Funding Asset Care with qualified money (traditional IRA, 401k, 403b, etc) is a simple concept. Here is what you need to know at a high level.
You will certainly have questions – please contact Justin Fox at (844) 658-3725 or via email at firstname.lastname@example.org .
It works like this …
- You conduct an IRA rollover from the existing IRA into a OneAmerica Asset Care Annuity Funding Whole Life. This is comprised of two pieces – a whole life Asset Care product and a deferred annuity with an income rider that is used as the funding mechanism.
- The moment the IRA proceeds are received, a guaranteed 20% bonus is applied.
- Over ten (10) years, the proceeds from the IRA annuity are distributed to fund the Asset Care policy. This will trigger a taxable event and a 1099 will be provided.
The distribution made from the IRA annuity portion of the contract:
- can fund a joint Asset Care policy,
- pay both base and continuation of benefit rider (COB) premium,
- premium for the base & COB may be waived if the client(s) are on claim, and
- may be counted toward a client’s Required Minimum Distribution annually as the distributions from the annuity are via withdrawal not annuitization.
Here is an example.
Remember, this is an example and actual results may vary based upon insurability and other factors.
Here is a one-pager – Using IRA Dollars to Fund Asset Care
Questions? Please contact Justin Fox at (844) 658-3725 or via email at email@example.com .