This Ohio National insurance review will give you all the details that you need if you are considering Ohio Ohio National insurance to protect your family. We will cover Ohio National’s credit rating, history, and life insurance products.
There are hundreds of life insurance companies operating in the United States, but is Ohio National the right one for you? They aren’t a top of the list company for Good Life Protection but they are great at some things.
If you are considering purchasing life insurance with Ohio National, do not move forward without reading this review.
Shall we begin?
Ohio National Insurance History
The Ohio National Insurance Company was founded in 1909 in Cincinnati, OH. The company was born in a single boardroom in downtown Cincinnati at 111 East Fourth Street. By 1910 the first policy was issued.
The Great Depression hit the insurance industry hard but not Ohio National. Ohio National actually grew during the great depression through acquisition. By 1949, the company assets reached $100 million!
In 1959, Ohio National celebrated its 50th anniversary. Ohio National completed its mutualization and is now owned by its policyholders. Ohio National, up to this point, had paid dividends to policyholders but 1959 marked the completion of the mutualization process.
Through the 60s, 70s, 80s, and 90s, Ohio National experienced steady growth. Ohio National acquired other companies and expanded its life insurance product offerings as the industry innovated. Ohio National added disability insurance, universal life insurance, and variable annuities into their product mix.
Today, Ohio National is a nationally recognized brand when it comes to life insurance. In 2009, Ohio National marked its 100th anniversary. For the 94th consecutive year, Ohio National paid $92 million in dividends to participating whole life policies and continues to focus on their customers throughout their lives.
|Standard & Poor's||A.M. Best||Moody's||Comdex ranking|
The Ohio National Insurance Company Rating
Ohio National is rated an “A+” (Superior) by A.M. Best. A+ is an investment grade rating. Ohio National can be viewed as being in excellent financial health with the ability to meet its ongoing life insurance obligations.
If you want a second opinion, Standard & Poor’s has Ohio National rated as A. Receiving an A rating is investment grade and indicates that Ohio National has a low credit risk. The Ohio National Comdex score is 87, which is a composite score averaging the ratings of the major insurance rating organizations. Said another way, Ohio National scores higher than 87% of all other insurance companies ranked on the Comdex scale.
Ohio National Credit Rating Snapshot
- Standard & Poor’s – A (sixth-highest rating on a 21-part scale)
- M. Best – A+ (Superior) [second-highest rating on a 16-part scale]
- Moody’s – A1 (fifth-highest on a 21-point scale)
- Comdex ranking 87 (out of 100)
Ohio National Insurance Company has been accredited by the BBB since 1938 with a rating of A+, which is their top rating. While every business has complaints, Ohio National has done an excellent job at keeping them few and far between.
Ohio National Insurance Solutions
Ohio National offers term life, universal life, and whole life insurance. They also offer other financial services products, such as annuities, investments, and disability insurance. However, for the purposes of this review, we will focus strictly on their life insurance products.
Ohio National Term Life Insurance
Term life insurance is a cost-effective way of achieving higher death benefits temporarily. Term insurance is a great solution for replacing your income, covering your mortgage, or providing funds for higher education upon your passing.
Ohio National offers term life insurance in 10-year, 15-year, and 20-year term options. Your monthly premium will remain fixed for whichever term period you select. Additionally, there is no savings component or cash value associated with term insurance. All of Ohio National’s term insurance solutions are available with either a basic or plus conversion option.
The basic conversion option provides the lowest-cost pricing and a limited conversion option. If you never intend to purchase a permanent life insurance policy, the basic conversion option may be the better option for you since it lowers your cost.
The plus conversion option offers expanded conversion options to an Ohio National permanent life insurance product including their whole life, universal life, or variable universal life insurance policies for an additional cost.
If you intend to purchase permanent protection in the future, the plus conversion option may be the better option for you. It gives you valuable flexibility in the future for minimal additional cost today.
Ohio National Whole Life Insurance
Whole life insurance is a form of permanent life insurance. Whole life insurance is designed for permanent life insurance needs like final expenses and burial costs or estate planning. Whole life insurance provides lifelong death benefit protection with the most guarantees of any life insurance policy.
