What life insurance riders does Ohio National Financial Services offer?
Discover the wide range of life insurance riders offered by Ohio National Financial Services. Explore how these riders can enhance your policy and provide additional benefits and coverage options.
Free Insurance Comparison
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Mary Martin
Published Legal Expert
Mary Martin has been a legal writer and editor for over 20 years, responsible for ensuring that content is straightforward, correct, and helpful for the consumer. In addition, she worked on writing monthly newsletter columns for media, lawyers, and consumers. Ms. Martin also has experience with internal staff and HR operations. Mary was employed for almost 30 years by the nationwide legal publi...
Published Legal Expert
UPDATED: May 7, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
UPDATED: May 7, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
On This Page
If you’re considering purchasing life insurance, you may have come across the term “riders.” But what exactly are life insurance riders, and why are they important? In this article, we will explore the various life insurance riders offered by Ohio National Financial Services and the benefits they provide. Understanding these riders will help you make an informed decision when choosing a life insurance policy.
Understanding Life Insurance Riders
Before we delve into the specific riders offered by Ohio National Financial Services, let’s define what life insurance riders are and why they matter. Life insurance riders are additional features or options that you can add to your life insurance policy. These riders customize your coverage to meet your specific needs and provide added financial protection.
Life insurance riders offer an array of benefits that can enhance the value and flexibility of your policy. They enable you to customize your coverage based on your individual needs and provide additional financial security for you and your loved ones. By understanding the importance of life insurance riders, you can make an informed decision about which ones to include in your policy.
Definition of Life Insurance Riders
A life insurance rider is an optional provision that can be added to your base life insurance policy. It allows you to enhance the coverage and tailor it to your unique circumstances. Riders typically come at an additional cost, but they provide valuable benefits that can be invaluable in certain situations.
There are various types of life insurance riders available, each serving a specific purpose. Some common types of riders include:
- Accidental Death Benefit Rider: This rider provides an additional death benefit if the insured dies as a result of an accident.
- Waiver of Premium Rider: With this rider, if the insured becomes disabled and unable to work, the insurance company waives the premium payments, ensuring that the policy remains in force.
- Long-Term Care Rider: This rider allows the policyholder to access a portion of the death benefit to cover long-term care expenses in case of a chronic illness or disability.
- Term Conversion Rider: This rider allows the policyholder to convert a term life insurance policy into a permanent life insurance policy without the need for a medical exam or underwriting.
These are just a few examples of the many riders available in the market. Each rider has its own set of terms and conditions, so it’s important to carefully review and understand the details before adding them to your policy.
Importance of Life Insurance Riders
Life insurance riders play a crucial role in providing additional protection and flexibility to policyholders. They allow you to customize your coverage to meet your specific needs and circumstances. By adding riders to your policy, you can ensure that you have the necessary financial security in place to protect your loved ones.
For example, the Accidental Death Benefit Rider can provide an extra layer of financial protection in case of an accidental death, which is not covered under the base policy. This rider can be particularly beneficial for individuals who work in high-risk occupations or engage in hazardous activities.
The Waiver of Premium Rider is another important rider that can provide peace of mind. In the event of a disability that prevents you from working and earning an income, this rider ensures that your life insurance policy remains in force without the burden of premium payments.
Furthermore, the Long-Term Care Rider offers a valuable solution for individuals concerned about the rising costs of long-term care. By accessing a portion of the death benefit to cover long-term care expenses, this rider can help alleviate the financial strain associated with chronic illnesses or disabilities.
By understanding the importance of life insurance riders and carefully considering your specific needs, you can select the riders that best align with your financial goals and provide the necessary protection for you and your family.
Enter your ZIP code below to compare cheap insurance rates.
Secured with SHA-256 Encryption
Overview of Ohio National Financial Services
Before we explore the specific life insurance riders offered by Ohio National Financial Services, let’s take a brief look at the company itself. Established in 1909, Ohio National Financial Services has a long and reputable history in the insurance industry. With a focus on providing innovative and reliable financial solutions, Ohio National Financial Services is committed to helping individuals and families achieve financial security.
Brief History of Ohio National Financial Services
Ohio National Financial Services has been serving customers for over a century. Founded in Cincinnati, Ohio, the company has grown to become a trusted provider of life insurance products and services. Throughout its history, Ohio National Financial Services has remained dedicated to its mission of helping people protect what matters most.
Over the years, Ohio National Financial Services has adapted to the changing landscape of the insurance industry. From its humble beginnings as a small local company, it has expanded its reach and now serves customers nationwide. Through strategic partnerships and acquisitions, Ohio National Financial Services has been able to enhance its product offerings and provide even more comprehensive solutions to its customers.
One of the key factors that sets Ohio National Financial Services apart is its commitment to customer satisfaction. The company understands that insurance is a personal matter, and it strives to build strong relationships with its policyholders. Ohio National Financial Services takes the time to understand each individual’s unique needs and goals, ensuring that they receive the most suitable coverage and financial solutions.
