Voya Financial vs. Ohio National Financial Services Life Insurance: Which is better?
Explore the nuanced offerings of life insurance providers Voya Financial and Ohio National Financial Services as we delve into their histories and products, aiding you in making informed decisions for your financial well-being.
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Dani Best
Licensed Insurance Producer
Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...
Licensed Insurance Producer
UPDATED: Dec 18, 2023
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Dec 18, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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In the dynamic landscape of life insurance, navigating through the myriad options offered by different companies can be a challenging task. Today, we explore the nuances of two prominent players in the industry: Voya Financial and Ohio National Financial Services. From coverage rates and policy options to discounts and customer reviews, we dissect the key factors that influence insurance rates across these companies. As we delve into the comprehensive analysis, our aim is to provide you with a quick, informative snapshot guiding you on how these factors shape the landscape of insurance, ensuring you make an informed decision tailored to your unique needs.
Voya Financial
Pros:
- Diverse Product Range: Voya Financial offers a comprehensive suite of financial products and services, including life insurance, retirement plans, and employee benefits.
- Rich History: With a history spanning over 150 years, Voya Financial has a strong and established presence in the financial services industry.
- Flexible Life Insurance Options: Voya Financial provides a variety of life insurance products, including term life, universal life, and indexed universal life, catering to different needs and preferences.
- Customer Service: Voya Financial is known for its responsive and helpful customer service, with various support channels available, such as phone support, online chat, and a detailed FAQ section.
Cons:
- Potentially Higher Premiums: The breadth of services and diverse product range may result in potentially higher premiums compared to more specialized providers.
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Ohio National Financial Services
Pros:
- Specialized Focus: Ohio National Financial Services specializes in life insurance and annuities, offering a more focused and potentially tailored approach to these specific financial products.
- Long-Standing History: With over a century of experience, Ohio National Financial Services has demonstrated stability and reliability in the financial services industry.
- Comprehensive Life Insurance Options: Ohio National Financial Services provides a range of life insurance products, including term life, whole life, and indexed universal life, offering flexibility and customization.
- Additional Coverage Riders: The company offers additional riders, such as accelerated death benefit riders, providing policyholders with extra layers of protection and financial support during challenging times.
Cons:
- Limited Product Range: While specializing in life insurance, Ohio National Financial Services may not offer the same breadth of financial products as more diversified competitors.
Voya Financial Takes the Lead
After a thorough analysis of both Voya Financial and Ohio National Financial Services, it is clear that Voya Financial emerges as the superior choice when considering various factors.
Diverse and Comprehensive Product Range: Voya Financial’s extensive lineup of financial products, including life insurance, retirement plans, and employee benefits, provides a one-stop solution for individuals with diverse financial needs. This broad spectrum of offerings allows customers to consolidate their financial planning with a single, reputable provider.
Flexibility in Life Insurance Options: Voya Financial stands out with its flexible life insurance options, offering term life, universal life, and indexed universal life policies. This versatility caters to a wide range of preferences and financial goals, ensuring that customers can find a policy that aligns precisely with their needs.
Established Reputation and Rich History: With a history spanning over 150 years, Voya Financial’s long-standing reputation and solid financial background instill confidence in its ability to meet the evolving needs of customers. The company’s commitment to innovation and comprehensive financial planning further solidifies its position as a reliable and forward-thinking provider.
Customer Service Excellence: Voya Financial’s commitment to excellent customer service, as evidenced by various support channels and responsive representatives, contributes to a positive overall experience for policyholders. The availability of multiple communication channels reflects a dedication to ensuring customers feel supported and informed.
While both companies offer competitive life insurance products, Voya Financial’s broader range of services, flexible policy options, long-standing history, and commitment to customer service make it the preferred choice.
Understanding Life Insurance
Before diving into the specifics of Voya Financial and Ohio National Financial Services, let’s first understand the importance of life insurance. Life insurance is a contract between the policyholder and the insurer that provides a sum of money to beneficiaries upon the policyholder’s death. This financial support can help cover funeral expenses, outstanding debts, and provide a source of income for dependents.
The Importance Of Life Insurance
Life insurance serves as a safety net for your loved ones. It ensures that even in your absence, they can maintain their quality of life and financial stability. By providing a lump sum payout, life insurance can help cover immediate expenses and long-term financial obligations, such as mortgage payments, college tuition, and day-to-day living expenses. Life insurance is particularly crucial for individuals with dependents, such as spouses, children, or aging parents.
