Why Buy Term Life Insurance for a Non Working Spouse?

Posted on March 19, 2013 by Chris Huntley

Have you considered buying a life insurance policy for your working spouse?

I bet you haven’t and you probably think it would be just be a waste of money.

But, what would you do if something were to happen to them?

Sure, it’s really important that the primary breadwinner carry life insurance at least for the purpose of income replacement, but there are some good reasons why you might want to have a policy on the non working spouse.

Many parents elect to have at least one parent stay at home and raise the kids. And, these days it’s not just stay at homes moms, but it’s also dads as well.

More than likely the non working spouse will probably re-enter the work force once again somewhere down the road such as when the kids start school or maybe even later on.

Some families have twins, triplets that need a lot of looking after. And of course, just as you’re getting one of the kids ready to go and start school, along comes another bundle of joy which might be planned or unplanned. You never know do you?

Reason Why the Non Working Spouse Should Have Life Insurance

You have children. They need looking after. So, what does the non-working spouse contribute? You’d probably get a clout if you even asked them that question and you’d probably deserve it because they do plenty, and continue doing it long after your working day is even done.

We love our kids but they can be messy, and you can be assured that just cleaning up after them, let alone the regular house upkeep is a full time job in itself.

So, if something were to happen to your stay at home spouse, and where would that leave you and the children?

Daycare

The average cost of daycare in the United States varies considerably depending on where you live. But, did you know that the average cost of daycare costs on average $11, 660 per year? That works out to $972.00 per month!

In some states, daycare runs as low as $3,582 per year or about $300 per month, but in other states it costs as much as $18, 723 or $1,562 per month. If your stay at home spouse were to tragically die, this is an expense you would have to incur to see that the kids were looked after while you went to work.

Could You Afford to Cover This Expense?

Running the House

Think about all the things that your non working spouse does during the day. Asides from keeping the house clean, doing the laundry, shopping, running errands, cooking the meals and preparing lunches for the kids, there’s also lots of other things that need to be done.

If the kids are getting a bit older they have to be taken to the doctor or dentist, and they have a whole range of other outside activities such as Little League, music or dance lessons and play dates with their friends. Who looks after all these things? That’s right – the non working spouse and believe me – she’s doing plenty of work that you probably don’t even give much thought about.

If this stay at home spouse is gone, are you going to be able to find the time to look after all these chores? And, if you can’t then that means you will have to hire someone to do it for you. How much will that cost? It could be up to another $500 – $1000 per month to find a cleaning service and other folks that you have to hire to ensure that all this is done.

Final Bill

Now, when all is said is done you have might have to come up with between $800 – $3000 per month to make sure that everything runs smoothly for you and the children just like what the stay at home spouse was doing.

This is what you may end having to spend after you make the mortgage/rent payment, the utilities, the groceries, credit card payments, personal loans, insurance and clothes and pay for the lessons for the kids.

Still think it’s not worthwhile to get a life insurance policy for the ‘non-working’ spouse? The thing to remember is that a term life insurance policy might only cost you about $20 or even less per month to cover these costs.

Consider the alternative of not having a life insurance policy on your non-working spouse. Is a $20 per month investment worth some peace of mind – you bet it is!

Where Can I Find an Affordable Term Life Insurance Policy for My Non Working Spouse?

You always want to talk to an independent agent like myself. We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates. We can give you valuable advice and help you to find a policy that suits you.

Whatever your needs or questions then please call me direct at 877 – 966 – 9383.

Review of Savings Bank Life Insurance

Posted on February 21, 2013 by Chris Huntley

Learn more about the Savings and Bank Life Insurance Company.

If you are seeking a review about this company then you’ve come to the right place.

We will tell you everything you need to know if you’re buying a policy with this company.

Savings Bank Life Insurance Company Overview

Savings Bank Life Insurance Company (also known simply as SBLI) was founded in Massachusetts in 1907 and has a long and venerable history as a life insurance provider.

The company sells its products in 45 states and the District of Columbia.

This company has assets worth over 2.1 billion dollars and has its Head Office located in Woburn, Massachusetts.

How Does Savings Bank Life Insurance Company Rate?

The financial solidity of any insurance company is an important piece of information to know when you are researching any life insurance company. It’s ranking by the rating agencies is indicative in how financially sound the company is considered and how well it will perform in the future.

