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Disability Insurance Carrier Review: Ohio National

I review these products to inform the public about these carriers.  Most disability insurance products are very good, but what is right for one person isn’t right for the other. That is why you should talk to an expert, objective agent who can help you navigate the sea of carriers and their individual product features.  I am available for consultations, which you can schedule directly to my calendar or you can always contact me directly at 888-636-2310.

Who is Ohio National?

Ohio National Financial Services, through its affiliated insurance companies (The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation), markets many insurance and financial products in 49 states (all except New York).  Their major markets include:

  • Individual life insuranceOhio National Logo
  • Individual disability income insurance
  • Individual annuities
  • Group annuities
  • Broker/dealer services

Headquartered in Ohio (shocker), they were originally founded in 1909.  If you’re interested in Ohio National’s history, they have a great timeline presentation that can be found on their website.

Ohio National’s Financials

Ohio National is rated A+ by A.M. Best, their second highest rating. They have grown their life insurance sales for 26 straight years and, by 2016, are ahead of their corporate goals in growth.

If you’d like to learn more about Ohio National’s financial strength, please look at their web page

Products Offered

Ohio National offers a diverse suite of disability and life insurance products.  Since this is primarily a disability insurance website, we’ll focus on those products exclusively.

Ohio National has four main plans (for this article, we are only covering each carrier’s individual disability insurance products as opposed to group).  Designed to cover all aspects of disability insurance needs, Ohio National has a fairly robust suite of products.

For White-Collar Workers

Doctor In OfficeOhio National’s main white collar plan competes with Guardian, Principal, Northwestern, The Standard, and other white collar focused carriers.

Their high-end plan is non-cancelable and has a pure own occupational coverage as a rider.  One unique feature is that they offer coverage to age 70, whereas most carriers will only offer coverage to age 65 or age 67.

Their residual rider is also very strong, offering loss of time or duties for the first 6 months, followed by a 15% reduction in time.

Their max issue age is 70 (with a 2-year max benefit), which is also unique.  Most of their current underwriters came from MetLife, who while they aren’t known for being overly liberal with health conditions, tend to be fair in most of their pricing.

For Blue-Collar Workers

They offer a plan for blue-collar workers, as well.  While there may be better options for these occupation classes, their premiums are attractive when a social insurance rider is offered.

If you’re a blue-collar worker looking for disability insurance, please contact us for a complete analysis of your situation and the best prices, based on your occupation, income, and health.

For Business Owners

There are two key plans for business owners offered by Ohio National.
Business Owners

The first is a business overhead policy.  This is a fairly common offering, depending on your state. The most important thing about Ohio National offering this coverage is they also offer several other products that supplement a business owner (inexpensive term, great whole life plans as a retirement plan compliment, etc.).

Business overhead will pay the business expenses of the owner if he or she were to become disabled. These policies are based purely on the fixed expenses of the business, such as a lease, mortgage, payroll, and/or other costs directly incurred by the business.  It does not consider profitability or future growth.

The second policy might be the most underappreciated and underutilized disability insurance on the market: Disability Buy/Sell.

Disability buy/sell   assists in the purchase of a disabled owner’s interest in a business if a long-term disability occurs.  Many firms have protection in case of an owner’s death, but overlook the financial devastation that can occur because of disability. Flexible funding methods are available, using lump-sum and/or monthly installment payments, which help to provide the funds to affect an orderly transfer of ownership.

The interesting thing about buy/sell disability insurance is that it is rarely brought into the picture.  Banks don’t always require it for loans, and attorneys rarely write it into the agreement. The issue with not utilizing this coverage is that the ramifications are huge.  A disability not only creates an issue with the purchaser, who can no longer maintain the success of the business, but it ignites a very uncomfortable dynamic, as a new owner that can’t maintain the business’s profitability and an existing owner, not yet paid for the business.

Ohio National Pros

About Raymer Malone, CFP®
About Raymer Malone, CFP®

Raymer Malone, CFP® is principal and owner of www.highincomeprotection.com, an online insurance agency that specializes in disability insurance.  Ray has been in financial services since 1998 and has been life and health licensed since 2004. He started his company to help consumers get access to disability insurance products online and to provide them with the proper direction in selecting a policy. Ray resides in Lake Tahoe, NV with his wife and two children.

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