Ohio National Life Insurance Company was founded in 1909. While its main business is life insurance, it offers a wide range of financial services and insurance products, including a comprehensive disability insurance line. Its main objective is to create a trusting long-term relationship with its clients and to provide them with the kind of services they will need throughout their lives.
The company total assets approach $30 million. Its core earnings experienced a 44.2% increase since 2009. The Ohio National Health Insurance Company is a subdivision of the Ohio National Life Company. Its headquarters are located at:
One Financial Way
Cincinnati, Ohio 45242
Phone number: 513-794-6100.
The Importance of Disability Insurance
Imagine the repercussion of a debilitating illness or the consequences of a devastating auto accident on you, your family and your lifestyle. While your home is a very important asset, your most valuable one is the paycheck you earn and the money you bring home each month over your earning years until you reach retirement age. When this source of revenue comes abruptly to a stop, your home can be in jeopardy and you might have to go into debt in order to pay your basic day to day expenses. One in seven workers will be faced with the challenges of a disability at one time or another during his or her working life.
Keep in mind that the Social Security benefits you would possibly receive in case of a disability might not be sufficient for you to maintain the lifestyle you are accustomed to. The average Social Security Disability payment is $1,004 per month. Also, it is far from guaranteed that you will receive these benefits. In 2005, only 39 percent of the people who applied for disability benefits were accepted. This is why it is well worth investigating if a Disability Insurance is the right thing for you.
The Ohio National Health Insurance for individuals offers a line of disability insurance policies to protect you financially in the event of unexpected injury or illnesses:
- A non-cancelable policy will stay valid as long as you pay your premiums and the initial rate of the policy stays the same for a definite number of years.
- A guaranteed renewal policy will answer your immediate needs for a shorter period of time. You can renew the policy if you desire but your premiums might go up.
- A yearly-renewable term policy covers short-term needs with a set scheduled annual increase.
- A disability policy usually pays no more than 80 percent of your stated salary or a flat amount.
The Ohio National Health Insurance Company can help you calculate the amount of income insurance you need. If your place of work already offers disability insurance, you need to know if it would provide enough funds for you. An Ohio Health Insurance Company professional will explore the possibility of adding an individual policy to better cover your needs.
Ohio National Health Disability Insurance for small business offers several plans to suit the needs of small businesses:
- The Business Overhead Expense plan will provide funds to maintain your business in the eventuality of one owner suffering a disability.
- The Buy Sell Disability Income plan will make funds available for a timely transfer of ownership when one owner experiences a long-term disability.
The Ohio National Life Company ratings:
- Agency Ratings
- A.M. Best A+
- Moody’s A1
The Ohio National Life Company Products
The company has a presence in 47 states and offers a wide range of insurance and financial products;
- Individual life insurance
- Individual disability insurance
- Individual annuities
- Group annuities
- Broker-dealer services
What you need to consider before buying a disability insurance policy:
- Look for a solid company that will be around when you need it.
- Choose a policy that mentions “own occupation,” especially if you work in a specialized field and do not want to accept work outside of that field.
- Make sure your disability plan includes benefits in case of partial disability.
- Consider a cost of living adjustment, keeping in mind possible rising inflation in the future.
- Go over very carefully all the disabilities covered under a policy, keeping in mind that some type of injuries are devastating in some particular lines of work, while others would not be a threat to your livelihood.
- Consider a non-cancellable policy to lock in your costs and your benefits while taking into account the higher price for such a policy.
- A Business Overhead policy will not only give you funds to cover your income but additional money to meet your payroll, pay electricity, rent, etc. to help you keep your business functioning.
- Find a plan you can afford.
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