A company which is financially strong has the ability to not only pay its claims but also shows that it will be around for the long haul. A life insurance policy, whether it be a term life policy or a whole policy is a long term investment.

How does Savings Bank Life Insurance Company Rate? Here are the results.

A.M. Best (June 28, 2012) –   A+ – Superior
Standard and Poor’s (June 18, 2012) –   A-
Weiss (September 30, 2012) –   B+

All in all, this company has a very solid financial ranking which means that it is financially sound and stable.

Products Offered by Savings Bank Life Insurance Company

The products offered by this company are quite diverse but are not sold or available in every state. Their product line includes:

Guaranteed Level Premium Term Life Insurance
Yearly Renewable Term Life Insurance
Whole Life Insurance
Children’s Life Insurance
Optimizer MVA Series Annuities
Single premium Immediate Annuity

How Does Savings Bank Life Insurance Premium Rates Compare with Other Life Insurance Companies?

To find out how well SBLI ranked, I did some research and found some sample quotes. I discovered that Savings Bank Life Insurance Company came up regularly as a very affordable company for anyone buying a Term Life insurance policy.

To give you one idea of how affordable their term life insurance premiums cost in relation to other companies I did a search for a $300,000 term life insurance policy for a 33 year old man who was a non smoker and in good health.…(continue to part 2)

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Review for Protective Life Insurance

Posted on February 19, 2013 by Chris Huntley

Need to learn more about Protective Life Insurance Company?

We will give you a straightforward review so you can learn more about this company.

Read on to see how well Protective Life Insurance Company rates for our review.

Company Overview

Protective Life Insurance Company is the primary subsidiary of Protective Life Corporation. The company was founded in 1907 and has its head office located in Birmingham, Alabama.

Protective Life Insurance sells its life insurance products in all 50 states and in Canada. The company has offices located in Alabama, California, Illinois, Kansas, and Missouri. As of Dec 31, 2011, the company had approximately 2300 employees.

Also, as of Dec 31, 2011 this life insurance company had annual revenues of 2.6 billion dollars and assets amounting to 52.9 billion dollars.

Protective Life Insurance is listed on the New York Stock Exchange (NYSE). It is also listed in the 2012 Fortune 1000 List and in Forbes Global 2000 List.

We at TermLifeInsuranceMales.com are not the only insurance agencies reviewing Protective. For example Chris Lalor offers this helpful Protective Life Insurance Review on his company reviews site.

Life Insurance Products Sold by Protective Life Insurance Company

Life insurance products sold by this company consist of:

•   Term Insurance and Term Alternative
•   Universal Life insurance
•   Survivorship Life Insurance
•   Whole Life Insurance
•   Single Premium Variable Life Insurance
•   Variable Universal Life Insurance

Financial Strength of Protective Life Insurance

As of January 14, 2013 the following ratings were recorded for this company by the rating companies. These ratings reflect the financial strength of the life insurance company and its rankings in relation to all other life insurance companies.

The reason why this is important is simply due to the fact that when you buy life insurance, you want to buy from a company which is financially sound. A company that is ranked high and financially sound reflects how well it does not only on its investments but also on the company’s ability to pay its claims.

This is important to someone buying life insurance because a life insurance policy is almost always a long term investment.

How financially strong is Protective Life Insurance Company and how well does it rate?
Here are the results.

Rating Company A.M. Best Fitch Standard and Poor’s Moody’s

Rating A+ A AA- A2

Overall Rank 2nd 4th 6th 6th

As you can see, Protective Life Insurance Company has a very strong overall financially rating and ranking which makes this a very sound and solid company..…(continue to part 2)…

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Want to learn more about ING Life Insurance Company?

Posted on February 15, 2013 by Chris Huntley

We will give you a breakdown of our review of this life insurance company so you will know more about it and give you some of its strengths and weaknesses.

If you are thinking about getting your life insurance policy with ING, then please keep reading.

Company Overview of ING Life Insurance Company

ING is actually a multinational banking and financial company which began in Holland and has its world headquarters based in Amsterdam. The company officially became known as ING in 1991.

The company’s history with U.S. life insurance actually has it roots going back to as far as 1885. ING’s parent company in the U.S. is called ING American Insurance Holding Group. It consist of several companies which it purchased in the mid 1970’2 including Security Life of Denver, Life of Georgia (which was later sold), Equitable of Iowa, Furman Selz, and Relia Star located in Minneapolis.

