If you haven’t heard of The Ohio National Life Insurance Company, this review is for you. Life insurance company reviews are a notable portion of our site because we believe most consumers don’t have the time or the desire to read fine prints, exclusions, and insurance jargon to make an informed decision when purchasing life insurance.

Today, I would like to take the hurdle of subtle print and present a simplified review of Ohio National Life Insurance Company life insurance products and rates and compare it to the best in our industry. Let’s dive in!

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Ohio National Life Insurance Company History

The Ohio National Life Insurance Company is a mutual company (owned by its clients, not shareholders), located in Cincinnati, Ohio. It was founded in 1909 as a stock company but was converted into a mutual company in 1959 (Ohio National Mutual Holdings, Inc.). In 1987, the company established The Ohio National Foundation which has donated more than $22 million to nonprofit institutions such as United Way, Taft Museum of Art, and Make-a-Wish Foundation.

In September 2018, they exited the annuity market and laid off 300 of its 1300 employees in an effort to concentrate more on life insurance business. In 2017, it was recognized as one of the top 15 places to work in Cincinnati by The Cincinnati Enquirer. The company is licensed to sell insurance products in all fifty states, the District of Columbia, and Puerto Rico.

Ohio National Life Insurance Company Ratings

  • A.M. Best: A+ (Superior)
  • Standard & Poor’s: A
  • Moody’s: A1

Products Offered by Ohio National Life Insurance

Ohio National Life Insurance provides disability income, immediate annuities, and life insurance product solutions. For our review, I will explicitly look into its life insurance products, which include a term, whole, and universal life insurance policy.

Term Life Insurance

For those who appreciate simple, cost-effective, temporary protection, term life is the best choice. It offers the highest amount of coverage at the lowest price when compared to a permanent solution.

Ohio National provides 10-, 15-, and 20-year plans (note that there is no 30-year plan). If you die during that period, your beneficiaries will collect a tax-free death benefit amount and can use it to pay the mortgage, college tuition, or use it as income replacement. If you outlive your term, you can convert the coverage to a permanent policy, renew it annually, or drop the coverage.

Ohio National offers two types of term life coverage:

  • “Basic” level term policies: This is the most economical term insurance because it only offers a limited conversion option. In other words, if you intend to convert the policy at the end of your term, they only provide you with one permanent coverage option. If you need term insurance and don’t have plans to have a permanent alternative at the end of your term, this plan is a good choice.
  • “Plus” level term policies: This policy costs a few extra dollars per month, but it offers expended conversion options at the end of your term. If you think you might need a permanent policy, this option is beneficial because you’ll be able to pick other permanent coverages at the end of your term, such as universal or indexed universal life.

Whole Life Insurance

Whole life insurance is for those who are looking for the ultimate security without worrying about an expired life insurance policy. Whole life is permanent coverage that lasts for your entire lifetime. It grants a guaranteed death benefit to be paid, tax-free, to your beneficiaries upon your death.

Additionally, the premium payments are fixed, and it builds cash value which grows on a tax-deferred basis over time. Ohio National provides dividends every year that are credited to your policy, which also increases the cash value in your account.

Ohio National has four types of whole life coverage:

  • Prestige Value III is the lowest-priced whole life coverage option they offer. The cash savings components, along with the yearly dividends, can support you in attaining your long-term cash growth goals.
  • Prestige 10 Pay is a 10-year pay whole life insurance. This means there are no required premiums after paying for 10 years.
  • Prestige 100 is a whole life insurance which the premiums are paid to age 100. After that, the policy is “paid up” and there are no required premiums.
  • Prestige Max II is a “paid up” policy at age 65 or 10 years after purchase, whichever is later. It has the potential to maximize the savings component because it reaches the “paid up” status early on in life. Therefore, it can collect interest and dividends on a larger savings account vs paying monthly where the savings account is smaller.

Universal Life Insurance

Universal Life (UL) is a hybrid solution between temporary and permanent life insurance coverage. It gives you the flexibility to adjust your premium payment and the death benefit amount (increase or decrease) by providing an essential element: guaranteed death benefit to ensure the financial security of your family.

Ohio National’s UL offers at least a 2.5 percent interest rate annually but has been higher, according to their website.

They offer two types of Universal life insurance:

  • V-Pro UL is a traditional UL coverage with all its flexibilities at an affordable price. You can access the cash value in the account through a loan or withdrawal.
  • Virtus Basic is UL coverage for juveniles who need coverage under $100,000 in death benefit.

Indexed Universal Life

Indexed Universal Life (IUL) has the same flexibilities tradition UL has. The only difference is how the cash value in the account accumulates. With UL, the cash value accumulation every year is guaranteed at a certain percentage depending on which account you park your money in.

With IUL, the money is linked to the performance of a specific index such as the S&P 500, so the returns aren’t guaranteed but the chances to gain more are greater.

Ohio National Life offers one IUL:

  • Virtus Indexed Universal Life offers guaranteed death benefit with three index accounts and one fixed account. You’ll have the option to choose any crediting account based on your goals and stage in life. For instance, younger individuals typically take higher risks than older individuals since they have longer timespan to recover should things go south.

