Strategy for a Rated Case

This week’s LTC Coffee Break was a good one. In it, I shared a strategy that can be employed with a table rated Asset Care case.

LTC Coffee Break Espresso Shot 3/15/2022

Remember, Asset Care is the OneAmerica life insurance based LTC solution that can be funded in a variety of ways including single premium, recurring premiums, a combination of the two, or using qualified money.

For additional LTC Coffee Break episodes go to the LTCCB Channel.

In this case, the clients are playing in one of the “sweet spots” of Asset Care – a couple over 65 and single premium funding the policy.

Unbeknownst to the advisor when they applied, one of the clients had a few medical concerns which forced the company to rate the Asset Care policy table 6. (This is another differentiator for OneAmerica and Asset Care, table ratings are possible.)

With Asset Care, when a policy is rated, the only solution available is the 100 month benefit. (If you want more specifics on this, let me know. You can contact me via email at kevin.fisher@oneamerica.com or call me at (678) 512-9627.)

Anyway, the impact was felt not just on the benefit side of the solution but in the premium. That led us to pivot to Indexed Annuity Care which offered a no table rating, modest accumulation throughout, and in 10 years a monthly benefit equal to what we would have secured with a higher premium Asset Care.

Here is the points that I am making –

  • underwriting is an advantage where Asset Care can be written to Table 8
  • no client is the same – solutions can be tailored to their specific needs
  • no other carrier can offer an alternative product strategy when an adverse decision occurs
  • with Indexed Annuity Care, the policy will never be rated – it will be approved or declined

The next time that you have a case that might be slightly outside of the nine dots, contact me via email at kevin.fisher@oneamerica.com or call me at (678) 512-9627. We will engage our underwriting team from the start and find the best solution.

Get a new idea or piece of information every Tuesday when Michael Florio and I drop a new episode of LTCcoffeebreak.com.

For questions about OneAmerica and the asset-based long term care solutions, please contact me via email at kevin.fisher@oneamerica.com or call me at (678) 512-9627.