In this week’s LTC Coffee Break broadcast, we shared with you some of the unique features of Asset Care. Some of those features are:
- guaranteed premiums and benefits
- true joint coverage – 1 policy two lives
- LTC benefits can range from 25 months to unlimited lifetime
- funding options that include 5 year, 10 year, 20 year and to age 95 as well single premiums from cash, 1035 exchange, or qualified money
One thing that we did not discuss and I take it for granted that everyone understands the design of Asset Care. Today, I will give a brief explanation of how Asset Care works.
The OneAmerica Care solutions portfolio (Asset Care and the Annuity Care products) provide long term care benefits using a base plus Continuation of Benefits Rider (COB). That strategy can extend the length of the long term care benefits from a few years to your lifetime.
If you recall, when a long term care claim is paid, benefits are first paid using the base policy (life insurance with Asset Care; annuity value with the Annuity Care products). This has a result of reducing the death benefit and account value dollar for dollar by the benefit that is paid until it is exhausted.
Once those base policy benefits have been exhausted, the COB rider kicks in for the length of time that you have chosen for the COB. The options are limited duration or unlimited lifetime. (This is done at application.)
Remember, Asset Care can be written as either an individual or joint policy. The COB rider is available with both.
If you would like to learn more, my internal sales partner Justin Fox and I are always available to assist you with any of your questions. Justin can be reached at email@example.com and at (844) 658-3725. And, I can be contacted by phone/text at (678) 512-9627 and firstname.lastname@example.org
A reminder – every Tuesday at 10 am (eastern), Michael Florio and I share a cup of coffee and a conversation during our LTC Coffee Break. A new episode airs every Tuesday morning at 10 am (eastern). LTCcoffeebreak.com is where you can find the most current episode.
And, every Tuesday evening at 7pm (eastern) , we offer our virtual consumer seminar. To learn more about the virtual consumer seminar check out the VCS landing page at LTCcoffeebreak.com.
Fridays with Fisher and LTC Coffee Break are for financial professionals only. We will discuss asset-based LTC, selling strategies and marketing tools using OneAmerica’s Care Solutions portfolio with your clients along with other non-consumer information.