Best Life Insurance Companies in Columbus

FAQs

• What distinguishes term from permanent life insurance coverage in Columbus?

  Term life insurance is the most cost-effective life insurance option due to its limited coverage duration, which can range from five years to 30 years. In contrast, permanent life insurance offers lifelong protection, as long as Columbus policyholders keep up with premium payments. This type of coverage provides a sense of security and peace of mind for individuals of all age groups.

• What are the benefits of having a whole life insurance policy for Columbus residents?

  As the most prevalent form of permanent coverage, a whole life insurance policy provides both a lifelong death benefit assurance and a cash value savings component to Columbus residents. The insured's premium remains steady throughout the policy's term. Payments that exceed the premium amount are allocated to the policyholders' savings, which earn a fixed rate of interest.

• Are Columbus residents required to undergo physical exams to obtain life insurance?

  Not every life insurance policy in Columbus requires a physical examination, but carriers that offer substantial death benefits generally do. This examination is conducted in the comfort of the policyholder's own home and administered by a paramedic or a licensed healthcare professional. It includes assessments of height and weight, the collection of blood and urine samples, and an EKG.

• What is the average cost of life insurance for men and women in Columbus?

  Using Ohio's recommended coverage amount of $614,000 as a reference, the average expense for a life insurance policy in Columbus is $35 per month for men and $31 per month for women. For 10-year term coverage, men have an average monthly payment of $23, while the average monthly payment of women is $21, regardless of the coverage amount.

• What examples of life-changing events might prompt a review of the life insurance policies of Columbus residents?

  Various life changes that might necessitate Columbus residents to reexamine their insurance coverage include marriage. Married individuals need to add their spouses as beneficiaries. Policyholders with spouses facing health challenges should also consider reevaluating their life insurance policies. Additionally, those who have recently refinanced their home mortgages within the last six months should undertake a policy review.

• 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.