Ohio National Financial Services
Ohio National Financial Services is a leading insurance holding company providing protection, retirement income, and reinsurance solutions through its subsidiaries. The company is part of Constellation Insurance, Inc., which serves consumers and small business owners in the United States and Latin America. As of September 30, 2022, Constellation’s family of insurance companies has over $34 billion in total assets under management. Ohio National traces its corporate origins back to 1909 and is committed to serving its policyholders, associates, financial professionals, and the community.
As the Principal agent at Blake Insurance Group, I have worked with Ohio National Financial Services for several years. My journey with Ohio National has been rewarding and insightful, as I have witnessed firsthand the company’s dedication to providing reliable insurance solutions to its customers.
One of the aspects that sets Ohio National apart is its strong financial position, which reflects its focus and ongoing discipline in investment approach, risk management, operations, and expense management. This financial strength has allowed the company to consistently deliver on its promises, ensuring that policyholders receive the benefits they deserve.
Throughout my tenure as an agent working with Ohio National, I have been impressed by the company’s commitment to making a difference in the lives of its customers. For example, the Ohio National Foundation supported over 75 charitable organizations through volunteer and financial contributions in 2021 alone.
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Customer Reviews
In my experience, Ohio National offers a diverse lineup of life insurance products focusing on indexed products. This variety allows me to provide clients with tailored solutions that meet their unique needs and financial goals. Additionally, Ohio National’s use of technology has streamlined the process of working with financial professionals, making it easier for us to serve our clients effectively.
My journey with Ohio National Financial Services has been a fulfilling and educational experience. The company’s dedication to its policyholders, financial strength, and diverse product offerings have made it a reliable partner in helping my clients achieve financial security and independence. As a Principal agent at Blake Insurance Group, I am proud to work with Ohio National and look forward to continuing our partnership.
Product Offerings
Ohio National Financial Services offers a diverse range of insurance products and services, catering to the unique needs of its customers. Some of the key insurance products offered by the company include:
Variable Annuity
Ohio National offers variable annuity products that allow customers to invest in a variety of sub-accounts, which can potentially lead to growth and income during retirement. A variable annuity is a contract between the customer and an insurance company, serving as an investment account that may grow on a tax-deferred basis and includes certain insurance features, such as the ability to turn the account into a stream of periodic payments.
The investment options for a variable annuity are typically mutual funds that invest in stocks, bonds, money market instruments, or some combination of the three. The value of the contract will vary depending on the performance of the chosen investment options. It is important to note that variable annuities involve investment risks, similar to mutual funds, and if the selected investment choices perform poorly, the customer could lose money.
Variable annuities offer a range of benefits, such as tax-deferred growth potential, a diverse selection of investment options, and the possibility of higher returns during the accumulation phase and a larger income during the payout phase. However, variable annuities also come with fees and the potential to lose value based on the performance of the subaccounts invested in the stock market.
As an insurance agent working with Ohio National, various investment options in their variable annuity products allow me to offer my clients tailored solutions that align with their financial goals and objectives.
Ohio National Term Life Insurance Products
Ohio National offers a range of term life insurance products designed to provide affordable protection for policyholders and their loved ones. These products include:
**FlexTerm Series**: The FlexTerm series offers 10-, 15-, and 20-year term life insurance options, providing flexibility and affordable protection for various stages of life.
**FlexTerm Basic**: This option offers a slightly lower premium with more limited conversion privileges. Clients can convert to a permanent policy designated by Ohio National.
**Recap Term**: This 10-year policy is designed for clients who plan to convert to a permanent policy. Clients can convert to any permanent life product available at the time of conversion. All premiums paid during the first five years become conversion credits toward the premium of the new, permanent policy.
Ohio National’s term life insurance products provide a simple and cost-effective way to secure financial protection for loved ones during specific periods of life. These policies offer flexibility regarding coverage duration and conversion options, allowing policyholders to adapt their coverage as their needs change.
