Planning Tips and Carrier News for Advisors 

OneAmerica- AssetCare Changes Coming to California

Posted by LTCI Partners | Jul 14, 2020 11:42:12 AM
July 2020
News To Know
Changes to Asset-Care® in California launching on July 25
OneAmerica® is committed to the asset-based long-term care market and to offering products that bring value to both our agents and the clients we serve together. To maintain the viability of our Asset-Care® product in California and continue offering it until the updated product is available in this state, we are making key updates starting July 25.
What’s changing
The changes we’re making to Asset-Care in California will allow us to adjust our overall product pricing to align with current market conditions while maintaining a strong product. They also reflect an update to changes we made to the base policy premium expense charges (PEC) last September. Therefore, on July 25:
  1. New, generally increased Continuation of Benefits (COB) rates will apply.
  2. Base policy PEC will be reduced.
Prepare for July 25
Transition rules
July 24, 2020, will be the last day to submit Asset-Care (CA) applications with the current premium expense charges and COB rates. All applications and 1035 paperwork (if applicable) must be received by the Home Office by close of business on July 24. All funding (cash or 1035 exchange) must be received by the Home Office no later than 60 days after Underwriting approval.

The base policy PEC change only affects applications submitted on or after July 25. Existing inforce policies are not affected by the PEC change, as all premiums are contractually guaranteed to remain unchanged for the life of the policy.
Asset-Care annuity suitability training
An insurance producer may not solicit the sale of Asset-Care III until he or she has completed insurer-provided product-specific training. Review the California training requirements and access the training.
Have questions?
Contact your back office for more information.

Note: For use with financial professionals only. Not for public distribution. Products issued and underwritten by The State Life Insurance Company® (State Life), Indianapolis, IN, a OneAmerica company that offers the Care Solutions product suite. L301, R501, SA31. Not available in all states or may vary by state.

OneAmerica® is the marketing name for the companies of OneAmerica. ©2020 OneAmerica Financial Partners, Inc. All rights reserved. OneAmerica® and the OneAmerica banner are all registered trademarks of OneAmerica Financial Partners, Inc.

This email was sent by: OneAmerica Financial Partners, Inc.
One American Square, PO Box 368, Indianapolis, IN, 46206-0368, United States

Topics: OneAmerica

Written by LTCI Partners

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