State Life adds single premium immediate annuity to help meet the needs of today’s retirees
ImmediateCare® now provides two strategies: a standard lifetime income for those early in retirement and a health-based income to fund end of life care
Contact:
Jim Gavin, Media Relations Manager
(317) 285-4168 or jim.gavin@oneamerica.com
Indianapolis – (June 4, 2012) The State Life Insurance Company, a OneAmerica® company, announced today that it has added a single premium immediate annuity (SPIA) to its existing ImmediateCare product offering. ImmediateCare SPIA offers those in early retirement with traditional expenses the opportunity to create a guaranteed income for either a fixed period or for life. ImmediateCare SPIA joins ImmediateCare Plus, which has for over a decade provided health-based monthly income to help individuals pay for long-term care.
“As more and more of today’s Baby Boomers reach retirement age without the benefit of a traditional pension, products that create a guaranteed source of income become more important,” said Chris Coudret, executive vice president for State Life. “Immediate annuities have long provided steady retirement income. We feel the ability for our customers to now choose between a traditional income to fund daily expenses and an income that is health-based to fund long-term care is unique in our industry.”
State Life has a long track record of innovation, beginning in 1988 with the introduction of Asset-Care®—the first whole life insurance policy to allow access to its full death benefit for long-term care expenses. Over the past two decades additional product offerings have been added, rounding out State Life’s Care Solutions portfolio of asset-based long-term care products.
“Our experience and focus in the retiree market has taught us that there is no such thing as a one-size-fits-all product” added Bruce Moon, vice president of individual products for the OneAmerica companies. “It’s important to offer today’s retirees options and the ability to customize products to their specific needs. ImmediateCare Plus and ImmediateCare SPIA represent that philosophy.”
About State Life
The State Life Insurance Company, a OneAmerica® company, is focused on providing asset-based long-term care solutions. State Life is a recognized leader in providing these solutions, which utilize life insurance, fixed-interest deferred and immediate annuities. The company’s extensive Care Solutions portfolio of products helps consumers prepare for future long-term care needs by helping to protect their assets.
About OneAmerica
OneAmerica Financial Partners, Inc., is headquartered in Indianapolis, IN. The companies of OneAmerica® can trace their solid foundations back more than 130 years in the insurance and financial services marketplace.
OneAmerica’s nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plan products and services; individual life insurance, annuities, long-term care solutions and employee benefit plan products. The goal of OneAmerica is to blend the strengths of each company to achieve greater collective results.
The products of the OneAmerica companies are distributed through a network of employees, agents, brokers and other distribution sources that are committed to increasing value to our policyholders by helping them prepare to meet their financial goals.
We deliver on our promises when customers need us most.
All guarantees are subject to the claims paying ability of The State Life Insurance Company.
Policy form series SA-33. Issued and underwritten by The State Life Insurance Company. May not be available in all states.
