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.
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 Cos t |
---|
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 |
---|
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 |
---|