Opening an account with the right insurance company is an outstanding achievement, considering the current life unpredictability. With reliable disability insurance, you can happily continue earning even when you can’t work due to a catastrophic disability. And that is where a company like Ohio National Life Assurance Corporation comes in. This review seeks to explore its strengths and weaknesses.
Insurance Carrier: Ohio National Insurance Company
The Ohio National Insurance Company was founded by Cincinnati investment specialists in 1909 as a stock company before converting to a mutual company in 1959. It was named Ohio National Mutual Holdings in 1998, with Ohio National Financial Services as a branch located in Cincinnati, Ohio, and has been growing ever since. Its current Chairman and CEO are M. Reynolds Dodson, who has served since 1956. It’s an excellent company if you want an insurance policy of any nature, with a commitment to the Latin American market where it has received Standard & Poor’s A rating, Moody’s A.M, and Best A+ ratings.
What are Ohio National’s disability insurance policies?
Policyholders have a wide range of products from the Ohio National Life Insurance and disability company. Their disability insurance covers include:
- Own Occupation. This comes with a ContinuON Income Solutions II offer with protection in a physician’s own specialty. It is available through the purchase of a rider.
- Disability income insurance. This is one of the best insurance products from the company, allowing individuals to continue earning in the event they are unable to work. Features like the benefit period, coverage with different rides, easy underwriting, and coverage of white, grey, and blue collars alike make it ideal for everyone.
- Multi-life DI. This policy guarantees protection for employees. It comes with easy underwriting, a boost from existing coverage, employees can keep the coverage and benefits large and small groups; hence, more affordable than individual policies.
The features, availability and offers on different DI income insurance by the Ohio National Life Assurance Corporation vary per state. You can check specifics depending on where you are.
Pros of Ohio National Disability Insurance
The companies promise the following pros:
- Excellent financial strength as one of the oldest insurance companies – more than 100 years in business.
- Various categories of disability insurance policies to meet specific needs, including own occupation for medical industries, individual DI, and group policies.
- Renewable terms with the ability to use any benefit rider who the policyholder’s whole life.
- Flexible premiums and guaranteed payouts.
- Easy underwriting process where no financial documentation is required.
- Employees can keep multi-life DI policies using stand-along or supplemental coverage.
Cons of Ohio National Disability Insurance
- The premiums can be overwhelming for some people who can’t afford the price.
- Sometimes the process of claiming an insurance settlement can be tedious.
- Some policies can be quite complex to understand, which makes people take them without full comprehension. These can bring issues in the future.
Complaints About Ohio National Disability Insurance
NAIC has been supporting regulators and insurance standards in America for more than 200 years. It records complaints from consumers about specific insurance companies. For instance, if a customer is unhappy about an insurance benefit or can’t access their full total disability benefit, they can raise the issue through NAIC. So far, eight complaints have been filed against the Ohio National Disability Insurance company, which translates to 0.013601% of the total market complaints in the USA.
With the ever-rising cost of living, a life insurance policy must be assured of the reliability and benefits of any underwriting. NAIC uses the Securities Valuation Office with its own credit rating scale defined from NAIC-1(a company with the lowest risk) to NAIC-6 (the highest risk). For instance, the Ohio National Life Insurance company has a rating of 0.32 on the complaints index. This makes it a very trustworthy and reliable company.
Third-Party Ratings of Ohio National Disability Insurance
The Ohio National Disability has been rated high by many third-party overseers. These include:
- AM Best ‘A’ Rating. ‘A’ stands for “Excellent,” and it’s the third highest ranking of the 16 categories offered at AM. AM Best says the company can meet current insurance obligations in Ohio, New York, and other cities.
- Fitch’ A-‘rating. Fitch rates Ohio Life Insurance Company with an A- Insurer Financial Strength (IFS) rating. This is one of the highest ratings from Fitch aimed at strengthening the company on the market based on several factors. These include the company initiation of a sponsored demutualization with Constellation Insurance. Fitch expects to continue evaluating the company as it progresses towards demutualization of monthly benefit accruement, and the rating may be adjusted to match the current status.
