Life Insurance in Tiffin Ohio
Your life is essentially the only thing that you can’t replace with insurance. No one likes to think about their death, including us, it’s not a fun subject! To have this conversation you need to think of the people that depend on you and those that would be hurting if you were gone. Anyone that depends on you financially would be hurting in more ways than one when you’re gone. When you are truly ready to plan for the inevitable, we will be here to walk you through that conversation, listen to your concerns, and help you decide on the life insurance plan that is best for your unique situation.
How Can We Help?
We offer 3 types of life insurance: Permanent (Universal Life), Traditional Term, and Return of Premium (ROP) Term from many leading companies. Whether you currently own coverage or not, there are a number of things that you should know about in order to make an educated decision. If not identified and dealt with, any of these items could cost your dearly. If you would rather chat in person, stop in to our Tiffin Ohio office at 720 West Market Street!
11 Common Mistakes You Must Know About Before Buying Life Insurance Coverage
- Not buying a policy before your health deteriorates.
- Not shopping different companies (we do this for you via our quote system).
- Not buying a policy with a GUARANTEED PREMIUM.
- Not buying from a Company with at least an A Rating with with AM Best. (Rating determines Financial Strength).
- Not buying a term policy with a Guaranteed conversion into permanent coverage.
- Buying a ten year policy when in actuality you should have a 20 year term.
- Failing to calculate your needs. This will help make an educational decision on just how much coverage you need.
- Accepting Life Insurance Coverage at work as your primary coverage for your family.
- Buying an Accidental Death Benefit Policy (ADB) and believing that you are covered. These policies do not cover a death due to natural causes such as heart disease, cancer, etc.
- Buying life insurance as an investment (i.e. Whole Life)
- Not clearly defining what exactly you are protecting (i.e. Dependents in the event of your death)
Permanent insurance provides life long protection. As long as you pay the premiums, the death benefit will be paid. These policies are designed and priced for you to keep over a long period of time. Universal life is an example of permanent life insurance. To chat further with one of our professional insurance agents, give us a call at 419.447.9900, or stop by our office in Tiffin Ohio.
Universal life Insurance allows you, after your initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. You also can reduce or increase the death benefit more easily than under a traditional whole life policy. (To increase your death benefit, the insurance company usually requires you to furnish satisfactory evidence of your continued good health.)
Traditional Term life Insurance
Is usually the least expensive type of insurance. It is an affordable option. You are only paying for the cost of insurance associated with the death benefit and not building cash value. This may or may not be best for you unique situation, so be sure to consult with your trusted Tiffin Ohio insurance agency.
This type of policy covers you for a specified term (from 5 to 30 years, in most cases). If you die within the term, your beneficiary receives the stated death benefit of the policy. For example, say you purchased a $250,000 term life policy for a 20-year period. Whether you die in year two or year nineteen, your beneficiary receives the same amount (i.e., $250,000).
If you die within the term period, a death benefit is paid to your beneficiary. If you are still living at the end of the term, protection ceases unless the policy is renewed. There is no “accumulation” element, or cash value with term insurance. Some term insurance policies do offer a return of premium.
What is ROP Term? ROP stands for Return-Of-Premium Term Insurance
ROP Term is a newly introduced term life insurance product that provides a death benefit protection and a return of premium feature. This product is revolutionary do to the fact that it bridges the gap between low-cost term insurance and permanent insurance. Return-Of-Premium (ROP Term) is aimed right at one of the greatest consumer objections to regular term life insurance: “I am probably not going to die, and my money will have been wasted.” With ROP Term you do not have to waste your money. Unlike regular term, ROP Term rewards you for living by offering a guaranteed return of your total cumulative premium paid on the policy during the level term period, not including substandard and rider charges, if any, will be paid to the policy owner at the end of the level term period if the policy is then in force.
How to Lower Your Life Insurance Rates
When it comes to your life insurance rate, you will likely be required to take a physical examination, give a blood sample, and maybe even do a mouth swab to ensure that you aren’t using tobacco. The easiest way to get a better rate on your life insurance policy is to improve your overall health! Step one could be taking a walk after work or signing up for a local gym in Seneca County Ohio. You should also consider quitting smoking or using tobacco in any form, you will obviously need to do this prior to your life insurance exam, but can easily be done if you make the conscience decision to do so. You can even reach out to smoking cessation programs in the Tiffin Ohio area to help you.
If you don’t currently smoke, you are starting ahead, but no matter what it will take some work to help lower your premiums, there is no real magic potion unfortunately. If you could afford to lose a little weight before your examination you can start by watching what you eat. A simple way to start this is by limiting yourself to one plate at every meal. If you would normally go up for seconds, let you first plate digest, drink a glass of water and try to hold off on seconds. Make some simple substitutions like a lettuce wrap instead of a hamburger bun. You can also make your own vegetable pasta noodles rather than enriched flour noodles. There are some health food stores in the Tiffin Ohio area that might be able to help, and you could try cooking and preparing your meals at home rather than eating out.
Your Trusted Seneca County Ohio Life Insurance Source!
The Roger Smith Insurance Agency is your go to insurance agency offering life insurance in Tiffin Ohio and the greater Seneca County area. We are happy to be serving our community when it comes to educating our clients and friends on the benefits of life insurance along with the pros and cons of different life insurance programs. We have countless years of experience sitting in meetings and counseling clients over the phone on the do’s and dont’s of purchasing life insurance. If you are on the fence about purchasing life insurance, aren’t sure where to start, want to add more coverage to your current policy, or just want to start that conversation, we can help! Tiffin Ohio and Seneca County rely on us to give them relevant information before they make an insurance purchasing decision, we stand behind our reputation, and will continue to help support and educate our community.