Ohio Life Insurance

SaveOnLifeInsuranceNow.com is your #1 source for cheap life insurance quotes. There are 535 licensed life insurance providers in Ohio. 44 life insurers are based in the state. The industry employs over 30,000 people in the state.

Ohio residents are covered by group (amounts to $350 billion) and individual life insurance policies, and have $910 billion in death benefit coverage.

More then 7 million people have individual life insurance policies. The average coverage is $84,000. In 2008, for example, life insurers sold individual cheap life insurance policies for a total of $50 billion. In the same year, the state residents were paid $10 billion of death benefits, annuities, and policy dividends.

Ohio Life Insurance Regulations

Title 39 of the Ohio Revised Code regulates life insurance claims and procedures in the state. Life insurance companies are obligated to provide consumers with 10, 20 or 30-days free look period, 30 days grace period on late payments, and settle claims in two months from the date they receive proof of death.

However, Ohio life insurance companies can cancel a life insurance policy if during the first two years of a policy they find any misrepresentation on a life insurance application. Suicide is not covered during these first two years.

Ohio Health Facts

Ohio ranks 36th out of 50 states for life expectancy. The life expectancy in Ohio is 76 years. Major causes of death are cancer and stroke. The data was provided by the American Human Development Report (2008-2009). The state’s population is over 11 million people, 13% of them are uninsured. More information about state demographics, economy, health costs, and insurance coverage can be found at www.cdc.gov.

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Ohio Department of Insurance

50 W. Town Street, Third Floor – Suite 300

Columbus, OH 43215

Web site: http://www.ohioinsurance.gov/

Phone: (614) 644‑2658

Consumer Hotlines: (614) 644‑2673 or (800) 686‑1526 (In‑state only)