Ohio National for disability insurance?

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need403bhelp
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Joined: Thu May 28, 2015 6:25 pm

Ohio National for disability insurance?

Post by need403bhelp » Fri May 19, 2017 9:56 am

Thank you all for your past advice!

I am currently shopping for own occupation disability insurance. I initially contacted an agent (agent A) recommended by another online forum that I trust. Agent A recommended a policy from one of the 6 own-occupation insurance companies (not Ohio National) based on their likely favorable underwriting in my particular situation.

Afterwards, I was talking to a colleague about insurance, and ended up being "introduced" to a local agent (agent B). I was very clear with the agent B that I was already working with agent A and had a policy illustration that I liked, but he offered to find me some others that could "beat" it and I said ok. In any case, agent B found an illustration for an Ohio National policy that was comparable and 20-30% cheaper.

I then sent the Ohio National illustration to agent A, and he came back with some concerns, most of which boiled down to the Ohio National DI product being relatively new. Some of agent A's statements may have been a little misleading too, at least per agent B's response when I relayed them to him.

My question - aside from any differences in underwriting for my particular situation (which I could test out by applying, seeing what was actually offered, and then either accepting or applying to the other policy), are there any reason that one should avoid Ohio National for disability insurance? Specifically, their prices seem very low compared to the other 5 companies. Is this solely because they are trying to gain market share, or is there some other reason for these low prices that is more concerning?

Thank you so much!

BruDude
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Re: Ohio National for disability insurance?

Post by BruDude » Fri May 19, 2017 10:40 am

Ohio National's new product is very competitive in both benefits and pricing, especially for certain occupations, and they have a 10% AMA discount available for doctors that aren't in residency/fellowship. If you're not a doctor, you can also get a 10% discount by purchasing a $1.5M term life insurance policy. The policy is guaranteed renewable/non-can, so even if they stop selling it at some point, your premiums and benefits are already locked in. They are the company most competitive with Guardian right now in most situations.

need403bhelp
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Re: Ohio National for disability insurance?

Post by need403bhelp » Fri May 19, 2017 10:56 am

BruDude wrote:Ohio National's new product is very competitive in both benefits and pricing, especially for certain occupations, and they have a 10% AMA discount available for doctors that aren't in residency/fellowship. If you're not a doctor, you can also get a 10% discount by purchasing a $1.5M term life insurance policy. The policy is guaranteed renewable/non-can, so even if they stop selling it at some point, your premiums and benefits are already locked in. They are the company most competitive with Guardian right now in most situations.


Thank you for the information. I guess my question is - are they a trustworthy company from which to buy disability insurance? Agent A seemed to steer me away from Ohio National, but I'm not sure whether that is because I would buy the Ohio policy from agent B or for some other reason that makes Ohio National a worse deal even though the policy looks good. Thank you!

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Kenkat
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Location: Cincinnati, OH

Re: Ohio National for disability insurance?

Post by Kenkat » Fri May 19, 2017 11:02 am

Ohio National is a solid mutual insurance company with a long history and strong financials. They are very well regarded here in the Cincinnati area where they are located.

need403bhelp
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Re: Ohio National for disability insurance?

Post by need403bhelp » Fri May 19, 2017 3:01 pm

Kenkat wrote:Ohio National is a solid mutual insurance company with a long history and strong financials. They are very well regarded here in the Cincinnati area where they are located.


Thank you so much for the helpful information!

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bottlecap
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Re: Ohio National for disability insurance?

Post by bottlecap » Fri May 19, 2017 3:06 pm

Ohio National is longstanding, well-known and legit. I suppose all companies carry their risks, but they are not fly-by-night.

JT

need403bhelp
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Re: Ohio National for disability insurance?

Post by need403bhelp » Fri May 19, 2017 9:59 pm

bottlecap wrote:Ohio National is longstanding, well-known and legit. I suppose all companies carry their risks, but they are not fly-by-night.

JT


Thank you so much for the helpful information!

Kencufc
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Re: Ohio National for disability insurance?

