Term Life Insurance Ohio
Looking for the Best Rates on Term Insurance in Ohio?
If so call Pathway Insurance at 800-998-0662 or 513-662-7000. We are a leading insurance agency offering the best rates on term life insurance in Ohio.
Why You May Want to Rethink Purchasing a 10 Year Level Term Policy.
When life insurance companies or agencies advertise their premium rates it’s very common for the company to advertise rates on the 10 year level term policy for premium rate comparisons.
However you may want to avoid purchasing a 10 year level term policy unless you need your life insurance to end in exactly 10 years.
Why Should You Avoid the 10 Year Level Term Policy?
The principal reason to avoid the ten year level term policy is that you may need life insurance coverage that lasts longer than 10 years.
Selecting this option initially might end up causing you to pay thousands of extra dollars later or be denied coverage later!
The hidden danger when you purchase the 10 year level term policy.
The term policy is only designed to last for a limited period of time, so when you purchase a 10 year level term policy the policy is only intended to last 10 years.
What happens when you need protection longer than 10 years?
At the end of the 10 year period of time you will receive a notice from your life insurance company that your premiums will be going up. (Considerably)
When a Term Policy Expires, Premiums will Increase Substantially.
You might be in for a bit of a shock when you receive your bill after the expiration of the initial period of time that premiums were guaranteed because your premiums will increase by a factor of 7-10 – 20 times or more for the same coverage!
So in other words you may have paid $20 per month previously but now your new rates may be a minimum of $140 per month or more! (True)
These details are contained in your guaranteed premium summary of your life insurance policy and you should read that information carefully.
The 10 year level term policy is essentially designed to self-destruct after the initial period of time has expired.
In reality companies want you to re-apply for a new policy and because life insurance is based on your current age, your rates will inevitable be more ten years later.
In the next article we will explain the other hidden danger when purchasing the 10 year level term policy.
Need the best option for Ohio Term Life Insurance?
Call the experts at 800-998-0662 or 513-662-7000. Pathway Insurance is a leading independent agency in Cincinnati offering the best rates on Ohio life insurance.
Term insurance offered in the following areas:
- Cincinnati Term Life Insurance
- Dayton Term Life Insurance
- Columbus Term Life Insurance
- West Chester Term Life Insurance
- Cleveland Term Life Insurance
- Hamilton Term Life Insurance
- Norwood Term Life Insurance
- Akron Term Life Insurance
- Toledo Term Life Insurance
- Middletown Term Life Insurance
- Fairfield Term Life Insurance
- Canton Term Life Insurance
- Zanesville Term Life Insurance
- Huber Heights Term Life Insurance
- Lima Term Life Insurance
- Findlay Term Life Insurance
- Euclid Term Life Insurance
- Lakewood Term Life Insurance
- Youngstown Term Life Insurance