As a hardworking individual, you understand the devastation your loved ones would have if they lost your income. That’s why you decided to get life insurance and we applaud you for making this wonderful choice. But like most individuals, you were shocked to find out that there are many companies out there and even more plans. On top of that, someone recommended Ohio National Life and you’re wondering if this is the best choice for you. Well, you came to the right place, here at InsureChance we work with over 60 top rated carriers and have reviewed 100’s more. By the end of this article, you’ll have a clear idea of whether or not this is the best choice along with quotes from all the best insurers out there.
*Ohio National is a solid company and they are definitely not out to steal money from you. If you decided to go with them or already have a policy there is no need to have doubts. Now if you’re looking for the absolute best pricing or have some preexisting conditions then you should shop around by clicking here or simply fill out the quote form to your right.
About Ohio National Life
Like most large life insurance companies, Ohio National has been operating in the U.S. for over a century now. This is actually one of the things I personally look for in a company because it shows that they have survived various economic conditions and value their reputation since they have to be around. They offer a variety of insurance and financial products aimed primarily at the individual market. As the name suggests the company was started in Ohio and their headquarters are still there in the beautiful city of Cincinnati.
Besides history, it is important to look at the company’s financials. The best way to do this is to simply check what grade they were assigned by one of the rating agencies like A.M. Best, Moody’s, S&P and more. I like to use A.M. Best and according to their site this company has “A+” rating which translated to “Superior”, in plain terms, this means they kick butt when it comes to their financial strength. This is a solid grade and let you the consumer know that the company has a fat stash if they need to pay out a large number of claims without having to file for bankruptcy.
As far as service it seems like they have a great focus on that and there is an extremely low amount of complaints. They have an “A+” rating with the Better Business Bureau. On the BBB they only had 2 complaints which both have been resolved so this company doesn’t like to upset their clients. What I like as well as on their website you can register all your policy to enable 24/7 access and management of your policies. If you’re environmentally conscious like me they do have an e-delivery option for statements, policy updates and any other paperwork which is not common with insurance companies since many are stuck in the past era.
Ohio National Life Products
This company offers so many different types of plans it’s not even funny. They have life insurance, disability insurance, annuities, retirement plans, business solutions and a vast array of investment solutions. But you’re here for life insurance so let’s see what they got to offer:
Term Life
- Simple pure protection plan designed to cover you’re for a certain timeframe.
- This term plan has a fixed rate and fixed death benefit so it’s locked in.
- The most affordable type of life insurance.
- You can lock the plan in for a period of 10, 15 or 20-year term lengths.
- The policy is convertible to a permanent plan regardless of your health if you purchase the plus version of it.
- Two options available which are Basic Term and Plus Term, the plus offers the conversion privilege and basic is for those who don’t plan on getting permanent life insurance down the line.
If you’re new to this, term life insurance is a pure protection plan that is super affordable and is ideal for individuals who have young children, mortgage or simply a temporary need. It is very simple to understand, you simply pay your premium and the company will pay your family if anything happens to you within the 10, 15 or 20 year period.
Whole Life
- Provides lifetime protection, typically until age 100.
- The premiums and death benefit are guaranteed to stay locked in for the life of the policy.
- Builds savings within the policy account known as cash value.
- Since the company is Mutual you also get to collect dividends from your policy so there is more opportunity for cash value growth.
- It is 4 to 6 times more in cost than a term life policy.
Simply put if you’re looking for a lifetime life insurance with guarantees and ability to create additional investment returns than a whole life policy is for you. Also, if you do decide to go with a whole life policy always choose a mutual company since they pay dividends and over time they have higher returns.
Universal Life
- Provides lifetime cover and death benefit similar to a whole life insurance policy.
- It is more affordable than a whole life policy.
- Also offers more flexibility in your premiums and death benefit unlike a whole life policy if you have sufficient cash value.
- Builds cash value as well where you can take out in the future via loans.
- Depending on your plan selection you can have various investment choices for your cash value.
Ohio National offers two more types of Universal Life Plans which are Indexed and Variable which are different in the way your money gets invested and managed. Both of the plans are more for people looking for life insurance as an investment vehicle. For affordable lifetime protection, we recommend a Guaranteed Universal Life policy.
The good and the bad
Like any other review, we want to focus on what makes this company a great choice and also not so good one. I love that the company has been around for over 100 years and has a very strong financial rating. The company also has a variety of different insurance products so they can become you’re one stop shop which is not that common unless you’re dealing with an independent agency like ours. When reviewing their website it was also user-friendly with an online policy login portal for all your policies with this company. The service of this carrier is also great with few complaints.
Now, what I didn’t like were a few things only someone in the industry can spot. One of them is that they only offer term life up to 20 years when in many cases you may need a 25 or 30-year term. A lot of our customers go for 30 years since it can provide coverage up to retirement or to match the mortgage loan. The other thing is their underwriting, from other agents we hear that if you have pre-existing conditions you may be in a position of being turned down or paying much more for life insurance. Lastly, although not really a downfall of theirs they may be more competitive options out there with other big insurers so be sure to shop around.
Work with Us!
By now you have learned the ins and outs of this wonderful insurance company. So what’s next? Well, the most logical choice is to see how the company stacks up in terms of pricing with other big brand insurers like Prudential, Banner Life, TransAmerica and many more. Luckily for you, we are an independent agency that lets you compare rates with all the major providers with a few clicks of a mouse. We don’t have loyalty to any one company but rather to you the consumer, plus all of our clients become family and that’s why we offer lifetime support if you ever need to make changes or simply have questions you can call us instead of being put on hold with the company. If you’re ready to start your shopping simply request an application from one of the plans of your choice or call our friendly agents at 888.492.1967!
