Comparison shopping to find the best insurance companies in Ohio shouldn\u2019t be a hassle. State laws affect which insurance coverage you need. These policies are required everywhere in Ohio, from Cincinnati to Cleveland.<\/p>
Bestow and Haven Life are part of a new breed of insurers that operate online. Unlike more traditional insurers such as State Farm and MassMutual, Bestow and Haven Life only offer term life insurance policies. Both also offer at least one term no-medical-exam policy. <\/p>
Haven Life is a digital insurance agency that sells life insurance policies that are then issued by MassMutual or C.M. Life (a subsidiary of MassMutual).<\/p>
State Farm and USAA, in comparison, offer a more traditional insurance experience. The former has a broad network of agents across Ohio while the latter offers insurance to members of the military, their families, and veterans. Its life insurance, however, is available to all U.S. citizens and permanent residents.<\/p>
Most of these insurers offer both term and permanent insurance, such as whole life and universal life.<\/p>
Like most states, Ohio regulates the insurance market, and this includes laws and regulations that have been put into place to protect individuals purchasing life insurance. Here are a few ways the state ensures the rights of policyholders:<\/p>
Many states mandate a review, or \u201cfree look\u201d period, which allows new policyholders to cancel their policy within a certain period for a full refund of any premiums they have already paid. Although the state of Ohio does not have a review period stated in law, this may be something that your insurer offers as a company policy.<\/p>
This refers to the amount of time an insurer has to contest the policy, if the insurer feels there was fraud or other misrepresentations on the original application. In Ohio, the contestability period is two years; after this time, the policy is considered incontestable.<\/p>
If you ever find yourself missing a payment of your monthly premium, you have a one-month\u00a0grace period\u00a0after the premium due date during which the policy will remain active and in force. If you have not paid your premium before that month has passed, however, you may risk losing your policy. <\/p>
If you are to die during the grace period, the overdue premium will be deducted from the death benefit.<\/p>
State Farm and USAA are among the best whole life insurance companies in Ohio, according to U.S. News research. MassMutual and Nationwide are in a tie for third.<\/p>
Whole-life policies are a form of permanent insurance. That means that you will be assured of a death benefit for your beneficiary or beneficiaries for the rest of your life, as long as you continue paying your premiums.<\/p>
There is also a savings component to whole-life policies called a cash value. A portion of your premium payments go into an account, and when they have reached a certain level, you can borrow from them. The interest in this account accrues with taxes deferred. Keep in mind, however, that if you borrow from your policy, it must be paid back or it will negatively impact the amount of the death benefit.<\/p>
Generally, the cash value in a whole-life policy earns a fixed rate of interest. Your premiums, too, are usually a fixed rate that will not fluctuate from month to month.<\/p>
As you might imagine, all this added functionality means that whole-life policies usually cost more than term insurance. Because of this, they may not be the best choice for those who are on a strictly limited budget.<\/p>
Bestow tops several ratings for the best term insurance companies in Ohio, with Haven Life coming in at No. 2, and State Farm and USAA tied for third place. Bestow offers a single-term policy, and Haven Life two, while State Farm has three-term options and USAA has two.<\/p>
Term insurance is arguably the most straightforward type of life insurance. As the name suggests, it pays a death benefit to your beneficiary if you should die during the policy\u2019s term, generally anywhere between one and 30 years. Unlike permanent insurance, there is no cash value. This means you are not able to borrow against the policy while it is in effect.<\/p>
Term policies may be renewable, and in some cases can be converted to permanent policies at the end of the term.<\/p>
The top contenders in this category are ties: State Farm and USAA for first place, with Nationwide and MassMutual in third place.<\/p>
Like whole life, universal life is a type of permanent insurance. The policy remains in force until you die, as long as you pay your premiums, and have a cash value. Where it differs is in the level of flexibility that it offers. Universal life policies may have flexible premiums. And although the cash value of your account is guaranteed to grow, that growth is tied to the current interest rate and thus may change over time.<\/p>
There are several types of universal life, based mainly on how the cash value is invested, including the following:<\/p>
