INDIANAPOLIS ─ (May 31, 2022) ─ OneAmerica®, a national provider of insurance and financial services, has announced a reprice within its Care Solutions product portfolio asset-based long-term care products. On May 26, the companies of OneAmerica decreased its premiums for the Care Solutions portfolio of products nationwide.
The price decrease reflects the company’s strong commitment to the long-term care protection market. OneAmerica can implement these lower prices because of rising interest rates and the current economic landscape – passing along cost savings and increased value to customers. By building and pricing products in a responsible and sustainable way, the products can stand the test of time.
“OneAmerica has more than 30 years of experience in this specialized industry – not just in selling asset-based long-term care protection, but, more importantly, in managing and paying the claims of our customers,” said Jeff Levin, Vice President of Distribution, Care Solutions. “We have combined our years of experience and data, integrated our knowledge around rising interest rates and used financial fundamentals to reprice the product. We’re excited to offer cost savings to our customers at a time when everyone could use a little financial relief.”
The change in price is on the “base” life insurance premiums only. The Continuation of Benefits (COB) premiums remain unchanged.
Price Change Details:
Single and recurring premiums decreased between 0 and 15% on the life premium, grading off at older ages (no change to the 5- and 10-year payment options)
Package premiums (combining the life and COB premiums decreases by about 8%)
The bonus on the Annuity Funded Whole Life plan has returned to 20%.
In the asset-based long-term care space, OneAmerica offers the following distinctive features within its Care Solutions product portfolio:
flexibility of plan design and funding options
ability to use qualified assets for policy funding