Ohio National is one of the trusted life insurance companies in the United States. At LifeQuote, we strive hard to present our visitors with the knowledge required to make the right choice when it comes to choosing a carrier and a life insurance policy that best suits their needs.
This Ohio national life insurance review focuses on company’s product offerings, company’s ratings, strengths, weak points and recommendations for those who are considering Ohio national life insurance company for their policy needs.
Review of Ohio National Life Insurance Company
Let’s finds out if Ohio National is the right life insurance company for you?
About Ohio National
Ohio National Insurance operates under the umbrella of Ohio National Financial Services and has been providing financial services to its customers since 1909. Ohio Started as a stock company and then was converted to a mutual insurance holding company in 1959.
What is a mutual life insurance company?
A mutual life insurance company is completely owned by its policyholders. The profits are either retained within the company or are distributed among the policyholders in the form of dividends or reduced future premiums.
Ohio National Life Insurance Ratings
The company consistently enjoys solid financial ratings from top rating agencies. This consistency shows how well the company is performing and is financially stable.
|Standard & Poor’s||A+||Superior|
In addition to this, Ohio National Financial Services is also an accredited business with the BBB with an A+ rating.
Products Offered By Ohio National Life:
Ohio National offers a variety of financial products to its customers that help them to meet their financial goals. These products include:
Term Life Insurance
Universal Life Insurance
Variable Life Insurance
Whole Life Insurance
Fixed Index Annuities
Coverage for individuals
Coverage for small-business owners
ContinuON Income Solutions
Group Retirement Plans:
Executive Fringe Benefits
Business Owner Needs
Life Insurance Policies by Ohio National:
Ohio National life insurance company offers the following life insurance products:
- Term Life Insurance
- Whole Life Insurance
- Universal Life Insurance
- Indexed Universal Life Insurance
- Variable Universal Life Insurance
Term Life Insurance:
Ohio National offers 10, 15 and 20 years of term life insurance with either a ‘basic or ‘plus’ conversion option.
Basic: It is for those who never intend to convert their policy into a permanent product and are satisfied with the inexpensive death benefit option provided by Term life insurance.
Plus: It offers conversion options so you can change your term life policy into a permanent life insurance policy for only a few dollars per month.
Whole Life Insurance:
Whole life insurance provides an affordable permanent protection as well as builds cash value through its savings component. It also offers specific guarantees including:
- Guaranteed Death Benefit
- Guaranteed level Premiums
- Guaranteed Cash Value Accumulation
Although not guaranteed, the company has been paying dividends to its policyholders for more than 80 consecutive years. This dividend money can be used to buy paid-up additions, paying policy premiums, leave with the company to earn interest or just use the cash as it is.
Another advantage of cash value life insurance is that the death benefit received by your beneficiary is not taxable. Ohio also offers to keep your dividend scale the same even if you choose to access your cash value by a life insurance loan.
Different Whole life insurance policies offered:
Prestige Value III lowest priced whole life option.
Prestige 10 Pay After paying level premiums for 10 years, you are not required to pay any additional premiums.
Prestige 100 requires you to pay premiums up to age 100
Prestige Max II is a limited pay option where premiums are “paid-up” at age 65 (or 10 years after purchase, whichever is later)
Universal Life Insurance
Universal life insurance provides flexible permanent coverage with a guaranteed death benefit. You can even increase or decrease your death benefit amount as your need changes.
UL product choices by Ohio National:
V-Pro UL: Get permanent protection with an affordable premium and cash value accumulation.
Virtus Basic: This provides coverage for children. Policies are available under $100,000. Getting Life insurance for children has proven to be quite beneficial for your kid’s financial future. You can use the money to pay for their school, help them in buying a house or even save them from getting into credit card debts.
Indexed Universal Life Insurance:
A perfect choice for those who need a permanent protection as well as want to accumulate funds for a better financial future.
IUL provides you with:
- A tax-free Death Benefit to your beneficiaries.
- Accumulated cash value. Your accounts are linked to the performance of a specific index.
- The flexibility of taking life insurance loans or cash when needed.
Variable Universal Life Insurance
Variable universal life insurance not only provides you with a death benefit protection but also an opportunity to grow your cash value through investing a broad array of portfolios like stocks, bonds and other financial instruments.
Policies offered by Ohio National:
Virtus VUL: With this product, you can build cash value through allocating your premium account to various registered investment companies. Ohio Life offers more than 60 top-name investment managers and features a dollar-cost-averaging program to help build cash value.
Disability Income Insurance
What if you are not able to earn for your family due to a critical illness or injury? You cannot let your family’s financial future in jeopardy, right? Here is where disability income insurance comes to rescue. Disability insurance provides replacement income to meet your needs and budget if you’re unable to work due to an illness or injury.
Ohio National offers disability coverage policies for individuals and small business owners which includes a business buy-sell policy and a business overhead expense policy.
As with any other life insurance company, Ohio National also has a list of pros and cons. One of the biggest drawbacks seems to be their strictness in underwriting policy guidelines. You may get one of the lowest quotes from them but you really have to struggle hard to actually get the policy because maybe you won’t qualify due to their strict underwriting guidelines. This is where you may need to talk to your life insurance agent and discuss with them to find a solution. Also, Ohio National don’t consider online leads which can be frustrating.
If you are looking at getting a policy from Ohio National life insurance company, why not give the professionals at LifeQuote a call? We work with dozens of top rated life insurance companies and our job is to align you with the company that is best suited to your specific needs.
Give us a call today and discuss your life insurance needs or visit our instant life insurance quotes page and find out how we strive to provide you with cheap life insurance policy.
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