Ohio National Mutual Holdings
Author: Kaitlyn Short
LAST UPDATED: January 31st, 2022
Ohio National Mutual Holdings Inc. started out in 1909 in Cincinnati, Ohio. Ohio National Financial Services is actually a subsidiary of Ohio National Mutual Holdings, Inc. Ohio National's company has been insuring families for over 100 years, and is known for having the best rates in the nation. Ohio National offered its first Universal Life policy in 1982, and its first Variable Universal Life policy in 1987. Gary Huffman currently resides as the CEO, and is obviously doing something right.
The Good
- Thorough coverage
- Highly rated
- Active on social media
Thorough Coverage
Term Life: Term life insurance is an affordable way to get protection for a specific amount of time. Customers can choose either a 10, 15 or 20 year term. It should be noted that Ohio National's term life policy does not offer cash value accumulation. Ohio National allows term policyholders to convert their plan to permanent coverage if they choose. Their term life policy comes in the following two options:- "Basic" level term policies - For people who are not interested in converting to permanent coverage.
- "Plus" level term policies - For just a few more dollars a month, people have the option to convert their term life insurance to a whole life, universal life, or variable universal life insurance policy.
- Prestige Value III - Lowest priced whole life option. It includes cash value accumulation and potential dividends.
- Prestige 10 Pay - 10-year, limited-pay, whole life solution. After paying the level premium for 10 years, the person insured no longer has to pay it.
- Prestige 100 - Foundational. Once premiums are paid to age 100, the policy provides a lifetime of death-benefit protection.
- Prestige Max - A "paid-up" at age 65 (or 10 years after purchase, whichever is later) policy. It also provides high cash value accessible through loans.
- V-Pro UL - Permanent protection for an affordable premium that offers cash value accumulation.
- Virtus Basic - Juveniles are able to get this coverage. Policies under $100,000 are available.
- Business Overhead Expense (BOE) - reimburses business owners for the expenses necessary to keep their company running upon the disability of any of the owners.
- Business Buy-Sell - provides the funds to effect an orderly transfer of ownership in the event of a business co-owner's disability.
Highly Rated
On Credio, Ohio National received a 4.9 out of 5 star rating for customer service, a 4.9 out of 5 star rating for term policy affordability and a 4.3 out of 5 star rating for financial strength. The financial company also received the following high ratings:- A+ (superior) rating for financial strength from A. M. Best
- AA (very strong) from Standard and Poor's
- A1 rating from Moody's
Active On Social Media
They have over 500 followers on Twitter, and over 1,200 likes on Facebook. On Facebook, Ohio National has 4.8 out of 5 star rating from 32 reviews.The Bad
- No 30-year term
- High price
- Underwriting
- Outdated website
No 30-Year Term
Ohio National is lacking in its term options. While it does offer 10, 15, and 20 year terms, it does not have a 25 or 30 year term plan.High Price
A 20-year term insurance plan from Ohio National will cost a 30-year-old woman $17.91/month. This is one of the most expensive life insurance plans reviewed.Underwriting
Since Ohio National's rates are pretty low, their underwriting process is very conservative. They require a medical exam, and when all is said and done, the underwriting process can add up. Ohio National's policy is strict, and this sometimes makes it hard for people to make it into the best class. Their weight chart, among other factors, is not forgiving; and can act as a reason why people can't make it into their best class. They have to pay more as a result. Ohio National does not allow people in the Super Preferred Class if they are going through blood pressure treatment. Before a customer thinks that they have received the cheapest life insurance rates, they should first check with a representative to see how they will score in the underwriting process.Outdated Website
The website looks very outdated and lacks a couple key features. When browsing around the site, it feels one-dimensional. Additionally, the search function could use an update. When searching for a specific term, the webpage just gives a confusing list of options, some that don't have anything to do with the term searched. It is also missing the following things:- Ohio National does not have an online chat option for communication. This would be especially useful for customers to be able to get answers to their questions instantaneously. While email and phone contact information is listed, an instant chat function would be helpful when email and phone calls are not guaranteed to answer right away.
- There is information on trigger payments or policy exclusions.
- While Ohio National does have a term calculator where one can go to compare quote prices, it is very hidden. Other than that, there are no sample quotes listed anywhere on the website.
The Bottom Line
Ohio National is a great option to go for quality life insurance. The company has been in the business for over 100 years, and has high ratings across the board. Ohio National does not have a high complaint ratio for a reason, and people are generally satisfied with the low and affordable rates. When it comes to prices, Ohio National can't be beat. The biggest negatives with Ohio National are that it does not offer a 30-year term, and that the underwriting process is stricter than most insurance companies. The underwriting factor does have the ability to raise the overall price, since people have less of a chance of getting into their best class. But because rates are so reasonably priced to begin with, this is less of a concern. For the 47 states that can access Ohio National's service, it's a great bet!
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Luke Swierczynski Franklin, MI
Our financial advisor set my wife and I up with whole life insurance policies through Ohio National to help diversify our retirement portfolio. Ohio national was flexible in allowing us to attach an additional rider to our policy so we can put more toward our death benefit without creating a new policy but also giving us the flexibility to not have to pay toward it. I have to dock a single start due to the website because it's not a great experience. Thankfully I only have to go on the site once a year to pay our rider policies on the life insurance. They were also recently acquired but not much information is available on that and our policies have remained unaffected.
2 years ago Edited January 31, 2022
