Ohio National Financial Services introduced a new indexed universal life (IUL) insurance product that offers the flexibility and protection of a universal life policy with indexed account options to help build cash value.
“The Virtus IUL policy provides the protection component our clients need and so much more,” said Chris Calabro, CLU, ChFC , Ohio National’s senior vice president, life insurance strategic business. “For customers who need to save for future needs such as their retirement or a child’s college education, it also offers a variety of crediting strategies and benefits – more than a normal fixed rate product. What also makes Virtus IUL stand out is its efficient, low-expense design that will help it perform better in a wider variety of market conditions.”
Highlights of its accumulation, protection and flexibility features include:
- Three index accounts and a fixed account so customers can allocate premiums to fit their needs
- A minimum participation rate of 100 percent for all index accounts
- A step-up of at least 30 basis points to all index segments of a policy, as well as to the fixed account beginning in the 11th policy year
- Two flexible loan options (index and standard) with the ability to switch between them as needs change
- Overloan protection rider
- A 2 percent cumulative account value true-up
- An accelerated benefit rider (ABR), which is a living benefit that accelerates a portion of the death benefit if the insured is defined as chronically or terminally ill
- Up to a 20-year no lapse guarantee
These, in addition to other strong features, help make Virtus IUL a good balance for clients’ accumulation and protection needs.
Tracing its corporate origins to 1909, Ohio National markets a variety of insurance and financial products through more than 50,000 representatives in 49 states (all except New York), the District of Columbia, Puerto Rico and through affiliated operations in South America. Additional subsidiaries operate in New York and Connecticut. As of December 31, 2016, its affiliated companies have $41.8 billion total assets under management. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. For more information visit www.ohionational.com.
