Confused about selecting the right insurance company to buy beneficial plans? You’re not alone. Most Americans face a lot of difficulties when it comes to finding the best insurance company. And why not they shouldn’t be picky?
Of course, it’s a matter of years of relationship in which both the insurer and insured are bound together. No debate on the fact that there are a few insurance organizations that have turned out to be very painful in the long run.
However, there are many companies, which have been serving the clients in the best possible way, like the Ohio National. But as there is no such thing as perfection, therefore, here are honest Ohio National Life Insurance reviews to help you make the right decision.
About Ohio National Life Insurance
Indeed, the firm is known as a pioneer in the life insurance sector. With more than 100 years of excellence, the company has been ruling the insurance industry by putting the heart and soul.
And despite numerous companies have emerged with similar business nature, this organization has remained the finest one when it comes to offering a wide range of insurance services.
In recent times, Ohio National holds spectacular ratings from some of the industry-leading financial and insurance watchdogs, such as Moody’s, and Standard & Poor’s. And this is one of the reasons why the company falls under the ‘A’ category in the entire US.
So it’s great evidence that this insurance company is playing a vital role in serving the clients by providing optimum insurance solutions.
Reviews for Ohio National Life Insurance Company
We are living in an era where products and services are judged through their reviews. Undoubtedly, it’s the best way to finally decide which way to go.
So, to make sure you know the thick and thin about the Ohio National, the reviews are split into two categories.
- Positive Reviews
- Negative Reviews
So let’s begin!
Positive Reviews
The following reviews showcase the positive side of the company.
Diversified Insurance Plans
Unlike many insurance firms, Ohio National Company offers flexible plans in a wide variety. Although the names sound alike to other companies’ products, each plan is designed to ensure that you can go for the best and the most suitable coverage as per your requirements and budget.
So, here are your options:
Term Life Insurance
The company has divided term life insurance into two categories:
- Flex Term Basic: It comes with standard protection.
- Flex Term Plus: It includes all the basic components but with an additional conversion feature.
Moreover, they offer 10, 15, and 20-year insurance plans.
A Must Read: Buy Term and Invest the Difference
Whole Life Insurance
The company has five types of whole life insurance plans, like:
- Prestige 100 – II
- Prestige Max III
- Prestige Value IV
- Prestige 10 Pay
- Prestige 20 Pay
Prestige 100 – II and Prestige IV provide high-level premiums, whereas, Prestige 10 and 20 offers you to pay your plan in the first 10 and 20 years. And lastly, Prestige Max III permits you to pay premiums until you age 65, so, this means more benefits at the end of the day.
Universal Life Insurance
This policy is called ‘V Pro’ universal life insurance and it is an easy-going policy offered by the insurer. It gives you lifetime security and allows you to earn interest by setting your own rates. Additionally, you can adjust premium payments’ frequency and amount according to your needs.
Variable Universal Life Insurance
Also called the ‘Virtus VUL’ insurance policy in which you are not guaranteed of getting fixed returns, as your premiums are invested. On the other hand, the fruits can be sweet as there’s no limit on the profit. However, the policy is suggested to those with prior investment knowledge and great-risk tolerance.
Indexed Universal Life Insurance
This policy collects cash value over a period and provides lifelong coverage. Nevertheless, the cash value is dependent on the index (unlike Virtus VUL) and comes with greater risks and rewards.
All these five plans are essential and cover almost every aspect of life. And this why people are attracted to this company, as they are given several options, which aren’t proposed by other insurance companies.
Excellent Credit Ratings
Financial stability helps businesses to maintain their standards. Having good financial ratings permit organizations to easily borrow from numerous financial institutions.
An insurance firm credit rating is formed with the opinion of the state’s independent agencies, which confirms its financial strength.
It indicates that the company is very much capable of paying its policyholders. In other words, you and thousands of other insured applicants are assured receiving claims when the policy expires.
There are three major insurance firms rating agencies: Standard & Poor’s (S&P), Moody’s, and A.M Best.
While Moody’s and S&P’s ratings have been already mentioned in the above section, A.M Best has also given ‘A+ Superior’ ratings to Ohio National Life Insurance Company.
So, based on the entire ratings, there’s no doubt that Ohio National is one of the top-notch insurance companies in all the US. More to this, it’s a positive sign because it reveals that the organization is extremely stable. And this is essential, as life insurance is for a protracted period, and excellent financial stability assures 100% benefits.
First-Rated Service
Customer service is essential for any business because it invites customers. So by implementing great customer services, it becomes easy to gain new clients and to keep the existing ones.
But in an insurance setup, a high-quality service becomes the most important factor to win over clients, and fortunately, the company has been rendering next-level services to its existing clients, as well as, potential applicants.
If you are trying to apply for any plan, you will be entertained with a highly professional financial expert to help you get the best insurance coverage.
