Term Life Insurance Without Medical Exam
Reader’s Question:
Why do different life insurance companies here in Ohio offer term life insurance without medical exam? Do they really gain profit from it?
Shaan
Akron, OH
Life insurance without medical exam has always been offered to younger people. The older you become, the lesser the amount your beneficiaries will receive. Originally, a life insurance provider offered $150,000 worth of life insurance without medical exam online and it did very well at first so other life insurance providers follow. They wished to discover how far their limits could be, what reasonable safe amount they can offer online and for which ages.
Term life insurance without medical exam is normally level term plans. Term life insurance policies for 10, 15, 20 and 30-year term are very common. The premiums you pay will not increase and the face value of the term life insurance without medical exam policies will not be reduced.
Life insurance providers in Ohio offer term life insurance without medical exam simply because it is quite a profitable venture if the applicant is somewhat in good health. They do away with the charge they have to pay the doctors to examine the applicant. Also, life insurance companies have a protection called “incontestability” clause that says that if the applicant neglects to divulge information that will stop them from giving out the policy, they could take it out with a specified period of time, normally one or two years.
Lower Auto Insurance
Reader’s Question:
I guess my being new in driving is the reason why I don’t understand certain terms and issues about it. What is defensive driving and how can it help in lowering my auto insurance here in Ohio?
Diana
Toledo, OH
There are a lot of ways in which you can be able to save on your auto insurance in Ohio. One of which is defensive driving that requires learning and developing a skill and it may also need a considerable amount of time. But if you come to think of it, it will be well worth of your precious time.
To define defensive driving, it is a type of education for motorists that goes afar from mastery of the policies on the road and the essential technicalities of driving. It intends to lessen the risk of driving by foreseeing hazardous situations, regardless of unpleasant conditions or the mistakes of other people. Defensive driving could be attained through obedience to a range of common rules and the practice of certain driving techniques.
You may still wonder how it can help you lower your auto insurance premiums. If you’re a defensive driver, it means that you’re a good driver that is less likely to get into road mishaps. For that reason, auto insurance companies will see you as a lower risk, thus getting lower premiums on your auto insurance.
You could be able to save a considerable amount of money on your auto insurance costs by completing a course in defensive driving. You would also be safer and keep the roads safer as well by doing that.
Investing And Life Insurance: Facts You Should Know
Readers Question:
What are the merits of putting my money on a whole life insurance plan as compared to investing it in mutual funds?
Imelda
Cincinnati, OH
Excellent question! For those who dont know; Whole life insurance is a permanent type of life insurance that is meant to be kept for as long as the insured is alive (and the policy is being paid). Among the merits of a whole life insurance plan includes that you wont usually get with mutual funds or any other types of investment vehicle:
Youre premiums are fixed from the time you purchased your policy; until well into youre golden years which can save you a lot of money since life insurance coverage is very expensive as you get older.
Your policy builds up on cash-value, coming from a portion of your premiums plus interest from the carrier, which can accumulate into a lot of money in the long-run. This can be used to sustain your policy; you can loan against it, or sell the policy for annuity.
Similar to mutual funds, your policys cash-value is invested diversely, but guarantees you a fixed interest rate regardless of how the investments have performed.
Whatever income your policys cash value earns is tax-deferred as long as it stays within your policy.
Whole life insurance is a very sophisticated kind of coverage, so one would really need to understand how this kind of life insurance policy works before you purchase it. This can be used as an alternative form of investment for those who are less tolerant to risk and volatility represented by the equity market.
However, do keep in mind that the main purpose of any a Whole life insurance, just like any form of policy, is to give your beneficiaries financial security in case you suddenly pass away. So you only get to enjoy the benefits of this when youre already really old, or when you sell it. Its highly recommended that you shop for the best Ohio life insurance policy on the Web to get the latest rates and effectively compare your options.
Cheap Insurance Policies Ohio
Reader’s Question:
I have an old car and it seems that it will be subjected to high car insurance premiums here in Ohio once I purchase an insurance policy for it. What can I do to make the car insurance premiums more affordable?
Ben
Cleveland, OH
You are right. Old cars are subjected to high insurance policies and premiums. There is an increased risk that an old car will have mechanical troubles, and thus car insurance companies charge high rates on it to cover up for the probable high costs of its maintenance. If you cannot afford to buy a newer car, you can still do several things so that your car will get cheap insurance policies Ohio.
