Life Insurance in Ohio
Locally Based in Dayton, OH. Serving Clients Throughout Ohio
Life insurance can help provide financial support for loved ones, family members or even a charity after your death. While choosing a policy can seem complicated, the agents at Universal Insurance Agency are here to simplify the process for you. Contact us today to start evaluating your life insurance options.
Can You Have Multiple Life Insurance Policies at the Same Time?
Yes, many people hold more than one life insurance policy. Someone might keep a term policy for a mortgage and add a permanent policy for long-term goals. Insurers usually review total coverage against income and financial need during underwriting, so an agent can explain how several policies fit together.
What Happens to a Life Insurance Policy When the Owner Dies Before the Insured?
When the owner and the insured are different people, the policy does not simply end if the owner dies first. Ownership typically passes to a successor owner named in the policy or to the owner’s estate, depending on the paperwork. The new owner then decides whether to keep the policy active, so it helps to name a successor owner early and review that choice with an agent.
Does Life Insurance Pay Out for Suicide After the Contestability Period?
Many policies include a suicide clause that limits benefits during an initial window after the policy begins. Once that window closes, a death by suicide is often treated like other causes of death under the policy terms. Because wording differs from one insurer to the next, the policy itself and an agent are the best sources for the details that apply.
Can a Life Insurance Company Deny a Claim After Two Years?
Yes, a denial is still possible after the contestability period ends, though the reasons become more limited. An insurer may deny a claim for issues such as lapsed premiums, a death that falls under a policy exclusion or fraud.
Is Life Insurance Cash Value Counted as an Asset for Medicaid Eligibility?
Cash value can be counted as an asset when Medicaid reviews eligibility, though the outcome depends on the type of policy and the rules in the applicant’s state. Some policies have a face value or cash value that factors into the review, while others may be treated differently.
Life Insurance Policy Options
Life insurance policies fall into two categories: term life and permanent life. We offer a variety of life insurance options tailored to fit the unique needs of our clients, including the following:
- Term life insurance may be ideal for short-term coverage needs. This type of life insurance policy generally provides coverage over a specified period, typically 10, 20, or 30 years. This straightforward policy pays a death benefit in an amount you choose so long as the policy is in force when you pass away. Term life insurance can help ensure your loved ones can maintain their lifestyle, even in your absence.
- Permanent life insurance is designed to provide lifelong coverage that can also build cash value over time. This long-term solution can also serve as a financial asset. Depending on the type of policy you choose, it may offer flexible premiums and adjustable benefits, combining the perks of term and whole life insurance.
Why Buy Life Insurance?
Life insurance can be the cornerstone of your financial plan. It can help your family cover outstanding secured debts, mortgages and educational expenses after you pass away. Some people purchase life insurance to help create an inheritance or make charitable donations as part of their lasting legacy.
Contact Us
Reach out to Universal Insurance Agency in Dayton, OH, today to discuss your life insurance options. We can help you compare quotes from multiple reputable insurers.