The Best Life Insurance Companies in Ohio For May, 2024

My extensive research points to MassMutual as the best life insurance company in Ohio.

min read
Updated: 17 May 2024
Written by
Bob Phillips
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Based on my thorough investigation, MassMutual emerges as the top life insurance provider in Ohio. It’s not just about market share; it’s their remarkable life insurance coverage and service, all at an affordable rate.

Our research also spotlights other notable companies: Mutual of Omaha is the preferred option for seniors, Transamerica is well-suited for young individuals, State Farm excels in customer service, and Nationwide is a strong contender for smokers. MassMutual also earns accolades for offering the most budget-friendly life insurance in Ohio.

Best Life Insurance Companies In Ohio, 2024

transamerica-icon-logo
Best for Seniors - Mutual of Omaha
nationwide-icon-logo
Best for Smokers - Nationwide
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Best for Young People - Transamerica
Best Life Insurance, Ohio 2024

Compare The Best Life Insurance Providers In Ohio

We've put together a table featuring our top life insurance options for people in Ohio, considering essential criteria.

A.M. Best Rating Online Experience Overall Rating Best For J.D. Power Rating Get A Quote
MassMutual

A++

9.7

4.8

Best Overall

780

Instant Quote
Mutual of Omaha

A+

9.7

4.6

Seniors

801

Instant Quote
Transamerica

A

9.8

4.7

Young Adults

740

Instant Quote
State Farm

A++

9.5

4.8

Best For Customer Service

839

Instant Quote
MassMutual

A++

9.7

4.8

Best For Cheapest Life Insurance

780

Instant Quote
Nationwide

A+

9.6

4.6

Best For Smokers

791

Instant Quote
Scroll to see comparisons

Our Methodology

Our approach to selecting the top life insurance companies was comprehensive. We considered factors such as customer service, product variety, pricing, and online user experience. Additionally, my experience in selling life insurance and collaborating with agents from other companies provided valuable insights.

Our selections weren't solely influenced by providing the most affordable life insurance, except in the "Best for Cheapest Life Insurance" category. We firmly believe that each of these companies stands out in its respective market segment, and price is just one aspect to weigh when choosing a life insurance policy or company.

52

Quotes Analyzed

15+

Years of experience

23

Brands reviewed

27+

Research hours

The Best Life Insurance Companies In Ohio


Best Overall

Overall Rating
4.8

Key Statistics

10/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Earning the title of “Best Overall,” MassMutual stands out for several compelling reasons. They offer an extensive array of high-quality life insurance products, including term, whole, and universal life insurance, all competitively priced. Moreover, their life insurance policies come with a wide range of riders, allowing you to customize your life insurance coverage to your specific needs.

MassMutual’s sales force, referred to as “career agents,” is notably well-trained and knowledgeable. These agents have completed rigorous training on MassMutual’s life insurance product portfolio and exclusively focus on selling MassMutual products. This singular dedication proves advantageous for life insurance buyers seeking in-depth insights into various types of life insurance.

Furthermore, MassMutual’s exceptional financial strength significantly influenced our decision-making. The company boasts the highest possible rating from AM Best (A++ Superior) owing to its outstanding financial stability and claims-paying capability.

Receiving the “Best Overall” recognition underscores MassMutual’s dedication to providing a diverse product line supported by a well-trained sales team, rather than simply having the lowest rates. While MassMutual may not possess the same level of brand recognition or market share as some of its counterparts in Ohio, it enjoys a strong reputation within the state.

Benefits & Drawbacks

Benefits
  • Outstanding financial ratings
  • Extensive product range with numerous rider options
  • Most budget-friendly rates in Ohio
Drawbacks
  • No option to buy whole life products online
  • Slightly lower J.D. Power rating compared to specific major competitors
  • Accessible exclusively through MassMutual agents

Best For Seniors

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Mutual of Omaha has built a solid reputation for its expertise in meeting the insurance needs of seniors. Over the years, seniors have come to trust this company, not only due to their famous show, “Mutual of Omaha’s Wild Kingdom,” but also because of the extensive training their agents undergo to cater to the senior market.