Group Variable Annuity
Ohio National provides group variable annuity products designed for employer-sponsored retirement plans. Group variable annuities are similar to individual variable annuities but are structured to accommodate multiple participants within a single plan, such as company employees.
These annuities allow participants to invest their contributions in various sub-accounts, typically similar to mutual funds, investing in stocks, bonds, or a combination of both. The value of the group variable annuity will vary depending on the performance of the chosen investment options, offering the potential for growth and income during retirement.
Group variable annuities can be attractive for employers looking to provide their employees with a tax-deferred investment vehicle for retirement savings. These plans offer participants the opportunity to diversify their investments and potentially achieve higher returns based on the performance of the underlying sub-accounts.
Ohio National’s group variable annuity products are designed for employer-sponsored retirement plans, allowing participants to invest in a range of sub-accounts and potentially achieve growth and income during retirement. These products offer a tax-deferred investment option for employees, helping them save for their retirement goals.
Universal Life Insurance
Ohio National offers a range of universal life insurance products, which provide flexible premium payments, adjustable death benefits, and cash value accumulation options. These products include traditional universal life, variable universal life, and indexed universal life policies.
Traditional Universal Life Insurance
Traditional universal life insurance provides permanent life insurance protection with flexible premiums and options for building cash value. The cash value accumulation is based on the insurance company’s minimum guaranteed interest rate, with the potential for higher credited rates.
Variable Universal Life Insurance
Variable universal life insurance combines life insurance protection with investment options, allowing policyholders to allocate their premiums among various investment sub-accounts. These sub-accounts are typically similar to mutual funds, investing in stocks, bonds, or a combination. The policy’s cash value can grow based on the performance of the chosen investment options, offering the potential for higher returns. However, variable universal life insurance involves investment risks, similar to mutual funds.
Indexed Universal Life Insurance
Indexed universal life insurance offers a balanced approach to enjoying death benefit protection while building cash value for future needs. The cash value accumulation is based on the performance of an equity index, such as the S&P 500, offering the potential for higher returns. Indexed universal life insurance policies provide flexibility in premium payments, death benefits, and tax-free capital gains.
Ohio National offers a variety of universal life insurance products catering to the unique needs of its customers. These products provide flexible premium payments, adjustable death benefits, and cash value accumulation options, allowing policyholders to choose the type of policy that best suits their financial goals and risk tolerance.
Whole Life Insurance
Ohio National offers whole life insurance products that provide lifetime coverage, guaranteed cash value growth, and potential dividend payments. Whole life insurance is a permanent life insurance policy combining life insurance protection with savings, which builds cash value over time. The cash value growth in a whole-life policy is guaranteed and grows tax-deferred. Dividends, if declared, may increase the cash value growth even more.
These policies can be customized with various riders to meet the specific needs of policyholders. Some optional riders available on a permanent life insurance policy from Ohio National include accelerated benefit riders for chronic and terminal illnesses, guaranteed purchase option riders, waiver of premium for total disability riders, children’s term life insurance riders, and single premium riders.
Ohio National’s whole life insurance products offer lifetime coverage, guaranteed cash value growth, and potential dividend payments. These policies can be customized to fit the unique needs of policyholders, providing a comprehensive and flexible solution for long-term financial protection and wealth accumulation.
Disability Income Insurance
Ohio National offers disability income insurance products that provide financial protection in the event of a disability, helping policyholders maintain their standard of living and meet financial obligations. Disability income insurance, also known as DI or income protection, insures the beneficiary’s earned income against the risk that a disability creates a barrier for completion of core work functions, such as sustaining an injury, illness, or condition that causes physical impairment or incapacity to work.
Disability income insurance policies can be divided into short-term and long-term disability coverage. Short-term disability benefits typically cover a few weeks to a few months, while long-term disability benefits can last for several years or even until retirement, depending on the policy.
Ohio National’s disability income insurance products help policyholders by providing a portion of their income if they cannot work due to sudden illness or injury. This financial support can cover daily living expenses, such as mortgage payments, utilities, credit card payments, auto loans, personal loans, retirement contributions, student loans, college or childcare, groceries, or dining out.
