Ohioans looking to purchase term life insurance face a very competitive marketplace that clearly benefits consumers. Ohio term life insurance premiums are as well priced as any in the nation. Summit Insurance Agency represents most of the top term life insurance providers in the country, and will provide prompt quotes from many of them.
You may be wondering what factors determine Ohio term life insurance premiums? If so, you’re in luck, because you’ll find the answers here. The life insurance company is betting that you will outlive the length of the term policy you’re purchasing. We hope they are correct, and they will not pay a claim. The two biggest, and obvious, factors are the amount of coverage, known as the “face amount”, and the length of the term you want (the longer it is, the more expensive). Ohio term life insurance premiums are also dependent on your age, with some carriers using your actual attained age, while others consider your nearest birthday age.
Other factors affecting the premium you’ll be asked to pay include your height and weight, and your family history. A height and weight comparison outside of certain parameters can increase premiums slightly. If you, or your parents or siblings have a history of, or died from, cancer, heart disease or diabetes, you can expect higher premiums then the best offered. Your medical history will also be considered, and depending on the condition, may increase premiums. Using tobacco products will dramatically increase premiums by most insurers.
Finally, the type of work you do, travel to dangerous countries, past or present drug use and your driving history also can cause Ohio term life insurance premiums to be higher than they otherwise would be.
Unlike auto insurance where you know exactly how much you’ll pay, life insurance is different. Until the application and the results of the medication examination (if necessary) are reviewed, you won’t know with certainty what you will be asked to pay. You will then have the opportunity to keep the policy, or cancel the policy and get your money back if you made a payment.