Broker World

Ohio National Financial Services is pleased to introduce its new Prestige 20-pay, the company’s fifth whole life insurance product, adding depth to its portfolio.* Design enhancements have also been made to its two other limited-pay whole life products, Prestige 10-Pay II and Prestige Max III. All three products are designed for high long-term cash accumulation, especially through their dividend potential, and offer a preferred loan option to help maximize cash flow. Prestige 20 is another option in between Ohio National’s Prestige 10-pay II and Prestige Max III (paid to 65). Ohio National’s whole life portfolio also includes two lifetime pay products, Prestige Value IV and Prestige 100 II, which will be enhanced later this year.
“Ohio National now has five distinct whole life products to meet different individual and business needs,” said Karl Kreunen, CLU, Ohio National’s vice president, product marketing. “Our new 20-pay product is part of our recently announced strategy to focus on our historic strengths, life insurance and disability income businesses. And the combination of our competitive whole life, universal life, indexed universal life and term products creates a robust life insurance portfolio, well positioned for growth in future years.”

Highlights of Prestige 20-pay include:

• A guaranteed paid-up policy after 20 years.
• An endowment age of 100 with no maturity date.
• Issue ages from 0 to 65 with a minimum face amount of $100,000.
• A preferred loan feature.

Prestige 10-pay II limited pay products also have newly enhanced designs. Prestige Max III offers a higher initial death benefit and better guaranteed cash values that can help clients with cash flow in their later years, while still offering a contractually paid-up policy at age 65. With no premium required in retirement and the ability to access policy cash values at a reduced loan rate, Prestige Max III offers a competitive solution for supplementing a policyholder’s retirement income and will typically have the highest cash flow of any Ohio National whole life product. Prestige 10-pay II offers a short payment structure ideal for clients seeking a paid-up policy solution. It features a guaranteed level payment period of 10 years. The potential for strong dividend performance may allow for a shorter premium payment period when dividends are used to pay premiums.

“With three short-pay products, financial professionals now have expanded options to align the length of the premium payments to their client’s goals and time horizons, such as retirement protection and income and legacy planning,” said Kreunen. “Business owners might find them to be especially helpful tools to reward top talent, fund succession planning or for their own retirement income planning needs.”

The company also recently announced its dividend scales for participating whole life insurance policies will remain unchanged for 2019. The 2019 dividend total is estimated to exceed $100 million, its highest level ever. Please visit ohionational.com for more information.

*Whole life insurance products are issued by The Ohio National Life Insurance Company. Guarantees are based upon the claims-paying ability of the issuer. The payment of dividends is not guaranteed. Policy loans, if taken, will accrue interest and reduce the policy death benefit. Product is available in all states except CA as of 1/2/19.

Ohio National Financial Services announced recently the promotion of Rocky Coppola, CPA, CGMA, ChFC, ACS, FLMI, to chief financial officer. Coppola assumed this role effective immediately and is responsible for the company’s strategic financial oversight and reporting. He succeeds Anthony W. Dunn, CIA, CMA, CPA, CPCU, who has accepted a senior level position in the industry focusing on his background and strengths in audit strategy and operations.

Coppola has been praised for his comprehensive experience in financial roles and activities across the enterprise. He began his career at Ohio National in 1999 after nine years at Liberty Mutual and one year in consulting. Prior to his promotion to CFO, he held the position of senior vice president, finance and controller since December 2016. In this role, Coppola had an expanded strategic focus. He was responsible for leading, planning and managing the Financial Controller Group (FCG), which includes: all domestic-based insurance and non-insurance companies such as captives and broker-dealer accounting and reporting operations; accounting policy; statutory and compliance; external reporting and management reporting.

Coppola has been involved in capital planning and organizational development, and has had increased participation in rating agency meetings and in Board of Directors and committee meetings. He was also instrumental in guiding organizational change during the implementation of strategic corporate objectives.

Prior to his role as senior vice president, finance and controller, Coppola advanced steadily throughout his career. He was promoted to senior vice president and controller in 2015; to vice president and controller in 2010; he advanced to second vice president and assistant controller in 2009; became assistant vice president, financial reporting in 2007; financial reporting officer in 2005 following time as senior financial reporting analyst and financial reporting systems analyst. He holds a bachelor’s degree from Robert Morris University and an MBA from the University of Cincinnati.

Please visit ohionational.com for more information.

Ohio National Financial Services announced recently that its Board of Directors has elected Barbara A. Turner, CRCP, president and chief operating officer, effective November 30. Turner succeeds Chris Carlson, who is retiring from Ohio National for personal reasons after 25 years with the company.

