Asset Care – Policy Changes

As with every product release, there are changes that come at the policy level.  This is true with Asset Care.  Here are a few changes that you MUST know.

The Elimination Period to qualify for benefits has be altered to zero days for home care and 90 days for facility based care.  Remember, those are service days and days receiving care at home count toward the elimination period for facility based care.

The definition of Tobacco has been changed to “any nicotine use”.  If the applicant/insured has engaged in smoking an occasional celebratory cigar, non-tobacco rates may be possible.

Preferred and Standard classes have been refined.  Simply, “Preferred” is a non-rated case while “standard” is a rated case.  Within the classes, there will be a tobacco and a non-tobacco classes.

Waiver of Premium is included with the recurring premium strategy.  However, if the policy is rated, the waiver of premium will not be offered.

Continuation of Benefit Rider (COB) is built into the Asset Care policy.  There will be 1 policy number for the base and the COB.

When using the annuity funding strategy with qualified and non-qualified money, the premiums generated from the annuity will fund BOTH the base policy and Continuation of Benefit Rider.  Also, the funding duration is for 10 years and is cleaner.  (Stay tuned for more on the way the strategy works.)

In order to “save age”, money is not required  to be submitted with the application.  And, the application must be submitted within 30 days of the birthday.

International Coverage has been modified.  Care received in US territories and/or Canada are not considered international claims.

Several things that have not been altered are:

  • whole life chassis
  • guaranteed, stable, and predictable premiums & benefits
  • non-cancellable premiums
  • joint coverage
  • benefits from 25 months to unlimited lifetime
  • aggressive underwriting

These are a few of the enhancements.  If you have any questions, please contact Justin Fox at

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