State Life Asset-Care – Combination Life and Long Term Care Insurance
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Asset-Care isn’t traditional long-term-care insurance. Asset-Care is life insurance that helps protects your assets in retirement and gives you guarantees. Really.
You have spent years dreaming of their retirement. Traveling the world. Spending time with grandchildren. Enjoying new and old hobbies. The last thing you need is a catastrophic LTC event that could rapidly deplete your life savings and retirement funds.
You can help protect your dreams with OneAmerica Care Solutions. By offering guarantees that traditional long-term care insurance cannot, you can customize your coverage to fit your needs and financial situation.
Care Solutions provides benefits that traditional LTCi cannot deliver:
1)Access to 100% of death benefit for qualifying LTC expenses: you will be able use your entire death benefit for long-term care.
2)Cash Value Growth – with a fiscally conservative approach to our investments, OneAmerica has a proven track record of providing cash value growth to Asset-Care policies.
3)Death Benefit – if you never need LTC, any remaining value will be passed to the beneficiary of your choice.
4)And if care is needed, the Care Solutions Claims Concierge is here to help. Care specialists, based in our home office, will guide you through the claims process. They offer support and guidance in a delicate situation, and can help you get the money you need for long-term care expenses.
The OneAmerica Care Solutions product suite offers many features that provide value. By taking steps now to plan for a possible need for long-term care, you can prepare for your future and maintain control over your care options.
By identifying your care preferences now, you can maintain control of your care in the future. This goes a long way in helping preserve your dignity in a delicate situation. And when you plan ahead using asset-based long-term care protection as part of your overall financial strategy, you’ll protect your family from shouldering the burden of your care–both emotionally and financially.
And last but not least, your assets can be protected from a catastrophic long-term care need. You’ve prepared financially for the impact of long-term care, so you can comforted knowing your other assets are protected.
If you were to self-fund, this is an example of an option that may work for you. This is the concept of asset-based LTC.
If a portfolio has moderate, conservative, or aggressive type assets, most people will prefer to use their conservative assets first in the event of needing LTC.
By using Asset-based LTC, you could reposition an amount of your assets into a specific life insurance policy that is designed to provide LTC benefits. You may have access to the death benefit for qualifying LTC expenses income tax-free. You may also have the option to purchase lifetime coverage to have unlimited benefit length to ensure you will not run out of money.
This type of life insurance policy has cash value guarantees, death benefit if care wasn’t needed can pass on to your heirs, and if care is needed then you will have LTC coverage.
The concept of Asset-Based Long-Term Care (ABLTC) lies in its name. Instead of using income to provide long-term care insurance benefits, Asset-Care I reallocates existing assets to pay a single premium and provide LTC benefits.
Of course, annual pay options are also available.
But you may prefer:
1)The ability to repurpose an asset already earmarked for a health care need
2)Leverage that premium into LTC benefits
3)And avoid “another bill” to pay.
With Asset-Care II, you can use non-qualified annuities to provide needed protection for long-term care (LTC) expenses.
Asset-Care II allows you to transfer non-qualified annuities via 1035 exchange and use that money to help pay for qualifying LTC expenses. Asset-Care II includes a non-qualified annuity that automatically funds a 20-pay whole life insurance policy each year.
With this approach, non-qualified money can be used as premium sources to secure LTC benefits.
Each year, a withdrawal is taken (which is taxable to the owner) from the Asset-Care II annuity until the 20-pay life insurance policy is paid up and the annuity is exhausted.
With Asset-Care III is a unique solution using qualified money, like from an individual retirement account (IRA), to provide needed protection for long-term care (LTC) expenses.
Asset-Care III allows you to transfer or rollover your qualified IRAs for LTC expenses and turn taxable dollars into income tax-free dollars when used for LTC. Asset-Care III includes an annuity that automatically funds a 20-pay whole life insurance policy each year.
With this approach, existing qualified money can be used as premium sources to secure LTC benefits.
Each year, a withdrawal is taken (which is taxable to the owner) from the Asset-Care III annuity until the 20-pay life insurance policy is paid up and the annuity is exhausted.
If you cannot afford a large single premium, or prefer not to transfer an existing asset, Asset-Care IV is a great solution for LTC protection. You can purchase Asset-Care IV by paying level premiums over a period of time, which can be used for qualifying LTC expenses. These premiums are guaranteed never to increase!!
No one knows if and how long they’ll need care. To help offset the unpredictability of LTC, Asset-Care offers an optional continuation benefits for an additional premium. Even better, the premiums are guaranteed to never increase!
The Continuation of Benefits rider protects against the costs of extended qualifying care. The rider may be added to any Asset-Care base policy with an additional premium at the time of application. This rider is non-cancelable. Premiums cannot increase and only you may terminate the rider. Rider benefits start after the base policy LTC benefits are reduced to zero, and can last up to your lifetime based on the option you choose.