Moreover, life insurance offers peace of mind. Knowing that your loved ones will be taken care of financially can alleviate the stress and worry that often comes with contemplating the uncertainties of life. It provides a sense of security, allowing you to focus on enjoying the present and planning for the future.
Furthermore, life insurance can also be used as a means of wealth transfer. It can help preserve your legacy by providing an inheritance to your beneficiaries. This can be especially beneficial for individuals with significant assets, as it allows them to pass on their wealth to future generations.
Key Terms In Life Insurance
Before comparing the offerings of Voya Financial and Ohio National Financial Services, it’s essential to familiarize ourselves with key terms in life insurance. These terms include:
- Premium: The amount a policyholder pays to the insurer in exchange for coverage.
- Death Benefit: The amount of money paid to beneficiaries upon the policyholder’s death.
- Policy Term: The length of time the policy provides coverage.
- Cash Value: The amount of money that accumulates in certain types of life insurance policies.
- Riders: Additional options that can be added to a policy to enhance coverage, such as disability or critical illness riders.
Understanding these key terms is crucial for making informed decisions about life insurance. It allows you to assess the value and benefits of different policies and tailor them to your specific needs and financial goals. By having a clear understanding of these terms, you can navigate the complexities of life insurance with confidence.
Additionally, it’s important to note that life insurance policies can vary in their features and options. Some policies offer the flexibility to adjust coverage or convert term policies to permanent ones. Others may provide living benefits, allowing policyholders to access a portion of their death benefit if they experience a qualifying event, such as a terminal illness.
Furthermore, the cost of life insurance premiums can be influenced by various factors, including age, health, lifestyle, and the amount of coverage desired. It’s crucial to consider these factors when selecting a policy to ensure it aligns with your budget and provides adequate coverage.
In conclusion, life insurance plays a vital role in safeguarding the financial well-being of your loved ones. It offers a sense of security, peace of mind, and the opportunity to leave a lasting legacy. By understanding the importance of life insurance and familiarizing yourself with key terms, you can make informed decisions and select a policy that meets your specific needs and goals.
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Introduction To Voya Financial
Voya Financial is a leading company in the financial services industry, offering a wide range of products and services, including life insurance. Understanding the history and products offered by Voya Financial will provide insight into their offerings.
When it comes to financial services, Voya Financial has established itself as a trusted name in the industry. With a commitment to helping individuals and institutions achieve their financial goals, Voya Financial has built a strong reputation over the years.
History Of Voya Financial
Voya Financial, previously known as ING U.S., has a rich history that stretches back over 150 years. The company’s roots can be traced back to the formation of the Insurance Company of North America (INA) in 1859. As one of the oldest insurance companies in the United States, INA played a significant role in shaping the insurance industry.
Over the years, INA went through various mergers and acquisitions, expanding its reach and product offerings. In 2000, ING Groep N.V., a global financial institution based in the Netherlands, acquired INA and rebranded it as ING U.S. This acquisition marked a new chapter in the company’s history, bringing in fresh perspectives and resources.
In 2014, the company rebranded once again, this time as Voya Financial. The rebranding was more than just a name change; it represented a strategic shift in focus. Voya Financial aimed to provide comprehensive financial planning solutions for individuals and institutions, empowering them to plan for a secure and fulfilling future.
Today, Voya Financial continues to build on its rich history, leveraging its experience and expertise to meet the evolving needs of its customers. With a solid financial backing and a commitment to innovation, Voya Financial remains at the forefront of the financial services industry.
Voya Financial’S Life Insurance Products
Voya Financial offers a variety of life insurance products designed to meet the unique needs of individuals and families. Their product lineup includes term life insurance, universal life insurance, and indexed universal life insurance.
Term life insurance provides coverage for a specific period, typically ranging from 10 to 30 years. It offers a death benefit to the policyholder’s beneficiaries if they pass away during the policy term. This type of insurance is often chosen by individuals who want affordable coverage for a specific time frame, such as to protect their family during the years when their children are dependent on them financially.
Universal life insurance, on the other hand, offers more flexibility and potential for cash value accumulation. It provides a death benefit to the beneficiaries, but also allows policyholders to build cash value over time. This cash value can be accessed during the policyholder’s lifetime, offering a potential source of funds for various financial needs, such as supplementing retirement income or funding a child’s education.
