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 had the privilege of working with Ohio National Financial Services for several years. My journey with Ohio National has been both 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 has supported more than 75 charitable organizations through volunteer and financial contributions in 2021 alone.
In my experience, Ohio National offers a diverse lineup of life insurance products, with a focus on indexed products. This variety allows me to provide my 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 in the years to come.
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 provide customers with the opportunity 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, the variety of investment options available in their variable annuity products allows 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 in terms of coverage duration and conversion options, allowing policyholders to adapt their coverage as their needs change over time.
Group Variable Annuity
Ohio National provides group variable annuity products, which are designed for employer-sponsored retirement plans. Group variable annuities are similar to individual variable annuities, but they are structured to accommodate multiple participants within a single plan, such as employees of a company.
These annuities allow participants to invest their contributions in a variety of 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 an attractive option 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 a minimum guaranteed interest rate set by the insurance company, 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 of both. The cash value of the policy 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 and death benefits, as well as 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 type of permanent life insurance policy that combines life insurance protection with a savings component, 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 of the 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 are unable to work due to sudden illness or injury. This financial support can be used to 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 their retirement goals. These retirement plans provide a tax-advantaged way for individuals to save and invest for their 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 both Traditional IRAs 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.
Client Experiences
Throughout my tenure as an insurance agent working with Ohio National, I have had the opportunity to witness firsthand the positive impact their policies have had on the lives of my clients. One such story involves a young family who purchased a term life insurance policy to protect their financial future.
Tragically, the primary breadwinner passed away unexpectedly, but the term life policy provided the family with a much-needed financial safety net, allowing them to maintain their standard of living and cover essential expenses during a difficult time.
Another client, a small business owner, opted for a disability income insurance policy from Ohio National. When they suffered a debilitating injury that prevented them from working, the policy provided financial support, enabling them to cover their living expenses and maintain their business operations while they recovered.
These stories emphasize the value that Ohio National’s policies bring to the lives of their policyholders, offering financial protection and peace of mind during challenging times.
As an insurance agent, I face various challenges in my day-to-day work, such as staying up-to-date with industry trends, understanding complex insurance products, and addressing clients’ unique needs. Ohio National has been instrumental in helping me overcome these challenges by providing comprehensive training, access to a diverse range of products, and ongoing support from their dedicated team of professionals.
Their commitment to innovation and technology has also made it easier for me to serve my clients effectively, streamlining processes and enhancing communication between agents, clients, and the company.
As the Principal agent at Blake Insurance Group, I am proud of my partnership with Ohio National and look forward to continuing our collaboration in the years to come. Their dedication to providing reliable insurance solutions, strong financial position, and diverse product offerings have made them valuable partners in helping my clients achieve financial security and independence.
My aspirations for the future include expanding my client base, deepening my knowledge of the insurance industry, and continuing to provide exceptional service to my clients. With Ohio National by my side, I am confident that we can continue to make a positive impact on the lives of our clients and help them navigate the complexities of insurance and financial planning.