What life insurance riders does Ohio National Financial Services offer?
Life insurance is an essential financial tool that provides financial protection to your loved ones in the event of your untimely death. However, standard life insurance policies may not always meet your specific needs. That’s where life insurance riders come into play. Ohio National Financial Services offers a range of riders that can be added to their life insurance policies to enhance coverage and customize your insurance protection.
Understanding Life Insurance Riders
Before diving into the specific life insurance riders offered by Ohio National Financial Services, let’s first familiarize ourselves with the concept of life insurance riders.
A life insurance rider is an additional provision that can be attached to your life insurance policy, expanding its coverage beyond the base policy. These riders offer a variety of benefits and can be selected based on your individual requirements and financial goals. By adding riders, you can tailor your life insurance policy to better align with your needs.
Definition of Life Insurance Riders
Life insurance riders are supplemental features that provide additional benefits and options to policyholders. They are designed to address specific needs that may not be covered by the standard life insurance policy. These riders essentially enhance the overall value and functionality of your life insurance coverage.
For example, one common type of life insurance rider is the accelerated death benefit rider. This rider allows policyholders who are diagnosed with a terminal illness to receive a portion of their death benefit while they are still alive. This can provide much-needed financial support during a difficult time.
Another type of rider is the long-term care rider, which provides coverage for long-term care expenses in the event that the policyholder becomes unable to perform certain activities of daily living. This rider can help protect your assets and ensure that you have the necessary funds to receive the care you need.
Additionally, some life insurance riders offer options for increasing coverage in the future without the need for additional underwriting. This can be particularly beneficial if you anticipate a change in your financial situation or if you want to ensure that your policy keeps up with inflation.
Importance of Life Insurance Riders
Life insurance riders play a crucial role in customizing your policy to meet your unique circumstances. They enable you to enhance the coverage to suit your individual needs.
By incorporating riders into your life insurance policy, you can address specific concerns such as critical illness coverage, disability protection, or even the option to extend coverage to your children or grandchildren. Riders offer flexibility and provide an extra layer of financial security.
For example, if you have a family history of certain medical conditions, you may want to consider adding a critical illness rider to your life insurance policy. This rider provides a lump-sum payment if you are diagnosed with a covered critical illness, such as cancer or heart disease. This can help cover medical expenses and provide financial support during a difficult time.
Similarly, if you have a physically demanding job or participate in high-risk activities, a disability income rider can provide a monthly income if you become disabled and are unable to work. This can help ensure that you can still meet your financial obligations and maintain your standard of living.
Life insurance riders offer peace of mind by providing additional protection and benefits beyond the base policy. They allow you to customize your coverage to fit your unique needs and provide financial security for yourself and your loved ones.
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Overview of Ohio National Financial Services
Before exploring the various life insurance riders offered by Ohio National Financial Services, let’s take a moment to understand the company itself.
Ohio National Financial Services has a rich history in the insurance industry, spanning over a century. Founded in 1909, the company has grown to become a leading provider of insurance and financial products across the United States.
Throughout its journey, Ohio National Financial Services has remained dedicated to its core values of integrity, excellence, and customer-centricity. These values have helped the company establish a strong foundation of stability and reliability, earning the trust of millions of customers.
With a commitment to innovation and continuous improvement, Ohio National Financial Services has consistently adapted to the evolving needs of its customers. By leveraging cutting-edge technology and industry expertise, the company has been able to offer innovative solutions that meet the unique financial goals of individuals and businesses.
Ohio National Financial Services has also prioritized superior customer service throughout its distinguished history. Recognizing that financial planning can be complex and overwhelming, the company has built a team of dedicated professionals who are passionate about helping clients navigate the intricacies of insurance and financial products.
Services Offered by Ohio National Financial Services
Ohio National Financial Services provides a comprehensive range of insurance and financial products to individuals and businesses alike. Their diverse portfolio includes life insurance, retirement plans, annuities, disability income insurance, and more.
