Ohio National is one of the top life insurance companies in the U.S. The focus of this Ohio National review will be on the company’s many product offerings, the company’s ratings, and recommendations and advice for those considering Ohio National as their life insurance company.
Review of Ohio National
About Ohio National
Under the Ohio National Financial Services umbrella, there are a number of different services that have been helping the public for many years. First founded in 1909, Ohio National was originally a stock company before converting to mutual insurance company status around 50 years later. Just before the turn of the millennium, the whole company reorganized and became a mutual insurance holding company. With this in mind, the company has been serving the public for decades and they remain, to this day, one of the most well-known and popular options for insurance.
Pros of Ohio National
With a slogan ‘life changes, we’ll be there’, Ohio National has promised its commitment to their customers and this has certainly been seen over the years. With a number of products and services offered, they are constantly expanding and no stakeholder is seeing the benefit of this as much as the customer.
A.M. Best Rating
With a recent review back in July 2016, Ohio National held onto their ‘A+’ or ‘Superior’ rating and had an even stronger Issuer Credit Rating of ‘AA-’. According to A.M. Best, the ratings reflect the mid-market position of the company as they continue to improve their service in individual life sales. In addition to this, the agency has stated its satisfaction that Ohio National moved into retirement services and improved risk management (front-end) practices.
Overall, A.M. Best say that Ohio National are in a great position and will only go one way into the future and that is up. Thanks to continued investment in training, employees are getting more skilled and experienced as time goes on.
With any insurance firm, they become instantly redundant when you cannot contact them with any problems you may have. Luckily, Ohio National has a strong reputation for customer service and they are easily found online. For customers or anyone looking to contact them for the first time, all the necessary information can be found online including phone numbers, post office boxes, and email addresses for each service that they offer.
As technology continues to improve, it is important now that companies make themselves available and Ohio National has done exactly this by including all the aforementioned contact details for life and disability insurance, annuity, and retirement plan services. In addition to this, they also have contact information for the claims department of annuity as well as life and disability insurance. With this in mind, customers can live life safe in the knowledge that the business is going to be there for them whenever required.
Reviews from BBB
For many years, the Better Business Bureau (BBB) has been assessing businesses and how they pay attention to consumer complaints in addition to how well they perform in different customer-based scenarios. Since way back in 1938, the BBB has been accrediting Ohio National and they currently have a rating of ‘A+’ on a scale that goes right down to a possible ‘F’ rating.
With this in mind, the BBB believes that Ohio National meets all the standards laid out and this includes good effort to resolve any problems that may arise over time. With just a handful of complaints over the years, Ohio National has resolved most of them in good faith and managed to keep a large percentage of this custom as a result. Regardless of what other companies are doing in this ever-changing market, Ohio National seem to be focusing on their own business and it has paid off for them so far.
As a main service, Ohio National is perhaps best known for their work in life insurance. Not only are they known for value, but they also place a huge emphasis on the amount of different insurance products available which enables them to tailor their service to each individual.
Furthermore, they also offer a variety of annuity options including variable, fixed, and even fixed indexed. With these services, you can save and protect your assets with a company that has proven their security in terms of finance.
In addition to this, they have just recently launched new retirement planning services which means that the two can be launched together to ensure that your retirement goes as smoothly as possible.
Aside from individuals, they will also cater for group plans which is great news for businesses because it means that they can set up a huge group plan for their employees. Ultimately, this means that it can all be under one policy and one easy to use system.
Finally, they will also help with disability insurance, business solutions, and securities. Because they offer so many products, one of the biggest benefits of choosing Ohio National is that you can have all of your policies under one roof. If ever there is a problem or you need to change information, it will only require one call as opposed to many.
Life Insurance Offered by Ohio National
Ohio National offers four different types of life insurance policies:
Term Life Insurance:
- 10, 15 and 20 year term limits
- Conversion option
- Ohio National does not offer no exam life insurance at this time
Whole Life Insurance:
Ohio National whole life provides Non Direct Recognition, Mutual Insurance Company, Participating, Cash Value Accumulation. What that means for you is a solid policy deigned to help you achieve your financial goals.
Ohio National Whole Life comes with the following guarantees:
- Guaranteed Cash Value Accumulation
- Guaranteed Premium
- Guaranteed Death Benefit
- And although not guaranteed, the policy offers dividends
Whole Life Policies offered:
- Prestige Value III
- Basic whole life insurance with cash value growth
- Prestige 10 Pay
- after 10 years of premium payments and you do not have to make further premium payments
- Prestige 100
- Premiums are paid to age 100
- Prestige Max
- Polices premiums due until age 65
Universal Life Insurance:
Permanent life insurance coverage with flexible premiums.
- V-Pro UL
- Virtus Basic
Variable Universal Life Insurance:
Permanent life insurance coverage with flexible premiums.
- Virtus VUL
When making a decision regarding insurance, it can be difficult because you need to find a company that you can trust with your money and your policies. However, there is no concern as far as Ohio National are concerned because they have been doing it for so long. With years of experience behind them, they know exactly what they should do and exactly what you need to avoid.
As we saw a little earlier, they have some of the best ratings you will find in the industry and this is something that has to be worked on over time. Nowadays, it can be tough to get these ratings and even some fantastic companies struggle to reach the very top which just shows you how relevant Ohio National is; it’s fair to say that they are in a group of elite insurers.
Despite their many positives, there are a couple of small drawbacks that people have found over the years and the biggest seems to be the underwriting guidelines and the fact that they can be so strict. If you ask for a quote, it will be one of the lowest you will find but many have noted how they struggled to actually receive the policy because they didn’t qualify due to the strict underwriting guidelines.
With this in mind, any potential customer would have to discuss this with their agent in order to find a solution. On the other hand, you could argue that this is why they have been so successful financially. Surely it is better to consider every case carefully rather than accepting everyone who applies?
Furthermore, they also don’t allow sales that come in from internet leads and other sources which can be frustrating for someone looking for a quick and affordable policy. Again, Ohio National have done this for good reason though as many internet leads end up being nothing more than ‘leads’. Over time, they started to notice that only a small percentage of leads turned into sales so you can’t necessarily blame them for choosing to work this way.
So there we have it, all potential customers should definitely consider the pros and the cons before contacting Ohio National. All in all, it seems as though the positives far outweigh the negatives but each person is unique so be sure to spend some time with your agent gathering advice. If you do choose to go for Ohio National, you will be joining many others and will really get to see why they are so popular!
If Ohio National is among your list of candidates, why not give the professionals at TermLife2Go a call? We work with many of the top rated companies in the U.S. It always pays to have choices. Our job is to align our clients with the company and product that best suits each client’s unique need, health and lifestyle.
So what are you waiting for? Give us a call today for a free life insurance consultation!
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