The Various Choices For Life Insurance Coverage
Article by matt marksbury
If you are interested in an Ohio Life Insurance Quote there are many options and carriers to choose from in making this very important decision. You can choose from Ohio Term Life Insurance which is the most popular, Ohio Whole Life Insurance, Ohio Universal Life Insurance, Ohio Final Expense Insurance, and Ohio Indexed Annuity Investments.Ohio Term Life Insurance is a very simple policy but it may not be easy to obtain for everyone. Term life is a certain face amount of protection that will be in force a specified number of years. For example you can buy a 0,000 policy for a term of twenty years and at the end of the term if you are still alive, you and the carrier have completed your contract with each other and go your separate ways. But in the unfortunate event of your death then the face amount will be paid to your beneficiary tax free.Ohio Whole life Insurance is more of a permanent policy in which it doubles as a life insurance policy and an investment tool. As you put money into your policy it grows in cash value that you can later cash in or borrow against at a very low interest rate. These policies are a bit pricey and that is the only drawback. Whole life is probably one of best investments you can make if you can afford it.Ohio Universal Life Insurance is similar to a term policy however it is good until you hit age 100 and they do have some cash value but not like that of a whole life investment. Universal life Policies are a bit more than term life insurance but they can be a very good investment tool for protecting your family’s assets.Ohio Final Expense Insurance is another form of term life but it is more simplified, easier to obtain for most and has a small face value of ,000 or less but some do go as high as ,000. These policies generally accept people with diabetes where traditional life insurance will not. They will also accept some other pre-existing conditions as well that traditional life insurance will not.Another very good investment tool is Ohio Indexed Annuities. Indexed annuities are a life insurance policy that works in reverse and have a minimum percentage rate but the rate can vary depending on how the S&P 500 is doing. An Indexed annuity provides you with an income that you cannot out live. So while you are investing in your annuity it will build cash value. Then when you are ready to retire you will annuitize you annuity and it will start to pay you a set amount of money every year till you die. The amount of payout will be based on its cash value at the time you annuitize. These can be set up for one life or can cover multiple lives. But the more people you cover the lower the payout will be from year to year.One thing to always remember when purchasing any type of life insurance is but when you are healthy and young. It will be much easier to obtain in your younger years. Another huge factor is if you smoke or use nicotine products. This factor alone can triple or even quadruple your rate. If you are overweight as well this can also affect your rate and type of policy you can obtain.
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