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January 05, 2019 at 12:06 AM
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.
(Related: What Advisors, BDs Should Do About Ohio National’s End of Trailing Commissions)
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.
