Ohio National announced new pricing today for its term life insurance, resulting in lower premiums across the product range.
Term life insurance, which provides coverage for 10, 15 or 20 years, is often an affordable option for individuals looking for coverage when their financial responsibilities are greatest. "The revamped pricing makes it even easier for individuals, families and businesses to get the coverage they need," Ohio National said in a news release.
“We went back to the drawing board to get our term life premiums down,” said Karl Kreunen, vice president of product marketing. “Our team took a deep dive into many different pricing scenarios — across ages, risk classes, coverage amounts and other factors that influence cost. We were able to reduce our rates significantly for many potential clients.”
As a result of the repricing, Ohio National’s Term Basic coverage, which provides a permanent convertibility option, now ranks among the five lowest-priced products of its kind 70 percent of the time. The company’s Term Plus product, which gives customers the option of converting to Ohio National’s full array of permanent policies, is among the five lowest-priced fully convertible term policies 60 percent of the time.1
The new rates are currently in effect for new term life policies issued by the company. Ohio National products are offered through independent financial professionals in all states except NY.
1 Compulife, August 30, 2021