Indexed universal life insurance combines the flexibility of universal life insurance with the potential for higher returns linked to the performance of a specific index, such as the S&P 500. This type of insurance allows policyholders to participate in market gains while offering protection against market downturns. It can be an attractive option for individuals who want the potential for growth and protection against market volatility.
With Voya Financial’s life insurance products, policyholders can choose a death benefit amount and policy term that suits their specific needs. Additionally, Voya Financial’s policies may offer cash value accumulation, allowing policyholders to build a nest egg over time. This can provide peace of mind, knowing that loved ones will be financially protected in the event of the policyholder’s passing.
In conclusion, Voya Financial’s long history, solid reputation, and diverse range of life insurance products make it a compelling choice for individuals and families seeking financial security. Whether it’s term life insurance, universal life insurance, or indexed universal life insurance, Voya Financial offers options to meet different needs and goals.
Introduction To Ohio National Financial Services
Ohio National Financial Services is another well-established player in the life insurance industry. Understanding their history and product offerings will help us evaluate their suitability for potential policyholders.
History Of Ohio National Financial Services
Founded in 1909, Ohio National Financial Services has over a century of experience in the financial services industry. The company has a strong commitment to helping individuals and businesses achieve financial security through its range of products and services.
Throughout its long history, Ohio National Financial Services has weathered various economic cycles and emerged as a trusted and reliable provider of life insurance. With a solid foundation built on years of experience, the company has continuously adapted to changing market conditions, ensuring that their policyholders receive the best possible coverage.
Ohio National Financial Services takes pride in its customer-centric approach, always putting the needs of policyholders first. Their dedication to providing exceptional service has earned them a loyal customer base and numerous industry accolades.
Ohio National’S Life Insurance Products
Ohio National Financial Services offers various life insurance products designed to meet a range of financial goals and needs. Their product offerings include term life insurance, whole life insurance, and indexed universal life insurance. These policies provide options for both temporary coverage and lifelong protection.
Term life insurance, offered by Ohio National, provides coverage for a specified period, typically 10, 20, or 30 years. It is an ideal option for individuals who want to ensure financial security for their loved ones during specific stages of life, such as when paying off a mortgage or funding a child’s education.
Whole life insurance, on the other hand, offers lifelong protection and accumulates cash value over time. This type of policy not only provides a death benefit but also serves as a valuable asset that can be borrowed against or used to supplement retirement income.
Indexed universal life insurance is a unique offering from Ohio National Financial Services. It combines the benefits of traditional universal life insurance with the potential for growth linked to the performance of a market index. This policy allows policyholders to participate in market gains while still providing a safety net in case of market downturns.
Ohio National’s life insurance policies offer policyholders the flexibility to customize their coverage to fit their unique circumstances. With options for cash value accumulation and riders, individuals can tailor their policy to match their financial goals and provide additional protection.
For example, Ohio National offers riders such as accelerated death benefit riders, which allow policyholders to access a portion of their death benefit if they are diagnosed with a terminal illness. This feature provides financial support during a challenging time and can help cover medical expenses or other end-of-life costs.
Additionally, Ohio National’s policies often include the option to add riders that provide coverage for critical illness, disability, or long-term care. These riders offer an extra layer of protection, ensuring that policyholders are prepared for unexpected events that may impact their financial well-being.
Ohio National Financial Services understands that each individual’s financial situation is unique. Their comprehensive range of life insurance products and customizable options allow policyholders to create a plan that aligns with their specific needs and goals.
Comparing Life Insurance Policies
Now that we have explored the offerings of Voya Financial and Ohio National Financial Services, let’s compare their life insurance policies to determine which company offers the better coverage and benefits.
Policy Types Offered By Both Companies
Both Voya Financial and Ohio National Financial Services offer term life insurance, which provides coverage for a specified period. The exact terms and conditions of their term life insurance policies may vary, including premium rates, policy terms, and coverage limits. It’s crucial to carefully review the policies to ensure they align with your specific needs.
In addition to term life insurance, both companies offer permanent life insurance options. Voya Financial offers universal life insurance and indexed universal life insurance, while Ohio National Financial Services offers both whole life insurance and indexed universal life insurance. Permanent life insurance policies provide coverage for the policyholder’s entire life and may accumulate cash value over time.