Post by Kencufc » Fri May 19, 2017 10:08 pm

I just bought a LTD policy and $2M term life from Ohio National. With the 10% discount, the rates were the lowest of any of the companies I researched. They came highly recommended from the independent agen I used.

need403bhelp
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Re: Ohio National for disability insurance?

Post by need403bhelp » Sat May 20, 2017 7:45 am

Kencufc wrote:I just bought a LTD policy and $2M term life from Ohio National. With the 10% discount, the rates were the lowest of any of the companies I researched. They came highly recommended from the independent agen I used.


Thank you so much for the helpful datapoint!

Out of curiosity, if you purchased a COLA rider, did you get the cheaper 3% simple interest rider or the more expensive 2-6% compounded CPI-U linked rider? If you did buy a COLA rider, how did you choose one over the other? Thanks!

Kencufc
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Re: Ohio National for disability insurance?

Post by Kencufc » Sat May 20, 2017 10:22 am

need403bhelp wrote:
Kencufc wrote:I just bought a LTD policy and $2M term life from Ohio National. With the 10% discount, the rates were the lowest of any of the companies I researched. They came highly recommended from the independent agen I used.


Thank you so much for the helpful datapoint!

Out of curiosity, if you purchased a COLA rider, did you get the cheaper 3% simple interest rider or the more expensive 2-6% compounded CPI-U linked rider? If you did buy a COLA rider, how did you choose one over the other? Thanks!


Yikes, not sure which COLA I purchased! I believe it's the 3% though. I also purchased the future increase rider so that I can purchase more coverage without having to get another medical exam. I have a group LTD at work which I plan to drop in the next couple years or if I change jobs, then I'll just supplement my OH national policy.

Man I'll tell ya it felt good when I saw that first transaction that indicated the policy was in place. The peace of mind for my family was so worth it.

need403bhelp
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Re: Ohio National for disability insurance?

Post by need403bhelp » Sat May 20, 2017 11:00 am

Kencufc wrote:Yikes, not sure which COLA I purchased! I believe it's the 3% though. I also purchased the future increase rider so that I can purchase more coverage without having to get another medical exam. I have a group LTD at work which I plan to drop in the next couple years or if I change jobs, then I'll just supplement my OH national policy.

Man I'll tell ya it felt good when I saw that first transaction that indicated the policy was in place. The peace of mind for my family was so worth it.


Thanks for letting me know. My agent initially suggested the 3% one, which does outperform inflation in the past ~16 years or so. However, agent B pointed out the differences, and that is why I was asking.

Great to hear that you are able to have peace of mind for you and for your family!

MrsBDG
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Re: Ohio National for disability insurance?

Post by MrsBDG » Wed May 24, 2017 3:30 pm

Agent A might not be contracted with Ohio National. I know that Ohio National Life is not a company that is offered by the big offices, like Crump; rather Ohio is a smaller more old fashioned company, it's nice, like dealing with other companies in the 1980s, just a more old fashioned feel. You have to contract with them directly through the local rep. If agent A is not set up with them, he is trying to save his sale.

We have been very impressed with Ohio National and their service.

need403bhelp
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Joined: Thu May 28, 2015 6:25 pm

Re: Ohio National for disability insurance?

Post by need403bhelp » Wed May 24, 2017 3:35 pm

MrsBDG wrote:Agent A might not be contracted with Ohio National. I know that Ohio National Life is not a company that is offered by the big offices, like Crump; rather Ohio is a smaller more old fashioned company, it's nice, like dealing with other companies in the 1980s, just a more old fashioned feel. You have to contract with them directly through the local rep. If agent A is not set up with them, he is trying to save his sale.

We have been very impressed with Ohio National and their service.


Thank you so much for the information.

Since I wrote this post, I discovered that Ohio National does not do business in New York, where agent A is located.

With that said, everyone on the website that referred agent A (including other agents who recommend Ohio National) are also saying great things about him. Anyway, definitely looks like worthwhile to apply to Ohio National for DI. Thank you!

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