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Ohio National life insurance review 2019
Get a quote if…
- You’re in excellent health, or you’re interested in universal life insurance.
Choose a different provider if…
- You live in New York, or want to apply for coverage online.
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’s whole life lineup offers different payment options:
- Prestige Value IV and Prestige 100 II. Basic coverage with a cash value component and level premiums.
- Prestige 10 Pay and Prestige 20 Pay. Ideal for those who can afford higher premiums, these options allow you to pay off your policy in 10 or 20 years.
- Prestige Max III. With this coverage you’ll 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
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
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.
Ohio National 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 sign up?
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.
More about Ohio National
Established in 1909, Ohio National started as a stock company and began selling life insurance policies a year later in 1910. It branched out to group life insurance in 1954, and converted to a mutual company in 1959.
Over the next couple of decades, it added disability insurance and annuities to its product lineup.
Today, the company has nearly $42 billion in assets under management and employs over 1,300 people at its headquarters in Cincinnati, Ohio.
Frequently asked questions
Expert review
Review by
Katia Iervasi
katia.iervasi@finder.comKatia Iervasi is a writer from Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls New York home. With a journalistic eye for detail, she navigates insurance 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 other life insurance companies.