Stats in Your State
Take a look at this breakdown of life insurance in Ohio. Understanding these graphs can provide a better picture of life insurance costs and benefits that have a direct effect on the state economy.
Life Insurance in Ohio
|Number of Licensed Life Insurers||508|
|Total Life Insurance Coverage||$361 billion|
|Average Policyholder Coverage||$92,000 per life insurance policyholder*|
|Amount Paid Out in 2011||$13 billion**|
|Amount of Paid Annuity Benefits in 2011||$4 billion|
*Based on individual life insurance policies
**Includes death benefits, matured endowments, policy dividends, surrender values, and other payments.
Life Insurance Administered Programs
A significant portion of Ohio residents benefit from administered programs. More than 10,000 veterans are life insurance policyholders, and a significant portion qualify as service-disabled vets.
The Life Insurance Industry: Beyond Insuring You
The life insurance industry benefits the state of Ohio by generating new jobs and adding new investments to the economy.
|Job creator||77,000 jobs|
|Invested in Ohio 's Economy||$134 billion invested|
Rules in Your State
Knowing and understanding the rules surrounding life insurance in Ohio will help you become a more informed consumer. Read the sources below for more information about rules and regulations in your state. Read more about the following rules and other life insurance topics in greater detail here.
Deciding on an Insurance Company: All insurance companies in Ohio are required to belong to the OLHIGA (Ohio Life & Health Insurance Guaranty Association). When seeking out an insurance company, make sure it has the proper credentials. Also keep in mind: the Ohio Department of Insurance does NOT rate or recommend insurance companies.
Signing a Disclosure Form: Under Ohio law, if you buy a single premium deferred annuity you must sign a disclosure form. The form acts as protection for the consumer, explaining that income payments won’t start away. This form should be given by the agent upon purchasing insurance.
Free Look Period: If you buy an annuity to replace one you already had and the new policy is with a different company, you have a 30-day “free look period” to decide if you want to keep the new contract.
Representatives & Resources in Your State
When it comes time to purchase life insurance, finding a trustworthy expert is key. If you need extra backing when filing a claim or you’re simply looking for more resources on the topic of life insurance, browse through this list of dependable sources for answers.