In this article, we will examine Ohio National’s Term Plus plan. If you are unfamiliar with Ohio National Life Insurance Company, then please read our review of this company here. As an independent agency, we do a substantial amount of business with Ohio National. They consistently have very low rates for 10, 15, and 20 year term policies. They are also a top-notch A+ rated carrier.
For Instant Term Life Quotes, Please Use Our Rate Calculator On This Page
Please note: Ohio National is very particular about who offers their products and how they conduct business. You won’t see them available through the large online agencies. We use three of the industry leading quote engines and Ohio National is only on one of them. You won’t see them on the quote engine on this page, so just send us a quick email or call and we’ll prepare a customized proposal showing Ohio National and all of the carriers.
Ohio National’s Two Leading Term Plans: Term Basic and Term Plus
It can be a little confusing if you receive a quote from us showing two Ohio National plans. It’s not uncommon for Ohio National’s two term plans to show up in the five lowest premium companies. The two plans as the following:
- Term Basic: “FlexTerm Series X”
- Term Plus: “FlexTerm Series X Plus”
The Basic plan is always the lower cost option. Please read our Ohio National Term “Basic” Review here. In the Basic review, we explain the difference between the two plans. The only difference is the conversion option. In the Basic review article, we go into detail on conversion and why or why not it can be important.
Briefly, conversion gives you the option to convert (switch) to a permanent life insurance policy. The Basic plan only allows you to convert to one permanent policy. Whereas, the Plus plan allows you to convert to any of Ohio National’s permanent policies.
Many of the low-cost term carriers offer products with limited or no conversion. It is important to ask about this feature. Some people want a permanent policy, such as whole life or universal life, but they can’t afford the premium. A convertible term policy allows them to get the coverage they need at a low cost. Then they have the ability to covert all or part of the term insurance to permanent at a later date.
Why conversion can be important for people who have no intention or desire to own permanent life insurance.
If you’re shopping for a low cost term policy, there is a good chance you don’t want permanent insurance. However, the option to convert your term policy to a permanent policy could become important down the road. Let’s say you buy a 20 year term policy at the age of 33. Well, if you are diagnosed with a terminal or very serious illness at age 52 (one year before your term policy expires), then you would want to convert your policy to permanent insurance.
It would make good financial sense to convert your policy. If your premium is $5,000/year for a $500,000 policy, then it would be a very smart move. When you convert, the rate is based on your health classification when you were originally approved, not your current health.
Ohio National Term Plus Review – Rate Classifications
In our other review on Ohio National’s “Basic” plan, we provided sample rates using Preferred rates. Since there is usually very little difference between the Basic and Plus rates, we will use Standard rates below. Most carriers offer three or four non-tobacco rate classifications.
- Preferred Plus
- Preferred
- Standard Plus
- Standard
Each company labels their products differently. Some call their best rate “Super preferred” or ” Preferred best” or something similar. A small percentage of applicants qualify for the Preferred best rate. If you’re in excellent health and have no family history of heart disease or cancer (in siblings or parents prior to age 60), then it’s possible to qualify for the Preferred Plus rate. Of course, Ohio National and most other carriers will look at other underwriting criteria such as:
Medical history, blood pressure, cholesterol, build (height and weight), family history, hazardous pursuits (avocations/hobbies), driving record, alcohol and drug use, and foreign travel (to underdeveloped or politically unstable countries). These categories were taken directly from Ohio National’s Underwriting Criteria chart.
If you’re not sure how to determine your correct rate classification, that’s where we can help. You might qualify for the Standard rate with most companies, but a few companies would offer you their Standard Plus or Preferred rate. Some carriers are more lenient than others in some of the underwriting criteria. We shop your case to get the best possible offer. If you receive an unfavorable, we don’t simply say “I’m sorry”, but work hard to do better.
Ohio National Term Plus Review – Sample Standard and Standard Plus Rates (Not Preferred)
Again, we refer you back to our Ohio National Basic Review to see the sample Preferred rates.
| Male Face Amount | 500,000 | $750,000 | $1,000,000 | $1,500,000 |
| 20-Year Term Rates for 35 year old – Standard Rate | $44.98 |
$64.23
|
$83.47 | $121.53 |
| 20-Year Term Rates for 35 year old – Standard Plus Rate | $37.20 | $52.55 | $67.04 | $96.88 |
| Female Face Amount | $500,000 | $750,000 | $1,000,000 | $1,500,000 |
| 20-Year Term Rates for 35 year old – Standard Rate | $40.22 | $57.09 | $73.09 | $105.96 |
| 20-Year Term Rates for 35 year old – Standard Plus Rate | $33.30 | $46.71 | $58.39 | $83.91 |
Ohio National consistently has the lowest rates for their Basic plan. However, their Plus plan is usually not far behind. Generally, the Plus plan is still among the lowest 5 carriers, in terms of price.
Pros and Cons of Ohio National’s Term Plus Plans
Pros:
- Industry Leading Rates for all Rate Classes
- Excellent Conversion Option (ability to convert to all permanent products at any time).
- Top rated company – A+ by AM Best and a Comdex score of 93
Cons:
- No Term Products beyond 20 years
- Stringent underwriting compared to some carriers
Conclusion
We hope this review of Ohio National’s Term Plus product was helpful. This carrier is very stable and has consistently had very low rates for term life insurance. Since they are not big advertisers, they don’t have the name recognition you find with other carriers like MetLife, Prudential, and John Hancock, just to name a few.
We will be glad to provide customized quotes showing you how Ohio National compares to all the other leading term carriers. Please call or email us anytime.