The headquarters for ING American Insurance Holding Group is based in New York City, N.Y. so the company has a long and established historical base in the U.S.

Financial Strength of ING Life Insurance Company

One of the surest ways to know if your life insurance company is a good choice is to know its financial strength. This is important if you want to know how stable a company will be and has the ability to pay its claims.

Because a life insurance policy is a long term commitment it’s always best to see how a company is rated by the financial rating companies in the U.S.

Financial Strength of ING from Rating Companies

These ratings are valid as December 9, 2011.

Rating Company                A.M. Best          Fitch            Moody’s           Standard and Poor’s
Rating           A                    A-                 A3                       A+
Explanation                           Excellent         Good             Strong                 Strong
Rank           3rd                   7th                 7th                     7th

Overall, ING Life Insurance Company scores very high and is considered a financially solid and stable life insurance company.

Products Offered by ING Life Insurance Company

ING Life Insurance Company offers a broad range of life insurance products which the buyer can select from which gives you versatility in getting a plan that is most suitable to your life insurance needs….…(continue to part 2)….

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Why Consider “10 Year Term” Life Insurance?

Posted on May 24, 2012 by Chris Huntley

The most affordable type of life insurance is 10 year term.

This insurance is perfect for a young family, who needs some protection, but can’t afford to pay much. It’s also great for short term needs.

It’s amazing how much life insurance someone in their 30’s or 40’s can purchase for less than $20 bucks per month if they’re in good health, and applying for 10 year term.

10 Year Term Explanation

Most term policies actually guarantee coverage up to age 95 or longer. However, the premiums are only guaranteed to stay level for the first ten years. That means your premiums will stay fixed during the initial 10 years, and in most policies, will rise annually thereafter.

There are various term lengths, such as 20 or 30 year term, which means the premium stays fixed for a longer duration, and remember, the lower the term duration, the lower the premiums. For more information on alternatives to the ten year term, see our post on Types of Life Insurance.

10 Year Term Life Insurance Quotes

Age	$500,000	$1,000,000
30 Year Old Male	*$14	$21
40 Year Old Male	$17	$28
50 Year Old Male	$43	$78
60 Year Old Male	$117	$217
70 Year Old Male	$339	$625

*Note: All prices are MONTHLY as of 2/17/12, based on healthy, preferred plus, non smoker, and are subject to change.

Using Term for Buy/Sell Agreement or Key Man Insurance

Many business partnership arrangements require term life insurance on each partner, in the event that if he or she dies, the remaining partner/s will have liquid cash from the life insurance benefit to buy out the decedent’s family and or heirs of his or her share in the company.

10 year term life insurance is a popular choice for buy/sell contracts, since it’s the most affordable, and most businesses figure they either won’t be working together that long, or will probably restructure the ownership agreement by the end of 10 years anyway.

Estate Planning using Term Life Insurance

With the current “Band-aid” on estate taxes and the exclusion amount, some people aren’t sure what their long term estate tax implications could be. A 10 year term policy with a conversion to permanent insurance may be a good solution for high net worth individuals whose estate value is approaching the current taxable threshold, but now quite there.

For example, a married couple with an 8 million dollar estate, with a properly structured AB Trust or bypass trust, may not owe any estate taxes if they were to both die in 2012. However, if the current estate tax exemption (currently 5 million per individual) were to drop to, say, 3 Million per individual, then this couple would have an estate tax problem.

Since we don’t know what the future holds for estate tax legislation, some affluent families are purchasing 10 year term as a “wait and see” type strategy. If the exclusion amount gets permanently set at 5 million per individual, or if estate taxes are done away with completely, then these wealthy individuals may decide to drop their coverage.

On the other hand, if the exclusion amount is permanently decreased, at least the policyholder will already have a policy in place (the 10 year policy), and could decide to convert it to a permanent policy such as guaranteed universal life or whole life.

You may also want to see this article for more information on using life insurance to avoid estate taxes and life insurance trusts.

Companies Who Sell 10 Year Term

Just about every company offers a guaranteed level 10 year term policy. In my opinion, the 3 companies who are most consistently among the list of “low price leaders” for term insurance are Banner Life Insurance, ING-Reliastar Life Insurance, and Genworth Life Insurance.

