Life Insurance in Ohio
As an Ohio resident, purchasing life insurance today is one smart move you can make to help make sure that your loved ones will always be financially protected, even if you are not there to take care of them.
When shopping for life insurance in Ohio, you need to be aware that there are certain provisions that vary from state to state. The Ohio State Department of Insurance issues regulations for life insurance policies pertaining to free-look time frames, premium payment grace periods and other features.
Why do I need life insurance?
With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you.
Ohio was ranked 37th out of 50 states and the District of Columbia in life expectancy in 2014, with a life expectancy of 77.91. With this in mind, people living in Ohio may want to consider their life insurance options.
Ohio life insurance specifics
Ohio regulates its insurance industry through The State Insurance Code of Ohio. Under the code, those purchasing life insurance in Ohio are afforded certain protections, such as:
According to the Ohio state code, life insurance policies are considered incontestable after the policy has been in force for two years. The only exceptions are in cases of the insured not paying their premiums.
- Grace Period
A grace period is allowed on all late payments under the Ohio state insurance code. If you miss a premium payment for any reason, all Ohio life Insurance providers must give you one month to bring the account current before the insurer can cancel the policy for non-payment.
Ohio life insurance state resources
Ohio Department of Insurance
The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Ohio life insurance industry.
Ohio Life & Health Insurance Guaranty Association
The state guaranty association is there to provide protection and continuing life insurance coverage in Ohio, even in the event that a life insurance company becomes insolvent.
Life Insurance Company Ratings From A.M. Best, Standard and Poors and Moody’s
A.M. Best and Standard and Poors provide ratings for life insurance companies based on financial strength and past performance.