Services Offered by Ohio National Financial Services
Ohio National Financial Services offers a wide range of insurance and financial products to meet the diverse needs of its customers. In addition to life insurance, the company provides retirement plans, disability income insurance, and investment options. By offering comprehensive solutions, Ohio National Financial Services aims to support individuals and families at every stage of their financial journey.
When it comes to life insurance, Ohio National Financial Services understands that one size does not fit all. That’s why they offer a variety of riders that can be added to a policy to enhance its coverage. These riders provide additional benefits and flexibility, allowing policyholders to customize their coverage to suit their specific needs.
Some of the life insurance riders offered by Ohio National Financial Services include:
- Accelerated Death Benefit Rider: This rider allows policyholders to receive a portion of their death benefit if they are diagnosed with a terminal illness.
- Waiver of Premium Rider: With this rider, if the policyholder becomes disabled and unable to work, Ohio National Financial Services will waive the premium payments for the life insurance policy.
- Children’s Term Insurance Rider: This rider provides coverage for the policyholder’s children, ensuring their financial protection.
- Accidental Death Benefit Rider: In the event of accidental death, this rider provides an additional benefit on top of the base policy’s death benefit.
These are just a few examples of the riders available through Ohio National Financial Services. Each rider offers unique benefits and can be tailored to meet the specific needs of the policyholder. By offering a wide range of riders, Ohio National Financial Services aims to provide comprehensive coverage that protects policyholders and their loved ones in various situations.
Life Insurance Riders Offered by Ohio National Financial Services
When it comes to life insurance, Ohio National Financial Services goes above and beyond to provide their policyholders with comprehensive coverage. In addition to their standard policies, they offer a range of riders that can enhance your life insurance coverage and provide added peace of mind. Let’s take a closer look at some of the riders available through Ohio National Financial Services.
Accelerated Death Benefit Rider
One of the most noteworthy riders offered by Ohio National Financial Services is the Accelerated Death Benefit Rider. This rider allows policyholders to access a portion of their life insurance benefit while still alive if they are diagnosed with a terminal illness. It’s a comforting thought to know that during a challenging time, this rider can provide financial assistance to help cover medical expenses or pursue treatments without worrying about the financial burden. Ohio National Financial Services truly understands the importance of supporting their policyholders during difficult times.
Waiver of Premium Rider
Another rider that Ohio National Financial Services offers is the Waiver of Premium Rider. This rider can be a true lifesaver if you become totally disabled and unable to work due to illness or injury. During such periods of financial hardship, the last thing you want to worry about is paying premiums on your life insurance policy. With the Waiver of Premium Rider, Ohio National Financial Services waives the need to pay premiums for the duration of your disability, ensuring that your coverage remains in force. This rider provides invaluable peace of mind, knowing that your life insurance protection is secure even when life takes an unexpected turn.
Guaranteed Insurability Rider
Planning for the future is essential, especially when it comes to life insurance. Ohio National Financial Services understands this and offers the Guaranteed Insurability Rider to help policyholders adapt their coverage to changing circumstances. This rider provides the option to purchase additional coverage at specific intervals without the need for a medical exam or underwriting. It’s particularly beneficial if you anticipate significant life events such as marriage, having children, or an increase in income that may require additional life insurance coverage. With the Guaranteed Insurability Rider, Ohio National Financial Services ensures that your life insurance policy can grow and adapt alongside your evolving needs.
Ohio National Financial Services is committed to providing their policyholders with the best possible life insurance coverage. Their range of riders demonstrates their dedication to offering comprehensive protection and support. Whether you’re facing a terminal illness, experiencing a disability, or planning for the future, Ohio National Financial Services has a rider that can provide the additional benefits and options you need. With their riders, you can have the peace of mind knowing that your life insurance coverage is tailored to your unique circumstances.
Benefits of Choosing Ohio National Financial Services Riders
By including these riders in your life insurance policy from Ohio National Financial Services, you can enjoy numerous advantages and added peace of mind.
Financial Security and Peace of Mind
The primary benefit of selecting Ohio National Financial Services’ life insurance riders is the increased financial security they provide. With riders like the Accelerated Death Benefit and Waiver of Premium, you can rest easy knowing that your policy offers protection during challenging times, ensuring your loved ones are taken care of.
Imagine a scenario where you unexpectedly fall ill and are unable to work. This unfortunate situation can put a strain on your finances, making it difficult to keep up with your life insurance premiums. However, with the Waiver of Premium rider from Ohio National Financial Services, you won’t have to worry about losing your coverage. This rider ensures that if you become disabled and unable to work, your premiums will be waived, allowing your policy to remain in force and providing financial security for your family.
