Best Life Insurance Companies in Ohio

A life insurance policy will financially protect your beneficiaries after you pass away, allowing them to pay for funeral expenses and other necessities. There are many life insurance companies in Ohio, and you can shop around to find an affordable policy that is the right fit for your situation. MoneyGeek compared policies from different insurers to show average rates for life insurance quotes in Ohio based on factors like age, gender and smoking history. We also recommend the best life insurance companies in Ohio based on these categories.

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Best Cheap Life Insurance in Ohio

The lower your coverage amount, the less you have to pay every month for life insurance. For example, for a $250,000 coverage amount policy in Ohio, MoneyGeek found that the most affordable option is MassMutual, with an average monthly cost of $9.99 for men and $9.41 for women.

However, a lower coverage amount might not suit the needs of everyone. People with young families, for example, would need higher coverage to account for ongoing expenses. To protect your loved ones if you pass away, you need to choose your coverage amount carefully.

MoneyGeek’s study found that, based on average incomes and cost of living in Ohio, the average person would need a life insurance policy with a coverage amount of $614,000 to cover expenses after death adequately.

For this recommended coverage amount of $614,000, the cheapest life insurance company in Ohio is Nationwide for both men and women. With Nationwide, the average monthly cost of a policy for men is $15.83 and $13.46 for women.

Best Cheap Life Insurance Companies in Ohio: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $614k
  • Nationwide
    $10.63
    $15.83
  • MassMutual
    $9.99
    $15.97
  • Mutual of Omaha
    $11.03
    $16.72
  • Transamerica
    $15.09
    $28.46
  • State Farm
    $18.80
    $30.46
  • AAA
    $19.21
    $38.02
  • Progressive Life
    $22.32
    $43.16
  • Prudential
    $26.47
    $48.46
Best Cheap Life Insurance Companies in Ohio: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $614k
  • Nationwide
    $10.43
    $13.46
  • Mutual of Omaha
    $11.03
    $13.87
  • MassMutual
    $9.40
    $14.05
  • Transamerica
    $12.77
    $24.18
  • State Farm
    $19.97
    $30.46
  • AAA
    $16.63
    $32.31
  • Progressive Life
    $18.79
    $35.33
  • Prudential
    $19.34
    $45.25

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Ohio using average buyer profile statistics in Ohio, including average age of 31, average weight of 200 pounds for males and 159 pounds for females, and an average coverage need of $614,000.

What Is the Average Cost of Life Insurance for Companies in Ohio?

Life insurance rates can vary significantly in Ohio. Gender is one of the factors that significantly affect policy costs. Since women have higher life expectancies, life insurance quotes in Ohio are usually cheaper for women than men.

For a policy with $250,000 coverage amount, on average, women pay a monthly premium of $16.64 while men spend about $19.04 per month.

If the coverage amount is increased to our recommended amount of $614,000, the premiums increase. As a result, women have to pay about $14.26 more per month, with average monthly premiums of $30.91. For men, the increased premium is approximately $35.31 per month, a $16.27 increase.

Most Popular Life Insurance Companies in Ohio

For people looking for life insurance in Ohio, choosing a life insurance company with sound financial stability makes sense, as this ensures timely payment of legitimate claims. Market share can be an excellent indicator of financial stability.

Market share indicates the percentage of life insurance policies written in the state by a particular company. It is calculated by dividing the total number of life insurance policies written by a company by the total number of all life insurance policies written in the state.

Ohio’s top seven life insurance companies account for more than 35% of the market, with the most popular being Northwestern Mutual, with 7.89% market share.

Most Popular Life Insurance Companies in Ohio

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  • Company
    Market Share
  • Northwestern Mutual
    7.89%
  • Lincoln Financial
    7.38%
  • State Farm
    4.82%
  • Prudential Financial Inc.
    4.44%
  • Western & Southern Financial
    4.42%
  • New York Life
    3.94%
  • John Hancock
    3.15%

Life insurance market share data for STATE is based off of total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Ohio?

