Your clients have made some smart decisions with your guidance by saving and investing, which has resulted in the ability to generate a comfortable income to live on during retirement.
If they no longer need a portion of their nest egg for retirement expenses, it might be time for them to consider repositioning some of those assets toward potential extended care or long-term care needs while simultaneously keeping an asset if care isn’t needed. Our Annuity Care options offer your clients the ability to transfer existing savings or other assets to a special type of annuity that combines long-term asset growth with long-term care benefits.
You clients have the option to use existing assets, such as a CD, savings or another annuity, as a one-time-only premium payment and avoid ongoing, non-guaranteed premium payments
Your client’s accumulated value grows at a guaranteed minimum interest rate; at the same time, the funds for long-term care expenses are credited at an even higher interest rate
Maximize efficiency of client dollars using a non-qualified annuity for long-term care expenses. Clients pay no income tax if the annuity is used for qualifying long-term care expenses, regardless of the deferred gain (subject to monthly maximums, and premiums funded after-tax)
If a client experiences a health event and does not have a long-term care strategy in place to address the need, their family members could become their caregivers. In addition, retirement assets that have taken clients so long to save could be in jeopardy due to extended care needs. Our Annuity Care product portfolio allows clients to use annuity policy values to help address long-term care expenses.
This annuity with LTC benefits provides your clients access to their cash value for qualifying care expenses on a tax-advantaged basis, and they can purchase extended benefits with guaranteed premiums.
Policy form series: SA34, R508 (or state variation)
This annuity includes LTC benefits with which clients can access their cash value for qualifying expenses on a tax-advantaged basis, and it has built-in extended care benefits at guaranteed premiums.
Policy form series: SA35
A single-premium fixed-indexed annuity offering can help your clients grow their assets, protect from downside risk, and create a barrier between them and the risks associated with LTC. Several crediting options are available to maximize account value.
Policy form series: ICC14 SA36, ICC14 R529 PPA, ICC14 R529, ICC14 R530 PPA, ICC14 R530, SA36, R529 PPA, R529, R530 PPA, R530
Use our Quick Quote Tool to explore Annuity Care rates and benefits.
*Indexed Annuity Care is unavailable on the Quick Quote tool.
Below are a few client- and producer-facing materials to use as reference in your selling activities or to understand the flexibility of this product. Annuity Care offers countless ways to customize a strategy to meet clients’ needs.
NOTE: National version of all brochures shown here, which is not available for use in all states. To ensure you are using the correct version of this brochure for your state/client’s state, please reach out to our Care Solutions Sales Desk at 844-833-5520.
Understanding how annuities can be used to help cover the cost of extended care needs
Understanding our Annuity Care product
Understanding our Annuity Care II product
An opportunity to review annuities on an annual basis to ensure their annuity strategy is up to date and identify opportunities to enhance tax efficiency
Help your clients understanding how their existing assets can be repurposed as part of their long-term care strategy
This website page is designed for Financial Professionals. OneAmerica Financial is the marketing name for the companies of OneAmerica Financial. Products issued and underwritten by The State Life Insurance Company® (State Life), Indianapolis, IN, a OneAmerica Financial company that offers the Care Solutions product suite. Annuity Care and Annuity Care II form numbers: SA34, R508; SA35, ICC15 SA35, ICC15 R521 PPA ND, ICC15 R521 PPA, ICC15 R522 PPA. Not available in all states or may vary by state. All factors should be weighed before replacing an existing life insurance or annuity.
The Pension Protection Act, also known as Public Law 109-280, is a wide-ranging piece of legislation signed into law August 17, 2006. While much of the law deals with changes and reforms to pension governance, Section 844 of the act deals specifically with annuities, long-term care and tax advantages. As of January 1, 2010, cash value withdrawals from specific annuity contracts to pay for qualifying long-term care expenses or to pay qualifying long-term care insurance premiums, are no longer taxable income but considered as a reduction of cost basis. Benefit payments from long-term care insurance riders are also not taxable. This makes considering Annuity Care as part of your client’s long-term care protection a prudent financial strategy.
Reach out to a Regional Sales Director in your assigned region or our Care Solutions Sales Desk at 844-833-5520 for support.
