Best Life Insurance Rates in Ohio

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Ohio is the birthplace of 24 astronauts, including the first man to walk on the moon, Neil Armstrong. The Buckeye State has a long history of protecting its citizens, which is good news for those in need of life insurance. For example, Cincinnati opened the first ever professional fire department in 1853, and the first ever police cars were used in Akron. In 1865, the first ever ambulance service was started in Cleveland, which is also where street lights originated. Nowadays, high rates of smoking and death from diabetes and cancer play a role in the cost of life insurance in Ohio.

Ohio Life Insurance Quotes

With diabetes being the fifth-leading cause of death in Ohio, getting life insurance there isn’t always easy—or cheap.

Let QuoteWizard take the stress out of buying life insurance. We’ll help you compare quotes with multiple companies in Ohio and get the best possible rate.

Life Insurance Rate Factors in Ohio

Below are the major factors that affect life insurance rates.

Age - Age is one of the largest factors affecting life insurance rates. The younger you are when you purchase a policy, the less likely it is that it will pay out, so the lower your rates will be, other things being equal. So, it’s best to get life insurance while you’re young.

Life expectancy at birth in Ohio is 77.8 years, over a year lower than the life expectancy at birth for the US overall, which is 78.9 years. So, if you purchased a 30-year term life policy in Ohio at age 50, you would be more likely than not to pass away before 80 years of age, the end of the term.

On the other hand, if you were 30 years old and purchased a 30-year term life policy, you would be well under Ohio’s life expectancy of 77.8 years old when the policy term ended. You’d be a much lower risk to insure and would therefore pay much lower rates than the person in the former example.

Driving Record - This might seem like a confusing inclusion, as this page is about life insurance, not auto insurance, but car accidents are incredibly common; they kill more than 30,000 people per year. If someone has a driving record littered with moving violations, they are at an increased risk of a premature demise. The result is higher rates.

Firearm Deaths - Places that have higher rates of accidental or premature death generally have higher insurance rates. A significant part of these untimely deaths comes from firearm injuries, which account for about 33,000 deaths in the US every year. In Ohio, the death rate from injury due to firearms is 11.0 per 100,000 deaths, the same as the rate in Oregon. Nationwide, the average firearm death rate is 10.4 per 100,000.

Gender - Since women live longer than men on average, they pay less for insurance than a similar man would, other things being equal. In Ohio, the percentage of the population that’s female is 51.1%, and the percentage that’s male is 48.9%. In the US as a whole, women are 50.8% of the population, and men are 49.2% of the population.

Gender of Ohio residents that used QuoteWizard last year.

 
         
 
   
52%Female
   
48%Male
 

Health History - While most of us have one or two minor health issues, if you have been diagnosed with a serious illness, or if you have a family history of such illnesses, this can have a significant impact your rates.

There are certain conditions, such as heart disease or certain kinds of cancers, which can make your insurance premiums much higher if you have them or a family history of them. In some cases, a pre-existing condition can make you ineligible altogether, which is why it’s important to get life insurance before something serious happens.

Percentage of QuoteWizard users in Ohio that indicated whether they where healthy or had minor or major health issues.

 
             
 
   
53%Healthy
   
38%Major
   
9%Minor
 

Lifestyle & Hobbies - People who engage in adventure sports or who have potentially dangerous hobbies will pay higher rates, other things being equal, than those who don’t.

Marital Status - Research shows that on average, married people live longer and are healthier than similar single people. So, if you’re married, you can get a modest discount on life insurance. According to the most recent data available from the US Census, in Ohio in 2009, the rate of marriage for people over 15 was 32.3 per 1,000 people, the rate of divorce was 19.5 per 1,000 people, and the rate of widowhood was 12.8 per 1,000 people.

Marriage status of Ohio residents that used QuoteWizard last year.

 
         
 
   
72%Single
   
28%Married
 

Occupation - People with hazardous jobs like logging and fishing will pay more for insurance than someone with a less dangerous, mundane office job, other things being equal. The most common job in Ohio, proportionally, is a foundry caster.

Tobacco Use - Because tobacco users don’t live as long as non-tobacco users (other things being equal) tobacco users pay substantially more for life insurance than an identical non-tobacco user would pay for the same policy. Tobacco use is associated with a number of health complications, such as heart disease, stroke, and COPD, any of which may cause higher rates as well as an earlier death.

As of 2013, the national average rate of smoking was 19%. To compare to the most recent data available, in 2014, approximately 23.4% of Ohio adults smoked cigarettes – about 2,092,000 adults.

Percentage of QuoteWizard users in Ohio that indicated that they smoke last year.

 
         
 
   
89%Don't Smoke
   
11%Smoke
 

Travel - If you regularly travel to developing countries, particularly countries on the US State Department’s Warning List, you will pay more for insurance than a traveler who sticks to developed countries.