Coverage And Benefits Comparison
When comparing coverage and benefits, it’s important to evaluate factors such as death benefit amounts, policy terms, cash value accumulation potential, and riders that enhance coverage. Policyholders should consider their financial goals, family’s needs, and future plans to determine which company’s offerings best align with their requirements.
It’s recommended to review the policy details, including any exclusions or limitations, before making a final decision. Consulting with a financial advisor can also provide valuable insights into selecting the most suitable life insurance policy.
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Customer Service And Support
Customer service plays a significant role in ensuring a positive experience throughout the life insurance journey. Let’s examine the customer service and support provided by both Voya Financial and Ohio National Financial Services.
Customer Service At Voya Financial
Voya Financial prides itself on providing excellent customer service and support. They offer various channels for policyholders to access assistance, including phone support, online chat, and an extensive FAQ section on their website. Voya Financial’s customer service representatives are known for their responsiveness and willingness to help resolve any issues or answer policyholders’ questions.
Customer Service At Ohio National Financial Services
Ohio National Financial Services also places a strong emphasis on customer service. They have a dedicated customer support team available to assist policyholders with any inquiries or concerns they may have. Policyholders can reach out to Ohio National Financial Services via phone, email, or through their online portal.
Conclusion
In conclusion, both Voya Financial and Ohio National Financial Services offer a range of life insurance products to cater to individuals’ diverse needs and financial goals. Choosing between the two companies depends on personal preferences, coverage requirements, and desired benefits.
It’s essential to carefully review the policies, considering factors like coverage options, policy terms, premium rates, and customer support services. Additionally, it’s always a good idea to consult with a financial advisor to ensure you make an informed decision based on your specific needs and preferences.
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Remember that life insurance is a critical component of financial planning, offering protection and peace of mind for you and your loved ones. Take the time to evaluate your options and make an informed decision that aligns with your long-term goals.
Frequently Asked Questions
What is the difference between Voya Financial and Ohio National Financial Services?
Voya Financial and Ohio National Financial Services are both life insurance companies, but they have different offerings and policies. Voya Financial offers a wide range of insurance and investment products, including life insurance, retirement plans, and employee benefits. Ohio National Financial Services primarily focuses on life insurance and annuities.
Which company has better life insurance options?
The choice between Voya Financial and Ohio National Financial Services depends on individual needs and preferences. Both companies offer competitive life insurance options, but the suitability of each option may vary based on factors such as coverage needs, budget, and desired policy features. It is recommended to compare the specific policies and consult with a financial advisor to determine which company offers the best life insurance options for your situation.
What factors should I consider when choosing between Voya Financial and Ohio National Financial Services?
When choosing between Voya Financial and Ohio National Financial Services, some factors to consider include the type and coverage of life insurance policies offered, the financial strength and stability of the companies, customer reviews and satisfaction ratings, premium costs, policy features and benefits, and any additional services or resources provided by each company.
Can I purchase life insurance from both Voya Financial and Ohio National Financial Services?
Yes, it is possible to purchase life insurance policies from both Voya Financial and Ohio National Financial Services. However, it is important to carefully assess your insurance needs and ensure that the combined coverage from both companies aligns with your financial goals and budget. Working with a knowledgeable insurance agent or financial advisor can help you make an informed decision.
Are there any specific advantages of choosing Voya Financial over Ohio National Financial Services or vice versa?
Both Voya Financial and Ohio National Financial Services have their own strengths and advantages. Voya Financial offers a broader range of insurance and investment products, including retirement plans and employee benefits, which may be beneficial for individuals seeking comprehensive financial solutions. On the other hand, Ohio National Financial Services specializes in life insurance and annuities, potentially providing a more focused and specialized approach to these specific products. Ultimately, the advantages of choosing one company over the other depend on individual needs and preferences.
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Dani Best
Licensed Insurance Producer
Dani Best has been a licensed insurance producer for nearly 10 years. Dani began her insurance career in a sales role with State Farm in 2014. During her time in sales, she graduated with her Bachelors in Psychology from Capella University and is currently earning her Masters in Marriage and Family Therapy. Since 2014, Dani has held and maintains licenses in Life, Disability, Property, and Casualt...
Licensed Insurance Producer
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.