How to choose life insurance in Cleveland
While no one likes to think about death, preparing for unexpected tragedy is an essential part of your overall financial and estate plan. Life insurance eases the financial burden on those who depend on you for support and prevents economic hardship, covering costs including mortgage payments, education for your children and funeral expenses. Best life insurance quotes.
While many employers in Cleveland offer life insurance to all employees as a standard benefit, the coverage amount is likely insufficient for those with a family. The majority of these policies also terminate if you no longer work for the company.
The two main types of life insurance in Cleveland are:
Term life insurance provides life insurance coverage for a specific time period, usually between one and 30 years. These policies are affordable but give no return on investment if you live beyond the term of the policy.
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Whole life insurance provides life insurance coverage for the span of your entire life and earns interest at a predetermined rate. These policies generally have higher premiums but a guaranteed return on investment.
Universal life insurance is a variation of whole life. For these policies, a portion of your premium is placed in a cash value account that earns interest at market rates. These policies tend to be more flexible and have lower premiums than standard whole life insurance policies.
You should use an experienced insurance agency or broker when shopping for a life insurance policy. These companies will assist you with key considerations and help you choose the amount of coverage you’ll need to keep your family financially secure.
Because of the importance and high value of life insurance policies, choosing a reputable life insurance provider is vital. The company needs to be financially stable to ensure it will be there when you need the policy honored. The National Association of Insurance Commissioners’ 2017 Market Share Report shows Ohio’s leading life insurance providers.
Life insurance companies in Cleveland consider multiple variables when calculating premiums. Your life expectancy is a significant factor, and your premium is likely to increase based on your age and current health. Those who are overweight, smoke or have a family history of cancer or heart disease are likely to pay higher premiums.
Men usually have higher premiums because they have a shorter life expectancy. Other factors may include your driving record and whether you work in a hazardous occupation.
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The Ohio Department of Insurance (ODI) oversees the life insurance market in the state and provides a database of licensed insurance agents.