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Ohio National life insurance review 2020

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This mutual company specializes in whole and universal life insurance — but it has strict standards.

finder.com’s rating: 4.5 / 5.0

★★★★★

Get a quote if…

  • You’re in excellent health, or you’re interested in universal life insurance.

Choose a different insurer if…

  • You live in New York, or want to apply for coverage online.

21 to 65

Issue Age

Depends on policy to Depends on policy

Coverage

Yes

Medical Exam Required

Details

Free quote No
Policy options Term, whole, universal, variable universal, indexed universal.
Term lengths 10, 15 and 20 years
Monthly cost Not listed
Claim methods Phone, email, online form
Ratings BBB: A+
Available states Nationwide except New York
Customer support Phone: 800-366-6654
Riders Accelerated death benefit, Chronic illness, Waiver of premium, Future purchase option, Child

Expert review

Katia Iervasi

Review by


Katia Iervasi is a writer from sunny Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls chaotic, creative New York home. With a journalistic eye for detail, she navigates insurance, mortgages and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

Expert review

Ohio National is a financially strong company that offers a broad range of term and permanent life insurance — with a special emphasis on universal policies. But it has strict underwriting standards, and you’ll need to contact an agent to get a quote or apply for coverage.

To learn how its competitors stack up, compare life insurance companies.

What types of life insurance coverage does Ohio National offer?

Ohio National sells a mix of term and permanent policies.

  • Term life insurance. Available in 10-, 15- and 20-year terms, Ohio National has two term life insurance policies. Flex Term Basic offers standard protection, while Flex Term Plus comes with a conversion feature. This allows you to update to a permanent policy before a deadline.
  • Whole life insurance. The insurer has five whole life policies with different payment options. Prestige Value IV and Prestige 100 II offer level premiums, while Prestige 10 Pay and Prestige 20 Pay allow you to pay off your policy in the first 10 or 20 years. Finally, with Prestige Max III, you can pay premiums until age 65 or until you’ve held the policy for 10 years — whichever comes first.
  • Universal life insurance. Ohio National’s V-Pro UL product is the simplest universal life policy on offer. It provides lifelong protection and earns interest at a fixed rate set by the insurer. You can also adjust the amount and frequency of your premium payments as you see fit.
  • Variable universal life insurance. A hybrid product, the Virtus VL policy builds cash value based on the performance of investments in your portfolio. The returns aren’t guaranteed, and your cash value can fluctuate. Offered by prospectus only, it’s best suited to those with a high risk tolerance and prior investment experience.
  • Indexed universal life insurance. Like the other permanent policies, Virtus Indexed Universal Life offers lifelong coverage and accumulates cash value over time. The cash value is tied to an index, like the S&P 500, and comes with a higher potential risk and reward.

What riders can I add to my life insurance policy?

The insurer offers a range of riders to help policyholders customize their coverage. Depending on your policy, you might be eligible for the following riders:

  • Accelerated death benefit rider. Pays out a portion of the death benefit if you’re diagnosed with a terminal illness.
  • Chronic illness rider. Pays a lump sum if you’re diagnosed with a chronic or severe illness.
  • Waiver of premium rider. Waives your premiums if you become disabled and can’t work.
  • Future purchase option rider. Allows you to purchase additional coverage without having to provide evidence of insurability.
  • Child rider. Pays out a small death benefit if your child dies. The rider can cover multiple children, and typically expires when the child turns 25 or gets married.
  • Pros and cons of Ohio National life insurance

    Pros

    • Personalized service. When you apply for coverage, you’ll be paired with a financial professional in your area.
    • Online account management. Manage your policy, pay your premiums and change your beneficiaries online.
    • Potential to earn dividends. As a mutual company, Ohio National has consistently paid out dividends to its permanent policyholders over the years.
    • Smooth claims process. There are multiple ways to file a claim, including filling out an online form.
    • Financial strength. Ohio National has an A rating with AM Best, which means it has the cash reserves to pay out claims.

    Cons

    • Stricter underwriting standards. Seniors and people in less-than-perfect health may not qualify for the preferred rates.
    • No online quotes. To get a quote, you’ll need to pick up the phone or send an email.
    • No credit card payments. The insurer doesn’t support credit card payments at this time.
    • Not available in New York. Ohio National services all states and the District of Columbia — but isn’t licensed in New York.

    Compare other life insurance companies

    If you’re looking for more options to compare, take a look at these other providers.

    Name Product Issue Ages Minimum Coverage Maximum Coverage Medical Exam Required
    Bestow
    21 - 54 years old
    $50,000
    $1,000,000
    No
    Affordable 10- and 20-year term life insurance policies with instant quotes and no medical exams.
    LadderLife™ Life Insurance
    20 - 60 years old
    $100,000
    $8,000,000
    No
    Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
    Policygenius
    18 - 85 years old
    $10,000
    $10,000,000+
    Depends on provider and policy
    Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
    Fabric
    25 - 60 years old
    $100,000
    $5,000,000
    No
    Get affordable term life insurance with accelerated underwriting or no-exam coverage up to $1,000,000. Available in all states except CA, NY and MT.
    Sproutt
    18 - 100 years old
    $50,000
    $3,000,000
    No
    This life insurance broker combines technology and the human touch to match you with a policy tailored to your needs.
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    Compare up to 4 providers

    Ohio National life insurance reviews and complaints

    While Ohio National isn’t accredited with the Better Business Bureau (BBB), it does hold an A+ rating for its customer service and interaction. The BBB hasn’t recorded any customer reviews or complaints to date.

    The National Association of Insurance Commissioners (NAIC) award the insurer a complaint ratio of 0.09. The median ratio is 1, which means Ohio National has less than the average number of complaints for life insurance companies.

    How do I apply for Ohio National life insurance?

    To apply for coverage, you’ll need to call 800-366-6654. Representatives are available on weekdays between 8:30 a.m. and 5 p.m. ET.

    Frequently asked questions

    Life insurance ratings

    ★★★★★ — Excellent

    ★★★★★ — Good

    ★★★★★ — Average

    ★★★★★ — Subpar

    ★★★★★ — Poor

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