Keep in mind, however, that some companies commonly show up in the top 3 in price quotes, but aren’t quite as lenient in underwriting, so it’s harder to actually qualify for their best ratings. Two companies that come to mind here are Savings Bank Life (SBLI) and Ohio National. On the contrary, you have a company life Prudential, who is usually not in the top 10, but maybe top 15 or 20, but are very fair on underwriting .

Apply for Term Life Insurance

To get started, simply call us at 877-996-9383 or get an instant quote using the form on the right.

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Term Life Insurance with High Blood Pressure

Posted on May 23, 2012 by Chris Huntley

Yes, it is possible to qualify for term life insurance with high blood pressure. As for the cost of life insurance, it will depend on how well controlled the blood pressure is and your average readings over the past one to two years.

It’s important to distinguish between having controlled and uncontrolled blood pressure. In both cases, you may be able to qualify for guaranteed term life insurance coverage, but all things equal, you’ll pay less if your blood pressure is controlled. Controlled simply means you’re taking a medication or having some other form of treatment.

Best Term Life Insurance Rates with Controlled Blood Pressure

A 50 Year Old Male with high blood pressure, who is otherwise in good health, would qualify for the following 20 year term life insurance rates:

Most Recent BP Reading Premium – (All Quotes for $500,000 Coverage)

130/84 $945 Per Year

135/ 89 $1120 Per Year

140/92 $1510 Per Year

155/94 $1820 Per Year

Can I Qualify for Term Life Insurance if I Take Medication?

Yes, if your pressure is controlled. Many people call us and tell us they have high blood pressure and are being treated for it. Upon further questioning, we find their most recent readings are normal. These are excellent candidates for preferred life insurance ratings, since these people don’t really have hypertension anymore; they have controlled blood pressure with treatment.

However, not all life insurance companies offer their best term life insurance rates if you take medications for hypertension, as seen below.

Best Companies to Buy Life Insurance from with Hypertension

There are many life insurance companies who will not only offer term life insurance with blood pressure treatment, but some will even offer their best available ratings if it is treated and has been stable for at least a few months. Some of these companies are Genworth, Banner Life, and Transamerica.

Transamerica is a bit odd in that if you’re 49 years old or younger, or over 81 years old, you can’t qualify for their best rating, Preferred Plus. You must be between the ages of 50-80 years old.

The key is to find a life insurance carrier who states in their underwriting guidelines their maximum blood pressure readings allowed “treated or untreated”. If they don’t state that they allow treatment in a specific health class, then they don’t allow treatment. Many companies state that they do NOT allow blood pressure medications in their best classes, such as Prudential/Pruco and ING/Reliastar.

If you apply to Prudential or ING and take meds for Blood Pressure, you cannot qualify for their best rate, Super Preferred. Their Super Preferred guidelines state “No history of treatment for hypertension”. Prudential’s “Preferred Best” guidelines read “Without Medication”. Both of these companies do allow treatment in their second best class, however.

Another company who I really like, but doesn’t allow treatment inside of their best class is West Coast Life.

Term Life Insurance with Uncontrolled Hypertension

An individual with controlled blood pressure sharply contrasts the individual who simply has high blood pressure, and isn’t treating it in any way. If you’ve been diagnosed with high blood pressure, and you don’t do anything about it, you probably won’t qualify for the best life insurance rates.

“But I don’t take any medication!” — I hear this one all the time. Life insurance underwriters would actually prefer that you do take medication and get your blood pressure under control, than to let it go unchecked. If you are trying to control it with diet and exercise, it’s best if your doctor is on board and has noted this treatment in your medical records.

Your best bet to find preferred rates for term life insurance with high blood pressure is to follow your attending physician’s recommendations to a tee. Life insurance underwriters are not amused by individuals taking matters into their own hands, and going against their doctor’s prescribed treatment plan. Total compliance should be your goal.

What if I have Other Health Impairments?

While high blood pressure does put an individual at greater risk for strokes, heart disease, artherosclerosis (hardening of blood vessels), and kidney disease, we have already determined that insurance companies will still offer low cost term life insurance with blood pressure. However, this assumes there are no other medical risks involved.

If you’ve had a history of heart disease or diabetes, and have high blood pressure (controlled or uncontrolled) on top of that, your odds of qualifying for preferred rates are very low. If you smoke cigarettes or are obese, your mortality risks are greatly compounded with high blood pressure levels. So, it’s important to understand that when I say you can qualify for preferred rates with high blood pressure, this assumes all else is normal health wise.