Life insurance is one of the key offerings of Ohio National Financial Services. They understand the importance of protecting loved ones and offer various types of life insurance policies to meet different needs. Whether it’s term life insurance for temporary coverage or permanent life insurance for lifelong protection, Ohio National Financial Services has options to suit every individual’s circumstances.
In addition to life insurance, Ohio National Financial Services also offers a wide range of retirement plans. They recognize the need for individuals to plan for their future and offer products such as Individual Retirement Accounts (IRAs) and 401(k) plans to help clients build a secure retirement nest egg.
For those looking to secure a steady stream of income during retirement, Ohio National Financial Services provides annuities. Annuities are financial products that offer regular payments over a specified period of time, providing individuals with a reliable source of income to support their retirement lifestyle.
Furthermore, Ohio National Financial Services understands the impact of unexpected events on individuals’ financial well-being. To address this concern, they offer disability income insurance, which provides a source of income in the event of a disability that prevents individuals from working and earning their regular income.
With a customer-centric approach, Ohio National Financial Services is committed to helping clients achieve their financial goals and secure their financial future. By offering a comprehensive range of insurance and financial products, along with exceptional customer service, Ohio National Financial Services aims to be a trusted partner in their clients’ financial journeys.
Life Insurance Riders Offered by Ohio National Financial Services
Ohio National Financial Services understands the importance of providing comprehensive coverage and peace of mind to their policyholders. In addition to their life insurance policies, they offer a range of valuable riders that can be added to enhance coverage and meet specific needs.
Accelerated Death Benefit Rider
One of the riders offered by Ohio National Financial Services is the Accelerated Death Benefit Rider. This rider provides an invaluable safety net for policyholders who are diagnosed with a terminal illness, such as cancer or heart disease. In such challenging times, medical costs often become a significant burden. However, with this rider, policyholders can receive a portion of the death benefit in advance, providing much-needed financial support when it is needed the most.
Not only does the Accelerated Death Benefit Rider alleviate the financial strain associated with medical expenses, but it also allows policyholders to focus on their well-being and quality of life. By providing access to funds during a difficult time, this rider offers peace of mind and ensures that policyholders can make the most of their remaining time with their loved ones.
Waiver of Premium Rider
Ohio National Financial Services recognizes that unforeseen circumstances such as disability can significantly impact an individual’s ability to work and maintain financial stability. To address this concern, they offer the Waiver of Premium Rider as part of their life insurance policies.
If a policyholder becomes disabled and is unable to work, the Waiver of Premium Rider steps in to waive the premium payments. This ensures that the life insurance coverage remains in force, providing continued protection for the policyholder and their loved ones without adding additional financial strain during an already challenging time.
By offering this rider, Ohio National Financial Services demonstrates their commitment to supporting their policyholders through all stages of life, including unforeseen circumstances that may arise.
Accidental Death Benefit Rider
For individuals engaged in high-risk professions or those seeking an extra layer of protection, Ohio National Financial Services offers the Accidental Death Benefit Rider. This rider provides an additional death benefit in the event of death resulting from an accident.
While no one wants to think about the possibility of an accident, having this rider can offer peace of mind to individuals and their families. It ensures that in the unfortunate event of an accident, their loved ones will receive an increased death benefit, providing financial stability during a difficult time.
Whether it’s a high-risk profession or simply a desire for added protection, the Accidental Death Benefit Rider offers policyholders the reassurance that their loved ones will be taken care of in the event of an accident.
Child Rider
Ohio National Financial Services understands the importance of protecting the ones you love most, including your children. That’s why they offer the Child Rider as an additional option for their life insurance policies.
By adding the Child Rider to your policy, you can ensure that your children are protected with life insurance coverage. This rider provides financial resources for their future education or other needs, offering peace of mind knowing that their well-being is safeguarded.
Whether it’s securing funds for their higher education or providing a safety net for unexpected expenses, the Child Rider allows policyholders to take care of their children’s financial needs, even in their absence.
Guaranteed Insurability Rider
Life is full of changes, and Ohio National Financial Services recognizes the need for flexibility when it comes to life insurance coverage. To address this, they offer the Guaranteed Insurability Rider.