This insurance company has garnered acclaim for its senior life insurance product portfolio, featuring two policy options designed for seniors with health concerns. One is a guaranteed-issue policy, eliminating the need for a medical examination or health history questions. This makes it a suitable choice for seniors dealing with severe medical conditions like cancer, stroke, or heart issues.

The alternative choice is a simplified-issue policy, requiring answers to medical history questions but omitting the need for a medical exam. It’s an excellent fit for seniors with minor health issues such as high blood pressure or type 2 diabetes, providing a way to secure life insurance coverage without undergoing a medical examination.

Seniors typically face higher life insurance premiums, and when it comes to trust, many turn to Mutual of Omaha. The company has established a strong reputation in the insurance industry, particularly for its offerings designed to cater to seniors, such as Medicare supplements and life insurance. Baby Boomers and their parents are well-acquainted with and trust the company due to its long-standing presence in their lives.

Moreover, Mutual of Omaha stands as one of the most recognized and respected names in senior insurance products. This reputation is reinforced by its robust direct mail program, specifically targeting the senior market, and the extensive training provided to its agents to ensure a deep understanding of the product line.

Benefits & Drawbacks

Benefits
  • Competitive rates available for seniors in Ohio.
  • Seniors can enjoy peace of mind with the assistance of well-trained agents.
  • The company exhibits robust financial stability.
Drawbacks
  • The company faces a higher ratio of complaints compared to specific competitors.
  • There are fewer agents representing this insurer in Ohio in comparison to many other major insurance companies.

Best For Young Adults

Overall Rating
4.7

Key Statistics

9/10 Affordability
8/10 Customer Reviews
10/10 Claims
10/10 Coverage Level

Why We Like Them

Transamerica proudly acknowledges its strengths as a company, with a notable one being its ability to offer affordable life insurance rates tailored to young adults. They understand that many young individuals are careful with their finances, particularly when it comes to life insurance. Thus, Transamerica has positioned its life insurance policies to be budget-friendly for these financially conscious consumers who want to maximize their life insurance coverage without straining their budget.

Moreover, Transamerica has taken thoughtful steps in designing its website with young buyers in mind. This demographic values clear and straightforward information that’s easy to access and comprehend. In response to these preferences, Transamerica has ensured that its website is informative and user-friendly, allowing customers to navigate their options effortlessly. Transamerica firmly believes that everyone, regardless of age or budget, should have the opportunity to access the protection and peace of mind that life insurance provides.

Life insurance companies face hurdles when it comes to attracting younger buyers. Many young adults tend to delay realizing the importance of life insurance, often waiting until they marry or start families. Nonetheless, companies like Transamerica continue to focus on reaching this demographic because of their lower mortality rates, which ultimately lead to higher profits.

Among the companies we evaluated, Transamerica received the lowest customer service rating. This could be attributed to their reliance on independent insurance agents for both sales and service. In some cases, independent agents who work independently may need to improve their customer service in this aspect.

Benefits & Drawbacks

Benefits
  • Purchasing term life insurance online is a convenient option.
  • Life Insurance policy face amounts can reach as high as $10 million.
  • Qualified applicants can secure life insurance coverage of up to $2 million without the need for a medical exam.
Drawbacks
  • The minimum face amount for term life insurance is established at $25,000.
  • Customer service satisfaction scores are relatively lower compared to those of competitors.

Best For Smokers

Overall Rating
4.6

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

Nationwide is a highly regarded company with a significant presence through local offices for both sales and service. Their slogan, “Nationwide is on your side,” holds particular appeal for smokers in Ohio seeking life insurance. While Nationwide’s rates for smokers are slightly higher compared to leading competitors, our assessment indicates that it still stands out as the top choice for smokers. This is primarily due to its competitive rates, easy agent accessibility, and exceptional customer service.

If you’re a smoker looking for life insurance, it’s crucial to understand that your premiums will generally be higher compared to non-smokers. However, there’s an opportunity to lower your rates to a level comparable to non-smokers if you can demonstrate that you’ve refrained from smoking for 12-24 months, depending on the insurance company’s life insurance plans. To achieve this, you will likely need to undergo a paramedical examination and a blood test to confirm the absence of nicotine in your bloodstream.

