Funding Sources
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Alternative Qualified Money Strategy
A short time ago, I share the new strategy for funding Asset Care using qualified money. As I noted, the new name for this strategy is a mouthful – Asset Care Single Premium Funding Whole Life. To review the article – CLICK HERE In it, I shared an example of a couple, Mr. & Mrs.… Continue reading
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History of Innovation
Asset-based LTC, aka hybrid or linked linked benefit, have existed since 1988. OneAmerica stakes a claim to being the premier innovator of this space. There is only one other carrier who can make this claim. What they and the other carriers in the asset-based LTC arena cannot claim is the depth and breadth of solutions… Continue reading
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Q&A – Annuity Training
Question: What products require annuity training? Answer: A good chunk of the Care Solutions portfolio is comprised of annuity based solutions. The following products require annuity training: Asset Care Annuity Funding Whole Life Annuity Care Annuity Care II Indexed Annuity Care Legacy Care ImmediateCare SPIA To complete the required training, go to www.oneamerica.com/slproducttraining Continue reading
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Q&A – Asset Care Cheat Sheet
Question: Is there a simple side-by-side comparison between the “old” Asset-Care and the “new” Asset Care features? Answer: There sure is – follow this link to the Asset Care Cheat Sheet. Continue reading
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Most Beneficial Rate
At OneAmerica, we have a program called “Most Beneficial Rate” (MBR) which simply does what it says. Here is what it does. For the 60 days between application and premium-receive date, the rate is locked to protect against rate changes for up to 60 days. This helps protect the policy pricing from funding delays. The… Continue reading
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Q&A – Apps Submitted Before June 28
Question: I submitted an Asset Care application before the deadline, what are my options now that I can see premiums for the “new” Asset Care? Answer: If an application is pending but not approved by underwriting … If an interview is ordered and/or scheduled for the “old” product, then A new Application Part 1 is… Continue reading
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Asset Care for Qualified Money
One funding approach that has been unique to Asset Care is the “self contained” funding strategy for qualified money and non-qualified deferred annuities. In the original series product, these were know as Asset-Care II (non-qualified money) and Asset-Care III (qualified money). We have made some enhancements to this strategy which, in my humble opinion, are… Continue reading
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Q&A – Premium Modes for Asset Care
Question: With the release of the “new” Asset Care, are the premium modes being changed? Answer: We have made changes to our funding options. As we have done in the past, we will offer single premium (cash or 1035 exchange), the use of non-qualified deferred annuities and qualified money, and recurring premiums. Recurring premiums are… Continue reading
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Asset Care – Policy Changes
As with every product release, there are changes that come at the policy level. This is true with Asset Care. Here are a few changes that you MUST know. The Elimination Period to qualify for benefits has be altered to zero days for home care and 90 days for facility based care. Remember, those are… Continue reading
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Asset Care Apps During Transition Period
For application submitted for “old” Asset Care who would like to change to the “new” Asset Care, here are the guidelines. If an application is pending but not approved by underwriting … If an interview is ordered and/or scheduled for the “old” product, then A new Application Part 1 is required, and you need to… Continue reading
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Single Premium Drop In – NEW FEATURE
With the launch of the new Asset Care, a truly new feature is being introduced – the Single Premium Drop In Rider (SPDR). This rider will be available only with the new Asset Care when funded using recurring premiums. It will be available on July 1 when the product launches. For July 1 launch states,… Continue reading
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Q&A – “New” Waiver of Premium
Question: With Asset Care, how does the “new” waiver of premium work? Answer: With the updated Asset Care, the way the waiver of premium (WOP) functions has changed. Simply, the WOP waives charges for both the base policy and Continuation of Benefit Rider when an insured is on claim. Once the claim ceases, the premium… Continue reading
Fridays with Fisher 