OneAmerica is committed to the long-term care (LTC) market and to offer products that bring value to both the agents and clients we serve together. To help ensure the longevity of the Care Solutions product portfolio, OneAmerica must continually monitor market conditions, practices, pricing, and features and make adjustments as needed. Below is information on upcoming changes to be aware of:
Changes on Asset Care Single Premium, Annuity Funding Whole Life and Asset-Care I in California
OneAmerica is making two key changes to the Asset Care portfolio, effective Sept. 25, 2021, that will affect the single premium life products only. These actions are precipitated solely by the prolonged low-interest-rate environment, which has the largest impact on our single premium products. These changes will not affect any recurring or Continuation of Benefits (COB) premiums.
WHAT’S NOT CHANGING
• Adjusting the pricing of Care Solutions single premium whole life products; this change will apply to Asset Care Single Premium and Asset-Care I (California)
• Reducing the annuity income rider bonus on our Annuity Funded Whole Life (AFWL) product from 20% to 10%
• Asset Care Recurring Premium
• Continuation of Benefits (COB)
• Asset-Care III (CA)
• Asset-Care IV (CA)
7702 Updates for Asset Care and Asset-Care in California
Concurrently, OneAmerica will implement changes required by the recent updates to 7702 federal tax code. The regulatory changes require a reduction in their non-forfeiture interest rate (cash value interest rate). These updates will also be effective Sept. 25, 2021, with the impacts as follows:
Asset Care (non-California): Changes have resulted in a slight increase to policy cash values with no impact to face amounts and long-term care benefit values.
Asset-Care in California: There will be a slight increase in cash values and little to no impact on the policy face amount and long-term care benefit values.
What you need to know: Transition rules
Sept. 24, 2021, will be the last day to submit Asset Care and Asset-Care I applications with the current single premium rates and the 20% AFWL bonus. Please review the full transition timeline for details.
Despite these changes to a portion of OneAmerica portfolio, we remain steadfast in our commitment to offering long-term care protection to your clients, with features such as optional lifetime benefits, joint benefits under a single policy, a variety of funding options, and personalized Care Benefit Concierge service to support clients and their families when a claim need arises.
With NFG Brokerage, you no longer need to depend on a one size fits all approach. We work hard for you to create customized insurance strategies to help you deliver the most affective solutions to your clients. Your success is our success...don't delay!
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.