The best no-exam insurance companies in Ohio include Bestow, Haven Life, State Farm, and USAA. All offer policies that do not require applicants to undergo a medical exam, although they may have to answer questions about their health on the application.<\/p>
Most traditional insurance policies require individuals to take a medical exam when they apply. This is so the insurer has a good sense of the risk they are taking on by insuring this person. Someone with a pre-existing condition, for example, is likely to end up paying more than someone in excellent health.<\/p>
No-exam policies include a handful of sub-types. The most common are the following:<\/p>
The average annual cost of a car insurance policy in Ohio is $1,083. That\u2019s $460 less than the nationwide average cost for car insurance of $1,543 per year. Grange has the cheapest average rate for car insurance in Ohio: $720 per year.<\/p> Your ZIP code can have a substantial impact on what you pay for car insurance. Among nine major Ohio cities in our study, drivers in eight of them can expect car insurance premiums higher than the statewide average rate of $1,083. Only the cheapest city we analyzed, Lorain, is cheaper than average at $1,046.<\/p> Toledo drivers pay the highest rates on average among Ohio cities in our analysis: $1,271 per year.<\/p> Get an online quote or speak with an insurance agent to compare the most accurate quotes for your area.\u00a0Comparing car insurance quotes\u00a0can help you find a policy that meets your insurance needs and suits your budget.<\/p> A minimum coverage policy will meet the state\u2019s requirements for liability coverage. The cheapest average rate we found for minimum coverage in Ohio is $693 per year from Grange. That compares to a statewide average of $1,042 annually for minimum coverage. <\/p> The highest average rate in this category is $1,863 per year from State Farm.<\/p> Higher levels of coverage cost more but offer additional protections. The cheapest average rate for high coverage in Ohio is $765 from Grange. The average cost of a high-coverage policy in the state is $1,132 per year. <\/p>COMPANY<\/th> AVERAGE RATE<\/th><\/tr><\/thead> <\/td> <\/td><\/tr> Allstate<\/strong><\/td> $1,764<\/strong><\/td><\/tr> Auto-Owners Insurance<\/strong><\/td> $888<\/strong><\/td><\/tr> Cincinnati Financial<\/strong><\/td> $1,203<\/strong><\/td><\/tr> Erie<\/strong><\/td> $803<\/strong><\/td><\/tr> Farmers<\/strong><\/td> $1,178<\/strong><\/td><\/tr> Geico<\/strong><\/td> $871<\/strong><\/td><\/tr> Grange<\/strong><\/td> $720<\/strong><\/td><\/tr> Nationwide<\/strong><\/td> $878<\/strong><\/td><\/tr> Progressive<\/strong><\/td> $945<\/strong><\/td><\/tr> State Farm<\/strong><\/td> $1,920<\/strong><\/td><\/tr> Travelers<\/strong><\/td> $993<\/strong><\/td><\/tr> USAA<\/strong><\/td> $731<\/strong><\/td><\/tr> Westfield<\/strong><\/td> $1,186<\/strong><\/td><\/tr> Statewide Average<\/strong><\/td> $1,083<\/strong><\/td><\/tr><\/tbody><\/table><\/figure> Ohio Car Insurance Rates by Top Cities<\/strong><\/h3>
CITY<\/strong><\/td> AVERAGE PREMIUM<\/strong><\/td><\/tr> Akron<\/td> $1,188<\/td><\/tr> Canton<\/td> $1,127<\/td><\/tr> Cincinnati<\/td> $1,266<\/td><\/tr> Cleveland<\/td> $1,260<\/td><\/tr> Columbus<\/td> $1,233<\/td><\/tr> Dayton<\/td> $1,167<\/td><\/tr> Lorain<\/td> $1,046<\/td><\/tr> Toledo<\/td> $1,271<\/td><\/tr> Youngstown<\/td> $1,249<\/td><\/tr><\/tbody><\/table><\/figure> Minimum Coverage Car Insurance in Ohio<\/strong><\/h3>
COMPANY<\/th> LOW COVERAGE<\/th><\/tr><\/thead> <\/td> <\/td><\/tr> Allstate<\/strong><\/td> $1,713<\/strong><\/td><\/tr> Auto-Owners Insurance<\/strong><\/td> $850<\/strong><\/td><\/tr> Cincinnati Financial<\/strong><\/td> $1,146<\/strong><\/td><\/tr> Erie<\/strong><\/td> $769<\/strong><\/td><\/tr> Farmers<\/strong><\/td> $1,136<\/strong><\/td><\/tr> Geico<\/strong><\/td> $819<\/strong><\/td><\/tr> Grange<\/strong><\/td> $693<\/strong><\/td><\/tr> Nationwide<\/strong><\/td> $885<\/strong><\/td><\/tr> Progressive<\/strong><\/td> $895<\/strong><\/td><\/tr> State Farm<\/strong><\/td> $1,863<\/strong><\/td><\/tr> Travelers<\/strong><\/td> $942<\/strong><\/td><\/tr> USAA<\/strong><\/td> $697<\/strong><\/td><\/tr> Westfield<\/strong><\/td> $1,144<\/strong><\/td><\/tr> Statewide Average<\/strong><\/td> $1,042<\/strong><\/td><\/tr><\/tbody><\/table><\/figure> High Coverage Car Insurance in Ohio<\/strong><\/h3>
COMPANY<\/th> HIGH COVERAGE<\/th><\/tr><\/thead> <\/td> <\/td><\/tr> Allstate<\/strong><\/td> $1,827<\/strong><\/td><\/tr> Auto-Owners Insurance<\/strong><\/td> $926<\/strong><\/td><\/tr> Cincinnati Financial<\/strong><\/td> $1,266<\/strong><\/td><\/tr> Erie<\/strong><\/td> $836<\/strong><\/td><\/tr> Farmers<\/strong><\/td> $1,249<\/strong><\/td><\/tr> Geico<\/strong><\/td> $941<\/strong><\/td><\/tr> Grange<\/strong><\/td> $765<\/strong><\/td><\/tr> Nationwide<\/strong><\/td> $864<\/strong><\/td><\/tr> Progressive<\/strong><\/td> $987<\/strong><\/td><\/tr>