August | 2023
Life Insurance Evaluation Urged During Life Insurance Awareness Month
by Judith L. French, Director
September is Life Insurance Awareness Month and an ideal time for Ohioans to engage in the process of evaluating life insurance as part of their financial planning, especially the financial impact of losing a primary wage earner.
Losing a primary wage earner can create considerable financial havoc for a family. One study found that nearly half of American households would encounter significant financial difficulties within six months and more than a quarter would reach this point in only one month.
To help avoid this predicament, insurance professionals are available to help Ohioans ensure they are truly financially protected. Life insurance policy proceeds can pay for burial and other end-of-life expenses, help temporarily replace a primary wage earner’s income, fund ongoing expenses, and pay other debts left behind.
An insurance agent can explain the different life insurance coverage options, adequate amounts of coverage, and the cost, making what can be a complicated purchase much less intimidating and an appropriate fit for a person's insurance needs and budget.
In addition, educational life insurance information is available from the Ohio Department of Insurance, and our representatives are reachable at 800-686-1526 and consumer.services@insurance.ohio.gov to answer any questions. The National Association of Insurance Commissioners is also a reliable resource for life insurance insights.
|
 |
Missing Life Insurance Policy Locator Helps Find Unclaimed Funds
Director French reminds Ohioans during September Life Insurance Awareness Month that a free, web-based search service is available to help connect with deceased loved ones’ lost life insurance policies and annuity contracts, and unclaimed life insurance funds/proceeds. The Life Insurance Policy Locator, provided by the National Association of Insurance Commissioners, requires only basic information to get started.
ODI Issues Fiscal Year 2022-2023 Annual Report
The Ohio Department of Insurance has issued its fiscal year 2022-2023 annual report.
The annual report includes a letter from Director French highlighting why Ohio is The Heart of Insurance as well as information about the department's priorities and objectives, recent accomplishments, and insurance company financial information.
|
NAIC Summer Meeting Special Committee on Race and Insurance Recap
During the recent National Association of Insurance Commissioners Summer National Meeting, regulators on the Special Committee on Race and Insurance gave updates on how the committee's workstreams dealing with life insurance, property and casualty insurance, and health insurance are progressing.
Director French shared insights into the life insurance workstream's efforts, noting that the group is zeroing in on marketing, distribution, and access to life insurance products, including the role of financial literacy. The group is moving forward with the development of a resource guide to address issues in this area in conjunction with the NAIC's Diversity, Equity, and Inclusion Division as well as state diversity leaders.
Director French Talks Insurance and Innovation
Director French visited in early August with leadership and other employees from Branch, an insurtech company, in Columbus to get their thoughts on how Ohio can continue to be a leading state for insurance innovation. She also, among different topics, spoke about the department's Emerging Products and Innovation Initiative, which provides quick feedback to insurers as they explore new approaches and products while ensuring consumer protections are in place.
|
Disaster Preparedness and Adequate Insurance Protection
September is National Preparedness Month and the Ohio Department of Insurance urges Ohioans to examine their insurance protection to ensure adequate financial protection when disaster strikes, especially for flooding. Just one inch of floodwater can cause $25,000 of damage to a home. National Preparedness Month is an observance each September to raise awareness about the importance of preparing for disasters and emergencies that could happen at any time.
|
Statewide Events Underway to Prepare Ohioans for Medicare's Fall Open Enrollment
The Ohio Senior Health Insurance Information Program (OSHIIP) has started its virtual and on-site statewide Medicare Checkup events to help Ohioans prepare for Medicare's Oct. 15 to Dec. 7 open enrollment period to select coverage for 2024. OSHIIP is a program of the Ohio Department of Insurance and the state's official Medicare educational and counseling program.
During the events, participants will learn Medicare fundamentals, changes, how to compare plans, prescription drug coverage options, and ways to save money. The events are presentation-only until Oct. 15 when plan comparisons and counseling services become included in most events.
|
 National Recovery Month Theme Emphasizes Recovery is Possible for Everyone
September marks National Recovery Month and the theme “Every Person. Every Family. Every Community.” emphasizes that recovery is possible for everyone. Treatment can save a life and can help people with substance use disorders recover from addiction’s powerful effects. Treatment and recovery make it possible for individuals, families, and communities to heal and thrive.
The Ohio Mental Health Insurance Assistance Office, which is part of the Ohio Department of Insurance, can help Ohioans understand and navigate insurance complexities in order to get the treatment that they need. Ohioans who are experiencing a mental health or addiction crisis, and their family members, can call, text, or chat the 988 Suicide & Crisis Lifeline to reach a trained specialist who can offer help and support.
|
