3 Unique Funding Strategies

If you have been paying attention, I have been on a roll with lists of 3. Staying with that theme and including the LTC Coffee Break Espresso Shot topic for this week, here are three premium strategies that (to the best of my knowledge) are unique to OneAmerica’s Care Solutions.

LTC Coffee Break Espresso Shot from 1/25

Let’s jump into it and state the obvious. Asset based long term care is not unique to OneAmerica nor is funding the policy via single premium (dump-in or 1035 exchange). But, what is unique about a single premium strategy from OneAmerica is that the single premium can be combined with a recurring premium. And, this can work in a couple of different ways:

  1. dump-in / 1035 exchange to pay base policy (Asset Care or Annuity Care) then pay continuation of benefits rider via recurring premium
  2. fund Asset Care using recurring premium then dump-in/1035 exchange up to $100,000 into policy using the Single Premium Drop In Rider (SPDR)

Just a reminder when using 1035 exchange money, that must be a like to like exchange meaning a joint policy can only fund a joint policy and an individual policy can only fund an individual policy. But, what happens if you have single life policy and you want to secure joint coverage from OneAmerica? There are a couple solutions:

  1. 1035 exchange the individual policy into an Annuity Care policy then add the spouse as an “eligible person”
  2. 1035 exchange the individual policy into an Annuity Funded Asset Care policy

While we are talking about exchanges, let’s expand that to include something that only OneAmerica offers – a turnkey solution for using qualified money. Simply, an IRA rollover into Annuity Funded Asset Care can make that happen. And, only OneAmerica offers this strategy.

Remember, regardless of where client’s monies are sitting. A funding strategy can be devised using a OneAmerica Care Solutions product.

For product questions and illustration assistance – call Justin Fox at (844) 658-3725 or email at justinfox.isp@oneamerica.com

For more ideas, join Michael Florio and me on our weekly webcast LTC Coffee Break where we share new ideas with you every Tuesday morning at 10 am at LTCcoffeebreak.com.

To schedule a meeting, you can contact me via email at kevin.fisher@oneamerica.com or text or voice at (678) 512-9627.

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