Best Life Insurance Companies in Cincinnati

FAQs

• Who needs life insurance in Cincinnati?

  In Cincinnati, everyone is encouraged to purchase life insurance to protect themselves from financial losses in case of unforeseen events, like unexpected death or loss of work. This type of insurance can provide funds to help individuals maintain the same standard of living or pay off student loans or other debts. It also covers federal estate and state inheritance taxes.

• If you are covered by your employer in Cincinnati, do you need to purchase life insurance?

  No, you do not have to purchase life insurance if you are already covered by your employer. However, if your workplace funds your life insurance, the policy ends once you leave your job. You may qualify for less insurance coverage that might not be enough for your needs and lifestyle.

• How much life insurance do Cincinnati individuals need?

  It depends on the situation. Individuals in Cincinnati must consider several factors when determining the amount of their life insurance. They must assess the types of debts or other expenses they need to pay when they pass away. The amount also depends if they have credit card or car loan balances, probate charges, and existing insurance policies.

• In Cincinnati, is it worth getting life insurance during your 20s?

  Yes, getting life insurance in Cincinnati during your 20s can help you protect your loved ones from financial losses in case of your passing. It also helps you prepare for your future and save money because life insurance is less expensive if you purchase it at a younger age. It can also help you save for your retirement because it can grow over time.

• What factors affect life insurance costs in Cincinnati?

  Life insurance costs in Cincinnati depend on individuals' type of insurance policies. They may choose between term and whole life insurance. The insurance cost also depends on their age, gender, health, occupation, and death benefit amount. Individuals who use tobacco may pay higher premiums because they are more vulnerable to health problems.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.