Ohio National’s disability income insurance products offer financial protection for policyholders in the event of a disability, ensuring they can maintain their standard of living and meet their financial obligations. These products provide an essential safety net for individuals who may experience a disabling injury or illness that prevents them from working and earning an income.
Retirement Plans
Ohio National offers retirement plans, including individual retirement accounts (IRAs) and employer-sponsored plans, to help customers save for retirement goals. These retirement plans provide a tax-advantaged way for individuals to save and invest for future financial needs.
Individual Retirement Accounts (IRAs)
IRAs are personal retirement savings accounts that allow individuals to contribute a certain amount of money each year, with the contributions being tax-deductible or growing tax-free, depending on the type of IRA. Ohio National offers Traditional and Roth IRAs, catering to different financial situations and tax preferences.
– **Traditional IRA**: Contributions to a Traditional IRA are tax-deductible, and the earnings grow tax-deferred until withdrawn during retirement. Withdrawals during retirement are taxed as ordinary income.
– **Roth IRA**: Contributions to a Roth IRA are made with after-tax dollars, and the earnings grow tax-free. Qualified withdrawals during retirement are tax-free.
Employer-Sponsored Retirement Plans
Ohio National also provides employer-sponsored retirement plans, such as 401(k) and 403(b) plans, which allow employees to contribute a portion of their pre-tax income to a retirement account. These plans offer tax-deferred growth on the investments, and employers may also contribute to the plan on behalf of their employees, often through matching contributions.
Ohio National offers a variety of retirement plans, including IRAs and employer-sponsored plans, to help customers save for their retirement goals. These plans provide tax-advantaged ways for individuals to invest and grow their savings for future financial needs.
Ohio National’s product offerings stand out in the market due to their diverse lineup, strong financial position, and commitment to providing tailored solutions to meet the unique needs of their customers. As an insurance agent working with Ohio National, this variety of products allows me to offer my clients customized solutions that align with their financial goals and objectives.
Customizing Policies for Client Needs
When discussing how Ohio National’s products can be customized to fit different client profiles, it is essential to highlight their offerings’ flexibility and adaptability to meet clients’ diverse needs. Here are some examples:
Young Families
For young families, Ohio National offers life insurance policies that can be tailored to provide financial security and peace of mind. These policies can be customized with riders that provide additional benefits, such as child protection riders, which ensure coverage for children under a single policy. This helps young families manage their finances effectively while protecting their loved ones.
Individuals Nearing Retirement
Ohio National provides annuity products that can be customized for individuals nearing retirement. These products offer options for guaranteed income streams, which can be adjusted based on the client’s retirement goals and financial situation. Clients can choose between fixed or variable annuities, depending on their risk tolerance and need for stable income during retirement.
Business Owners
For business owners, Ohio National offers business insurance solutions tailored to protect their business assets and ensure continuity. These policies can include key person insurance, which provides financial support in the event of the loss of a critical team member, and buy-sell agreements funded by life insurance, which facilitate smooth ownership transitions.
Comparing Ohio National with Other Providers
Unique Features and Benefits of Ohio National
**Diverse Product Range**: Ohio National offers various insurance products, including life insurance, annuities, and retirement planning services. This diversity allows agents to tailor solutions to meet the specific needs of different clients, whether they are individuals, families, or business owners.
**Financial Backing**: Ohio National is supported by Constellation Insurance, Inc., which benefits from the financial strength of major institutional investors like Caisse de dépôt et placement du Québec and the Ontario Teachers’ Pension Plan Board. This backing provides stability and reliability that can be reassuring to clients.
**Customization Options**: Ohio National provides flexible policy options that can be customized with various riders and benefits to suit clients’ unique needs. This customization is particularly beneficial for young families, individuals nearing retirement, and business owners, allowing them to adjust their coverage as their circumstances change.
