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Life Insurance

Ellerhorst Russell Insurance Agency will work with you closely to understand your needs and make sure you’re properly protected. We know the ins and outs of insurance.

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Most Americans have heard of life insurance. You may even have a vague idea that it would be beneficial to protect yourself and your loved ones by purchasing a life insurance policy. But what exactly does life insurance cover, and are there any pitfalls you need to look out for?

Ellerhorst Russell Life Insurance Company

How can you tell that a life insurance policy is right for you? To answer these and other questions, look no further than our team at Ellerhorst Russell Insurance Agency. With expert knowledge of the life insurance industry and a deep love for our community, we’re here to help you find the policy that best suits your needs. Here are some of the key considerations and answers to your questions.

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?

Although many life insurance policies follow similar principles, different types will fit different circumstances. Take a look at these key distinctions. Understanding these will help you make the right choice.
The image depicts a scene of an insurance agent explaining the details of term life insurance to two customers. The customers, a man and a woman, appear to be attentively listening to the agent while looking at paperwork on a desk. The man is dressed in a casual jean button-up shirt, and the woman is wearing a professional white button-up shirt. The agent is dressed in a white button-up shirt and a navy sport coat, conveying a professional demeanor. The image captures the importance of understanding the details of term life insurance before making an informed decision.
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
This type of insurance is renewable and offers decreasing coverage over the term of the insurance. When the decrease happens is usually predetermined when you sign the contract.
Convertible Term
Convertible term life insurance lets you convert a term-limited policy into its unlimited counterpart.
Renewable Term
Renewable term life insurance lasts for a year from the date it is bought. Because premiums tend to increase with every renewal, this type is often the cheapest at the time of purchase.
In the image, there are two customers, an insurance agent, and a cute dog sitting on the lap of one of the customers. The customers appear to be happy and relaxed while looking at paperwork. One of the customers is holding a pen, ready to sign, while the other is holding a notebook. The insurance agent is wearing a white button-up shirt and a navy sport coat, while the customers are dressed casually. The image seems to convey a sense of trust, security, and happiness, suggesting that permanent life insurance can provide peace of mind for the entire family, including furry friends.
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.

In the image, there are two customers, an insurance agent, and a cute dog sitting on the lap of one of the customers. The customers appear to be happy and relaxed while looking at paperwork. One of the customers is holding a pen, ready to sign, while the other is holding a notebook. The insurance agent is wearing a white button-up shirt and a navy sport coat, while the customers are dressed casually. The image seems to convey a sense of trust, security, and happiness, suggesting that permanent life insurance can provide peace of mind for the entire family, including furry friends.
Whole Life
Whole life insurance should accumulate enough cash to last the insured person, or beneficiary, a lifetime. As the policyholder, you can use the accumulated cash value as a source of loans or cash. You can even pay policy premiums with it.
Universal Life
Universal life (UL) insurance has flexible premiums, and its cash value component can earn you interest. Policyholders can also choose between a level death benefit or an increasing one, depending on their preference.
Variable Life
This type of life insurance allows you to invest part of the cash value into a separate account. Like UL, premiums are flexible, and you can choose between level and increasing death benefits.
Indexed Life
Indexed life insurance not only protects your loved ones but can also help build wealth while you are accumulating a death benefit. Insurance companies do this by investing part of the premiums into annual renewable life insurance. You may receive interest on a monthly basis.

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

Two women are seen exercising in a brightly lit gym with exercise equipment in the background. One of the women is lifting weights while the other is jogging on a treadmill. Both women are wearing fitness clothing and sneakers. The image suggests the idea of leading a healthy and active lifestyle in order to maintain good health, which can in turn help to lower the cost of life insurance.
Lifestyle
Put simply, if you are a skydiver, your life insurance premiums will be among the most expensive. Many life insurance companies may even refuse to offer coverage to people who engage in extreme sports. Activities like this are considered to be high risk by insurers. If your hobbies fall into this category, you may need to look for specialist coverage.
A group of senior citizens are seen exercising using resistance ropes at a local fitness center. The two women are holding onto the ropes while the man is stretching one of the ropes. This image is intended to illustrate how exercise and maintaining an active lifestyle can impact the cost of life insurance for seniors.
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.

