Ohio National Financial Services is trying to regain its footing by adding a 20-pay whole life policy, the Prestige 20-pay policy.
The Cincinnati-based company said earlier this week that it has also updated the Prestige 10-Pay II and Prestige Max III policies.
All three policies give the purchaser the ability to get a paid-up policy by making a limited number of payments.
In recent years, Ohio National has been a major issuer of variable annuities. This summer, the company announced it was addressing concerns about exposure to variable annuity guarantee risk by ending the sale of new variable annuity contracts, eliminating 300 variable annuity-related jobs, focusing more on the sale of life insurance and disability insurance, and changing annuity agent compensation arrangements.
Karl Kreunen, an Ohio National vice president, appeared to refer indirectly to that shift in a statement about the product launch. “Our new 20-pay product is part of our recently announced strategy to focus on our historic strengths, life insurance and disability income businesses,” Kreunen said in the statement.
The Prestiage 20 policy is designed to fit in the middle between Ohio National’s 10-pay whole life policy and the Prestige Max III policy, which requires the holder to keep making payments through age 65.
Ohio National also offers two lifetime-pay whole life products, the Prestige Value IV and Prestige 100 II policies.
The Prestige 20-pay policy is available for issue ages 0 to 65, with a minimum face amount of 100,000.
The policy has an endowment age of 100, with no maturity date.
Ohio National writes whole life policies through its Ohio National Life Insurance Company unit.
Ohio National has announced a dividend interest factor of 5.4% for 2019 for new participating whole life policies.
(Related: Penn Mutual Sets 2019 Dividend Rate)
Ohio National writes life insurance in all states other New York state. It does not write policies in the District of Columbia or Puerto Rico.
— Read 2019 Life, Health and Annuity Planner, on ThinkAdvisor.