Ohio National Disability Insurance Review

Ohio National Disability Insurance Review

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!