit amounts up to $750,000. When you decide to, you can convert your term policy into one of its whole or universal life policies. Its riders include a waiver of premium rider, a children’s term rider, and an accelerated benefit rider. Founded in 1907, SBLI has A ratings with A.M. Best, the BBB, and S&P.

The table below shows the average quote for people 60 to 69 for a 10-year, $100,000 term life policy.

Age 60–69
Company name Avg Cost
American National $14.90
Penn Mutual $26.10
American Family $27.59
Bestow $58.97
SBLI $66.98
Vantis Life $80.95
Sagicor Life $120.57
Haven Life $149.68
Mutual of Omaha $177.73
Foresters Financial $188.49

Best and Cheapest Life insurance for People 70 to 79 Years Old

Individuals looking for life insurance coverage in their 70s will find more limited options than if they had bought a policy earlier in life. In our 70s, term life insurance policies make more sense than a permanent life policy and usually have a less expensive price tag. Term policies can guarantee your final expenses are paid and your loved ones have an inheritance.

John Hancock

John Hancock has term benefit levels from $750,000 to $65 million. Opt into their Vitality Wellness Program and receive discounts and rewards for making healthy lifestyle choices. John Hancock pays billions in claims annually and is rated A+ with A.M. Best.

Minnesota Life Insurance Company/Securian Financial

Minnesota Life is a branch of Securian Financial that provides term, whole, universal, and long-term care life insurance policies. Founded in 1880, it has A ratings with Moody’s, A.M. Best, Fitch, and S&P.

The table below exhibits the average quote for people 70 to 79 for a 10-year term life policy.

Age 70–79
Company name Avg Cost
Pacific Life $48.97
SBLI $49.50
Mutual of Omaha $60.96
Prudential $64.18
Assurity $70.82
John Hancock $100.34
Principal Life $100.45
North American $101.64
American National $103.68
Minnesota Life $105.64

Best and Cheapest Life insurance for People 80 to 89 Years Old

If you would like to purchase a life insurance policy in your 80s, policy premiums are much higher than in previous years. You can still find a policy to help with funeral costs, cover any unpaid debt, leave a legacy, or leave a charitable gift.

Columbus Life Insurance Company

Columbus offers universal and term life insurance policies. It has an accelerated death benefit rider available on all of its policies. Coverage amounts for older individuals are up to $150,000. With millions of dollars in assets, it has A ratings with Fitch, S&P, and more. 

Lincoln National Life

Lincoln National Life offers term life, permanent life, and variable life insurance policies. Their TermAccel policy offers completely automated quick coverage and their LifeElements Level policy offers benefit amounts up to $1 million.

The table below provides data for the average life insurance quote for people aged 80 to 89 for a 10-year, $100,000 term policy.

Age 80–89
Company name Avg Cost
Protective Life 279.86
Banner Life 291.48
Legal & General America 291.48
American General 291.49
Lincoln National 301.53
Columbus Life 368.26
Transamerica 396.03
United of Omaha 425.92

FAQ: Ohio Life Insurance

What are the benefits of buying life insurance in Ohio?

Life insurance provides financial security for you and the people you love should you pass away. It can cover the cost of your mortgage, pay for your child’s education, leave an inheritance, or provide a charitable donation.

What are the best life insurance companies in Ohio? 

The best life insurance company for you and your loved ones depends on your needs. Make sure all your priorities are covered with the right insurance policy, then research the life insurance company’s financial strength from independent rating services, such as S&P.

Where do I go in Ohio if I have a complaint about an Insurer?

The Ohio Department of Insurance (ODI) investigates and answers consumer complaints. It also provides educational resources on the insurance industry. It is located at 50 West Town Street, Columbus, OH 43215, or on the web at insurance.ohio.gov.

Conclusion

Many superior-rated life insurance companies in Ohio accommodate applicants of varying ages. With an abundance of professionals, families, and businesses all under the state of Ohio’s roof, the Ohio Department of Insurance provides life insurance guidelines to protect its citizens and educational resources so they can equip themselves with knowledge before buying a policy.

With Insurify, you can find the right policy with the right company in minutes. Simply provide some basic information, such as your age and state of residence, and Insurify will produce a list of quotes from the best insurance companies for you to compare. You can purchase online and be covered right away. Try now!

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Updated June 30, 2021

Aissa Martell is a licensed insurance producer in the State of New York. She is a creative writer and has been freelance writing for five years. She’s happy to share her knowledge of the insurance industry and its products.