Life Insurance
We know the ins and outs of insurance.

Ellerhorst Russell Life Insurance Company
What is Life Insurance?
Life insurance is simply a contract between you as the policy owner or policyholder and an insurer that protects your family and loved ones in case of your death. Most life insurance will pay a lump sum to the beneficiaries of the policy when the insured person dies. This lump sum is known as a death benefit.
To ensure the policy remains in force, the policyholder needs to pay either a single premium or regular monthly premiums over a period of time. Monthly premiums are among the most common ones.
What Are the Different Types of Life Insurance?
List Of Specific Types Of Life Insurance

Term Life
Term life insurance lasts for a certain number of years which you choose when you sign the contract. Common terms are ten, 20, or 30 years. After that period, the insurance ends. These policies allow you to balance affordability and financial performance in the long term.
Within term life insurance policies, there are three main subtypes.
Decreasing Term
Convertible Term
Renewable Term

Permanent Life
Unless you cancel your policy or stop paying premiums, permanent life insurance remains in force for the rest of the policyholder’s life. Generally, these policies are more expensive than others.
Again, there are a few different subtypes.

Whole Life
Universal Life
Variable Life
Indexed Life
Which type of life insurance should you choose?
The one that suits you best would be the simplest answer. However, once you look a bit more closely, you may notice that choosing the right policy involves additional considerations.
Most life insurance buyers have a limited budget available for premiums. Most of the time, term life insurance is far more affordable for them. Not only is the coverage limited to several years. Premiums are also lower because you are not building a cash value
Some Of The Most Influential Criteria For Life Insurance

Lifestyle

Age
In most cases, buying life insurance when you are younger will lead to lower premiums.
Age is a significant factor in determining life insurance premiums. As people get older, their chances of developing health issues increase, which means they pose a higher risk to insurers. This results in higher premiums for older individuals. It’s important to secure life insurance early on to lock in lower rates and ensure coverage for loved ones.


Term vs Permanent Insurance

Length of Term Insurance


Coverage Amount

Medical History

Reasons to Get Life Insurance
Just Married
Buying a House with a Mortgage
Speaking of making big commitments, buying a house with a mortgage is one of the biggest purchases many individuals and couples make during their lifetime. Some types of life insurance allow you to use the cash value in the insurance toward securing a loan.
In addition, you can use a life insurance policy to cover the remaining mortgage payments in case of your death. This would allow your loved ones to inherit the property without financial concerns.
Expecting a Child or Increasing Protection for Your Children
Expecting a baby is an exciting time, and raising kids is among the most rewarding things adults can do. But having kids also comes with growing responsibilities.
Covering the cost of their college education or helping them start a business can put a financial burden on the family or become impossible in case one parent dies. Buying life insurance to benefit your children can mitigate those risks and give them the best opportunities possible.
The Short and Simple of Ohio Life Insurance
Life insurance is an essential tool for securing your financial future and providing for your loved ones in the event of your passing. At Ellerhorst Russell Insurance Agency, we offer a range of insurance products designed to meet your unique needs and budget.
Our entire life policies provide lifetime coverage and build cash value over time, offering a combination of financial security and investment potential. We understand that life happens, and our policies are designed to help you weather any storms that come your way.
In addition to life insurance, we also offer health insurance options to ensure that you and your loved ones are protected against unexpected medical expenses. We pride ourselves on our financial strength and stability, which gives our policyholders peace of mind knowing that their coverage is backed by a reliable and reputable company.
Whether you’re planning for retirement, starting a family, or simply looking to secure your financial future, we have the expertise and resources to help you make informed decisions about your insurance coverage. Contact us today to learn more about how we can help you achieve your financial goals.
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Frequently Asked Life Insurance Questions
What is Ohio life insurance?
What types of Ohio life insurance policies are available?
How much Ohio life insurance coverage do I need?
Do I need a medical exam to get Ohio life insurance?
What is the difference between term and whole life insurance in Ohio?
How much does Ohio life insurance cost?
What is the Purpose of Life Insurance?
A life insurance policy protects your family and loved ones financially if you should die. In the policy, you determine beneficiaries, such as your spouse or your children. They receive a payment known as the death benefit which they can spend as they see fit.
Your death may seem like a hard thing to consider or talk about with your family. But taking a proactive approach by choosing the most suitable life insurance can help ease the pain and grief for your loved ones later. At the very least, they won’t have to contend with financial worries at a difficult time.
Certain types of life insurance can also make it easier to build wealth or get access to loans.
What’s the Best Age to Get Life Insurance?
There is no single recommended age at which you should consider getting life insurance. As a rule, policy premiums tend to be lower for younger people. As policyholders get older, many life insurance companies consider them to be a bigger risk and offer higher premiums.
For many Americans, buying life insurance is connected to a milestone in their life. Getting married, starting a family, or getting a mortgage are among the most common reasons that people look for life insurance. However, there is no right or wrong time to buy a policy.
If you feel that you and your loved ones deserve the peace of mind of knowing that they will be financially secure should something happen to you, don’t hesitate to get in touch with our experienced team.