Akron OH Child Health Insurance

Reader’s Question:

I am planning to file a divorce. However, I am worried about the many consequences including the health insurance coverage for my 2 kids. Any insights on this? I live in Akron OH.

Eric

Akron, OH

 

Good thinking, Eric.

It is not very common for people like you who undergo such an emotionally trying experience to even think about health insurance coverage for your kids…and that makes me think highly of you. And I very much agree with your line of thinking in that aspect. You need to prioritize your children’s welfare above anything else, despite these kinds of trials.

You certainly have rights to coverage in Akron OH if you had insurance before a divorce, and there are provisions in the federal law in the context of helping your minor children remain covered for health insurance. Is your health insurance is a group coverage under the employer of your spouse you intend to divorce, the employer may be required to continue coverage for you and you children under COBRA at group rate for as long as 36 months. You have 60 days to seek COBRA coverage after divorce, given you are eligible, and the law allows you and your kids to remain eligible for COBRA even if your spouse would cancel your coverage, anticipating your divorce. Though be aware of the exception to all COBRA rules in small businesses. Exception is applicable to group health insurance coverage through a small business that employs fewer that 20 people in that calendar year, which are normally not required to give you coverage under COBRA.

Ohio OH Life Insurance Question

Reader’s Question:

I am planning to learn how to dive. Will that affect my application for life insurance in Ohio?

Dave

Akron, OH

 

That’s a great sport, Dave!

I myself am an outdoor person, and had a predicament with my life insurance policy when they found out I am a camper.
Unfortunately, yes, it will affect your application for life insurance, since diving is considered a dangerous activity which can possibly kill you. However, you can relax because it does not mean though that since you dive, you are uninsurable. You are normally asked to disclose this information as this can relatively affect your life insurance premium rates.

So, is there anything else you can do to lower your life insurance premiums in Ohio?

Fortunately, yes, there are other factors that life insurance companies are checking to possibly reduce your life insurance rates. That includes your age bracket, your gender, your current medical status and family’s medical history, among many other factors. Majority of Americans who apply for life insurance policy normally are under the standard rates and only very few get the best life insurance policy rates due to these conditions.

The idea here is, any of your present lifestyle, condition, activities, habits, and health status which shall predetermine your life expectancy will affect the rate of your life insurance policy.
But should you stop diving all for cheap life insurance premiums? In my opinion, I guess you can do without a few dollars for paying your premiums than missing a lot under the sea. The choice is yours, my friend.

Cheap Life Insurance Ohio OH

Reader’s Question:

How can I assess the cheapest life insurance coverage I need? I am the breadwinner of my family in Ohio.

Richard

Akron, OH

 

Hey Richard! It’s good to hear from a breadwinner like me.

If you are a sole breadwinner, then it is essential and wise to choose the cheapest from all available low cost insurance policies out there. You can start by estimating the cheapest Ohio life insurance you are likely to need before you compare the rates offered to you by insurance companies offering low cost insurance. When you do that, always assume a premature death…because this way, you will be able to imagine the lifestyle you want your family to be able to maintain in case you pass away

However, be very careful when you make your estimate since you don’t want to underinsure your life and put your family’s future at risk. On the other hand, if you overinsure, it can sacrifice your finances and can be very expensive. A good rule of thumb is to insure your life 5 to 10 times you annual salary which will be capable to cover your debts and protect your family from the effects of inflation in case of premature death.
Once you have an estimate of your needs, you can decide the type of cheap life insurance you will want to buy. You can then start comparing rates from the internet.

Remember though that cheapest Ohio life insurance does not always come as the best option.

Ohio OH Life Insurance

Reader’s Question:

I have a small home-office in Ohio with 10 employees. A life insurance agent is offering a group life insurance. Does the size of my group affect my rate?

David

Columbus, OH

 

Yes. Most Ohio insurance companies base rates for group life insurance on factors like size of the group, company claims history, gender and average age of employees, employee salaries (for salary-based plan), and type of occupations associated with the group.

Employer-sponsored life insurance can be very attractive benefit for your employees since they will not undergo the normal stringent application process when they apply for individual insurance. Under an employer-sponsored life insurance, employees often are not required to undergo a physical exam. When an employee decides to leave your company, group life insurance is also relatively easy to convert to individual policy.

You can start by providing your employees with an insurance equivalent to one year of their salary. Some employers offer up to 2 years or more of their equivalent salary. Some businesses require employees to pay a portion of the insurance premium or offer additional coverage – accidental death and dismemberment insurance, coverage for dependents and family, travel protection – at a minimal participative cost deducted from their salaries. Remember though that most insurance companies do not offer group life insurance for groups fewer than 10 people.

Contact your local insurance agent for more options of group life insurance.