This week on LTC Coffee Break , Michael discussed how the Asset Care Waiver of Premium provision works. (Remember, the California product differs from the rest of the country.)
The waiver is not relevant with a single pay solution, but with Asset Care and the myriad of premium options, it is something to pay attention to. With both Recurring Premium Asset Care and the Annuity Funded Asset Care strategy, it is an included feature when the policy is not table rated.
Click on the video link and listen to Michael explain the workings of Asset Care’s Waiver of Premium.
And, remember, the Waiver of Premium provision is offered with both individual and joint Asset Care policies.
One thing that I want to point out regarding the waiver of premium provision is that not all waivers are created equally.
At OneAmerica, when a client begins to receive benefits, the premium for BOTH the base life insurance policy and the Continuation of Benefits Rider are waived until that person is no longer on claim. Other carriers either do not include one or will only waive the charges for their extension of benefits and require the premiums for the base policy to be paid.
The devil is in the detail – don’t assume that they all work alike.
For questions about how the waiver of premium works or any other product features OR to obtain an illustration, please contact my internal Justin Fox at (844) 658-3725 or email at justinfox.isp@oneamerica.com.
You can contact me via email at kevin.fisher@oneamerica.com or call me at (678) 512-9627.
And, please, join Michael Florio and me for a new episode of LTC Coffee Break (or check out a past episode at LTCcoffeebreak.com
Fridays with Fisher 