Finding the best life insurance for you and your loved ones starts with researching your options.
With so many life insurance companies now offering top-of-the-line products, it can be hard to narrow down your choices, especially without a solid idea of what you need from a provider.
That’s where our Ohio National Life Insurance Company review comes in.
We look closely at Ohio National, what sets them apart from other providers, and whether or not they’re the right final choice for you.
Our Ohio National Life Insurance Company Review
Founded in a one-room office in Cincinnati in 1909, the company was built on the desire to offer protection and peace of mind with superior life insurance products.
Fast forward a decade, when Ohio National moved to give its policyholders a stake in the business, becoming a mutual insurance company.
Soon after, the company survived the Great Depression, acquiring several other life insurance companies in the process.
Over the next several decades, they continued to flourish, selling their first individual $1 million policy in 1969. By 1984, the company had $1 billion in assets.
In the years since, the company has sustained its success, continually finding itself atop lists of the best life insurance companies nationwide.
Not only has Ohio National served countess communities and individuals over the last century, but they’re also dedicated to providing even better support going forward.
The company’s motto says it all:
Life changes, we’ll be there.
In short, Ohio National knows that the life insurance industry and people’s needs are ever-changing.
That’s why they continually strive to update their service to provide the latest and greatest life insurance policies.
Financial Strength & Ratings
In addition to the numbers above, it’s important to look to the letters below in your assessment of Ohio National.
Credit rating agencies take a detailed look at a company’s financial history and prospective future to determine the company’s financial health and the likelihood of following through on its financial commitments.
Here are the credit ratings assigned to Ohio National:
These ratings indicate strong financial health and dependability, as do the company’s assets and policies in force.
As of 2018, the company had $39.3 billion in assets under management and $190 billion of life policies in force.
In addition to their professional prowess, the company has exhibited a remarkable heart for service, donating $1.8 million in 2018 to organizations like United Way, Habitat for Humanity, Make-a-Wish, and the American Heart Association.
Products by Ohio National
One of Ohio National’s strengths that we want to look at more closely is the variety of coverage types they offer.
Ohio National knows that just one type of coverage isn’t best for everyone. That’s why they offer an extensive selection of policies which can be custom-made to fit your needs.
The wide range of options means you’ll almost certainly find what you’re looking for from this life insurance provider.
Their main coverage types include:
- Term Life
- Whole Life
- Universal Life
Let’s take a closer look at each policy type.
Term life policies are the simplest, most flexible, and most popular type of life insurance on the market.
Ohio National’s term life policies come in terms of 10, 15, and 20 years, providing the perfect amount of coverage for set periods of financial need.
These policies are traditionally perfect for individuals looking to replace income, pay down debts, and provide for their children’s educations.
As you age, your needs change. Like the company’s motto suggests, Ohio National provides flexible accommodations to help maneuver through life’s twists and turns.
If you find yourself in need of a permanent policy, Ohio National’s FlexTerm plans allow you to convert your term policy into a permanent one.
Ohio National’s whole life policies come with their own rewarding benefits, like a guaranteed death benefit that is tax-advantaged.
You also get guaranteed premiums, meaning they won’t go up once the policy is in place.
With some of Ohio National’s plans, premium prices may even drop or disappear after a period of time.
Ohio National has some policies specifically designed for individuals who want the security of permanent coverage but not the traditionally steep premiums, like the Prestige Value IV and Prestige 100 II plans.
They also offer what the company refers to as limited-pay whole life policies, which allows you to make all of your premium payments over a span of 10-20 years, after which time your policy will stay in place without any required payments.
Universal life policies provide a death benefit for your loved ones and a living benefit for you, allowing you to invest and access your cash value during retirement.
Ohio National has a number of universal life options. Which one is right for you depends on your risk tolerance, payment preferences, and goals.
For instance, if you’re looking to accrue interest without taking much risk, Ohio National’s V-Pro UL could suit you.
