State Life Asset Care Joint Life Deep Dive
By: Cliff Marshall
State Lifes Asset Care, is a unique asset based long term care policy which can cover two people under one single policy.
For a quick overview, continue reading. For an In depth Review Click Here One America Asset Care.
If you’re interested in an Individual Policy, we recommend NationWide CareMatters II or Securian SecureCare. Both are Cash Indemnity Plans and are currently the most competitively priced Hybrid Long Term Care Policies as of Summer/Fall 2020.
Cash Indemnity Plans pay you a monthly cash stipend that you can use as you see fit. Lincoln MoneyGuard and others are “Reimbursement Plans” that require you to send in your receipts for reimbursement.
What is a Joint Policy?
A joint life insurance policy provides one pool of money to cover two people if a need for long term care arises. This shared benefit typically costs less than purchasing two individual policies. Joint protection is available to spouses(or your state’s equivalent”).
How does State Life Asset Care work?
Joint life Asset Care is medically underwritten, meaning both proposed insureds must apply and be accepted for protection. The amount of protection available is based on the age, gender, and underwriting classes of both insureds.
If there is a need for Long term care, each insured has access to the full death benefit, up to the monthly benefit limited for qualifying long term care expenses.
If a need for long term care arises for both insureds simultaneously, each eligible for their own monthly benefit limit. This means the full death benefit is still available, but for a shorter period of time.
Also note if one of the spouses dies, the other insured still has access to the pool of money if a need for long term care arises, and can leave a death benefit if care isn’t need or fully used.
Below is a hypothetical chart
State Life Asset Care
So Why Should I consider a Asset Care Policy?
For starters there’s a larger benefit pool and spreading the risk over two lives instead of just one may provide a larger pool of shared benefits compared to two individual policies.
Possible lifetime coverage for both, if the continuation of Benefits (COB) rider is selected it applies to both insureds for one premium rate, locked in at the time of purchase. Premiums are guaranteed never to increase, even upon the death of the first insured.
If you would like to learn more about other long term care options, here are some of my other product reviews: Securian SecureCare, Lincoln MoneyGuard III, NationWide CareMatters II, Brighthouse SmartCare, MassMutual CareChoice One, One America Asset Care, Mutual of Omaha, American General Quality of Life.