Ohio National Financial Services has introduced Prestige 20-pay, the company’s fifth whole life insurance product.
Design enhancements have also been made to its two other limited-pay whole life products, Prestige 10-Pay II and Prestige Max III.
All three products are designed for high long-term cash accumulation, especially through their dividend potential, and offer a preferred loan option to help maximize cash flow. Prestige 20 is another option in between Ohio National’s Prestige 10-pay II and Prestige Max III (paid to 65).
Ohio National’s whole life portfolio also includes two lifetime pay products, Prestige Value IV and Prestige 100 II, which will be enhanced later this year.
Ohio National product marketing vice president Karl Kreunen said: “Ohio National now has five distinct whole life products to meet different individual and business needs.
“Our new 20-pay product is part of our recently announced strategy to focus on our historic strengths, life insurance and disability income businesses. And the combination of our competitive whole life, universal life, indexed universal life and term products creates a robust life insurance portfolio, well positioned for growth in future years.”
Highlights of Prestige 20-pay include:
A guaranteed paid-up policy after 20 years
An endowment age of 100 with no maturity date
Issue ages from 0 to 65 with a minimum face amount of $100,000
A preferred loan feature
Ohio National’s Prestige Max III and Prestige 10-pay II limited pay products also have newly enhanced designs.
Prestige Max III offers a higher initial death benefit and better guaranteed cash values that can help clients with cash flow in their later years, while still offering a contractually paid-up policy at age 65.
With no premium required in retirement and the ability to access policy cash values at a reduced loan rate, Prestige Max III offers a competitive solution for supplementing a policyholder’s retirement income and will typically have the highest cash flow of any Ohio National whole life product.
Prestige 10-pay II offers a short payment structure ideal for clients seeking a paid-up policy solution. It features a guaranteed level payment period of 10 years.
The potential for strong dividend performance may allow for a shorter premium payment period when dividends are used to pay premiums.
Kreunen said: “With three short-pay products, financial professionals now have expanded options to align the length of the premium payments to their client’s goals and time horizons, such as retirement protection and income and legacy planning.
“Business owners might find them to be especially helpful tools to reward top talent, fund succession planning or for their own retirement income planning needs.”
The company also recently announced its dividend scales for participating whole life insurance policies will remain unchanged for 2019. The 2019 dividend total is estimated to exceed $100 million, its highest level ever.
Source: Company Press Release