There were 1,663 press releases posted in the last 24 hours and 413,640 in the last 365 days.

New protection, flexibility enhancements introduced for two Ohio National lifetime pay products

CINCINNATI, June 10, 2019 (GLOBE NEWSWIRE) -- Clients looking for secure lifetime protection and excellent value for death benefit protection have two new options with Ohio National’s enhanced lifetime pay whole life products.  

“Prestige Value IV and Prestige 100 II provide an excellent foundation of long-term protection,” said Christopher Calabro, CLU, ChFC, Ohio National senior vice president career agency distribution and marketing. “Clients can choose between one of the lowest priced participating whole life policies in the industry, which offers strong guaranteed1 cash value growth supported by mid- and long-term dividends, or one that provides richer long-term cash value and dividend potential. These products are strong on their own, but can have flexibility added through an array of riders.”

Both products can accept premium payments to, and endow at, age 100. The earlier endowment age helps contribute to both products’ improved long-term cash and death benefit values, based on current assumptions, that peak around a client's life expectancy.

Financial professionals have the flexibility to customize a policy to meet their client’s needs with a suite of three paid-up-additions (PUA) riders, which features an enhanced Flexible PUA Rider (FPUAR). These riders allow clients to pay an additional premium into their policy above the base, up to approved underwritten limits, to receive additional paid-up whole life coverage. The PUA riders can also help improve the products’ abilities to build and distribute cash value or reduce the policyholder’s length or amount of premium payments on a non-guaranteed basis.
  
Policyholders, including those with variable incomes or business owners, will have greater control over their premiums when they experience changes in their financial resources with the FPUAR. With its improved flexibility, four unscheduled premium payments can be made in any policy year for policyholders to reach their maximum allowable premium. Policyholders also have two years from the issue date to pay the maximum amount of flexible premium into the policy. Then, going forward, their maximum FPUAR premium will be based on the highest amount paid in any of the last five policy years.  

“By customizing these policies with riders, they can become versatile accumulation and distribution vehicles to help provide rich living benefits,” said Karl Kreunen, CLU, Ohio National vice president, product marketing. “With these lifetime pay whole life products, our competitive limited pay whole life, universal life, indexed universal life, variable universal life, term life and individual disability income insurance products create one of the most robust portfolios in the industry.”

Prestige Value IV and Prestige 100 II feature a lineup of living benefits, including the Accelerated Benefits Rider (ABR), which gives clients early access to a portion of the policy's death benefit in the event of a terminal or chronic illness. And, since both products are designed to have stronger long-term cash and death benefit values, policyholders may also see an improvement in the maximum benefit that can be accelerated in the years they are most likely to need the protections an ABR provides.2   

More information can be found at prestigeforlife.com

Products issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Registered products distributed by Ohio National Equities, Inc., Member FINRA. Product, product features and rider availability vary by state.

About Ohio National Financial Services
Since 1909, Ohio National has been committed to helping individuals, families and businesses protect what matters most. Through our network of financial professionals across 49 states (all except New York), the District of Columbia and Puerto Rico and through affiliated operations in South America, we provide the insurance products that help our policyholders achieve financial security and independence.  As of December 31, 2018, its affiliated companies have $39.3 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Please visit ohionational.com for more information and for the latest company updates, connect with Ohio National on LinkedIn, Facebook, Twitter and Instagram.

Contact: Susan McDonald, ALMI
513.794.6325 office
513.633.1277 mobile
     
Lisa Doxsee, APR
513.794.6418 office
513.218.5519 mobile

Guarantees are based upon the claims-paying ability of the issuer. Issuers not licensed to conduct business in New York. Disability income insurance is not available in CA. Withdrawals and loans may reduce the death benefit, cash surrender value and any living benefit amount.

2 The optional Accelerated Benefit Rider provides for a partial acceleration of the policy death benefit in the event that the base policy insured is certified by a licensed physician as being chronically ill or terminally ill. By taking an accelerated death benefit payment, a lien is created against the policy death benefit. The lien accrues carrying charges at an adjustable rate we declare. The lien, including the lien carrying charges, will be deducted from the total death benefit otherwise payable to the policy beneficiary(ies) and will reduce the cash value available for policy loans, surrenders, or the exercise of any non-forfeiture option. The required premium for the policy must still be paid even if an accelerated death benefit is taken. If an accelerated benefit is taken and the policy lapses or otherwise terminates, a taxable event may occur. Any death benefit provided by an optional Accidental Death Benefit Rider is not available for acceleration under this rider.

Any accelerated benefit taken under this rider may be taxable. Clients should consult their tax advisor on all tax matters. Adding the rider to a life insurance policy or the taking of rider benefits may affect eligibility for certain public assistance programs and government benefits.

The Accelerated Benefit Rider is not designed to be a substitute for long-term care insurance, health insurance, or nursing home insurance. Rider benefits and features may vary by state.

OhioNationalLogo.jpg