Whole life has guaranteed cash accumulation, guaranteed level premiums, and guaranteed death benefits. The policy may also receive non-guaranteed dividend payments that can be reinvested within the policy to purchase additional death benefit or reduce premiums. The cash value can also be accessed through tax-advantaged loans in a pinch.
Ohio National offers various payment options. You can structure your policy to be paid up in 10 years, at age 65, at age 100 or choose a lifetime premium. The choice is yours.
Ohio National Universal Life
Ohio National also offers universal life policies, which is another type of permanent life insurance policy. Universal life insurance was designed to offer permanent death benefit with flexibility. For example, you can select the monthly premium that you wish to pay with universal life insurance.
However, these types of policies usually come with fewer guarantees than whole life insurance. The owner of the policy assumes the investment risk of the cash value. If the policy was not funded adequately, then the coverage could lapse.
Ohio National offers the following types of universal life insurance:
Universal Life Insurance
Ohio National offers a traditional universal life insurance policy. These types of policies have decreased in popularity in recent years due to a low-interest-rate environment. Universal life insurance has a fixed minimum interest rate, but the credited rate, which is not guaranteed, can fluctuate higher.
Ohio National’s universal life insurance policy offers great flexibility. It has a flexible death benefit, flexible premiums, and policy cash values. However, death benefit increases may be subject to additional underwriting approval.
Indexed Universal Life Insurance
Indexed universal life insurance is another type of universal life insurance. Ohio National’s indexed universal life insurance policy provides death benefit protection with the potential to grow your cash value with three index account strategies or a competitive fixed rate account.
The cash value in an indexed strategy increases based on changes in a market index such as the S&P 500. Since your cash value is not directly invested in the stock market itself, your investment principal is protected from investment loss due to the decreases in the index. However, you often have to sacrifice some upside investment return as a result.
Ohio National’s indexed universal life insurance also has flexible death benefits and flexible premiums. However, increasing the death benefit may be subject to additional underwriting.
These types of policies should be monitored on a regular basis to ensure that they are being funded adequately. If the indexed investment strategy doesn’t perform as expected, the policy could potentially lapse.
Variable Universal Life Insurance
Variable universal life insurance offers people lifetime life insurance protection with the ability to build cash value through numerous portfolio strategies. Your cash value grows tax-deferred based on the performance of the underlying stock, bond, or money market investment strategies in sub-accounts that you choose.
However, your cash value is directly invested within whichever sub-account investment strategy you select, unlike indexed universal life. So if you invest in a stock sub-account strategy and the stock market declines, your cash value would decline with it. However, if the stock market goes up, your cash value will increase with it.
Due to the investment risk, these types of policies should be carefully considered and monitored frequently. If the investment strategy underperforms, the policy could potentially lapse due to lack of sufficient funding.
Like their other universal life insurance policies, Ohio National’s variable life insurance offers flexible premiums and flexible death benefits. However, increasing the death benefit may require additional underwriting.
Ohio National Rates
Ohio National does not publicly display their rates on their website. As a result, you would need to reach out to an Ohio National agent in order to get a quote specific to you and your unique situation.
Life insurance is something you need to qualify for based on your health, lifestyle, and age. By consulting with an agent, it ensures you receive an accurate quote as opposed to an unrealistic price that you may not even qualify for.
The Final Word
Ohio National has a long company history of serving their policyholders The Ohio National Insurance Company phone number is (800) 366-6654 or you can visit them on the web at www.ohionational.com.
Today, Ohio National offers life insurance, disability insurance, and investment services to their policyholders. Overall, Ohio National’s life insurance is a solid option but they are best known for their participating whole life insurance.
If you have a pre-existing medical condition or are looking strictly for term life insurance there may be a better option out there for you. Give one of our veteran agents a call or request a free no-obligation quote today. A simple phone call could potentially save you thousands of dollars on your life insurance.
Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs. Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.