Ohio National enhances whole life portfolio with new riders
September 2, 2020 by Ohio National Financial Services
CINCINNATI, Aug. 31, 2020 (GLOBE NEWSWIRE) — Ohio National Financial Services is pleased to announce the addition of the Protector Plus and Level-premium Paid-up Additions (PUA) riders to its limited pay whole life insurance lineup. Previously available together only on the Prestige 100 II lifetime pay whole life policy, their combination on limited pay whole life policies gives producers greater flexibility to help their clients with a wide range of individual and business planning needs.
When added to a Prestige 10 Pay II, Prestige 20 Pay or Prestige Max III (Paid to 65) limited pay policy, the Protector Plus rider can be paired, or blended, with the Level-premium PUA rider to enhance early guaranteed cash value and dividend-earning potential. This can be especially helpful for individuals and businesses needing greater and/or faster access to policy values.
“We believe the addition of Protector Plus rider to our Prestige limited pay policies gives our producers a competitive advantage,” said Karl Kreunen, CLU, vice president, product marketing. “We are one of a few carriers offering a PUA rider/term blending capability on limited pay whole life policies. Adding extra flexibility to the already efficient Prestige limited pay product suite, the Protector Plus rider offers clients death benefit protection while the PUA rider enhances the potential to build the policy’s cash value to meet their financial needs.”
The Protector Plus Rider provides a level of total death benefit at a lower, non-guaranteed, level premium. Clients can purchase one-year term life insurance in an amount equal to the total face amount (less the base policy face amount and the death benefit provided by any dividend additions or paid-up insurance provided by the Level PUA rider). The one-year term is expected to decrease as paid-up additions replace the term life insurance portion of the policy.
“Our illustration team has found new ways to make it exceptionally easy for producers to show clients many scenarios where the rider could help them, whether to give the policy’s performance an initial boost or for the entire limited premium payment period,” said Kreunen. “From clients looking for death benefit protection while saving for retirement to business owners looking for ways to reward top talent, the Protector Plus rider gives producers another flexible tool for their toolbox.”
*Whole life insurance products are issued by The Ohio National Life Insurance Company. Guarantees are based upon the claims-paying ability of the issuer. The payment of dividends is not guaranteed. Policy loans, if taken, will accrue interest and reduce the policy death benefit. Company not licensed to conduct business in NY. Product is available in all states except CA as of 1/2/19.
About Ohio National
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, 2019, its affiliated companies have $40.5 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 and YouTube.
This material is for general use with the public and is not intended to provide investment, insurance or tax advice for any individual.
Lisa Doxsee, APR