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Enhancements to OneAmerica Financial's Asset Care Suite

OneAmerica Financial has recently introduced significant updates to its Asset Care product suite, aimed at providing individuals and families with enhanced flexibility in their long-term care (LTC) planning. These improvements are designed to help clients align their LTC strategies with their financial objectives while protecting their assets and maintaining a lasting financial legacy.

New Benefit Options

The latest enhancements to Asset Care include the introduction of new benefit options and an expansion of the Annuity Funding Whole Life (AFWL) capabilities. These changes specifically target the needs of families and individuals seeking to develop effective long-term care strategies tailored to their unique financial situations. As noted by Bud Graessle, Senior Vice President of ILFS distribution and product development, “Every family's financial situation and long-term care priorities are unique.” This sentiment illustrates the emphasis on flexibility and personalization in the updated offerings.

Three-Year Acceleration of Benefits (AOB)

One notable addition is the three-year Acceleration of Benefits (AOB) option, which is now available for both individual and joint Asset Care policies. Previously, clients only had access to a two-year AOB option. With this new enhancement, clients can better structure their long-term care coverage according to their needs and goals. The ability to offer a death benefit that equals or exceeds the premiums paid is a notable advantage, especially for those who wish to ensure a financial legacy for their beneficiaries while also maintaining adequate long-term care coverage.

Expanding Annuity Funding Whole Life (AFWL)

Moreover, OneAmerica Financial's AFWL offering has been expanded to allow eligible clients to utilize an annuity to fund a whole life insurance policy that integrates long-term care benefits. This unique provision answers questions about leveraging qualified retirement assets to bolster funding for LTC protection—a significant concern for many.

Clients can now choose from additional rider options that allow for customized distribution timelines. Beyond the previous 10-year rider, a new 5-year rider and a 20-year rider have been incorporated into the offerings. These new riders are designed to complement the long-term care benefits, ensuring they align with the clients' funding timelines and preferences.

Responding to Evolving Consumer Needs

These enhancements were chiefly motivated by the evolving needs of consumers in the long-term care space. There’s a recognizable demand for more personalized planning choices that can accommodate various family dynamics, their retirement goals, and financial considerations, particularly as it relates to tax efficiency.

Key Benefits of the New Offerings

• - Tailored Solutions: Individuals and families can now customize their long-term care protection to more closely fit their financial aspirations and security needs.
• - Expanded Strategies for Assets: Opportunities to strategize the use of inherited IRA assets for long-term care needs are now more accessible.
• - Flexible Distribution Options: Users can manage retirement and tax implications through adjusted distribution periods based on personal or family circumstances.
• - Balance Between Coverage and Legacy Goals: The new structure allows clients to maintain a careful balance between long-term care benefits and those earmarked for beneficiaries, ensuring financial stability across generations.

Conclusion

The enhancements to OneAmerica Financial's Asset Care product suite mark an important step forward in facilitating comprehensive long-term care planning. Financial professionals are now better equipped to guide clients in navigating the complexities of LTC needs while supporting income and estate preservation objectives. By integrating various offerings, including annuities and whole life insurance policies, clients can meet their long-term care demands without sacrificing their financial legacy. OneAmerica Financial remains committed to fostering financial security for the future, helping families develop personalized solutions that address their unique needs—today and beyond.

For anyone considering their long-term care options, these updates may provide the tools and flexibility necessary to build a sound financial strategy that prioritizes both care and legacy.