Best Insurance Zanesville Ohio

You have many choices when it comes to life insurance in Zanesville. These range from companies already around when Abraham Lincoln was president to modern day insuretechs built on 21st Century digital technology.

Sorting through your options can be a challenge. We’ve reviewed a variety of life insurers to help you make a more informed decision.

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Best term life insurance companies for 2024

A term life insurance policy is designed to stay in force for a set number of years, typically 10, 20, or 30. You choose the term when you buy the policy. A longer-term policy will cost more than one with a shorter term. You also choose the amount of your death benefit. The higher your death benefit, the more you can expect to pay for the policy. Term life typically costs less than other types of life insurance, but it offers fewer features.

Many companies offer term life insurance. Fabric by Gerber Life offers coverage up to $10 million and 30 years. Ladder Life offers $3 million in coverage that you can adjust if your needs change.

Best whole life companies for 2024

A whole life policy is designed to stay in force until your death. These policies also include a cash value feature. Cash value is a savings component that earns interest throughout the policy’s life. You may be able to access this money either by taking out a loan against the policy or through a withdrawal.

Well-known insurance brands such as Ethos Life Insurance, Northwestern Mutual, State Farm offer whole life insurance. You can also buy whole life insurance for a child through companies such as Mutual of Omaha.

Best nonmedical exam life insurance companies for 2024

Most life insurance policies require a medical exam when you apply for coverage. This allows the insurer to verify the state of your health. A no-medical-exam policy skips this step, though the insurer may still ask you to complete a questionnaire about your health and medical history. No-medical-exam policies typically have limited coverage and may come at a higher cost than a comparable standard policy.

Ethos Life offers no-medical-exam whole life insurance for those aged 66 to 85.

Methodology

We evaluated eight U.S. life insurance companies, including well-established brands and newer providers. Our evaluation accounted for third-party ratings and rankings, including the following:

• A.M. Best is an independent, trusted provider of analytics and ratings specializing in the global insurance industry. Its ratings indicate an insurance company’s financial strength and ability to pay claims.
• J.D. Power is a consumer insights company that provides annual rankings of U.S. insurance companies. Our review incorporates their most recent rankings of life insurance customer satisfaction. JD Power rates companies on a 1,000-point scale, then ranks those companies according to their rating.
• Trustpilot is an online consumer review platform whose stated mission is to “help consumers shop with confidence, and deliver rich insights to help businesses improve the experiences they offer.”

We reviewed the coverages and other features offered by each company, relying on information provided on their websites. Next, we developed several “best of” categories, placing companies where we judged appropriate.

How to select the best life insurance company

With so many life insurance options, you’ll want to take a deliberate approach to choosing the right company and policy for you. Follow these steps:

Determine your life insurance needs

Most people typically buy life insurance to ensure their family’s financial security following the death of a breadwinner. There are several ways to estimate your life insurance needs. A common rule of thumb is the 10X formula:

1. Multiply your annual income by 10.
2. Add $100,000 per child to cover the cost of college.

As an example, say your current income is $125,000 and you have two children:

$125,000 * 10 = $1,250,000

$100,000 * 2 = $200,000

$1,250,000 + $200,000 = $1,450,000

In this example, you should estimate a life insurance need of $1.45 million.

Of course, there are other reasons to buy life insurance. For example, an older person purchasing a life insurance policy to ensure their family can pay for end-of-life expenses can likely estimate much less coverage.

Decide on a policy type

Next, you’ll need to decide on a type of policy to buy. There are two main types:

Term life insurance

A term life policy expires after a set number of years (typically between 10 and 30). These policies feature lower premiums and a death benefit paid to your designated beneficiaries.

Permanent life insurance

A permanent life insurance policy stays in force until your death. In addition to a death benefit paid to your beneficiaries, these policies feature a savings/investment component called cash value, which you may be able to access while living. Common permanent life insurance policy subtypes include whole life, universal life, and variable universal life. Permanent life insurance policies tend to cost more than term life.

Comparison-shop among companies

As with virtually any other kind of insurance, life insurance policies vary in cost between insurance companies. You may find you can get a significantly lower premium just by shopping around. Be sure to check several carriers to see which costs the least, and make sure you’re doing an apples-to-apples comparison of policy type and coverage amount.

An independent insurance agent specializing in life insurance can help you do this. You can also check with an online broker such as Everyday Life, which offers whole and term life insurance from multiple companies.

Consider third-party ratings and reviews

Price, of course, is just one of the factors you want to consider. You can check the A.M. Best financial strength rating for companies to understand better their ability to pay claims. J.D. Power rankings can give insight into a company’s customer service capabilities.

If you’re interested in a policy with a cash value feature, you may want to understand the company’s investment history. The insurance company’s website or agents should be able to provide this type of information.

Apply for coverage

Once you’ve settled on a company, it’s time to apply for coverage. A growing number of companies offer online applications, while others require you to apply through an agent. Expect to answer questions about your health, medical history, family, tobacco use, and more. Unless you’re applying for a policy that does not require it, expect to take a medical exam that may include blood and urine screening.

Answer questions truthfully—insurers often use third-party services to verify information provided by applicants. Any discrepancies may jeopardize your application.

TIME Stamp: Consider our top choices for life insurance

Life insurance provides essential financial security for your family. However, with hundreds of providers, choosing the right company for your needs can be challenging. Use our reviews to gain a better understanding of what some of the top companies offer.

Frequently asked questions (FAQs)

What is the best guaranteed rate life insurance for seniors?

We chose Ethos Life as the best guaranteed rate life insurance for seniors. Ethos offers no-medical-exam coverage of up to $30,000 for applicants aged 66 to 85.

What is the best life insurance for children?

Mutual of Omaha offers whole life coverage of up to $50,000 for children as young as 14 days. You can even apply for a policy online at the company website. For these and other reasons, it’s our choice for the best life insurance for children.

What is the best life insurance for military veterans?

Active and retired members of the U.S. military and their families need to look no further than USAA for their life insurance needs. This company offers insurance and other services exclusively to the military community, including whole, term, universal, and variable universal life.

What is the best life insurance for new parents?

We chose Fabric by Gerber Life as the best life insurance for young families. You can get term life coverage up to $5 million, and access tools to help you draft a will or set up a 529 savings plan for a child’s educational expenses.

Which type of insurance is better, term life or whole life?

Term life insurance policies offer lower cost and greater simplicity than whole life. But whole life policies meet many families’ needs for life-long coverage and financial flexibility. Both policy types provide a death benefit that can help ensure your family’s financial security. You should consider your family’s financial needs when choosing between these two types.

What kinds of death are not covered by life insurance?

Typically, a policy won’t provide coverage if the death of the policyholder is associated with any of the following conditions:

• The policyholder lied on the policy application about their health, occupation, or participation in risky activities.
• The policyholder’s death resulted from risky activities such as BASE jumping, scuba diving, auto racing, or flying a private plane.
• The policyholder committed suicide.
• The policyholder was murdered by the beneficiary.