OneAmerica® Expands Joint Asset Care Offering
Effective July 26, 2023, the joint option on OneAmerica Asset Care will include the 4% acceleration option. Just like the clients we mutually serve, there is no one-size-fits-all approach to long-term care protection. The addition of a 75-month shared benefit pool expands our ability to provide meaningful and flexible benefit options for cost-conscious clients, and our unique lifetime benefit will now be more affordable in many situations.
The guaranteed interest rate increased (from 1% to 2.55%) on Annuity Care II. In an effort to show you the difference and power of this change, take a look at a couple examples below:
$100,000 premium, 60 year old female
OLD rate:
Year 1 cash value – $101,540
Year 20 cash value – $86,974
Year 1 LTC balance – $406,357
Year 20 LTC balance – $380,866
NEW rate:
Year 1 cash value – $101,540
Year 20 cash value – $118,294
Year 1 LTC balance – $406,357
Year 20 LTC balance – $487,409
The new policy generates $31,320 of additional cash value and $106,543 of additional LTC benefits in year 20 for the same premium!
Next take a look at this joint example….
$200,000 premium, 66 year old male & 57 year old female
OLD rate:
Year 1 cash value – $202,446
Year 20 cash value – $162,590
Year 1 LTC balance – $688,652
Year 20 LTC balance – $605,199
NEW rate:
Year 1 cash value – $202,446
Year 20 cash value – $221,900
Year 1 LTC balance – $688,652
Year 20 LTC balance – $777,153
The new policy generates $59,310 of additional cash value and $171,954 of additional LTC benefits in year 20 for the same premium!
For details, please review I-31591 Care Solutions Product Guide. (The 75-month option currently is not available in California, however.)
OneAmerica is committed to continually improving the new business experience for you and your clients when applying for the protection they need.
Transition Rules
If desired, pending joint cases can be converted to the 4% acceleration upon request and submission of a new illustration.
Cases issued on or after July 1, 2023, can be reissued upon request and submission of a new illustration. Requests must be received by your case manager no later than Aug. 31, 2023. The illustration will not require a client signature.
Lifetime Benefit Resources
OneAmerica is the only asset-based company to offer lifetime coverage for individuals and couples. Choosing a long-term care strategy with an unlimited lifetime benefit can help protect your clients and their families no matter what. Supporting assets are available to help you share videos on social media, through email or in presentations. Find it all at our Lifetime Protection campaign page.