Value of Policy - It shouldn’t come as a huge surprise that one of the largest, if not the largest contributing factor, to a life insurance policy’s premiums is the value of the policy. As with anything, you get what you pay for; the more protection that you purchase, the higher the premiums.

Weight - Obesity has surpassed smoking to become America’s largest public health cost and problem. Like tobacco use, obese or seriously overweight people have a lower life expectancy, which means an increased probability of their policy being paid out. Because obesity increases the likelihood of health problems such as heart disease, stroke, diabetes, and some cancers, overweight and obese individuals can expect to pay higher rates than similar individuals who are not obese.

As of 2013, the adult obesity rate in Ohio was 30.4%. This makes Ohio the #16 most obese state. Overall, the average obesity rate in the US is 34.9%.

While each of these factors plays a big role in the cost of your policy, some aspects of life insurance are entirely individual. Insurance companies calculate your rates based on your own health, habits, and lifestyle. That’s why shopping around and comparing quotes is so important–to make sure you’re getting the best rate possible.

Leading Causes of Death US vs. Ohio - 2013

Source: US Centers for Disease Control
Rank Cause of Death Total Deaths Death Rate State Rank US Death Rate*
1 Heart Disease 26,878 187.9 12th 169.8
2 Cancer 24,986 177.6 11th 163.2
3 Lower Respiratory Disease 7,007 49.7 15th 42.1
4 Accidents 5,497 45.0 21st 39.4
5 Stroke 5,690 39.9 16th 36.2
6 Alzheimer's Disease 3,789 26.0 22nd 23.5
7 Diabetes 3,563 25.4 7th 21.2
8 Influenza/Pneumonia 2,374 16.6 23rd (tie) 15.9
9 Kidney Disease 1,985 14.0 22nd (tie) 13.2
10 Suicide 1,526 12.9 32nd 12.6
*Death Rate calculated as: (deaths from that cause / total population) / 100,000

Ohio Life Insurance Market Share – 2013

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Western & Southern Financial $2,551,130 12.4%
2 Nationwide Mutual Group $1,698,131 8.3%
3 Jackson National Life Group $1,229,004 6.0%
4 MetLife Inc. $986,719 4.8%
5 Prudential Financial Inc. $930,820 4.5%
6 Lincoln National Corp. $866,544 4.2%
7 Voya Financial Inc. $687,310 3.4%
8 American International Group $670,503 3.3%
9 New York Life Insurance Group $665,170 3.2%
10 Manulife Financial Corp. $608,171 3.0%

Financial Strength Ratings of Top Ohio Life/Health Insurers

Source: A.M. Best (Ratings as of 9/1/2015)

  • Western & Southern Financial: A+
  • Nationwide Mutual Group: A+
  • Jackson National Life Group: A+
  • MetLife.: A+
  • Prudential Financial Corp: A+
  • Lincoln National Corp.: A+
  • Voya Financial Inc.: A
  • American International Group: A
  • New York Life Insurance Co.: A++
  • Manulife Financial Corp: NR
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Rating Guide

Ohio Life Insurance Regulations

Insurance in Ohio is governed by the laws defined by Title 39 of the Revised Code of Ohio, as outlined by the State of Ohio.

This legislation is used to regulate claims and provide certain protections to Ohio consumers, for example:

No Free Look Period: A “free look period” is a time period between 7 and 30 days, in which consumers can test out their insurance policy after purchasing it. During this time, an individual can cancel the policy for any reason for a full refund. Ohio is one of only a few states that does not require this by state law. That said, many insurance companies still provide a free look period of one to two weeks on most insurance policies.

Timely Payment of Claims: In Ohio, it is required that insurance companies pay out claims in a timely manner, meaning within two months. If unreasonable delay occurs, the state will fine the insurance company and charge interest. The accrued interest is also required to be paid to the beneficiary.

These regulations don’t just protect consumers; they also protect insurance companies from fraud. For example, Ohio insurers may challenge any information in your insurance application for up to two years from the policy’s effective date. If they find any evidence of fraud, they can terminate your policy immediately.

Ohio Life & Health Insurance Guaranty Association

This organization assists the customers of any insurance company that is found to be insolvent. If you have concerns about the financial well-being of your insurance carrier, you should contact the OLHIGA. Their contact info is below:

Website:
Homepage
Phone:
(614) 442 - 6601
Address:
Ohio Life & Disability Insurance Guaranty Association
1840 Mackenzie Drive
Columbus, OH 43220

Ohio Department of Insurance

Website:
Homepage
Insurance Commissioner:
Mary Taylor
Insurance Hotline:
(800) 686 - 1526
Office Hours:
Monday - Friday
8:00 am to 4:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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