Term Life Insurance for Males?

We have found over the years that many of the medical conditions that plague men, such as heart disease, high blood pressure, and diabetes, are conditions we have been very successful at helping people with. Since insuring individuals with these particular health risks has become a specialty of ours, we do end up writing more men than women. But yes, we do provide coverage for males and females. So if you are a female with high blood pressure, everything in this article will apply to you as well.

Applying for Term Life Insurance

Once you have used our instant quote form on the right, you may click one of the “request application” options, which will prompt a call from myself or one of our representatives. Most applications require a brief medical exam, although we do have No Exam options as well. The bottom line is we have helped hundreds of males and females apply for term life insurance with various medical problems, and are eager to help you too.

Life Insurance Coverage for Ages of 41 to 45

Posted on May 10, 2012 by Chris Huntley

At Huntley Wealth Insurance, we are the experts at helping men find affordable term life insurance at age 41 to 45.

If you’ve been searching for the best price on the internet, we hope this will be where your search ends.

It’s so very important for you to do your research and I can help you target the best life insurance, click here for more information.

We offer a variety of term and whole life insurance policy options from over 30 top rated life insurance carriers, so there’s no need to go from website to website getting new quotes. Just use our instant life insurance quotes form on the right, and search for the best price from dozens of carriers whom we represent.

Term Life Insurance Quotes Age 41 to 45

$500,000 term policy for Preferred Plus Non Smoker.

Age 10 Year Term 20 Year Term 30 Year Term

Male Age 41    $215        $390 $675
Male Age 42    $240    $435 $738
Male Age 43                          $265          $490               $810
Male Age 44                          $290          $555               $890
Male Age 45                          $320           $610             $975 — All Quotes “PER YEAR”

Our allegiance is to you as an independent broker, which means we find the life insurance company willing to offer you the best deal, and that’s who we submit our application to. For example, we used many companies to provide the level term quotes above, including Banner Life Insurance, Genworth Life Insurance, and Ohio National.

Types of Insurance Age 41 to 45

If you’re a male age 41 to 45, there are no restrictions as to the type of coverage you can purchase. We offer a range of policies from 10 year term life insurance to level term policies for 25 or 30 years. If you need coverage longer than that, we also offer two types of permanent coverage: whole life and universal life insurance.

We even offer some odd numbered term policies through American General and Prudential. For example, there’s no such thing as a 22 year term, but let’s say a 43 year old wants coverage exactly to age 65, his retirement age, he can purchase the PruTerm WorkLife 65 for that exact 22 year term…. (continued on page 2)

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25 Year Term Life Insurance – Quotes and Description

Posted on May 7, 2012 by Chris Huntley

25 year term life insurance is a type of policy that offers guaranteed level premiums for a 25 year term duration.

After the initial term has expired, the premiums will increase mightily, so if you need coverage longer, you might consider a 30 year term or guaranteed universal life contract as an alternative.

Interesting Fact… Who Sells 25 Year Term Life Insurance???

Very few. I represent dozens of life insurance companies, and many of the large carriers do NOT offer a 25 year term option, such as Genworth, Prudential, and Met Life. All of the above offer 20 or 30 year policies, but not 25.

The companies who do offer a 25 year term policy are:

Savings Bank Life – the product name is “25 Year Term Guaranteed 25”
American General – Product name is “Select-A-Term 25”
ReliaStar/ING – Product name is “TermSmart 25”
Transamerica – “TransTerm UL 25”. Note: this is a term/universal life hybrid, which means at the end of the 25 year initial term, the policy automatically “converts” (you might say) to the underlying universal life policy structure on which it is built.
Protective Life – Product’s name is “Secure T 25 Year No Lapse UL”, and the same note applies here as to the TransTerm UL 25 above.

… and there may be a few more, but I don’t represent them.

Cost of a 25 Year Term Policy

As for cost, it will probably cost a bit more than 20 year term life insurance and a bit less than 30 year term. You can quickly get a quote using our form on the right. We have dozens of companies to compare, so you can be sure you’ll find the most competitive rate.

