Ohio State Life Insurance Company, Texas: Outline, Contacts, Financial Considerations, Coverage, Claims & Customer Reviews

Ohio State Life Insurance Company: Your Shield for Life’s Uncertainties.

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Securing Tomorrows, Safeguarding Today: Ohio State Life Insurance Company, your partner in financial protection and peace of mind.

Are you searching for an affordable and dependable life insurance provider in Texas?

If you are, consider Ohio State Life Insurance Company, a long-standing and highly reputable player in the industry.

In this article, we’ll assess Ohio State Life Insurance Company Texas, examining its:

Services, products, financial status, coverage, claims, legal and compliance aspects, renewals and cancellations, company culture, and customer experiences.

By the end of this read, you’ll be better equipped to determine if Ohio State Life Insurance Company Texas is the right choice for you and your family.

Company Overview

History and Founding Year:

Ohio State Life Insurance Company was established in 1906 in Columbus, Ohio.

It operates as a subsidiary of NexAnnuity Retirement Solutions.

A collective of investment and insurance firms that furnish annuities, insurance services, and investment solutions to clients across the United States.

The Texas Department of Insurance acts as the primary regulator for the company.

CEO and Leadership Team:

Leading the helm is CEO James Dondero, who also serves as the co-founder and president of Highland Capital Management, an investment management firm within the NexPoint network.

The company’s leadership team additionally includes John Arnold as the chief financial officer, Matt McGrath as the chief operating officer, and Brian Mitts as the chief investment officer.

Market Share and Company Size:

Ohio State Life Insurance Company Texas maintains a market share of 0.02% in Texas, ranking 97th out of 254 life insurance providers in the state.

As of December 31, 2020, the company held assets of $401 million and liabilities of $375 million, boasting an A+ rating from the Better Business Bureau.

Basic Information Here is some essential information about Ohio State Life Insurance Company Texas:

Category Details
Phone Number (888) 987-4866
Address 300 Cres Ct Ste 700, Dallas, TX 75201
Customer Service Contact service@ohiostatelife.com
Policy Details Fixed annuities offering guaranteed interest rates and flexible withdrawal options
Email Address info@ohiostatelife.com
Fax Number (214) 237-3515
Operating Hours Monday-Friday: 8:00 AM – 5:00 PM (Central Time)

 

Services & Products

Ohio State Life Insurance Company Texas specializes in fixed annuities as its primary product.

These contracts, established between you and the insurance company, assure a guaranteed income stream for a specified period or throughout your lifetime.

You can pick from various fixed annuity options based on your needs. Some of the advantages of fixed annuities are:

  • They offer a secure and predictable return on your investment.
  • They shield your principal from market fluctuations.
  • They provide tax-deferred growth of your earnings.
  • They allow penalty-free access to your money after a certain period.
  • They can be customized with features such as death benefits, inflation protection, and income riders.

Ohio State Life Insurance Company Texas offers two types of fixed annuities: Nex MYGA and Nex SPDA.

Nex MYGA is a multi-year guaranteed annuity with fixed interest rates for terms of 3, 5, 7, or 10 years.

Nex SPDA is a single premium deferred annuity offering a competitive interest rate guaranteed for one year, subject to annual adjustments.

Both annuities require a minimum initial premium of $10,000 and have a maximum issue age of 85.

Ohio State Life Insurance Company Texas does not provide other insurance types like auto, home, or life insurance.

However, you can integrate your fixed annuity with other insurance products from different providers to create a comprehensive retirement financial plan.

International coverage for fixed annuities is not available through the Company.

Nevertheless, if you’re a US citizen or resident living abroad with a valid US address and bank account, you can still purchase an annuity from the company.

While Ohio State Life Insurance Company Texas does not offer temporary or short-term policies for its fixed annuities, you can withdraw up to 10% of your account value annually without incurring surrender charges after the first contract year.

Financial Details

One critical consideration when choosing an annuity provider is the financial aspects of the product.

Here are some financial details regarding the Company’s fixed annuities:

For instance, a 5-year term Nex MYGA annuity with a $100,000 premium had an interest rate of 2.75% as of April 2021.

  • Payment options include lump sum, monthly, quarterly, semi-annually, or annually, along with different payout options like life only, life with period certain, joint and survivor, or refund.
  • While Ohio State Life Insurance Company Texas does not offer discounts or promotional offers for its fixed annuities, you can benefit from competitive interest rates and flexible withdrawal options.
  • The company maintains a claim payout ratio of 100%, ensuring all received claims are paid.

Coverage Details

Another pivotal aspect to consider when selecting an annuity provider is the coverage details.

Here are the coverage details specific to Ohio State Life Insurance Company Texas’s fixed annuities:

  • Policy exclusions for fixed annuities are minimal and generally exclude only fraud, misrepresentation, or material omission by the policyholder.
  • The coverage limit for fixed annuities stands at $250,000 per policyholder, offering protection under the Texas Life and Health Insurance Guaranty Association in the event of insolvency.
  • The company provides two optional add-ons or riders for fixed annuities: a death benefit and an income rider.

The death benefit pays out the remaining account value to your beneficiary upon your death, while the income rider guarantees a lifetime income stream regardless of your account’s performance.

Claims

To file a claim with Ohio State Life Insurance Company Texas, follow these steps:

The required documents for claims vary depending on the type and reason for the claim.

For instance, filing a death benefit claim may require you to provide a copy of:

  • The death certificate.
  • The beneficiary’s identification
  • A copy of the annuity contract.

While Ohio State Life Insurance Company Texas does not disclose its average claim approval time, the company commits to processing claims as swiftly as possible.

Legal & Compliance

As an annuity provider, the Company must adhere to various legal and regulatory requirements.

Here are key legal and compliance considerations:

Renewals & Cancellations

For those looking to renew or cancel their annuity contract with Ohio State Life Insurance Company Texas, here are the important details:

Complete the form and submit it before your contract’s maturity date, with the option to renew for the same or a different term based on product availability and interest rates.

  • To cancel your annuity contract, request a cancellation form from the customer service department. Fill out the form and submit it with a written request for cancellation.

You’ll receive a refund of your account value, minus applicable surrender charges, taxes, and fees. Surrender charges decrease over time, with the rate varying by contract term.

The company does not offer grace periods for its fixed annuities, as they are single premium products without recurring payments.

Company Culture

The company likes to make new and better things, do well, and make customers happy.

It cares about its workers and helps them learn, grow, and get praised.

The company also gives money and time to good causes and things that help the community.

Customer Experiences

Ohio State Life Insurance Company Texas has garnered positive feedback from its customers for its products and services.

Here are two customer reviews and ratings found online:

They offer competitive interest rates, flexible withdrawal options, and excellent customer service. I would recommend them to anyone looking for a safe and reliable retirement income.” – John S., 5 stars.

  • Ohio State Life Insurance Company Texas is a great company to work with. They have a friendly and knowledgeable staff that helped me choose the best annuity for my needs.

They also have a simple and fast claim process that made it easy for me to receive my payments. I am glad I chose them as my annuity provider.” – Mary L., 4 stars.

FAQs

Here are two frequently asked questions about the Company:

Q: How can I check my account balance and activity?

A: You can review your account balance and activity by logging into your online account.

Alternatively, you can call the customer service department at (888) 987-4866 or email them at service@ohiostatelife.com to request a statement of your account.

Q: How can I change my beneficiary or payment option?

A: You can modify your beneficiary or payment option by contacting the customer service department at (888) 987-4866 or service@ohiostatelife.com to request a change form.

Complete the form and submit it along with any necessary documents, such as a copy of your identification, marriage certificate, or divorce decree.

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