10 Best Life Insurance Companies in Ohio

Life insurance companies in Ohio can protect your family in the event of an emergency.

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10 Best Life Insurance Companies in Ohio

Key Terms

  • Life Insurance covers the expenses that arise when somebody passes away.
  • A good life insurance policy can cover your mortgage payments, your child’s education, and even therapy for your loved ones should you pass unexpectedly.
  • Ohio life insurance companies can help you find a policy to suit your needs and budget.

Ohio is known as the Buckeye State and is located in the northern United States. It’s bordered by Michigan to the north, Pennsylvania to the east, West Virginia and Kentucky to the south, and Indiana to the west. With a population of 11.69 million people, it’s the 7th-most populous state. The largest city in Ohio is Columbus which has a population of 895,477 residents. Columbus is also the state capital.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in Ohio is approximately 75.3 years which is significantly lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in Ohio have been heart disease, cancer, and Covid-19. The homicide rate in Ohio is around 9.1 homicides per 100,000 residents, which is higher than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in Ohio, the 90th percentile income is currently $97,480. The median income in the state is approximately $39,680. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In Ohio, this works out to around $974,800 – $1,949,600 dollars for most people.

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How life insurance works in Ohio

In simple terms, life insurance is a contract between you and an insurance company, where you pay a certain amount of money each month to receive a death benefit. You are covered for a set amount in the event of your death, usually paid to a beneficiary of your choosing. Depending on your policy, it may also be possible to borrow money against your death benefit. However, this money needs to be paid back, or your death benefit will shrink.

There are two main kinds of life insurance: term and whole life. Term insurance is very straightforward: it lasts for a set period of time, such as 20 years. If you die during that time, your beneficiaries get the death benefit. Whole life insurance, on the other hand, is permanent. You pay a set amount every month until you die. Upon your passing, the death benefit will be paid out to your designated beneficiary.

When you take out a policy such as a term life insurance policy, you pay premiums over the course of your policy period. Most people should keep things simple with a basic term life insurance policy. There’s not a lot of people who will benefit from mixing insurance and investing through a a whole life insurance or universal life insurance (except your insurance agent, of course). These often come with riders that allow cash value accumulation, long term care coverage, or even access to annuities.

Most policyholders take out a policy for peace of mind and choose to work with an independent insurance agent to review the various types of life insurance. Evaluate the best state and nationwide companies by looking at things like the carrier’s financial strength. With so many life insurance products available to residents in the state of Ohio, shop around for good quotes. The best price is not always the only thing to look at.

Life insurance is a valuable tool for anyone who has a family to support, anyone who is financially responsible for someone else’s care, or anyone who has outstanding debt that needs to be paid off after death. If you are the sole financial provider for your family, life insurance can help provide the financial support your loved ones need in the event of your death.

10 Biggest life insurance companies in Ohio

Ohio life insurance companies ranked by premiums written in the state.

RankCompany NameOhio
Premiums Written
Market Share
2Northwestern Mutual$420,723,1237.07%
4New York Life$296,751,4414.99%
5Lincoln National$268,881,5374.52%
6Mass Mutual Life Ins$233,938,0243.93%
7State Farm$209,938,3333.53%
8Sammons Enterprises$195,532,7513.29%
9West Southern$166,833,2282.80%
10Guardian Life$139,166,5392.34%

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How much life insurance do you need in Ohio?

The 90th percentile salary in Ohio is approximately $97,480. As mentioned, most financial advisors recommend that you purchase a life insurance policy that will cover your beneficiary for at least 10X – 20X your average annual income. In Ohio that works out to around $974,800 – $1,949,600. This amount will ensure that your loved ones can continue to pay their bills, settle your debts, and cover the cost of your final expenses.

You may also want to purchase additional life insurance to cover:

  • Your mortgage (if you want your spouse and kids to be able to live in the home without worrying about mortgage payments)
  • Children’s education costs (if you want your child’s education to be covered without any additional stress to your spouse)
  • Bereavement therapy costs for your spouse and children (if you want them to spend time with a therapist after your unexpected death)
  • Any other expenses that may be unique to your family or lifestyle

Ohio life insurance laws

There are a few unique features with respect to Ohio Life Insurance Laws that have an impact on your specific policy if you are a resident of the state.

Here’s what you need to know:

  • The Free Look Period: This is a period when you can test-drive your policy and find out if it meets your needs. You can return your policy within this period for a full refund. In Ohio, there is no required free look period, however many policies will still offer them.
  • Grace Period: Ohio allows for a 30-day grace period for customers to settle due payments, during which time the insurance company cannot block a claim.
  • Contestable Period: When you file a claim, insurance providers must verify all relevant information and documents for inconsistencies and inaccuracies within a certain amount of time, after which the policy becomes incontestable. This period is a maximum of two years in Ohio.
  • Time Allowed to Settle Claims: Once a life insurance company in Ohio receives a claim with satisfactory proof, by law, it has a duration of 60 days to process the settlement. Delays can result in interest accruing on payments and other penalties.
  • Guaranteed Death Benefit: Policies are protected by the Ohio Life and Health Insurance Guaranty Association if a company goes bankrupt or ceases doing busines

Of course, there’s no one-size-fits-all answer when it comes to how much life insurance you need. The amount you need will depend on factors like your age, health, income, debts and other obligations. But as a general rule of thumb, experts say you should have coverage that equals 10-20 times your annual income. Don’t wait – get started on protecting your family today by getting life insurance. It’s one of the best decisions you can make for their future.

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Joshua Holt is a licensed insurance agent (License #2785989) and founder of Biglaw Investor and Sidebar Insurance LLC, an insurance agency created by lawyers, for lawyers. His insurance expertise lies in the areas of life and disability insurance, particularly covering lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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