Benefits & Drawbacks

Benefits
  • Nationwide life insurance policies are available through an extensive network of well-trained agents.
  • Offers a diverse range of life insurance products.
  • Features numerous offices conveniently situated throughout Ohio.
Drawbacks
  • No online applications are available for life insurance products.
  • The exclusive option to purchase policies through Nationwide agents.

Best For Cheapest Life Insurance

Overall Rating
4.8

Key Statistics

10/10 Affordability
9/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

When it comes to buying life insurance, price matters in today’s economy. MassMutual is a solid choice because it provides affordable premiums and generous life insurance coverage. While their whole and universal life insurance policies may not be the cheapest, MassMutual typically offers substantial coverage amounts for term life insurance, as permanent life insurance tends to be more expensive.

Nationwide is a reputable company with many local offices for sales and service. Their slogan, “Nationwide is on your side,” holds true for smokers in Ohio seeking life insurance. Although Nationwide’s smoker rates are slightly higher than some of its top competitors, our evaluation suggests that it’s the best choice for smokers due to its competitive rates, easy agent accessibility, and excellent customer service.

Benefits & Drawbacks

Benefits
  • Possesses an extensive network of well-trained agents specializing in MassMutual policies.
  • Offers a wide array of life insurance products.
  • Presents the most competitive rates among the choices we evaluated for life insurance in Ohio.
Drawbacks
  • Does not provide the option for online applications when purchasing life insurance products.
  • Restricts purchases exclusively to MassMutual agents.

Best For Customer Service

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims
8/10 Coverage Level

Why We Like Them

J.D. Powers has consistently recognized State Farm as a life insurance company with exceptional customer satisfaction ratings. This acknowledgment highlights State Farm’s unwavering commitment to providing top-tier service to its policyholders, which is not surprising given its extensive network of agents in the field, surpassing that of any other insurance company in the United States.

State Farm is widely respected for its steadfast dedication to exceptional customer service, a quality highly prized by its policyholders. What distinguishes the company is its extensive array of local neighborhood offices, seemingly ubiquitous. This enables policyholders to have in-person meetings with their local agent, ensuring they receive all the sales assistance and policyholder service they may require.

State Farm is renowned for its exceptional customer service and prompt claims processing, which are critical factors in the life insurance sector. This is especially important during periods of family mourning when beneficiaries depend on their life insurance provider for quick and compassionate assistance.

Benefits & Drawbacks

Benefits
  • Has substantially fewer customer complaints than the industry average.
  • Maintains top financial ratings for its claims-paying ability.
  • Features the largest agent network, surpassing any other insurer.
Drawbacks
  • Policies can only be obtained through State Farm agents.
  • Provides a limited selection of riders.

Largest Life Insurance Companies In Ohio

Ohio boasts a multitude of life insurance companies. Below, we present the five largest ones, ranked by their market share:

Life Insurance Company Market Share
New York Life 9%
State Farm 7%
Northwestern Mutual 6%
Primerica 3%
Southern Farm Bureau Life Insurance 3%

Average Cost Of Life Insurance In Ohio For smokers

Life Insurance Company Average Monthly Cost
MassMutual $104
State Farm $106
Nationwide $108
Transamerica $115
Mutual of Omaha $118

*Rates based on $632,000 of 20-year term life for a 30-year-old male smoker

Average Cost Of Life Insurance For Young Adults In Ohio

Life Insurance Company Monthly Cost
Mutual of Omaha $13
MassMutual $16
Transamerica $17
Nationwide $19
Progressive Life $23

*Rates are for a 25-year-old male nonsmoker that purchases a $250,000 20-year term life insurance policy.

Average Cost Of Life Insurance In Ohio For Females

Life Insurance Company Rates for $250,000 Coverage Rates for $632,000 Coverage
Mutual of Omaha $10 $14
MassMutual $9 $14
Nationwide $10 $21
Transamerica $13 $26
State Farm $19 $30

*Rates based on a 10-year term life insurance policy for a 30-year-old female nonsmoker

Average Cost Of Life Insurance In Ohio For Males

Life Insurance Company Rates for $250,000 Coverage Rates for $632,000 Coverage
MassMutual $9 $16
Nationwide $10 $16
Mutual of Omaha $10 $17
Transamerica $14 $29
State Farm $18 $32

**Rates based on a 10-year term life policy for a 30-year-old male nonsmoker

Average Cost Of Life Insurance For Seniors In Ohio

Life Insurance Company Monthly Cost
MassMutual $39
Mutual of Omaha $42
Nationwide $46
State Farm $54
Progressive Life $72

*Based on $75,000 of coverage for a 60-year-old male non-smoker buying a 10-year term life contract.

