Care Solutions - LTC Benefits
The Care Solutions portfolio is a suite of asset-based insurance products with long-term care benefits that provides consumers with options to help them prepare for long-term care expenses. Care Solutions does this by using the time-tested concepts of life insurance and annuities as their foundation, the Care Solutions can provide value for some of retirement’s most challenging hurdles: living a long life, LTC costs, asset accumulation, and wealth transfer.
Asset-Care®
Issued and underwritten by The State Life Insurance Company
Asset-Care is designed to help clients protect their assets by using the security of life insurance to provide long-term care benefits. With a one-time premium, clients receive a guaranteed amount of life insurance, all of which can be used for qualifying long-term care expenses. In addition, the premium is credited with a guaranteed interest rate and the cash value increases each month.
Policy Form #L301-SA31 and R501 (or state variation). Product and riders may not be available in all states.
Annuity Care®
Issued and underwritten by The State Life Insurance Company
With Annuity Care, a single-premium deferred annuity, clients can access cash value for qualifying LTC expenses with a credited interest rate for these funds. Annuity Care can offer an attractive alternative for LTC self-funders.
With Annuity Care:
- Clients have a minimal number of questions to answer
- There are no exams
- The entire underwriting process is generally completed within 72 hours of receipt of the application at the home office.
Policy Form #SA34, R508 (or state variation). Product and riders may not be available in all states.
Annuity Care® II
Issued and underwritten by The State Life Insurance Company
Single premium deferred annuity that combines long-term asset growth and long-term care (LTC) protection. With a built-in Continuation of Benefits provision, clients are provided with a combination of the annuity value and additional long-term care benefits should they be needed.
- No medical exams
- Pension Protection Act compliant
- Multiple LTC benefit period options
- Reimbursement and indemnity claims options
Policy Form #SA35. Product and riders may not be available in all states or may vary by state.
ImmediateCare®
Issued and underwritten by The State Life Insurance Company
ImmediateCare is a medically underwritten single-premium immediate annuity that helps fund long-term care with monthly payments for life1. Regardless of how long care lasts, ImmediateCare can help an individual maintain the level of quality care desired — whether in assisted living, respite care or care in a home, hospice or adult day care.
Policy Form #SA33 (or state variation). Product and riders may not be available in all states.
Legacy Care®
Issued and underwritten by The State Life Insurance Company
Legacy Care offers clients a financial vehicle to help grow and protect their legacy.
The Legacy Care annuity can accumulate cash value at a competitive credited interest rate. This rate renews at the beginning of each policy year and may fluctuate annually. However, with Legacy Care, if the renewal interest rate ever drops below the first-year rate, the policyowner may cancel the policy with no surrender charges. Additionally, there are no service or administrative fees.
Policy Form #SA32, R502, R503 (or state variation). Product and riders may not be available in all states.
Want to learn more about our Care Solutions portfolio? Send us an email.
Guarantees are subject to the claims paying ability of State Life.
A fixed annuity contract and a fixed life insurance policy are both long-term products. Annuities are tax-deferred insurance contracts designed for retirement. They can allow you to create a fixed stream of income through a process called annuitization and also provides a fixed rate of return based on the terms of the contract. Fixed life insurance is not an investment, retirement account or savings account and should only be purchased by individuals that have a need to provide a death benefit to protect others with insurable interests in their lives against financial loss. Life insurance requires medical underwriting and the cash values of a policy are not considered liquid and cash value policy loans are taxable if the policy is surrendered or terminates before the insured's death and the cash value exceeds the policy's cost basis.
Fixed annuities and insurance policies both have limitations. If you own an annuity and decide to take your money out early, or you own a life insurance policy that lapses with loans outstanding, you may face fees called surrender charges and the loan amount becomes subject immediately to federal income tax. Additionally, if you're not yet 59½, you may also have to pay an additional 10% tax penalty on top of ordinary income taxes. An annuity contract and a life insurance policy’s tax treatment ultimately depend on a variety of factors. You should also know that both fixed annuities and life insurance contain guarantees and protections that are subject to the issuing insurance company’s ability to pay for them.
