Next, we will consider Ohio National's product spectrum. But first, let's look at the diverse landscape of life insurance options.
Term Life Insurance
As the name implies, a term policy provides protection for a specified period. Death benefits are fixed; premiums increase regularly or remain level. A term policy has no cash value.
Whole Life
Whole life policies provide "permanent" protection for the insured's lifetime (if premiums are paid). Premiums are fixed for life and paid usually by bank draft semi-annually, or annually.
Universal Life
Universal Life (UL) is a newer type of permanent insurance. It is designed to change as insureds' needs and wants change. UL offers flexible payment options and protection, plus cash value growth.
Variable Universal Life
Variable universal life (VUL) policies are universal life policies that allow the insured to choose the types of investments (stock, bonds, money market, fixed rate) that meet his or her needs for long-term value accumulation. There are death benefit guarantees and options, but the insured accepts investment risk or reward.
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