Why Recommend Ohio National
As an independent agent, recommending Ohio National can be advantageous due to its strong financial backing, diverse product offerings, and ability to customize policies to meet clients’ specific needs. Its focus on life insurance and retirement solutions makes it an excellent choice for clients looking for long-term financial security and planning. Additionally, the support from Constellation Insurance ensures that clients are partnering with a stable and reliable provider.
| Company | Life Insurance | Retirement Planning | Disability Income Insurance | Financial Strength (Ratings) | Unique Features |
|---|---|---|---|---|---|
| Ohio National | Term, Whole, Universal Life | Annuities | Yes | Strong (Varies by rating agency) | Customizable policies, focus on client-specific solutions |
| Northwestern Mutual | Term, Whole, Universal Life | Annuities | Yes | Strong (A++ from A.M. Best) | High financial stability, strong dividend performance |
| MassMutual | Term, Whole, Universal Life | Annuities | Yes | Strong (A++ from A.M. Best) | Focus on whole life policies with strong cash value growth |
| Guardian Life | Term, Whole, Universal Life | Annuities | Yes | Strong (A++ from A.M. Best) | Known for strong disability income insurance options |
| New York Life | Term, Whole, Universal Life | Annuities, Long-Term Care | Yes | Strong (A++ from A.M. Best) | One of the largest mutual insurers, strong long-term care options |
| Principal Financial Group | Term, Whole, Universal Life | Annuities | Yes | Strong (A+ from A.M. Best) | Strong focus on both individual and business financial planning |
| Ameritas | Term, Whole, Universal Life | Annuities | Yes | Strong (A from A.M. Best) | Emphasis on customer satisfaction and community involvement |
| Mutual of Omaha | Term, Whole, Universal Life | Annuities, Long-Term Care | Yes | Strong (A+ from A.M. Best) | Known for excellent customer service and Medicare supplement insurance |
| John Hancock | Term, Universal, Variable Life | Annuities, Long-Term Care | Yes | Strong (A+ from A.M. Best) | Strong investment options tied to life insurance policies |
| Transamerica | Term, Whole, Universal, Variable Life | Annuities, Long-Term Care | Yes | Strong (A from A.M. Best) | Focus on innovation and wealth-building through life insurance |
| Pacific Life | Term, Whole, Universal, Variable Life | Annuities | Yes | Strong (A+ from A.M. Best) | Known for flexible annuity products and strong retirement planning tools |
Customer Service Approach
– **Availability**: Ohio National’s customer service is available from 8:30 a.m. to 5:00 p.m. ET, Monday through Friday. Clients can reach out via phone at 800-366-6654 or email for policy assistance.
– **Accessibility**: Clients have direct, confidential access to their policies or contracts through Ohio National’s online platform, which can be accessed via computer or mobile device. This feature allows clients to manage their accounts conveniently and efficiently.
– **Support Resources**: Ohio National provides various resources on its website, including frequently requested service forms and instructions for the e-delivery of documents, making it easier for clients to handle their insurance needs.
Claims Process
– **Ease of Filing**: Ohio National offers access to death and disability claims forms online and resources to guide clients through the claims process. This ensures that clients have the necessary information and support during challenging times.
– **Guidance**: Clients are encouraged to gather relevant information to streamline the process before starting a claim. Ohio National guides what information is needed, helping to reduce stress and ensure a smooth experience.
Commitment to Service: Ohio National emphasizes delivering on its promises and supporting clients through the claims process, whether they are dealing with the loss of a loved one or facing illness or disability.
Customer Feedback Highlights
Positive Aspects: Some clients appreciate the range of products offered and the company’s financial strength, which has received high ratings from financial assessment agencies like A.M. Best (A+) and Moody’s (A1).
Negative Aspects: Common complaints include slow claims processing and difficulties in customer service. Customers have reported long wait times for disbursements and a lack of communication from the company during the claims process, leading to dissatisfaction
FAQs related to Ohio National Financial Services
Blake Insurance Group
Phone: (888) 387-3687
Email: [email protected]
Hours: Mon-Fri 9:00 am to 5:00 pm
Sat-Sun: Closed
Blake Nwosu
Owner & Principal Agent