Last week, I shared the announcement that an updated Asset Care is launching on October 21. To go along with that, we have dozens of upcoming regional that will be taking place across the country.
One thing to remember is that there are states where the new product is not approved. Here is a map of product approvals.
The product team is working diligently to get more approvals, but it is unlikely before launch time.
An important thing to remember is this, all the funding flexibility (premium paying options) are not changing with Asset Care 2024. Asset Care will continue to offer the widest array of options in the industry.
Included in that is the Single Premium Drop-in Rider (SPDR) that allows for up to $100,000 of additional premium to be dumped into Asset Care. This is available only with the recurring premium solution where premiums are paid as 5-pay, 10-pay, 20-pay, pay to age 95. (This is available in every state for the current product as well except California & New York.)
Here is the opportunity for the SPDR. If you have a client who is purchasing an Asset Care policy and they have a CD maturing or a small cash value life insurance policy, that money can be used as a premium source using the SPDR. The only thing is that this desire has to be indicated when applying for coverage. The funding needs to be received within 6 months of policy issue.
Let’s tke a look at how it would work using the current Asset Care product for a woman age 67 purchasing $5,000 of monthly LTC benefits using a 25 month base policy with 50 month continuation of benefits without inflation and paying premiums to age 95. The annual premium would be $7,826.
If she drops in $20,000, then the annual premium is reduced to $6,419. And, $40,000 will reduce it to $5,111.
You get the idea.
Remember, both the current version of Asset Care and the updated product offer the SPDR.
For more information, contact Justin Fox at (844) 658-3725 or justinfox.isp@oneamerica.com, or Nick Angelov at (844) 623-4251 or nick.angelov.isp@oneamerica.com, or myself at (678) 512-9627 or kevin.fisher@oneamerica.com
Fridays with Fisher 
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