“Barbara’s decades of experience at Ohio National and in the financial services industry give her great perspective on the dynamic landscape in which we operate and deep knowledge of Ohio National’s operations,” said Gary T. “Doc” Huffman, CLU, ChFC, chairman and chief executive officer. “Barbara has excelled in every assignment she has received at Ohio National, consistently demonstrating outstanding leadership skills and business judgment. I look forward to working closely with Barbara in her new role as we implement our strategy and further the mission of our great company.”

Carlson said, “I have the highest respect and admiration for Barbara and congratulate her on her election. It has been a privilege to work alongside the talented people at Ohio National, and I am extremely grateful for the 25 years I’ve been able to spend at this incredible organization. This was a difficult personal decision but it in no way diminishes the confidence I have in Ohio National’s team, strategy and future.”

Turner, the eleventh president and the first woman to serve as president of Ohio National, brings to the position more than 30 years of leadership experience in the financial services industry. She joined the company in 1997 as vice president, ONESCO operations, advanced to president and chief operating officer of ONESCO in 1999, and president and chief executive officer of ONESCO in 2013. She was appointed senior vice president, annuities strategic business in January 2015, executive vice president and chief administrative officer in January 2016, and vice chairman and chief administrative officer in August 2018.

Turner is recognized as an industry leader. She has served as a FINRA District and Nominating Committee member and arbitrator and arbitrator chairperson and FINRA disciplinary hearing panelist. She was a member of the inaugural graduation class and first woman in the country to complete the FINRA/Wharton University Certified Compliance Professional program. A Cincinnati native, she attended the University of Cincinnati.

Turner is an active community leader, serving on the boards of American Red Cross Greater Cincinnati—Dayton Region, Cincinnati Playhouse in the Park, Cincinnati Women’s Executive Forum, Northern Kentucky University Foundation, The Health Collaborative, Women’s Fund of Greater Cincinnati Foundation, and was recently appointed to serve on the Board of Cincinnati State Technical and Community College by Governor John Kasich. Turner has mentored, sponsored and volunteered for many at-risk teenagers and single mothers in the community.

Turner said, “I am honored and excited about the opportunity to lead and advance Ohio National’s mission to make a difference in the lives of our policyholders by providing financial security and independence today and for generations to come. I am also pleased to continue to work with the talented team of dedicated Ohio National associates who are committed to the long-term success of our organization and meeting the needs of our clients.”

“I want to thank Chris Carlson for his dedication and leadership at Ohio National,” added Huffman. “I’ve been fortunate to count him as a friend and colleague for over 10 years, and throughout his career he has made significant contributions across the company. He will be greatly missed and we wish him all the best. I look forward to working with Barbara and the rest of our leadership team as we move forward with our strategy.”

Since 1909, Ohio National has been committed to helping individuals, families and businesses protect what matters most. Through their network of financial professionals across 49 states (all except New York), the District of Columbia and Puerto Rico, they provide the insurance products and financial protection policyholders need. As of December 31, 2017, its affiliated companies have $42.0 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Please visit ohionational.com for more information.

GWG Life announced recently its support of Federal legislation allowing seniors to use life insurance proceeds for long term care costs tax-free. The proposed legislation would save billions for taxpayers and improve the quality of life for millions of seniors.

H.R. 7203, introduced by U.S. Representatives Kenny Marchant (R-TX) and Brian Higgins (D-NY), would permit seniors, regardless of their health status, to use life insurance policies they already own to fund a wide range of health care costs, including long term care expenses and long term care insurance premiums.

“I am thrilled to see the concept we have pioneered being put into legislation,” said GWG Life Executive Vice President Chris Orestis. “Seniors who have felt they had no choice but to lapse a life insurance policy to qualify for Medicaid now have an option that can improve their lives in their final years. This is an important step toward finding solutions to the long term care crisis this country faces.”

Supporters of H.R. 7203 believe it has widespread, bipartisan support as a solution to the growing cost of senior care in the country that cuts the costs of a massive taxpayer-financed government program. The bill has been referred to the House Ways and Means Committee on which Marchant and Higgins serve.

GWG Holdings, Inc. (Nasdaq: GWGH), the parent company of GWG Life, Life Epigenetics and YouSurance, is a leading provider of liquidity to consumers owning life insurance policies, an owner of a portfolio of alternative assets, and the developer of epigenetic technology for the life insurance industry and beyond. GWG Life provides value to consumers owning illiquid life insurance products across America, delivering them more than $564 million for their policies since 2006. GWG Life owns a life insurance policy portfolio of $1.96 billion in face value of policy benefits as of September 30, 2018. Life Epigenetics is commercializing epigenetic technology for the life insurance industry and beyond. YouSurance, a digital life insurance agency, is working to embed epigenetic testing into life insurance purchasing to provide consumers a value-added ecosystem that supports their health and wellness while reducing the cost of their insurance.

For more information about GWG Holdings, email info@gwgh.com or visit www.gwgh.com.