New Ohio National Fixed Indexed Annuity Rider Offers Guaranteed Retirement Income Growth

National Financial Services of Ohio

A new rider offers the possibility of increasing retirement income each year for life

The benefit can offset the effects of inflation on retirement lifestyle

Option available now on Ohio National’s ONdex fixed indexed annuity products

CINCINNATI, Oct. 03, 2022 (GLOBE NEWSWIRE) — Ohio National Financial Services, Inc. is advancing its ONdex fixed indexed annuity products with a new endorsement that guarantees opportunities for income growth in retirement. With Ohio National’s Ion Guaranteed Lifetime Withdrawal Rider (GLWB), the annuitant’s income increases every year, regardless of market performance. This guaranteed growth can help keep retirement assets ahead of inflation and can help retirees maintain their standard of living.

The value of the ionic IBC increases by 6% of its initial value each year without any withdrawals being made during the first 20 years. After this 20 year period or in any year the Annuitant makes a withdrawal, the Ion will increase by another 3%. Since the income is based on the value of the rider, the annuitant’s income will also increase — each year for life — provided withdrawals do not exceed the amount allowed under the rider.

“The new Ion rider makes our ONdex fixed indexed annuity products even more powerful from a retirement income perspective,” said Jay Bley, senior vice president, annuity distribution and sales. “Our clients can now achieve steady, guaranteed growth to support their retirement lifestyle for as long as they live. It’s one more way to help them face the future with confidence and peace of mind.

The Ion is available in single-life and common-life versions. The single life Ion guarantees an income for the life of the annuitant, the person on whose life the contract is based. The split version guarantees income for the life of the annuitant or the annuitant’s spouse, whichever is longer.

The Ion GLWB for ONdex Fixed Indexed Annuities is available now from independent financial professionals in all states except NY.

Fixed Rate Index Annuities (“FIAs”) are long-term investment vehicles designed to accumulate money on a tax-deferred basis for retirement purposes. In retirement, AIFs can provide an income stream or a lump sum. If you die during the accumulation or payout phase, your beneficiary may be eligible to receive any remaining policy value.

An AIF is not a registered security or stock market investment and does not permit direct participation in equity or equity or index investments. The index used is a price index which tracks market performance and does not reflect dividends paid on the underlying stocks. Indices are generally unmanaged and not available for direct investment.

AIFs offer the ability to credit interest on the annuity, based in part on the performance of the specified index, without the risk of premium loss due to market declines or fluctuations due to a contractual floor.

Coverage is based on the claims-paying ability of the Ohio National Life Insurance Company. Guarantees do not apply to the investment performance of a selected index.

Product, product features and passenger availability vary by state. Some features may vary from broker to broker. The issuer is not licensed to carry on business in New York.

Early withdrawals or redemptions may be subject to redemption charges. Withdrawals are also subject to ordinary income tax and, if made before age 59.5, a 10% federal penalty tax may apply. Tax rules require withdrawals to be taken first from any unrealized gain in the contract. Federal and state tax laws applicable to this product are subject to change. We encourage you to consult your personal tax advisor for more information.

There is no additional tax-deferral benefit for contracts purchased into an IRA or other tax-eligible retirement plans, as these retirement plans already have tax-deferred status. An annuity should only be purchased in an IRA or qualified plan if you like some of the other features of the annuity and are prepared to incur additional costs associated with the annuity.

Neither asset allocation nor diversification ensures a gain or protects against a loss in falling markets.

About Ohio State

Since 1909, Ohio National has been committed to helping individuals, families and businesses protect what matters most. Through our network of financial professionals in 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 to achieve financial security and independence. As of December 31, 2021, its affiliates had total assets under management of $40.8 billion. Products are issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Recognized as a leader in workplace equity by Ellequate. Please explore for more information and for the latest company updates, connect with Ohio National at LinkedIn, Facebook and Youtube.

Contact: John Diether
[email protected]

Earnest L. Veasey