Factors That Impact The Cost Of Your Life insurance In Ohio

The cost of life insurance in Ohio can be influenced by several key factors, including:

  • Your choice of insurance provider
  • Your age
  • Gender
  • Health status
  • Smoking habits
  • Credit score
  • The inclusion of policy riders

It’s a common trend for men to face higher premiums than women, mainly due to their typically shorter lifespans. Similarly, smokers often contend with increased costs as a result of their shorter life expectancies. In Ohio, insurance companies might also consider your credit score when determining your insurance rate.

Additionally, the addition of riders such as disability waiver of premium or child riders can lead to an overall increase in the cost of your insurance policy.

How To Find The Best Life Insurance Company For You

When considering life insurance options in Ohio, it’s crucial to recognize that there’s no one-size-fits-all solution. At Insuranceopedia, we acknowledge the uniqueness of each person’s circumstances. That’s why we evaluate multiple insurance providers and present awards in various categories. To discover the most suitable life insurance tailored to your specific requirements, we recommend following these three steps:

  1. Determine your life insurance coverage needs: Many life insurance companies offer ‘life insurance calculators’ on their websites to assist you in determining the right coverage amount for your situation.
  2. Compare three companies: It’s prudent to compare not only rates to save money but also the financial stability of insurance companies. While competitive rates are important, they won’t be of much use if your insurer can’t fulfill your claims.
  3. Apply for coverage: When it comes to buying life insurance, procrastination can be costly. Many potential policyholders fail to complete the process, so taking prompt action is vital. Your family’s financial well-being depends on it.
 

How Much Life Insurance Do You Need In Ohio?

The appropriate amount of life insurance can vary depending on your individual circumstances. For example, those who own homes often require more life insurance coverage than renters. Individuals with dependents, such as children, may also find it necessary to have higher levels of protection.

Insurance professionals often recommend securing coverage that is equivalent to 10 to 20 times your annual income to ensure adequate financial security for your loved ones. For instance, if your yearly earnings amount to $75,000, it’s advisable to consider coverage ranging from $750,000 to $1.5 million.

Ohio Life Insurance Laws To Know

When exploring life insurance options in Ohio, it’s important to familiarize yourself with the state’s specific insurance regulations aimed at safeguarding policyholders. These regulations include:

Free Look Period

Upon receiving your insurance policy from the life insurance company or agent, you have a 10-day window to review it. During this period, if you decide that you do not want to proceed with the policy, you can return it without incurring any penalties and receive a full refund of the premiums you have already paid to the insurance company.

Grace Period For Missed Payments

In case you miss a payment, Ohio law provides a 30-day grace period during which you can still make the payment without losing your coverage.

Contestable Period

Under Ohio law, life insurance companies have the authority to contest a claim if they discover false or misleading information on the policyholder’s application within two years of the policy’s effective date. However, after this initial two-year period, insurers are no longer permitted to contest the application based on any inaccuracies.

Timeframe For Claim Settlement

To receive benefits, beneficiaries are required to file a claim with the insurance provider. Once a claim is filed, all life insurance companies operating in Ohio are obligated to settle the claim within 30 days.

 

FAQs

Is life insurance more expensive in Ohio?

The pricing of life insurance in Ohio closely aligns with rates in other states. It’s common for insurance companies to adjust premiums when they’ve disbursed more claims than originally anticipated.

What is the average monthly cost of life insurance in Ohio?  

On average, the monthly cost of life insurance in Ohio for a 30-year-old male can be as economical as $9.99, providing life insurance coverage of $250,000. Similarly, for a female in the same age group, the monthly premium can be as low as $9.40.

How much per month is a million-dollar life insurance policy in Ohio?  

Our investigation indicates that MassMutual offers the most appealing rate for a $1 million 10-year term life insurance policy in Ohio, featuring a monthly premium of just $25.

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