First you should make sure that it is safe by installing it with security devices. Even if you have an old car, it can qualify for cheap insurance policies Ohio if it has a good brake system and automatic lock devices. Installing it with these devices ensure that there is decreased probability that your car will be stolen or will figure in collisions.
You can also qualify for cheap insurance policies Ohio if you have a good driving history. Show your driving record and make sure that it has minimal number of traffic violations, and you can increase your chances of getting affordable car insurance.
Car Cheap Female Insurance In Ohio
Reader’s Question:
What are the ways for me to get a car cheap female insurance in Ohio?
Glydel
Cincinnati OH
There are several ways for you obtain a car cheap female insurance in Ohio. Generally, female drivers are given lower rates compared to male drivers. This is because women drive slower and when involved in accidents, the degree is often not serious.
The first thing you can do on your quest for a car cheap female insurance in Ohio is to get the list of all insurers that specialize in providing coverage to women drivers. You can search for them online. Once you have a list, visit each one and use their online calculators to get a quote. The quick quote calculator in an insurer’s site is easy to use and will only require information that are normally asked when you call a company for a quote. Using the online calculators will allow you to gather as many quotes as possible in the shortest time. From among the quotes choose the top five insurers with the lowest quote and ask people you know how they would rate each one on the list in terms of service. Service is very important because when you make a claim, the insurer should be able to provide it fast. It’s not enough to have a car cheap female insurance in Ohio. You should also get good service on top of that.
Motor Vehicle Insurance In Ohio
Reader’s Question:
What are the coverages offered for motor vehicle insurance in Ohio? My boyfriend will be insuring his car next month so where thinking on car insurance coverages that we need to get.
Minnie
Cleveland, OH
Hello Minnie!
Here are the common coverages offered for motor vehicle insurance in Ohio:
- Bodily Injury Liability: This provides coverage on your part by paying the other party for injury or death that you’ve caused them
- Property Damage Liability: The pays for the damages you’ve caused to the other party’s vehicle or property
- Medical Payments: This offers direct protection to you. As what the name suggests, it covers you by paying for your own and your passengers’ medical bills. This is regardless whether you caused the accident or not
- Uninsured Motorists (UM): Pays for your injury claims including your household members and your passengers, if you or they get involved in an accident with a person who does not have car insurance coverage or in a hit and run accident. You, as the policyholder and also your family members are also covered even if you are just walking and are hit by an uninsured driver.
- Underinsured Motorists (UIM): This is somewhat the same with UM coverage however this time it will provide protection to you, your family members, and even your passengers if you are involved in an accident where the at-fault party has lesser car insurance limits than yours.
Those are just some of the more popular coverages offered for motor vehicle insurance in Ohio. You may want to consider checking this site for car insurance quotes in your area.
Minimum Required Car Insurance Coverage Ohio OH
Reader’s Question:
I just moved here in Ohio and am quite confused with car insurance laws in this state. What are the minimum requirements for motorists in this state? Is it required to get Excess Uninsured Motorist insurance?
Paul
Columbus, OH
Ohio is one of the states where minimum liability insurance is required to all motorists. This liability insurance will cover for medical care and pays for property damage to the other motorist’s car in the event that the insured is at fault in an accident. With medical care and repairs costs shooting up, it is impossible for an average person to pay from his own pocket. This is why motorists are obligated by the government to obtain minimum liability insurance to have financial responsibility over accidents they cause.
While it is not required to carry comprehensive and collision insurance, it is highly recommend in this state. Since liability insurance only pays for the other motorist’s damages, comprehensive and collision will assist you financially if medical care and repairs to your car are necessary. Likewise, Uninsured Motorist Insurance is not required but would be wise to obtain. While it has been prohibited by the Ohio federal government to drive uninsured, a lot of motorists still do. This type of coverage will be your safeguard if in the future you are hit by an uninsured driver. Excess Uninsured Motorist insurance refers to the higher limits you can obtain from your Uninsured Motorist insurance. In Ohio, you can choose to accept or reject the Excess Uninsured Motorist under your umbrella policy.
