Ohio Term Life Insurance Rates

What you and I pay in Ohio term life insurance rates has decreased over the years.  That is, a 35 year old male paid more in the 1970′s than he would have in the 1980′s.  And he would pay more in the 1980′s than he would in the 1990′s, and so on.  The reason for this is simple… We are living longer!  About every ten years the US government releases its new, updated mortality tables that show the life expectancy of its citizens has increased.  The basis of Ohio term life insurance rates is the mortality table.

When getting quotes for term life insurance, the agent or insurance company will ask a lot of questions about your lifestyle and your medical history.  This will allow them to offer quotes that are not “binding” like auto insurance quotes are.  Rather, it is their best guess as to what rating class you will be put in.  You will be considered ‘preferred plus’, preferred, standard, preferred smoker, smoker, or offered a “table rate”. Table rates are higher rates for people that have an existing health condition.  It’s not until the life insurance application, and the results of the paramedic exam are reviewed by an underwriter, that you’ll be classified into one of the groups above.

Generally speaking, Ohio term life insurance rates are best for non smokers and people whose height and weight are within “normal” parameters.  Not all life insurance companies rates are in line with other companies rates, however.  This is most  often seen with tobacco users and people with health conditions, where premiums between companies can be very different.  If you’re a smoker, purchase a policy, and quit, you may be able to reapply and get lower rates.  Most companies will allow this once you’ve been tobacco free for at least 12 months and have completed a new physical exam.  Make sure you understand all aspects of the policy, especially its limitations, before you buy it.