Furthermore, the Accelerated Death Benefit rider offers an additional layer of protection. In the event of a terminal illness diagnosis, this rider allows you to receive a portion of your death benefit while you are still alive. This can help cover medical expenses, provide financial support during treatment, or even allow you to fulfill a lifelong dream. With this rider, you can have peace of mind knowing that your loved ones won’t have to bear the burden of your medical expenses alone.
Flexibility and Customization
Ohio National Financial Services’ riders offer flexibility and customization to meet your specific needs. The Guaranteed Insurability Rider allows you to easily increase your coverage without undergoing further underwriting, ensuring that your policy evolves with your changing circumstances.
Life is full of unexpected twists and turns. As your life progresses, your insurance needs may change. With the Guaranteed Insurability Rider, you have the freedom to increase your coverage at certain milestones, such as getting married, having a child, or buying a new home, without the need for additional medical exams or underwriting. This flexibility ensures that your life insurance policy remains in line with your evolving financial responsibilities and provides the necessary protection for your loved ones.
Moreover, Ohio National Financial Services understands that everyone’s financial situation is unique. That’s why they offer a range of customizable riders that allow you to tailor your policy to your specific needs. Whether you require additional coverage for critical illness, disability income protection, or long-term care, Ohio National Financial Services has riders that can be added to your policy to provide the comprehensive protection you desire.
Enter your ZIP code below to compare cheap insurance rates.
Secured with SHA-256 Encryption
How to Choose the Right Life Insurance Rider
Now that you understand the various life insurance riders offered by Ohio National Financial Services and the benefits they provide, you may wonder how to choose the right one for you.
Assessing Your Financial Needs
Start by assessing your financial situation and personal circumstances. Consider your current and future income, existing insurance coverage, and potential future needs. By evaluating these factors, you can identify which riders align with your specific requirements and provide the necessary coverage.
Consulting with a Financial Advisor
Seeking guidance from a qualified financial advisor can be invaluable when selecting life insurance riders. A professional can help you understand the various options, evaluate your needs, and make an informed decision. By consulting with an expert, you can ensure that you select the right riders to enhance your life insurance policy and provide the best possible protection.
In conclusion, Ohio National Financial Services offers a range of life insurance riders that provide valuable benefits and enhance the overall coverage of your policy. By selecting the right riders based on your specific needs and consulting with a financial advisor, you can ensure that your life insurance policy offers the financial protection and peace of mind you and your loved ones deserve.
Frequently Asked Questions
What are life insurance riders?
Life insurance riders are additional benefits or options that can be added to a life insurance policy to enhance its coverage. These riders provide policyholders with added protection or flexibility.
What types of life insurance riders does Ohio National Financial Services offer?
Ohio National Financial Services offers a range of life insurance riders, including accidental death benefit rider, accelerated benefit rider, child term rider, disability waiver of premium rider, and long-term care rider.
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 due to an accident. This rider can provide financial protection to the insured’s beneficiaries in case of accidental death.
What is an accelerated benefit rider?
An accelerated benefit rider allows the policyholder to receive a portion of the death benefit while still alive if they are diagnosed with a qualifying terminal illness. This rider can help cover medical expenses or other financial needs during the insured’s lifetime.
What is a child term rider?
A child term rider is a rider that provides life insurance coverage for the policyholder’s children. It offers financial protection in the event of a child’s death, and sometimes can be converted into a separate 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 of the life insurance policy if the insured becomes totally disabled and unable to work. This ensures that the policy remains in force even during a period of 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 can help policyholders cover the costs associated with extended care needs that may arise due to illness or aging.
How do life insurance riders affect the cost of a policy?
Life insurance riders can increase the cost of a policy as they add additional benefits and coverage options. Each rider has its own associated cost, so policyholders should carefully consider their needs and budget before adding riders to their life insurance policy.
Can riders be added to a life insurance policy after it is purchased?
In some cases, riders can be added to a life insurance policy after it is purchased. However, it may be subject to certain conditions and underwriting requirements. It is best to consult with the insurance provider or agent to determine if adding a rider is possible and what the process entails.
Are life insurance riders necessary?
Life insurance riders are not necessary for every policyholder, as their need depends on individual circumstances and preferences. Riders can provide additional protection and flexibility, but they also come at an extra cost. It is important to assess personal needs and evaluate the benefits and costs before deciding to add riders to a life insurance policy.
Enter your ZIP code below to compare cheap insurance rates.
Secured with SHA-256 Encryption
Mary Martin
Published Legal Expert
Mary Martin has been a legal writer and editor for over 20 years, responsible for ensuring that content is straightforward, correct, and helpful for the consumer. In addition, she worked on writing monthly newsletter columns for media, lawyers, and consumers. Ms. Martin also has experience with internal staff and HR operations. Mary was employed for almost 30 years by the nationwide legal publi...
Published Legal Expert
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.