Ohio National Life Insurance Review

The Ohio National Life Insurance company was founded in 1909 and operates out of Cincinnati, Ohio. The Ohio National Mutual Holdings Inc. wholly owns the company. Ohio National is strongly rated by ratings agencies’ A.M. Best (A+); Moody’s (AA) and Standard & Poor’s (A1). They are one of the pioneers of life insurance, achieving US$ 1 billion of life insurance policies in force even in 1959.

By: admin Posted: September 28, 2010 Filed under: Life Insurance

The Good

Strong Ratings by A.M. Best, Moody’s and S&P’s • Experienced Company • Varied Product Offering

The Bad

Online Quote Not Available

Overview

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Policies / Plans

Ohio National provides four basic life insurance plans:

Term Life Insurance

Ohio National offers several plans under their term life insurance policies. In general, their term life insurance plans provides guaranteed death benefits with level premiums for fixed periods of 10, 15 or 20 years. They offer an option to the customer to convert their policies to a permanent one even if their health should deteriorate. However, there are no provisions for savings, accumulation of cash value or any loan features. Customers may choose either a Basic or Plus plan depending on their needs and budget. Basic plans offer limited conversion options while Plus plans offers policy holders a choice to convert their current plan to either a whole life, universal life or variable universal life insurance plan.

Whole Life Insurance

Offering protection through guaranteed death benefits, Ohio National Whole Life Insurance plans also offers fixed premium payments which do not increase but may be reduced or eliminated altogether via a guaranteed premium structure. Dividends are also offered as a part of the policy. Ohio National has a few plans, varying in premium payment amounts which in turn determine the dividend payout and accumulated cash value.

Universal Life Insurance

Ohio National has several universal life insurance plans which provides a guaranteed death benefit by giving customers the flexibility in making their premium payments. Cash values accumulated are tax deferred which can be accessed at any time for any reason. Ohio National offers two products that demonstrate these features and more. Virtus Value II not only provides permanent coverage at an affordable price, it also offers accessible accumulative cash value. Virtus Basic offers protection for juveniles, a plan that has been converted from a Basic term life insurance plan.

Variable Universal Life Insurance

Offering death benefit protection as well as cash value accrual, this plan’s cash value earns a rate of return that is linked with market activity based on the un-guaranteed performance of certain underlying portfolios to which the premium payments are allocated. Ohio National offers more than 60 leading investment managers as well as a dollar-cost-averaging program enabling policy holders to accumulate cash value.

Pricing / Rates

Ohio National Life Insurance prices are relatively competitive and they are not exorbitant as they have many life insurance plans to suit many a budget and needs. However, no indication of the pricing is given on their official website.

Getting A Quote

Quotes are only available through their representatives but they provide an online request form so that customers may be contacted by their representative or agent by the manner of the customer’s choosing.

Customer Service

Very good customer service, definitely above average! These people know what they are doing and, as a result, their customer service rating will give their overall rating a well-deserved boost.

Summary

Policies / Plans Rating:

Policies / Plans:

Ohio National provides four basic life insurance plans: Term Life Insurance Ohio National offers several plans under their term life insurance policies. In general, their term life insurance plans provides guaranteed death benefits with level premiums for fixed periods of 10, 15 or 20 years. They offer an option to the customer to convert their policies to a permanent one even if their health should deteriorate. However, there are no provisions for savings, accumulation of cash value or any loan features. Customers may choose either a Basic or Plus plan depending on their needs and budget. Basic plans offer limited conversion options while Plus plans offers policy holders a choice to convert their current plan to either a whole life, universal life or variable universal life insurance plan. Whole Life Insurance Offering protection through guaranteed death benefits, Ohio National Whole Life Insurance plans also offers fixed premium payments which do not increase but may be reduced or eliminated altogether via a guaranteed premium structure. Dividends are also offered as a part of the policy. Ohio National has a few plans, varying in premium payment amounts which in turn determine the dividend payout and accumulated cash value. Universal Life Insurance Ohio National has several universal life insurance plans which provides a guaranteed death benefit by giving customers the flexibility in making their premium payments. Cash values accumulated are tax deferred which can be accessed at any time for any reason. Ohio National offers two products that demonstrate these features and more. Virtus Value II not only provides permanent coverage at an affordable price, it also offers accessible accumulative cash value. Virtus Basic offers protection for juveniles, a plan that has been converted from a Basic term life insurance plan. Variable Universal Life Insurance Offering death benefit protection as well as cash value accrual, this plan’s cash value earns a rate of return that is linked with market activity based on the un-guaranteed performance of certain underlying portfolios to which the premium payments are allocated. Ohio National offers more than 60 leading investment managers as well as a dollar-cost-averaging program enabling policy holders to accumulate cash value.

Pricing / Rates Rating:

Getting A Quote Rating:

Getting A Quote:

Customer Service Rating:

Overall Rating:

7.50

Based on the factors stated, Ohio National Life Insurance scored 7.5 out of 10. Ohio National has a solid product offering that also provides flexibility. However, their presence is somewhat minimal and it is inconvenient for most customers that their quotes are not available online.