One America Asset Care 3
State Life’s One America Asset Care 3 is truly a unique product. In fact, it is the only policy on the market that accepts qualified funds. Which mean it allows you to utilize your retirement funds more constructively, by moving your money from your right pocket into your left pocket. These assets do not disappear into a bottomless pit, instead they hold their value and can be drawn from when needed. If the long term care benefit pool is never needed, the money and interest acquired on this hybrid policy can be cashed out for use or be paid out to your beneficiary’s upon your death.
This policy can also be a joint policy for both you and your spouse/partner.
Why One America Asset Care 3 Is So Useful.
One America Asset Care 3 is so useful because not everyone can set aside hundreds or even thousands of dollars a year, for their long-term care insurance needs. However, with the ever-growing need for long term care insurance, people must protect their estate and family from the rising costs of care.
With Close to 4.5 trillion dollars in assets being allocated to IRA’s over the last few decades, most people have the assets to provide protection for their long-term care needs, they just don’t have immediate access to those funds. That is where One America Asset Care 3 truly shines through. By moving a portion of your assets into another pocket with the purpose of protecting the very same assets you worked so hard to acquire.
Here are some of One America Asset Care 3 Specifications
- We can fund this policy with 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. Meaning there is a waiting period of 90 days before the policy begins to either reimburse you for your long-term care needs, up into the maximum monthly benefit. Or you can request the maximum monthly withdrawal. These stipends will come until the death benefit is depleted.
- 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.
What is 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 percentages taken for long term care, 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%).
What is Asset Care 3 Death Benefit Like?
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 their heirs(beneficiary’s).
How Asset Care 3 Single Premium Transfer Works.
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.
Details 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 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 as well as assets.
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Watch out video overview of One America Asset Care