Ohio National releases enhanced Virtus IUL II policy with expenses among the industry’s lowest

New IUL policy joins revamped V-Pro UL II policy to round out the product portfolio on new CSO tables


CINCINNATI, Jan. 06, 2020 (GLOBE NEWSWIRE) -- Ohio National Financial Services is pleased to announce an enhanced indexed universal life (IUL) insurance product that features affordable death benefit protection paired with expenses among the lowest in the industry for accumulation focused IULs. The expanded selection of indexed account options can help clients achieve their cash accumulation goals for a variety of planning needs.

“Our philosophy is that long term value comes from balancing upside potential with downside protection — that’s the classic IUL promise,” said Karl Kreunen, CLU, Ohio National’s vice president, product marketing. ”Today, many new IUL policies have added significantly increased expenses in order to add leverage. While that may have positive performance impact, it definitely increases risk and can throw the balanced design into a more aggressive category. Our low expense design allows Virtus IUL II to provide value in a wide range of conditions, not just ideal ones.”

Highlights of its efficient design include:

  • Four index accounts (including a new one-year point-to-point S&P 500® uncapped account) and a fixed account so policyholders can allocate premiums to fit their needs
  • A guaranteed step-up of at least 30 basis points to all index segments of a policy, as well as a credited step up to the fixed account beginning in the 11th policy year1
  • Two flexible loan options (index and standard) with the ability to switch between them as needs change 2
  • Up to a 20-year, no lapse guarantee (issue ages 0-60) as long as premiums are paid

Joining Virtus IUL is an enhanced universal life (UL) insurance policy, V-Pro UL II, designed to provide affordable long-term death benefit protection.

“While the current low interest rate environment can make it easy to overlook current assumption universal life insurance, we’ve re-tooled V-Pro UL II to have an even greater focus on providing flexible and affordable death benefit protection. Its new design lowers premiums to carry long-term death benefit protection, while retaining its ability to build cash value over the life of the policy,” added Christopher J. Calabro, CLU, ChFC, senior vice president and chief marketing officer.

Calabro also added, “From a product portfolio perspective, we believe the launch of these two updated universal life products together with our current whole life insurance and term life insurance products helps us offer a diverse range of life insurance solutions in line with our mission to make a difference in the lives of our policyholders by helping them achieve financial security and independence today —and for generations to come.”

About Ohio National

Since 1909, Ohio National has been committed to helping individuals, families and businesses protect what matters most. Through our network of financial professionals across 49 states (all except New York), the District of Columbia and Puerto Rico and through affiliated operations in South America, we provide the insurance products that help our policyholders achieve financial security and independence. As of December 31, 2018, its affiliated companies have $39.3 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 and for the latest company updates, connect with Ohio National on LinkedIn, Facebook, Twitter and Instagram.

1 For account values in the Fixed account, the 30 basis point step-up will only be credited provided the current interest crediting rate is greater than 2 percent.
Once a loan option is selected, you cannot switch for 12 months.

Loans from life insurance policies that are not classified as modified endowment contracts are generally not subject to tax but may be taxable if the policy lapses, is surrendered, exchanged or otherwise terminated. In the case of modified endowment contracts, loans are taxable to the extent of policy gain and a 10% penalty may apply if taken prior to age 59 1/2. Consult your tax advisor on whether policy loans may be taxable in your particular situation. Income tax-free death benefits and loans apply to Federal taxes only. Loans and withdrawals, if taken, reduce the death benefit.

V-Pro UL II Disclosures:

Choosing to pay the lower, no-lapse, premium amount will guarantee that the policy continues for the no-lapse period, but does not provide guaranteed cash value. If you fail to pay the minimum no-lapse premium and the guarantee does lapse, the premium required to continue your policy may be larger than you anticipated.

Virtus IUL II Disclosures:

The No Lapse Guarantee period is five years from the date of issue if the optional additional coverage term rider is included. 

Premium payments are placed into a holding account called the Interim Account until the next sweep date, which is when values in the Interim Account transfer into the Fixed or Index Accounts within the policy.

Indexed universal life insurance and universal life insurance are issued by Ohio National Life Assurance Corporation. Product, product features and rider availability vary by state. Issuer not licensed to conduct business in NY. Life insurance policies contain exclusions, limitations, reduction of benefits and terms under which the policy may be continued in force or discontinued. For complete details of coverage, contact the company for additional information.

This product does not offer an investment in the market or in any particular index.

This material is for general use with the public and is not intended to provide investment, insurance or tax advice for any individual.   

Contact: Lisa Doxsee, APR
513.794.6418 office
513.218.5519 mobile