724 Youngstown Warren Rd , Suite 10
Niles, OH 44446
Life insurance in Ohio can help provide cash after your death, which will help beneficiaries deal with the financial consequences as a result. The benefits from a life insurance policy in Pennsylvania or Ohio can be used to pay for the funeral, any leftover debt, create an inheritance, and also replace the income of the deceased. An agent at Ruddy Insurance Group can help you find the right policy for your needs.
Term life insurance in Ohio will offer coverage for a specific period, for example, 30 years. If the policyholder passes away during the term, then the beneficially will receive payment. The downside is that when the term expires, coverage will end. The upside of term life insurance is that it’s a cheaper option since it will end at some point. You can renew term life insurance policies at the end of the term if your health hasn’t changed, but if your health has changed, it may be harder to renew. There are different types of term policies. A yearly renewable term life policy will provide coverage for longer terms. A convertible term policy will allow you to have the option to convert it to a permanent policy in the future.
Permanent life insurance doesn’t expire. There are permanent life insurance policies that also combine a savings portion, where policies build cash value so that the policyholder can borrow funds for specific issues. These can include medical expenses or pay for a college education for a child. There are two different types of this life insurance. Whole life insurance gives coverage for a lifetime, and the savings element will grow at a rate that is guaranteed. Universal life insurance also provides coverage for a lifetime, but the savings element is a little different and earns based on the market with different types of structures for the premium. Even though there is a savings element, you should get permanent life insurance if you plan to keep it for life.
Contact Ruddy Insurance Group, serving Ohio and Pennsylvania, to get a quote on life insurance.