Be Careful! — Fewer Options means Less Competition

One word of advice. If you have any type of health history or any other risk factors such as hazardous occupation, travels, or hobbies, a history of drug or alcohol abuse, or mental health disorder such as PTSD, bipolar disorder, anxiety/depression, be very careful about being narrow minded about “having to have” a 25 year term life insurance policy.

Remember that since only a handful of companies offer it, you may be shooting yourself in the foot by only having these companies to apply to. It’s very possible that a different company (such as Prudential, Genworth, or Met Life) would offer you a lower rate class than the companies offering 25 year term.

That could mean that for the same price or lower, you could purchase a 30 year term policy instead. Keep your options open and be sure to speak with a knowledgeable agent about your needs, as well as your health history.

We at Huntley Wealth Insurance are also happy to help with how to buy 25 year term insurance if you call us at 877-996-9383.

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What’s the Best Type of Policy for You?

Posted on January 10, 2012 by Chris Huntley

The factors I always recommend my clients consider when trying to determine which life insurance company to pick are the company ratings and the premium.

How to Choose a Life Insurance Company

It is of utmost importance that the company you choose is a financially viable and stable organization.

A couple ways I use to measure this are by seeing how long a company has been in business. You have some companies like Genworth Life Insurance or Ohio National, that have been in business over 100 years.

They’ve been through recessions and depressions and are still going strong. That’s a good sign.

Also, be sure to ask your agent what ratings the insurance carrier has earned from a 3^rd party financial rating company, such as A.M. Best. You should aim for one that boasts an “A” rating, such as A++, A+, A, or A-.

Insurance Company Reviews

You can do a google search for just about any company you want to do business with, or agency for that matter. You might try googling something like what I wrote about recently, State Farm Life Insurance Review.

Life Insurance Quotes

Then, as I said, pricing must obviously be a consideration. What’s really interesting here is that finding the best price for life insurance is not as simple as putting your date of birth and amount desired into a quote form, and then picking the company who comes up at the top of the list as having the lowest life insurance quotes.

Instead, you should really discuss your case with an agent before determining which company to apply to. If you have any history of medical impairments such as diabetes, cancer, or heart issues, you will want to apply to the company who will approve you at their best rating classification.

Types of Life Insurance

Another factor affecting your life insurance quote will be the type of insurance you apply for. We represent companies with the full spectrum of term and permanent products. For a general explanation of your choices, please see our post about the types of life insurance, or for a more specific explanation on a particular type, you can go directly to the articles below.

10 Year Term Life Insurance

20 Year Term Life Insurance

30 Year Term Life Insurance

Universal Life Insurance

Whole Life Insurance

How Much Life Insurance Do I Need?

A general rule of thumb is at least 10X your income. However, this answer has many variables. If you have a lot of debt, such as a large mortgage or credit card debt, you may want to add the balances into your policy benefit. If you have cash and investments that could be liquidating in the case of your passing, then be sure to take that into consideration as well.

If you’re buying life insurance for income replacement purposes, you may want a lot more than just 10X your earnings if you are in your 30’s or 40’s, since you still have at least 20 years more to work before you retire. For help calculating how much you need based on your income and how many years you have left to work, please use our life insurance calculator.

Where to Start

As I explained above, every life insurance company has its sweet spot, where it may be more forgiving of a certain heath condition than others. It’s really best to speak to a knowledgeable agent who can sort through all the options and recommend the best fit for you.

Call us for a free life insurance quote or for assistance choosing a life insurance company at 877-996-9383. And if you found this article helpful, please “Like” us on Facebook or “Google Plus 1” us. Thank you.

The Most Honest Review of Ohio National You’ll Find

Posted on December 21, 2011 by Chris Huntley

Awesome ratings, Low premiums... This is a great little company!

I’ve been contracted to sell Ohio National’s products for three years now, and I’m contracted with a dozen or so other life insurance companies, so I think that makes be the ideal person to write an Ohio National Life Insurance review, as I can compare them to other carriers, and discuss the pros and cons of going with Ohio National.

#1 Advantage of Ohio National Life Insurance – Financial Stability

During these economic times, I get asked more and more frequently about a company’s financial strength and/or ratings. After all, who wants to pay premiums for years into a life insurance contract, and worry about whether the company will be able to make good on a death benefit payout?

Fortunately, I never have a problem “selling” the stability of Ohio National. They’ve been in business over 100 years (just celebrated their 100^th anniversary in 2009, in fact). And even after all that time, they are still a growing, vibrant company. They’ve somehow managed to grow their individual life sales business for a remarkable 21 years straight.

