Ohio National Own Occupation Disability Insurance - New AMA deal

[JoeCaponeCHFC]

Ohio National has a new policy. It is strong and is now in the mix with the other Own Occ carriers more than it was before. Better rates, better policy terms.

New deal rolled out from the AMA. For practicing physicians that are in the AMA, get a permanent 10% discount.

Thing is that students, residents, and fellows cannot get the discount.

 

"That's correct, if a student or resident, they would not be eligible for the discount. They would however be eligible for the life/di combo discount - permanent, 10% on the DI, even if they reduce or change the life coverage in the future. Minimum of 1.5 million of term plus (2 Million in MA) makes them eligible for the discount and have to purchase within 90 days of placing the life policy."

Good to know so make sure your broker quotes Ohio National if you are shopping. They win in some cases. We will share more about their contract soon. Gathering more data and seeing how it quotes out relative to others.

[AO]

I understand the ON policy is not available in every state and looks like some states may never get it (NY). Any more details?

[JoeCaponeCHFC]

It is not approved in all states. Right. Let me ask about NY and timing for other states. What state are you looking to get an update for? NY?

[AO]

It would be nice to have a list. I know sometimes you can write your policy in another state (i.e. if you have a fellowship there briefly). Thx.

[Scott at MD Financial Services]

The list is ever changing as the states approves products for sale so where it would valid one day the next it might not be.  This Ohio National product has actually been out for months, we started quoting it in September 2016 and the AMA discount has been there for months as well since that was put together in the fall of 2016 too.  This policy is certainly better than their prior one but it does not have better language or pricing than other mainline carriers in the market place today.  As an example I had a client this week that we quoted at $5k of monthly benefit for and his rate range was from $114 to $156 per month for a level premium.  The Ohio National product with the AMA discount came in at $137....not bad but certainly not razor sharp for this client.

[JoeCaponeCHFC]

I am going to do my best to share consumer approved flyers and brochures so they can be archived and searched by anyone. Why not?

Interesting to see Ohio National now makes it possible to have unlimited mental coverage (or 24 months of coverage for same).

See the 3 consumer approved pieces that I attached. Make what you want of them. Helpful when looking to compare.