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Life insurance in Ohio is money paid out after the policyholder dies. Life insurance can help reduce the financial burden left behind, put kids through school, pay the mortgage and other debts left behind, pay for funeral expenses, and pay for estate taxes. If there is money left over after paying down some debt, you can also create an inheritance for any dependents.
Life insurance policies in Ohio will work a little differently, depending on which type of policy you have. If you have term life insurance and you die within the term that is specified in the policy, your beneficiary will be paid out. Once the term expires, you have the option to renew the coverage, usually at a higher rate, or you can shop around for a new policy. With permanent life insurance, you will get coverage as long as you pay your premium, and the policy will be paid out upon your death. Some policies gain cash value and will allow you to take money out of the policy for certain conditions. An agent at Greater Cincinnati Insurance Services in Cincinnati, OH can help you determine which policy is best for you. Some policies will require a medical history, with either an exam or medical records being provided.
When determining the amount of life insurance to get in Ohio, the policy will need to meet your circumstances. Some life insurance through employers is only 1x your salary, and you may want to purchase additional coverage, so your needs are taken care of. A single person may need less insurance than someone with a child. Study the policy immediately after you get it. In many instances, you can return the policy within a certain amount of time. Review your coverage periodically to make sure your insurance is changing along with your lifestyle.
Contact Greater Cincinnati Insurance Services, serving Cincinnati, OH, to get a quote on life insurance.