Reflections on Asset Care     

This past week, I did the first Asset Care launch meeting in New Jersey for the updated product. This leaves Connecticut as the only state in the northeast awaiting the revised product.  (Reminder, OneAmerica Financial does not offer products in New York state.)

Here are a few observations from the meetings.

1. The “big win” was the ability to provide benefits for informal care.  As one attendee put it, “money is great but the care consultant for informal care is a real difference maker.” 
2. Many of the attendees were surprised to learn that Asset Care offers inflation options.  Those options are all compound and can be 2%, 3%, or 5% which can for the first 20 years of the policy or for its duration.  And, the inflation can be for all of the policy or simply the continuation of benefits rider.  The inflation pricing of the revised product is much better than the previous product.
3. With a recurring premium funding strategy, there is a built-in waiver of premium.  Simply when a claim is being paid, the premium is waived for the duration of that claim. This is applicable for both individual and joint policies.
4. The most active discussion (as usual) revolves around the use of qualified money as a funding source.  This is nothing new to OneAmerica and has been a solution that has been offered for decades.  It is the ONLY turnkey strategy in the industry.  As I said during the meeting, “this is a great starting point for the funding conversation … it doesn’t mean that you will end with that as the solution, but it gets the wheels turning.”

If you missed the first rollout meeting in May, there are 2 others scheduled for the first week of June in Mt. Laurel and in Somerset. 

June 4 10 a.m. – Mt. Laurel – use link to register  https://loom.ly/_98K6Vg

June 5 10 a.m. – Somerset – use link to register  https://loom.ly/sJJIYpw

On June 9, the revised Asset Care will be available across the country.  New Jersey, Florida, and Indiana are included in the cluster of states. 

Should you care to learn more about which states have yet to launch, please contact my internal Kelley Hilliard at kelleyhilliard.isp@oneamerica.com or call her at (844) 623-4251.