Also they have over $30 billion in assets, and are rated A+ by A.M. Best, their second best of 16 ratings, which means their ability to meet ongoing claims obligations is “superior”, in the opinion of A.M. Best. To compare their company size to a large cap insurance giant, Ohio National is pretty small. For example, ING has over $362 Billion of assets under management.

Having said that, Ohio National still has a wonderful, successful history, and I’d feel comfortable recommending their products to anyone. For more information, click here to Review Ohio National Life Insurance Co.’s history and financial info.

No Gimmicks – No Games

When you learn about the inner workings of how some insurance companies manipulate their whole life and universal life illustrations to show tremendous cash value growth, Ohio Life is like a breath of fresh air. They don’t play those games.

Many other companies as of late, when needing to generate revenues, have increased their cost of insurance by increasing mortality expenses, which forces clients to add more premiums. Ohio Life Insurance hasn’t raised mortality expenses ever, and has lowered them three different times.

Advantage #2 – Excellent Term Life and Whole Life Pricing

And what review would be complete without a discussion about pricing? Well, Ohio National is consistently among the top 10 in pricing for term and whole life insurance on Term4Sale, as well as in my quote results as provided by Compulife. Sign up for quotes using our form on the right to compare Ohio National with other companies.

Please also note that Ohio National’s offerings are not limited to life insurance in Ohio. Their products are approved in most states.

Intangibles that Make Ohio National Great

One thing I like about Ohio National as an agent, is they offer a deferred compensation plan for their agents. I don’t know of any other insurance company who does this. Basically, if you meet a certain level of annual premium or sales, then they contribute to a deferred comp plan on your behalf at some percentage of your sales. I’ve never done enough business with them to qualify yet, since most of my business is submitted through Genworth and Prudential, but the point is they take care of their agents, and I think that’s just good business.

A Couple Negatives… Possibly

The only issues I have with Ohio National is that their underwriting guidelines tend to be a bit more strict than at other companies. So if you get a quote for a 44 year old healthy male, for 10 year term life insurance, and find that Ohio National shows up as having the lowest quote, assuming you can qualify for their best health class, just be careful to check with an agent to make sure you can actually qualify for that rate.

Here’s what I mean. If you review Ohio National’s underwriting guidelines, you’ll see that they don’t currently allow blood pressure treatment within their Super Preferred class. Also, their weight chart is not very forgiving. So say you take Lisinopril and have well controlled high blood pressure, and are 5’10, 200 lbs, you’d have two reasons you couldn’t qualify for Ohio National’s best rating… your hypertension medication and your weight, since their max weight for a 5’10 person is 190 lbs for their best class.

If you applied to a company with more liberal guidelines, such as Genworth, you’d be able to qualify for their best class, and Genworth’s premium would end up coming in lower at their best class than Ohio National’s premium at their 2^nd best class.

To be fair, you can argue that the reason Ohio National has been successful for so long is because they are more careful with their underwriting. So even though they may not “give the farm away”, isn’t that actually somewhat a good thing for their policyholders, to know that they carefully and conservatively assess the risks they’ll insure?

No Internet Leads

The other issue I have with them is they don’t allow sales that come in from internet leads. So for example, Select Quote or Accuquote don’t quote Ohio National, as well as many other life insurance agencies who primarily generate their leads online. We do have a contract with Ohio National, however, and leads from our website have been approved as acceptable.

Maybe you can guess why. How serious is the Google searcher for “cheap term life insurance quotes” about their life insurance search? These type of internet shoppers get several quotes, and more competition leads to a lower placement ratio.

Again, I can defend them for their stance here. Internet leads are not always the best quality leads. A lot of the sales end up getting withdrawn. So Ohio National has noticed that trend in their new business department, and one day said: ‘Hey, we’re spending time and money processing all these cases, and far too few of them are panning out’, so you could argue they made a good business decision in banning internet lead business.

If you liked this review, please also see our Monumental Life Insurance review and leave a comment, “Like” the article or Google Plus 1 it please.

Overall, I’m very happy with Ohio National, and would recommend them to anyone, including my closest friends and family, and anyone reading this post. To request a term life insurance quote, please use our form on the right. If you have any questions about my review, please call me at 877-996-9383.