Another thing is keeping the promise. Now, some companies are great at attaining clients through their customer services, but they fail to fulfill their pledge. But, Ohio National always keeps its words. This is why the majority of clients are happy with whatever they have been committed to by this company.
Easy Claim Policy
An insurance claim is an official demand from a policyholder to an insurance firm for compensation or coverage for an insured loss. However, this claim can also be made when the policy plan expires and the insured person has paid all the dues.
In other, words if you have 10-years life insurance, and the tenure has been completed, then your insurance provider will be liable to pay the benefit.
But, this is where things go wrong, as some weak insurance providers try their best to find out flaws to emancipate themselves from paying the final price.
As they understand the turning points, they create difficulties, and you are left with no option rather than registering a case (that could be too expensive and time-consuming), or simply forget about your actual claim.
Conversely, Ohio National has an easy claim policy. It is simple and transparent. This means you or your beneficiaries won’t have to take strict actions on receiving what’s yours.
Timely Dividends
A dividend is a payment received by the shareholders of any company when their investments begin to make a profit. Some life insurance plans offer to pay policyholders a certain share from the company’s profits.
But it is important to understand that dividends are not guaranteed, as not all insurance companies can make great profits all the time. This is why many insured people, who opt for investment (dividend) -based policies, don’t get much out of their plans, and they cannot blame this to the insurance organization, as both parties are in the legal obligation.
Conversely, Ohio National Company has been paying off dividends to its permanent policyholders for several years. And the best part is that the payments are always on time.
Online Management
While many insurance companies have switched to the online management system, policyholders do find it difficult to use their online accounts to administer their regular tasks.
Such flaws have been overcome by this company, and its internet management system works ideal on providing you the most desirable solutions, such as:
- You can pay your bills from your account
- There are zero troubles in updating your personal and billing information
- Availability of billing history 24/7
- You can view, as well as, download policy documents
- You can print and view insurance ID cards
- Tracking and filing your claim is possible
Furthermore, you can always seek assistance from the experts if there’s any problem in the system.
Affordable Premiums
Life insurance is great for most families. It comes with fewer costs, and you can choose a suitable plan according to your financial conditions.
Yes! Many companies are offering lower premiums, but not all of them offer high coverage.
But if you look at the sample quotes of a 20-year policy with $1 million benefits, you will find that the company pays higher coverage with lower premium rates, as compared to major insurance firms.
- 30 Years Old Male: $575 Per Annum
- 30 Years Female: $445 Per Annum
- 40 Years Male: $835 Per Annum
- 40 Years Female: $705 Per Annum
- 50 Years Male: $2,065 Per Annum
- 50 Years Female: $1,525 Per Annum
- 60 Years Male: $5,655 Per Annum
- 60 Years Female: $3,955 Per Annum
Note: These are only sample rates. You have to contact the company to get actual quotes, as they will be based on your health conditions and accurate age. You can use our comparison tool.
Negative Reviews
There are some issues with Ohio National Life Insurance, but they are related to the firm’s policies and geographic factors.
Strict Underwriting Guidelines
Most insurance companies try their best to develop inflexible policies to save themselves from unreasonable problems.
And they do have all the right to secure themselves for unfavorable happenings. But sometimes they become lenient on accepting applicants who are below their decided benchmark.
Nevertheless, the company does not show indulgence at all, especially when it comes to taking senior citizens on board, and those who are, health-wise, far from perfect.
So it doesn’t matter if you are above 80 or just a 40-years-old male or female, if there’s even a slight problem in your medical reports, you will never qualify.
Unavailability of Online Quotes
Unlike other insurance organizations, you cannot simply search for actual quotes over the internet. You have to contact the Ohio National in person. Otherwise, you’ve got to call them to fix a meeting with an insurance agent to get the quotes.
The third option is sending an email. You can try your luck by sending an email, but the result would end in a meeting to know your insurance pricing.
No Credit Card Payment Nowadays
Despite having a huge online system, the company doesn’t accept credit card payments. Nevertheless, you can pay via other methods like from your prepaid account, wire transfer, or phone. The company will accept premium payments 24 hours a day and all year round if made through suggested channels.
Non-Functional in New York
You will be shocked to know that the company is serving worldwide including South America, Puerto Rico, Columbia, and 49 US states except for New York. So, there’s no chance you can buy this company’s insurance policy if you’re a New Yorker.
Conclusion
Therefore, don’t waste time on finding ways to get accepted because the rules are already specified by the company. Also, you cannot anticipate any amendments at this moment.
It is pretty normal if you haven’t found a trustworthy life insurance firm because not every insurance entity is reliable. Nevertheless, the Ohio National has magnificent plans for you. The organization is also famous for being functional for about 100+ years.
If you examine closely, you will find that most Ohio National Life Insurance Reviews are positive, as the firm has outstanding insurance policies, financial reputation, fantastic customer service, simple claim policy, and many other fantastic features.
On the contrary, it has made some strict policies, which are the main reasons for achieving negative reviews.
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