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An independent review of Ohio National Disability Insurance.
Summary – Ohio National Disability Insurance Review
Ohio National is an A+ rated carrier with solid Disability Insurance for Professionals.
Their policy has all essential features a white-collar professional needs. But lacks a few features found among it’s peers. Such as:
- Home & Work Modifications
- Waiver of Elimination for Recurrent Disability
- Retirement Protection Benefit
- Serious Illness Benefit
- Lump Sum Benefit
- Student Loan Protection
Ohio National is known for their excellent customer service and competitive products. They cater to high-income earners, business owners, and other business professionals. Overall, their policy is a good choice when it comes to Disability Insurance for Professionals.
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Company Profile – Ohio National Disability Insurance Review
Ohio National has an A+ (Strong) rating by S&P, with Billions in assets Their history dates back to the early 1900s.
They are a mutual company that has no stock holders (Guardian, Mass, and others are mutual insurers). Ohio National has a consistent dividend history and competitive products. They also offer Life Insurance, Annuities, Retirement Plans, & Wealth Management.
Product Features – Ohio National Disability Insurance
Ohio National Disability Insurance has all essential features a white-collar professional needs. Most important being “Own-Occupation” definition of Disability.
Definition of Disability:
True Own-Occupation and Modified Own-Occupation available. Includes provisions for Occupational Specialties.
Premiums and Contract Provisions:
Non-Cancelable (premiums are locked-in) to age 65, 67, or 70.
Guaranteed Renewable for Life
Benefits Period choices:
2 years – 5 years – 10 years -To age 65 – To age 67 – To age 70
Elimination Period choices:
60 days – 90 days – 180 days – 360 days
Partial Disability and Recurrent Disability:
Included. Partial Disability requires a minimum of 15% loss of income.
Waiver of Premium when Disabled:
Included. Not extended for any period after being Disabled.
Waiver of Elimination Period for Recurrent Disability:
Not Available
Catastrophic Disability Coverage:
Included. No COLA increase
COLA (Cost of Living Adjustment):
CPI Tied 2% – 6%. Or 3% Simple
Future Increase of Coverage:
Future Increase Option available as Rider.
Automatic Benefit Enhancement not included.
Benefit Purchase Option not Included.
Mental Health Benefit:
Capped at 24 months
Occupational Rehab Benefit:
Included
Home & Work Access Modifications:
Not Available
Lump Sum Benefit Option:
Not Available
Retirement Savings Protection:
Not Available.
Serious Illness Benefit:
Not Available
Studen Loan Protection:
Not Available
Target Market for Ohio National Disability Insurance
This product was developed for the average white-collar professional. A mid to upper level employee making $50k – $150k is the best profile for this product. It’s not the most expensive option on the market, but it is certainly not the cheapest either. The product is a solid and well-rounded option.
Alternative Options to Ohio National Disability Insurance
Ohio National Disability Insurance was designed for white collar professionals in the $50k – $150k range. If you are a really high earner, you might want to look at options that are a bit more comprehensive, such as Guardian Life or Principal.
If you are a specialist in your occupation, I recommend you look at alternatives such as Guardian Life or The Standard. This article talks about Disability Insurance for Specialists Occupations.
If you are a blue-collar or gray-collar worker, take a look at this article.
Final Thoughts about Ohio National Disability Insurance
Ohio National is a solid Disability Insurance Policy. A good choice for white-collar professionals and even some gray-collar professionals. Ohio National is well-rated and has excellent customer service. It makes a good option for someone who needs comprehensive income protection.
If you would like a Quote for Ohio National Disability Insurance, feel free to contact me or schedule a consult.
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Thanks for reading and have a great day!