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Ohio National Mutual Holdings

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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.

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The Good

  • Thorough coverage
  • Highly rated
  • Active on social media
Ohio National has good financial standing, has 30 billion dollars in assets, and is an extremely popular choice among people for life insurance. Other benefits of their service include the following items:

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.
Whole Life: People who choose whole life insurance have the benefit of cash value accumulation over time, as well as permanent protection. This option also includes the ability to build value with dividends. Ohio National's whole life insurance is also popular because it guarantees a death benefit to one's family, and also a premium structure that will not increase in price. According to Ohio National, whole life insurance comes in the following options:
  • 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.
Universal Life: The Universal Life insurance option is great for those that want flexibility. Buyers have the ability to customize their plans to best fit their circumstances. From there, they can also decide when and how much of a premium they would like to pay. This option is tax-efficient, and people can access cash accumulation at any time. A death benefit is guaranteed, and buyers can increase or decrease the amount as needed. People also like this option because it guarantees at least a 2.5% annual interest rate on accumulated cash value. Ohio National offers the following two Universal Life insurance options:
  • 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.
Variable Universal Life: Variable Life insurance offers tax-efficient accumulated cash value over time, that can be accessed when needed. With its convenient flexibility, this option of life insurance allows people to set their own premium amounts, as well as when they would like to pay them. People also like this plan because they can increase or decrease the amount of their guaranteed death benefit. Disability Income Insurance: This option is a great way to protect from an unforeseen emergency that could leave the earner of the home unable to generate income. People of all occupations can buy disability income insurance, and can come up with a plan that best fits their needs and circumstances. Small business owners can also buy disability income insurance. Ohio National has two options small businesses can invest in. As stated on the website:
  • 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.
Annuities: Annuities help people achieve their retirement goals, and are good way way to add financial protection. Ohio National offers many different options within two annuity categories - fixed and variable. Both are essential in protecting one's assets.

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.
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The Bad

  • No 30-year term
  • High price
  • Underwriting
  • Outdated website
While there are a number of advantages to using Ohio National Financial Services for life insurance needs, there are also some concerns that should be pointed out. Prospective clients should be aware of the following limitations prior to enrollment:

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.
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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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