This rider allows policyholders to purchase additional life insurance coverage at specific intervals or life events, such as marriage, the birth of a child, or reaching a predetermined age. It provides the opportunity to adapt to changing circumstances and increased coverage needs without the hassle of going through a new application process or medical underwriting.
With the Guaranteed Insurability Rider, policyholders can ensure that their life insurance coverage keeps pace with their evolving life stages and responsibilities. It offers peace of mind, knowing that they can easily increase their coverage to meet their changing needs without any complications.
Ohio National Financial Services is committed to offering comprehensive life insurance coverage that goes beyond the basics. With their range of riders, policyholders can tailor their coverage to fit their unique circumstances and gain greater peace of mind. Whether it’s protecting against unexpected medical costs, disability, accidents, or securing the financial future of their children, Ohio National Financial Services has the riders to meet their policyholders’ needs.
How to Choose the Right Life Insurance Rider
Choosing the right life insurance rider requires careful consideration of your financial needs and objectives. Here are some key factors to keep in mind:
Assessing Your Financial Needs
Evaluate your current financial situation and consider your future obligations. Identify any specific concerns or risks that may require additional coverage. By understanding your needs, you can determine which riders will provide the most value to your policy.
Understanding the Costs Involved
Each rider comes with its own costs, typically added to the base premium. It’s essential to carefully consider the associated costs and weigh them against the benefits the rider provides. Ensure that the added expense aligns with your budget and overall financial plan.
Consulting with a Financial Advisor
Seeking professional guidance is crucial when choosing life insurance riders. A financial advisor can help assess your needs accurately, and offer expert advice on which riders are most suitable for you. They can also provide a comprehensive analysis of the costs and benefits involved, ensuring your decisions are well-informed and aligned with your financial goals.
In summary, Ohio National Financial Services offers a range of life insurance riders that can be added to their life insurance policies. These riders enhance coverage and provide greater flexibility to tailor your policy to your individual needs. Consider your unique circumstances, consult with a financial advisor, and select the riders that best align with your financial goals. With the right combination of riders, you can create a comprehensive life insurance plan that offers financial protection and peace of mind for you and your loved ones.
Frequently Asked Questions
What life insurance riders does Ohio National Financial Services offer?
Ohio National Financial Services offers several life insurance riders, including accelerated benefit riders, accidental death benefit riders, children’s term insurance riders, disability waiver of premium riders, and long-term care riders.
What is an accelerated benefit rider?
An accelerated benefit rider is a rider that allows the policyholder to access a portion of the death benefit if they are diagnosed with a terminal illness or a specified critical illness.
What is an accidental death benefit rider?
An accidental death benefit rider is a rider that provides an additional death benefit if the insured dies as a result of an accident. This rider can provide financial protection for the insured’s beneficiaries in case of accidental death.
What is a children’s term insurance rider?
A children’s term insurance rider is a rider that provides life insurance coverage for the policyholder’s children. It offers a death benefit in the event of a child’s death and can also provide the option to convert the coverage into a permanent policy when the child reaches a certain age.
What is a disability waiver of premium rider?
A disability waiver of premium rider is a rider that waives the premium payments on the life insurance policy if the insured becomes totally disabled and is unable to work. This ensures that the policy remains in force even if the policyholder is unable to pay the premiums due to disability.
What is a long-term care rider?
A long-term care rider is a rider that provides coverage for long-term care expenses, such as nursing home care or home healthcare services. It allows the policyholder to access a portion of the death benefit to cover these costs if they require long-term care due to a chronic illness or disability.
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Jeffrey Johnson
Insurance Lawyer
Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina.
He has also earned an MFA in screenwriting from Chapman Univer…
Benjamin Carr
Former State Farm Insurance Agent
Benjamin Carr worked as a licensed insurance agent at State Farm and Tennant Special Risk. He sold various lines of coverage and informed his clients about their life, health, property/casualty insurance needs.
Assessing risks and helping people find the best coverage to suit their needs is a passion of his. He appreciates that insurance was designed to protect people, particularly during times…
Former State Farm Insurance Agent
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