- Moody’s ‘A1’ rating. This is one of the highest ratings from the organization, stating that the action reflects the strong capital and consistent growth the insurance has shown over the years. The A1 insurance’s financial strength offers insight into the company’s reliability and position on the market.
- Standard & Poor’s ‘A+’ Rating. S & P is a popular company in the world known for creating financial market indices. An A+ rating is the 5th highest rating out of a 21-part scale. S&P says the insurance company shows a “very strong competitive position.” The insurance company has been on the market for over 100 years, reflecting yearly sales growth. Generally, the rating considers the overall financial strength, capital position, and performance of the rated company.
Generally, Ohio National has been rated among the leading insurance companies in the world. The low number of complaints indicates a company with a strong commitment to delivering customer satisfaction.
Wealthcare’s Rating of Ohio National Disability Insurance
Ohio National is one of the biggest insurance companies in the USA, with over 100 years on the market. The company offers an individual disability insurance policy known as the ContinuON Income Solution II, which offers insurance carriers the opportunity to keep earning after a disabling injury. Also, the company offers long-term life insurance services on top of disability coverage.
The ContinuON Income Solutions II is a flexible and customizable product that lets physicians add riders to their policy to get the full benefit amount.
Another product that has attracted many people is Individual Income insurance (DI). The DI provides a replacement income to the policyholder in case they cannot work due to an illness or injury. It has an extended benefit period, covers all collars, and the holder can boost it with different riders.
The Multi-life DI is another plan designed to help business owners protect their employees. This mass mutual cover features a multi-life Guaranteed Standard Issue program that allows them to select employees eligible for the individual DI policies for discounting. The standard features of this policy include easy underwriting, bolstering the current coverage, holders can keep it, and can be used for large and small employees.
We give Ohio National an ‘A’ for its financial strength, market capitalization, reputation, and products. This is the highest rating we give insurance companies who have really earned it.
Review criteria
We used the following features in this review:
- Ratings from other institutions. Other third-party institutions have rated Ohio National very highly. This includes AM, Fitch, S & P, and Ameritas. Only a few insurance companies have such a reputation.
- Excellent products. Besides disability insurance, Ohio National also provides life insurance and retirement plans for individuals, helping them have a more secure financial future.
- Complaints. We checked NAIC for complaints about Ohio National, and it ticked all the right boxes. Very few complaints have been reported.
- Reputation. The negligible complaints percentage means a company that can be trusted. It has a strong financial foundation that enables it to pay claims without issues.
We continue to monitor the company’s progress every year, comparing it to local giants. Our reports aim to help consumers get the best insurance services.
Disability Insurance vs. Life Insurance
Life and disability insurance both cover income replacement. They may also have the same elimination period depending on the specific policy. However, life insurance benefits the beneficiaries when you die, while disability insurance benefits you while you are still alive – you get an income when you become too disabled to perform your normal activities.
Common Questions About Ohio National Disability Insurance
Is Ohio National a good company?
Yes. Ohio National is one of the largest insurance providers on the market. It has received the highest ratings from its party overseers, where it has proven a strong financial capability. You can get a long- or short-term policy with an easy underwriting process.
Is it worth it to buy disability insurance?
Life can be quite unpredictable sometimes, which is why insurance companies have been created. Disability insurance is one of the best ways to secure your financial future when the unexpected happens and you become disabled. So, it’s a worthy investment. Talk to your insurance agent about your options.
What are the cons of disability insurance?
One of the greatest limitations of DI is the overwhelming premium payment. You have to part with 1% to 4% of your annual income. As a business overhead, disability insurance is often more affordable through group plans.
Who can qualify for disability insurance?
One must meet the SSA’s definition of being disabled. That is, you are unable to do any beneficial activity. You can have short or long-term disability. Premiums and benefits depend on the specific policy and your occupational class.
What are the best disability insurance companies?
There are several disability insurance companies in the USA. Ohio National ranks among the top. Some of the factors to consider in the best company include the benefit period, the insurance policy terms, company ratings, products offered, universal life insurance offers, and more.