One America Asset Care 3: Leverage Qualified Money for Long Term Care.
State Life’s One America Asset Care 3 is truly a unique product, In fact it is the only policy on the market that allows you to use qualified money: pension plan, SEP, or IRA.
This option allows you to leverage your retirement funds more strategically. You can transfers a portion of these assets into the policy, which will holding and grow it’s cash value while simultaneously providing a leverage of long term care coverage. This becomes a much more efficient way to to self insure.
If the long term care benefit pool is never used, the money and interest acquired on the hybrid policy can be cashed out or will be paid out to your beneficiary’s upon your death.
This joint option for your spouse/partner is also available.
- One America Asset Care 3 Specifications
- One America Asset Care 3 Long term Care Benefits
- Death Benefit
- Single Premium Example
- Continuation of Benefits Rider
1) One America Asset Care 3 Specifications:
- We can fund this policy with a 401(k), any pension plan, SEP or IRA.
- It is is available to people aged 60-77, As well as a joint policy.
- One America Asset Care 3 has an Elimination period of 90 days. Which means there is a waiting period of 90 days before the policy begins to reimburse you.
- If one of the annuitants dies, the surrender charge will be waived.
- One America Asset Care 3 has a 9-year surrender charge, first year is 9%, decreases 1% thereafter.
2) What are Asset Care 3 Long Term Care Benefits?
You have several options when you purchase One America Asset Care 3.
Once your death benefit is determined (Long term Care funds). You can choose between payout percentages ranging anywhere from 2-4%. This allows you to choose between a longer length of coverage (2%) or higher amounts for shorter periods of time (4%).
3) How does the Death Benefit work?
If your One America Asset Care 3 policy is never used for long term care, the policy can be surrendered and converted into cash. Or upon the policy owner’s death the assets can be turned into tax-free dollars for your beneficiary’s.
4) How does Single Premium Transfer Work?
One of the best things about this policy is it allows you to move a single transfer of funds from your retirement assets. With a range of $40,000-$500,000 there is an option for everyone. These funds are transferred into a One America Annuity’s then annually withdrawn and taxed to fund a conventional One America Asset Care Whole life policy, that will be the basis of your long-term care insurance pool. This is a one and done deal.
5) Details on Asset Care 3 Continuation of Benefits Rider
You have two rider options to choose from, you can pay a single or annual premium to double your LTC funds, or you can purchase a unlimited benefits option. Meaning no matter what happens, you will always have monthly funds going in preparing you for long term care
What are some of Asset Care 3 benefits over traditional long-term care insurance?
A tried and true point to this blog is educating people to the pros and cons of each of the different long-term care products. Over the years we have seen a shift away from conventional long-term care insurance towards “asset based” long term care. Which a way to have secured coverage, guaranteed premiums, and cash value .
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Watch out video overview of One America Asset Care