If you’re a bit more adventurous investor, the company’s Virtus Indexed Universal Life provides you with 3 indexed accounts along with a fixed-rate account and the ability to add on riders.
Last, the company’s variable universal life product, Virtus VUL, bases interest on underlying portfolios. These policies are the riskiest but come with the highest potential return.
Ohio National knows that life insurance isn’t exactly cut and dry.
Everyone has their own extensive set of needs and preferences. It’s in your best interest (and their best interest) to meet these requirements as closely as possible.
That’s why Ohio National boasts several additional features which can enhance the usefulness of the policies above.
- life insurance for children
- disability insurance
- retirement plan services
Applying for an Ohio National Policy
Applying for life insurance from Ohio National is straightforward. They utilize a traditional application process which consists of filling out and turning in a brief application, sending over a current medical exam, and then waiting for approval.
Because of their traditional application process, the waiting period for approval takes between 4 to 6 weeks.
During this time, the underwriters assess your overall risk, including medical and lifestyle factors.
For example, those who smoke will have a much more difficult time qualifying for life insurance from Ohio National than those who don’t smoke.
You’ll also be required to submit a current medical exam.
The underwriters use this medical exam to back up the information you included on your application.
Alternatives to Ohio National
As you can see, Ohio National is an excellent choice for life insurance. But it’s only one of the dozens of superior companies vying for your business.
You should always look at multiple life insurance companies in your search for coverage.
Here are a few competitors who, like Ohio National, excel in offering standard life insurance to most individuals.
- Haven Life: Haven Life is one of the best all-around life insurance companies you can find, rivaling Ohio National in its affordable term life products. Best of all for some applicants, you can apply completely online and get a near instant decision.
- MassMutual: If you’re looking for a company with the same level of versatility as Ohio National, MassMutual is a smart alternative, with a robust offering of life insurance products AND tools for financial planning.
- Banner Life: If affordability is the name of your game and your health factors might prohibit you from getting low rates with Ohio National, Banner Life is your go-to, with fair underwriting, cheap policies, and riders and convertible options.
What We Like
There’s a lot to love about Ohio National Life Insurance Company.
You should strongly consider their top benefits when doing your research.
The top benefits of choosing them include:
- Top-of-the-line customer service: Ohio National’s dedication to helping customers is unmatched and you can reach out via phone and online.
- Variety of plan types and additional features: Their wide variety of life policies, not to mention waivers and annuities, are appealing.
- Other insurance types (including disability): Ohio National could be your go-to company for more than just life insurance, simplifying your account management.
- Strong financial rating: The company is proven by data and the credit rating agencies to be financially secure and worthy of your business.
- Stellar track record in the industry: Ohio National’s history speaks for itself as the company and its services are time-tested.
Few other life insurance companies come anywhere close to Ohio National as far as these benefits go.
What We Don’t Like
Ohio National seriously has very few negatives for most traditional customers.
- Medical risk factors: The drawbacks arise when it comes to covering those with current medical issues or past medical issues.
- Tough underwriting: Qualifying for life insurance from Ohio National is difficult. The underwriting process is stricter than other companies.
- Cost for high-risk candidates: Not only does that mean that qualifying for coverage can be difficult, but it also means that you might receive a higher premium than you would from another provider.
- Lack of no exam coverage: All of Ohio National’s policies are medically underwritten, meaning you can’t simply apply online and skip the exam at the doctor’s office.
The facts are in: Ohio National is a great life insurance company for most people.
Ohio National is best for those looking for traditional coverage. Because all of their policies require in-depth applications and medical exams, they’re not the best option for those with a serious illness or injury.
Ohio National is also a fantastic choice for those who want tailored coverage. Their wide range of products and additional features ensures your policy is built specifically for you.
With their wide range of products and features, great customer support, and trusted and respected reputation, Ohio National is a no-brainer.
If you’re looking for traditional coverage, like term life, whole life, or universal life, we recommend at least taking a look at what Ohio National has to offer.