Purchasing life insurance is an essential part of long-term financial planning, especially for those financially responsible for others. Life insurance provides for your family and prevents financial hardship if you die unexpectedly. Our partners at ConsumerAffairs researched the best life insurance in Cleveland to help guide you with this critical decision.
Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. News 5 may receive compensation from our partners. Learn more.
While no one likes to think about death, preparing for unexpected tragedy is an essential part of your overall financial and estate plan. Life insurance eases the financial burden on those who depend on you for support and prevents economic hardship, covering costs including mortgage payments, education for your children and funeral expenses.
While many employers in Cleveland offer life insurance to all employees as a standard benefit, the coverage amount is likely insufficient for those with a family. The majority of these policies also terminate if you no longer work for the company.
The two main types of life insurance in Cleveland are:
Term life insurance provides life insurance coverage for a specific time period, usually between one and 30 years. These policies are affordable but give no return on investment if you live beyond the term of the policy.
Whole life insurance provides life insurance coverage for the span of your entire life and earns interest at a predetermined rate. These policies generally have higher premiums but a guaranteed return on investment.
Universal life insurance is a variation of whole life. For these policies, a portion of your premium is placed in a cash value account that earns interest at market rates. These policies tend to be more flexible and have lower premiums than standard whole life insurance policies.
You should use an experienced insurance agency or broker when shopping for a life insurance policy. These companies will assist you with key considerations and help you choose the amount of coverage you’ll need to keep your family financially secure.
Because of the importance and high value of life insurance policies, choosing a reputable life insurance provider is vital. The company needs to be financially stable to ensure it will be there when you need the policy honored. The National Association of Insurance Commissioners’ 2017 Market Share Report shows Ohio’s leading life insurance providers.
Largest life insurance companies in Ohio
Northwestern Mutual Group
New York Life Group
Prudential of America Group
Lincoln National Group
Life insurance companies in Cleveland consider multiple variables when calculating premiums. Your life expectancy is a significant factor, and your premium is likely to increase based on your age and current health. Those who are overweight, smoke or have a family history of cancer or heart disease are likely to pay higher premiums.
Men usually have higher premiums because they have a shorter life expectancy. Other factors may include your driving record and whether you work in a hazardous occupation.
Policygenius allows insurance shoppers to receive side-by-side quotes on plans from multiple life insurance providers. The company has assisted more than 4 million people to purchase life insurance policies to protect their family’s financial security. Customers from Cleveland say Policygenius’s process is quick and seamless.
EverQuote assists consumers to obtain life insurance quotes online with no obligation. The company provides a quote request form that allows you to receive rates from a variety of companies. Cleveland customers said the quote request was straightforward, but some people found they received an excessive number of sales calls after receiving quotes.
Neverman Insurance Agency
Neverman Insurance Agency is a local company founded in 1979. The independent agency puts a strong focus on building relationships with its customers and works with multiple insurance providers to find a policy that fits your needs. Customers from Cleveland give the agency high marks and say the policies are competitively priced.
Brooks & Stafford
Brooks & Stafford has been offering insurance to Cleveland residents since 1849. The agency believes in educating its customers and guiding them in the right direction. Reviews from Cleveland customers praise the company’s agents for taking the time to explain the different types and levels of insurance available to them.
Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.
Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.