Planning Tips and Carrier News for Advisors 

OneAmerica- Transition Rules for Asset Care

Posted by LTCI Partners | May 23, 2019 11:34:30 AM
 
May 22, 2019   
News to Know
 
 
Coming in July: Updated Asset Care®
By Jan. 1, 2020, all issuers of life insurance are required to reprice their products according to the 2017 CSO mortality tables. OneAmerica® has updated the benefits and pricing within our whole-life based Asset Care® product suite, and we will be launching a new product in July!
What you need to plan for today
State approvals
The Asset Care Product Launch and Advertising Approval tracking spreadsheet shows the most current state availability information. After the initial launch, you may continue to sell the current product in states where the new product has not launched.

Transition rules
Paper apps for the current product must be received in the Home Office by end of business on June 28, 2019. eApps must be locked and sent for signature by end of business on June 28, 2019 and must be received in the Home Office by end of business on July 12, 2019. Applications submitted through both submission methods must have the underwriting interview ordered by June 28, 2019.
Transition timeline

June 28, 2019
  • eApps must be locked (apps not yet signed but sent for signature)
  • Interview must be ordered with LTCG
  • Signed paper app must be received by Home Office by end of business
June 29, 2019
  • Sales Connection and iPipeline eApps and quoting updated
  • The new product is available for quoting and submission in the launch states
  • Underwriting interviews for the new product can be ordered with LTCG in launch states
July 1, 2019
  • Market launch in AL, AK, AR, CO, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, NE, NV, NH, NM, NC, OH, OK, OR, PA, RI, SC, TN, TX, UT, VT, VA, WA, WV, WI, WY
July 12, 2019
  • Signed eApps previously locked and sent for signature for the current product must be received in Home Office by end of business
Training opportunities
We’ll be hosting national webinars on the new Asset Care product every Tuesday and Thursday in June and July. Producers from all distribution channels are encouraged to participate.

Click here to register for a FREE webinar today »

Have questions?

Contact your OneAmerica regional sales director with questions about the launch, transition rules or training.

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. Products are 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.

For use with financial professionals only. Not for public distribution.
19-02224
 
   
 

Topics: OneAmerica, hybrid life/Long-Term Care

Written by LTCI Partners

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