Industry’s first indexed whole life product debuts today from Ohio National

[Insurance Forums Staff]

Insurance Forums Staff submitted a new article

Industry’s first indexed whole life product debuts today from Ohio National

Innovative, exclusive new product combines guaranteed protection with significant growth potential, and is now available in all states but New York and California.

Continue reading the Original Article.

 

[scagnt83]

Not the first. Guardian has had an Index Rider on their WL for at least the past 5 years now.

That company is so inept they dont even know the product features of their competition. Just another in a long list of reasons not to work with them.

 

[Tahoe Ray]

Not the first. Guardian has had an Index Rider on their WL for at least the past 5 years now.

That company is so inept they dont even know the product features of their competition. Just another in a long list of reasons not to work with them.

I was going to comment the same. Guardian has had this option for the last few years.

 

[rousemark]

Not the first. Guardian has had an Index Rider on their WL for at least the past 5 years now.

That company is so inept they dont even know the product features of their competition. Just another in a long list of reasons not to work with them.

That is a rider on a conventional WL policy. If the Ohio National is built into the base policy, then it would be the first of its kind.

 

[scagnt83]

That is a rider on a conventional WL policy. If the Ohio National is built into the base policy, then it would be the first of its kind.

I guess you you could say that. But its an automatically included rider if I remember correctly. So its essentially part of the Base Policy by default.

ON allows premiums to be allocated to indexed accounts. Guardian allows premiums to be allocated to indexed accounts. Same effect to the policy.

But it does sound like ON has multiple indexed options. Guardian only has the one. So in all fairness ON is more "indexed like" than Guardian.

 

[Tahoe Ray]

Does ON have a dividend option like traditional WL? Guardian lets you weight funding between both options.

 

[Karl Kreunen]

Thank you for commenting. Yes we are aware of the Guardian indexing option, we are also aware of the OneAmerica indexing option. Neither product is the same as our new Indexed 10 Pay policy. Briefly, those policies provide an option for a share (0-100%) of the dividend to be allocated to an indexing option. Our policy allocates the entire net premium to an indexing option providing a higher potential upside for the policy owner. There are many other differences between the policy types, but if you’d really like to learn some more please visit iwl4life.com where we have considerable material that you can review.

 

[scagnt83]

Thank you for commenting. Yes we are aware of the Guardian indexing option, we are also aware of the OneAmerica indexing option. Neither product is the same as our new Indexed 10 Pay policy. Briefly, those policies provide an option for a share (0-100%) of the dividend to be allocated to an indexing option. Our policy allocates the entire net premium to an indexing option providing a higher potential upside for the policy owner. There are many other differences between the policy types, but if you’d really like to learn some more please visit iwl4life.com where we have considerable material that you can review.

Thanks for the clarification of how it works.

To get technical. Guardian allocates the Cash Value of Paid Up Additions. Which is different than the Dividend. Not sure about OneAmerica.

Considering the increasing rate environment, as an agent Id rather see a strong and steady increasing Dividend Rate on a WL policy vs. indexing features.

 

[scagnt83]

From a business perspective at the corporate level, this was probably a very smart play. An attempt to gain some internal transfers and stop the bleeding perhaps.

From a sales standpoint, now the agent can say "you dont have to trust ON, just trust the S&P". Of course that is leaving renewal rates out of the conversation... which is 100% based on trust.

 

[rousemark]

From a business perspective at the corporate level, this was probably a very smart play. An attempt to gain some internal transfers and stop the bleeding perhaps.

From a sales standpoint, now the agent can say "you dont have to trust ON, just trust the S&P". Of course that is leaving renewal rates out of the conversation... which is 100% based on trust.

Not really.. You still have to trust ON to pay the projected dividend or there won't be anything going into the index fund.