While life insurance companies in Ohio consider several factors while calculating premiums, age is one of the most important. The younger you are, the less you would have to pay per month. This makes getting a policy at an early age a great way to save money.

The life insurance companies in Ohio that offer the cheapest rates for young customers are:

  • Transamerica: $13.49 per month
  • Mutual of Omaha: $15.36 per month
Best Life Insurance Companies for Young People in Ohio

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  • Company
    Monthly Cost
  • Transamerica
    $13.49
  • Mutual of Omaha
    $15.36
  • MassMutual
    $15.69
  • AAA
    $16.50
  • Prudential
    $18.14
  • Nationwide
    $18.59
  • State Farm
    $22.07
  • Progressive Life
    $22.86

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Ohio who is 5 ft 10 inches and 170 pounds that purchases a 20-year term contract at the average coverage need of $270,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Ohio?

Older customers, due to age-related health issues, are usually riskier to insure. For this reason, life insurance companies in Ohio typically charge more per month to insure seniors. However, looking around can still help you find a policy at a reasonable rate. Since seniors are less likely to require coverage for ongoing costs like loss of future income or to support young families, we used a policy with a $100,000 coverage amount to calculate our rates.

For seniors, the best life insurance companies in Ohio are:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Ohio

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • Progressive Life
    $69.17
  • AAA
    $72.34
  • Transamerica
    $77.19
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Ohio who is 5 ft 10 inches and 200 pounds that purchases a 10-year term contract at the average coverage need of $80,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Ohio?

Apart from gender and age, life insurance companies in Ohio also consider smoking habits while calculating premium costs. Smokers, on account of higher health risks, usually attract higher monthly premiums. You can compare prices to get the best rates.

These life insurance companies in Ohio, on average, offer the most affordable policies for smokers:

  • MassMutual: $105.35 per month
  • State Farm: $106.54 per month
Best Life Insurance Companies for Smokers in Ohio

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  • Company
    Monthly Cost
  • MassMutual
    $105.35
  • State Farm
    $106.54
  • Nationwide
    $109.99
  • Mutual of Omaha
    $113.62
  • Transamerica
    $117.69
  • Prudential
    $164.61
  • Progressive Life
    $167.04
  • AAA
    $192.72

Rates were determined by analyzing quotes for a 31-year-old male smoker in Ohio who is 5 ft 10 inches and 200 pounds that purchases a 20-year term contract at the average coverage need of $614,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Ohio Life Insurance Laws You Should Know

You can find the best rates for your needs by comparing life insurance quotes in Ohio. At the same time, it is a good idea to understand the laws and regulations relevant to life insurance in the state, outlined in Title 39 of the Ohio Revised Code, which helps protect consumers and life insurance companies alike.

  • The Free Look Period: The free look period allows you to test-drive your policy and understand its terms in more detail. You can return the policy during this period and get a full refund. Ohio does not have legally mandated free look periods. However, many insurers will still offer one to customers.
  • Timely Payments: Ohio laws require insurance companies to pay legitimate claims within 60 days after receiving reliable proof of death. Payment delays can result in fines and interest payments on the settlement.
  • Contestable Period: This is the period insurance providers have to study a new policy for inaccuracies and inconsistencies. After this time elapses, the procedure becomes incontestable. In Ohio, this period is a maximum of two years.
  • Grace Period: Ohio laws afford a grace period of thirty days, during which time you can settle missed payments on a policy without it lapsing.
  • Guarantee: Policies are protected by the Ohio Life and Health Insurance Guaranty Association if a company goes bankrupt or ceases doing business.

Methodology

MoneyGeek considered several factors to arrive at the recommended coverage amount of $614,000. This includes per capita income data from the U.S. Bureau of Economics, average age, average mortgage debt and average personal debt for Ohio residents. However, each buyer should consider their unique situation and get the appropriate coverage for their circumstance.

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


sources
  • Ohio Life and Health Insurance Guaranty Association. "FAQ." Accessed August 6, 2021.
  • Ohio Laws. "Ohio Revised Code." Accessed August 6, 2021.