A group of senior citizens are seen exercising using resistance ropes at a local fitness center. The two women are holding onto the ropes while the man is stretching one of the ropes. This image is intended to illustrate how exercise and maintaining an active lifestyle can impact the cost of life insurance for seniors.
The image depicts a scene of two individuals in a home office, listening to an insurance agent discussing the differences between term life insurance and permanent life insurance. Both individuals appear to be engaged in the conversation, with one of them holding a pen, presumably getting ready to sign up for a life insurance policy. The other individual is holding a notebook, perhaps taking notes or gathering information. The insurance agent is holding a clipboard, possibly containing more detailed information about the insurance policies. The image highlights the importance of understanding the differences between term and permanent life insurance and making an informed decision based on individual circumstances.
Term vs Permanent Insurance
Because they are limited in duration, term policies are significantly cheaper than permanent life insurance plans. If you struggle to afford a permanent policy now, consider looking for a convertible option.
An insurance agent is sitting in the living room of an elderly couple, explaining the length of term life insurance. The couple is attentively listening to the agent, sitting on a comfortable couch. The agent is holding a document, likely an insurance policy, and gesturing as he speaks. The room is well-lit and decorated with photos and plants.
Length of Term Insurance
The longer the insurance term, the higher the premium tends to be. For example, a ten-year policy is generally cheaper than a 30-year policy. If you are looking to cover a long term, don’t forget to check permanent policies, too.
An insurance agent is sitting in the living room of an elderly couple, explaining the length of term life insurance. The couple is attentively listening to the agent, sitting on a comfortable couch. The agent is holding a document, likely an insurance policy, and gesturing as he speaks. The room is well-lit and decorated with photos and plants.
An image of a desk with a model house, laptop, and clipboard, representing coverage amount of life insurance. Two hands are visible, one signing the paperwork on the clipboard while the other is touching the model house, indicating protection for the home and loved ones.
Coverage Amount
The higher the death benefit of your policy, the larger the premiums will be. Choose a policy depending on the costs you would like to cover, such as funeral expenses or a loved one’s college education.
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Medical History
Life insurance companies take into account your current health, your medical history, and your family’s medical history. This is how they assess the level of risk associated with having you as a customer.
A girl is sitting on an examination table in a doctor's office, holding a white teddy bear with a stethoscope placed on the bear's chest. A doctor is listening to the stethoscope while the girl's mother stands beside her, both looking on with smiles.

Reasons to Get Life Insurance

Do you need life insurance? For many people, life insurance delivers the peace of mind that loved ones will be financially secure in case of their death. Aside from that, there are a few other milestones when it’s worth considering getting this type of insurance.

Just Married

Getting married is about more than having an amazing day with family and friends. It’s about making a lifetime commitment to another person. Protecting them in case of your death is only natural.

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.

How Do I Get A Quote?

Ellerhorst Russell Insurance Agency will work with you closely to understand your needs and make sure you’re properly protected.
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Frequently Asked Life Insurance Questions

Ohio life insurance is a contract between an individual and an insurance company that provides a death benefit to the individual’s beneficiaries upon the individual’s death in exchange for premium payments.
There are several types of Ohio life insurance policies available, including term life insurance, whole life insurance, universal life insurance, and variable life insurance. Each type of policy has its own unique features and benefits.
The amount of Ohio life insurance coverage you need depends on a variety of factors, including your income, debts, and financial obligations, as well as the needs of your beneficiaries. It’s important to work with a licensed insurance agent to determine the appropriate coverage amount for your situation.
Whether or not you need a medical exam to get Ohio life insurance depends on the type of policy you’re applying for and the insurance company’s underwriting guidelines. Some policies may require a medical exam, while others may not. It’s important to review the policy requirements before applying.
Term life insurance provides coverage for a specified period of time, typically 10, 20, or 30 years, while whole life insurance provides coverage for the policyholder’s entire life. Whole life insurance also has a cash value component that can grow over time and may be used to borrow against or supplement retirement income.
The cost of Ohio life insurance varies depending on a variety of factors, including the policyholder’s age, health, and coverage needs. Generally, term life insurance is less expensive than whole life insurance because it provides coverage for a limited time period.

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.

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.

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