OneAmerica Asset Care
Last updated on January 13, 2023
⬇️ Scroll down to view actual OneAmerica Asset Care® product illustrations for your approximate age & gender.
OneAmerica/The State Life Insurance Company was founded in 1894. It is also a financially strong insurer with a very high Comdex score of 96/100. Their Asset Care product is the original hybrid long term care policy, launched in 1989 as the first whole life policy with accelerated death benefits for qualifying long term care expenses.
Click to learn more about insurance company ratings.
About OneAmerica’s Asset Care LTC insurance
OneAmerica’s Asset Care product was the very first hybrid long term care policy available to consumers. Hybrid long term care means the combination of a whole life policy with an accelerated death benefits rider for long term care expenses.
Importantly, Asset Care is currently the only hybrid long term care policy that provides lifetime unlimited long term care benefits.
It is also the only hybrid policy that accepts qualified retirement funds, for example rollovers from IRA, 401(k), 403(b) plans, as payment.
The Asset Care policy is also unique in that it can cover two lives with a single policy and provide long term care benefits to each individual, for example a husband and wife, or siblings, or partners. The unused benefits are paid to the beneficiaries after the last insured’s death. This joint feature has been given United States Patent # 6,584,446 and is unique on the market.
What are the benefits and features of OneAmerica’s Asset Care?
– The policy provides life insurance benefits even if long term care is never needed.
– The premiums are guaranteed to never increase.
– It may be funded with a single upfront premium as lump sum, or premiums may be paid with a flexible payment arrangement: 5 years, 10 years, 20 years, or pay to 95 years old.
– Issue ages: 35 – 80, with a maximum of 25 years in age difference for joint insureds.
– Minimum face amount is $50,000.
– The payout mode is reimbursement.
– Duration of coverage “Acceleration of Benefits”: the base Asset Care life insurance policy will provide long term care benefits for a minimum period of 25 months, but you can also choose 33 months or 50 months. The 25 months option is only available on individual policies. The amount of benefits available is 100% of the death benefit amount.
– Continuation of Benefits: the optional Continuation of Benefits rider will extend your long term care coverage after your life insurance benefit has been reduced to zero. The options are 25 months, 33 months, 50 months, or lifetime unlimited (which is the most attractive).
– Inflation Protection: you may choose an optional 3% or 5% compound inflation protection. Inflation protection may be included on the Acceleration of Benefits and/or on the Continuation of Benefits rider. You may select inflation protection for either a 20-yr or lifetime duration. Premiums are guaranteed not to increase.
– Return of Premium: 100% of the premium paid can be returned, except when the lifetime unlimited option was chosen for the Continuation of benefits.
– Elimination Period: 0 days for home care, 90 days for facility care.
– Claims Concierge: policy review and claims support throughout the claims process.
– Policy loans and withdrawals: you can access your Asset Care accumulated cash value for loans and withdrawals.
📄 OneAmerica Asset Care sample illustrations
– OneAmerica AssetCare F45 $5K per mo all durations and inflation protections
– OneAmerica AssetCare F60 $5K per mo all durations and inflation protections
– OneAmerica AssetCare M45 $5K per mo all durations and inflation protections
– OneAmerica AssetCare M60 $5K per mo all durations and inflation protections
– OneAmerica AssetCare Couple 45yrs old $5K per mo all durations and inflation protections
– OneAmerica AssetCare Couple 60yrs old $5K per mo all durations and inflation protections
📄 OneAmerica Asset Care resources
– OA Asset Care Single Premium Whole Life brochure
– OA Asset Care Recurring Premium Whole Life brochure
– OA Asset Care With Return Of Premium brochure
– OA Planning for Every Possibility – Alternatives to traditional long-term care protection guide
– Managing Long-Term Care Spending Risks in Retirement by Wade D. Pfau, Ph.D., CFA, and Michael Finke, Ph.D., CFP®
Compare your long term care insurance options
Are you looking for the best long term care coverage at the lowest cost, that fits your specific needs?
Our brokerage is family-run with a combined 41 years of experience in the insurance industry. As independent brokers, we offer customized advice and recommendations, and can direct you to the best option among the many carriers we represent: Brighthouse Financial, OneAmerica, Mutual of Omaha, National Guardian Life, Lincoln Financial Group and Securian.
It will be our pleasure to help you navigate your options.
For comparative long term care quotes, please contact us at 1-866-LTC-BROKERS. Or simply fill out our quote request form and we will reply shortly.
Thank you. We look forward to assisting you.