Planning Tips and Carrier News for Advisors 

Asset Care from OneAmerica- Additional States Announced

Posted by LTCI Partners | Aug 27, 2019 1:52:00 PM
 
Aug. 23, 2019
Asset Care® Update
Individual Life and Financial Services
Bringing Value to More States
We’re pleased to announce that our updated Asset Care® product will be available starting Sept. 23, in Arizona, Connecticut, Delaware, Hawaii, New Jersey, North Dakota and South Dakota as we continue to launch the product across the country. Our updated Asset Care product provides several unique benefits, including:
  • Optional joint coverage and lifetime benefits.
  • Single Premium Drop-In Rider (SPDR) on the Recurring Premium Whole Life funding option.
  • A new 5-pay option on the recurring premium whole life funding option – your clients will now be able to choose a 5-, 10- or 20-year pay option or a pay to 95 option.
Additional State Notices
Montana and Washington, D.C. Announcement
Effective Sept. 21, Asset-Care® will no longer be available for sale in Montana and Washington, D.C. Existing applications must be submitted to the Home Office by Friday, Sept. 20, and be placed inforce by Dec. 31. We continue to work on these approvals and look forward to offering the new Asset Care as soon as possible after approvals are received.
California Announcement
Effective Sept. 23, we’re making changes to the Asset-Care base premium rates for California. These changes allow us to maintain product availability while we continue to seek approval on the new Asset Care product.  
 
This change only affects applications submitted on or after Sept. 23. All existing inforce policies are not affected, as all premiums are contractually guaranteed to remain unchanged for the life of the policy.
What You Need to Know
State approvals
The Asset Care Product Launch and Advertising Approval tracking spreadsheet shows the most current state availability information. You may continue to sell the current product in states where the new product has not launched, except for in Montana and Washington, D.C., as noted above.
Transition rules for new state availability
Training opportunities
Have questions?
Contact your OneAmerica regional sales director with questions about Asset Care.
For use with financial professionals only. Not for public distribution. OneAmerica is the marketing name for the companies of OneAmerica. © 2019 OneAmerica Financial Partners, Inc. All rights reserved. OneAmerica® and the OneAmerica banner are all registered trademarks of OneAmerica Financial Partners, Inc.
 
NOTE: Products issued and underwritten by The State Life Insurance Company® (State Life), Indianapolis, IN, a OneAmerica company that offers the Care Solutions product suite. Asset Care Form numbers: ICC18 L302; ICC18 L302 JT; ICC18 L302 SP; ICC18 L302 SP JT. Not available in all states or may vary by state.
19-03797


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Topics: OneAmerica, hybrid life/Long-Term Care

Written by LTCI Partners

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