Variable Universal Life

Variable Universal Life (VUL) is the most adventurous type of coverage you can buy. As stated before, it has the same flexibilities and benefits a traditional UL has, however, the invested money portion is invested through a broad array of portfolios. The cash value fluctuates up or down based on the market’s performance because you are investing directly in the market. Ohio National Life offers one VUL:

  • Virtus VUL offers more than 60 top-name investment managers from which to choose. It also provides a dollar-cost-averaging program which buys the same investment over a period to cut down the risk. In other words, if you bought 100 shares of “y company” at $10 a share and it’s $8 a share now, and you buy another 100 shares, your cost averaging is $9 per share.

Ohio National Life Insurance vs. Other Carriers’ Sample Monthly Rates

Male 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $13.12 $17.85 $41.50 $111.59
 Banner $13.33 $19.26 $40.85 $111.13
 AIG $13.54 $19.38 $42.73 $114.74
 Foresters $13.56 $18.81 $42.66 $114.84
 Lincoln$13.56 $18.38 $46.55 $190.53
 Mutual of Omaha $13.56 $20.08 $46.55 $134.05
 Principal $14.66 $19.03 $42.61 $110.03
 SBLI $14.79 $21.67 $51.68 $147.70
 Ohio National $15.14 $21.19 $49.09 $130.83
 Prudential $20.34 $24.50 $45.50 $128.84

Female 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $11.83 $15.27 $31.18 $77.61
 Banner $11.74 $15.67 $31.17 $78.83
 AIG $11.81 $18.51 $35.59 $89.66
 Foresters $12.47 $16.63 $31.94 $85.97
 Lincoln$12.08 $16.14 $32.77 $160.13
 Mutual of Omaha $12.64 $19.21 $36.05 $94.02
 Principal $13.13 $16.63 $32.90 $77.92
 SBLI $13.31 $18.99 $36.46 $90.37
 Ohio National $13.41 $18.38 $49.09 $87.15
 Prudential $17.28 $22.53 $40.03 $89.25

Male 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $20.21 $28.38 $75.68 $205.97
 Banner $20.12 $32.68 $74.39 $205.97
 AIG $20.24 $30.62 $77.76 $213.57
 Foresters $21.00 $31.50 $79.19 $223.56
 Lincoln$21.00 $30.28 $78.71 $214.33
 Mutual of Omaha $21.61 $33.42 $85.05 $249.55
 Ohio National $21.63 $33.74 $77.42 $211.49
 SBLI $21.32 $36.92 $96.06 $286.85
 Transamerica $23.65 $43.00 $95.46 $253.70
 Prudential $33.25 $41.56 $83.56 $250.25

Female 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $17.63 $24.94 $55.47 $139.32
 Banner $17.11 $25.49 $55.47 $145.00
 AIG $17.21 $27.16 $63.06 $163.40
 Foresters $18.81 $27.13 $57.75 $165.81
 Lincoln$18.16 $26.16 $58.41 $148.05
 Mutual of Omaha $18.99 $28.61 $64.05 $169.93
 Ohio National $19.03 $26.38 $59.25 $149.65
 SBLI $19.14 $29.67 $65.87 $173.03
 Transamerica $19.78 $34.83 $73.10 $204.68
 Prudential $27.13 $37.63 $72.63 $171.06

Male 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $33.97 $51.17 $142.33 $396.03
 Banner $37.84 $58.48 $140.61 $406.63
 AIG $34.95 $53.98 $144.80 $418.14
 Foresters $34.13 $56.00 $150.50 $438.38
 Ohio National$35.90 $54.93 $145.75 $413.90
 Mutual of Omaha $37.80 $59.68 $161.18 $481.43
 Principal $38.50 $55.56 $147.88 $418.78
 SBLI $35.24 $56.03 $147.73 $457.62
 Transamerica $39.56 $80.84 $178.02 $483.32
 Prudential $48.56 $70.44 $157.94 $467.69

Female 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $28.81 $43.43 $101.91 $267.03
 Banner $28.72 $50.09 $110.51 $294.55
 AIG $28.89 $47.92 $117.12 $309.15
 Foresters $29.75 $47.25 $107.63 $322.88
 Ohio National$30.71 $48.87 $106.83 $279.83
 Mutual of Omaha $31.68 $50.93 $119.18 $324.80
 Principal $32.16 $46.81 $108.94 $283.50
 SBLI $29.67 $44.28 $104.57 $272.92
 Transamerica $32.68 $65.36 $139.32 $388.72
 Prudential $37.19 $59.94 $124.69 $319.81

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Dec 2018 and are subject to underwriting approval.*

Bottom Line

Ohio National Life insurance is an outstanding company with more than 100 years in business with a strong financial background and ratings. Their term life product is priced well as you can see from the chart above. They tend to be extra competitive for individuals over the age of 50. If you are in your thirties or younger, there are better options out there.

If you are looking for no-exam life insurance, Ohio National isn’t a good choice for you since they don’t offer that distinct product. Also note that to qualify for the best rates, you must be in perfect health, so choosing life insurance based on prices isn’t ideal for someone who has pre-existing medical conditions.

If you are looking for Ohio National Life Insurance quotes, use the form on the right-hand side to compare rates from more than 50 insurers.

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