Tags: car insurance, collision insurance coverage, comprehensive insurance coverage, liability insurance
Life Insurance Coverage Taxes Ohio OH
Reader’s Question:
My life insurance policy here in Ohio has a cash-value feature, would I get taxed if my policy’s cash-value increases?
Jane
Cleveland, OH
Generally, life insurance policies are considered as “tax-shelters” and there are only a few, specific conditions or instances wherein the state of Ohio (or any state actually) or the federal government can extract taxes. Every state will have it’s laws governing life insurance taxes of course.
Interest or dividends earned in a cash-value policies would not be subjected to state or federal tax. That’s why many people find life insurance policies attractive since they can accumulate large amounts of money over long periods of time tax-free. So they take this opportunity to invest on whole life policies, universal life policies, and variable life insurance policies. The only time one would be taxed will be when the policyholders decide to withdraw money from the cash-value account of their life insurance policy.
Beneficiaries would also not be taxed once they receive the proceeds of a life insurance policy. However, the state and the federal government are allowed to collect taxes if the life insurance benefits goes into the insured individual’s estate (see estate and inheritance tax laws). Also, a life insurance policy may be considered by the IRS as a “Modified Endowment Contract” if they notice that you are putting large sums of money as premiums, thereby nullifying your policies tax-deferred status. Do talk to your life insurance agent about specifics regarding taxes towards your life insurance policy.
Tags: life insurance options, life insurance coverage, life insurance advise, cheap life insurance
Endowment Policy Ohio OH
Reader’s Question:
My uncle, who lives right next door to me here in Ohio, received a lump sum from his life insurance policy which he got 20 years ago. I want something like that for my daughter. I asked my uncle, but he doesn’t remember what kind he bought. What kind of insurance should I get, so my daughter receives a lump sum like that after 20 years?
John
Akron, OH
As they say, John, you reap what you sow. Your uncle probably got for himself an endowment policy. Now, your uncle is well-endowed, indeed.
You are correct in wanting to give your daughter a headstart, so that she can enjoy the lump sum she will get by the time the policy matures. Basically, an endowment policy is a life insurance product, of course, that gives a lot of cash after 15, 20 or 30 years, depending on which you choose. If you let it reach maturity, you are guaranteed an amount we call as the sum assured. Apart from that, you still get life insurance coverage if you can hang on to it till maturity.
You can, however, also cash it in. Endowment policies can be surrendered, and you would still get something, but of course only after a certain period of years. Unlike other life insurance products, if you are unable to pay for the premium, they will use up your cash value to pay for your unpaid premium until it zeroes out and eventually expires. The amount you will receive if surrendered the policy will depend on how long the policy has been in force. Longer time, of course, yields higher cash.
If you already have an agent in Ohio, I’m sure that he would be glad to explain all the intricacies of a life insurance policy with endowment features to you, so give him a call now.
Tags: life insurance coverage, life insurance policy, life insurance premium
Term Life Insurance Ohio OH
Reader’s Question:
I am a housewife here in Ohio. My friend told me that his life insurance company won’t cover him anymore because he’s 60 years old. Will that happen to me, too? I always pay my life insurance premiums on time.
Vanessa
Toledo, OH
Ma’am, let’s not draw hasty conclusions here. Your friend probably has what we call term life insurance and has reached the end of his term. It is called term insurance because it only provides coverage for a specified amount of time. Like, maybe, your friend took 10-year term life insurance ten years ago, so as expected, the contract expired on the 10th year.
What happens usually is before a term life insurance expires, the servicing agent usually calls the insured up in case he wants to convert to a whole life plan, so that he will still have coverage when he gets past 60.
Term life insurance is only offered to people up to 60 years old (in some companies, it’s up to 65 years old). After 60 or 65, both the insured and the insurer have already done what they’ve agreed upon at the start of the term–one paid premium and the other one provided coverage during the covered term.
You have to understand that although your friend gets nothing at the end of his term life insurance, during the term of his contract, he had a guaranteed high coverage at a way cheaper price than a whole life insurance policy.
As for you, ma’am, please make sure that your life insurance policy is not a temporary one. If it is indeed temporary (or term), call up your agent there in Ohio and tell him you want to convert it to a whole life insurance plan. That way, the life insurance premium that you say you pay on time will get to earn cash value and dividends.
Tags: life insurance, life insurance coverage, term life insurance