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Ohio National Life Insurance
Company Review
Established in 1909, Ohio National Financial Services has been helping clients for over a century. Its subsidiary, Ohio National Life Insurance, is based in Cincinnati, Ohio and operates as a mutual insurance company, meaning that it is entirely owned by its policyholders rather than detached shareholders.
Today, Ohio National enjoys financial strength and the trust of its consumers through a customer-first attitude and dependable insurance products.
Ohio National Life Insurance
- One Financial Way
Cincinnati, OH 45242
Advantages of Ohio National
As with any mutual life insurance company, there are distinct advantages that set it apart from other competitors. Because its policyholders are essentially its shareholders, Ohio National can focus its priorities on the customers rather than have them split between policyholders and other stakeholders.
This also means that the company’s profits make their way back to the customers through regular dividend payments. On average, Ohio National distributes $94 million per year to its whole life policyholders.
Additionally, Ohio National provides customers with a very wide variety of products. Not only does it deliver the range of life insurance products, but it also gives policyholders growing room with other products such as disability coverage, investment services, and retirement plans. In the end, Ohio National works hard to take care of its policyholders in any way possible.
Disadvantages of Ohio National
While Ohio National certainly takes care of its customers, becoming one is not as easy as it is for other companies. Ohio National is notorious for having strict underwriting guidelines, so approval is far from guaranteed. Likely, this explains the company’s exemplary financial ratings, but it does create an atmosphere of exclusivity. Check with your insurance agent before taking the time to apply.
Available Products
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-year term life policies with either a “basic” or “plus” conversion option.
Basic: which 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: which 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 affordable permanent coverage and builds cash value through its savings component. It also offers specific guarantees including:
- Guaranteed death benefit
- Guaranteed level premiums
- Guaranteed cash value accumulation
Another advantage of cash value life insurance is that the death benefit received by your beneficiary is not taxable. Ohio National also offers to keep your dividend scale the same even if you choose to access your cash value through a life insurance loan.
Although they are not guaranteed, the company has been paying dividends to its policyholders for more than 90 consecutive years. This dividend money can be used as cash, to buy paid-up additions, to pay policy premiums, or to leave with the company to earn interest.
Here are some of the whole life policies offered by Ohio National:
Prestige Value III: This is the least expensive whole life option.
Prestige 10 Pay: With this policy, after paying level premiums for 10 years, you are not required to pay any additional premiums.
Prestige 100: This policy 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 needs change.
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 their financial future. You can use the money to pay for their school, help them purchase a house, or even save them from getting into credit card debt.
Indexed Universal Life Insurance:
A perfect choice for those who need permanent protection but also want to accumulate funds for a better financial future. IUL provides you with:
- A tax-free death benefit for 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 in a broad array of vehicles like stocks, bonds, and other financial instruments.
Virtus VUL: With this product, you can build cash value by allocating your premium account to various registered investment companies. Ohio Life partners with more than 60 top-name investment managers and features a dollar-cost-averaging program to help build cash value.
Disability Income Insurance
If you are not able to earn for your family due to a critical illness or injury, disability insurance provides replacement income to meet your needs and budget if you're unable to work. Ohio National offers disability coverage policies for individuals and small business owners, including a business buy-sell policy and a business overhead expense policy.
Ohio National Ratings
Having confidence in the financial strength of an insurance company is paramount to making the right choice for your coverage. Choosing a company that goes out of business while your policy is in force can be disastrous depending on your state. Take a look at how Ohio National stacks up financially according to the top rating agencies.
| Agency | Rating | Description |
|---|---|---|
| Standard & Poor's | A+ | Superior |
| Moody's | A1 | Good |
| A.M. Best | A+ | Superior |
Conclusion
The reality is that each person’s case is unique. The decision of which company to purchase coverage from is important, but it’s only one step out of many. Choosing your policy type, coverage amount, riders to add, beneficiaries to name, and premium payment schedule are the next steps, and these things are best handled by an expert. Buying a life insurance policy is often a life-long commitment, so you want to make sure you’re making the right choices along the way.
Here at LifeQuote, we have a team of expert agents who specialize in connecting customers with quality life insurance providers. We will assess your financial and health status and help you find the policy that meets your needs. Contact us today to get a quote from our free online generator and get started toward protecting your loved ones the right way.
