A note from OneAmerica on updates to their Asset Care® Product
Bringing Value to More States
We’re pleased to announce that our updated Asset Care® product will be available starting Sept. 23, in Arizona, Connecticut, Delaware, Hawaii, New Jersey, North Dakota and South Dakota as we continue to launch the product across the country. Our updated Asset Care product provides several unique benefits, including:
- Optional joint coverage and lifetime benefits.
- Single Premium Drop-In Rider (SPDR) on the Recurring Premium Whole Life funding option.
- A new 5-pay option on the recurring premium whole life funding option – your clients will now be able to choose a 5-, 10- or 20-year pay option or a pay to 95 option.
Additional State Notices
Montana and Washington, D.C. Announcement
Effective Sept. 21, Asset-Care® will no longer be available for sale in Montana and Washington, D.C. Existing applications must be submitted to the Home Office by Friday, Sept. 20, and be placed inforce by Dec. 31. We continue to work on these approvals and look forward to offering the new Asset Care as soon as possible after approvals are received.
Effective Sept. 23, we’re making changes to the Asset-Care base premium rates for California. These changes allow us to maintain product availability while we continue to seek approval on the new Asset Care product.
This change only affects applications submitted on or after Sept. 23. All existing inforce policies are not affected, as all premiums are contractually guaranteed to remain unchanged for the life of the policy.
What You Need to Know
The Asset Care Product Launch and Advertising Approval tracking spreadsheet shows the most current state availability information. You may continue to sell the current product in states where the new product has not launched, except for in Montana and Washington, D.C., as noted above.
Transition Rules for New State Availability
Contact your OneAmerica regional sales director with questions about Asset Care.