Annuity & LTC

[Arthur Rudnick]

Indexed annuity issuer aims for LTC planning market​

OCT 02, 2014 | BY ALLISON BELL

OneAmerica is going after consumers who hope stock market gains will make their long-term care (LTC) dollars go further.

The State Life Insurance Company, a unit of OneAmerica, has introduced the Indexed Annuity Care product, a single-premium annuity contract.

The company believes the product to be the first indexed annuity with LTC benefits available in the United States.

A customer can choose between earning a fixed interest rate or a rate that may rise if the S&P 500 Index goes up.

An annuity holder who uses a contract to pay for qualifying long-term care products or services, such as payments for home care, adult day care, nursing home care, hospice, or a stay in an assisted living facility, can get extra benefits. A holder can also buy an optional lifetime LTC benefits rider. State Life guarantees that the premiums for the rider will never increase.

A married couple can use one contract to cover both spouses, OneAmerica says.

 

[scagnt83]

You beat me to it. I was just about to post the same thing! Interesting sounding product, hopefully it will have strong caps.

 

[Arthur Rudnick]

New York has yet to see it's first annuity/LTC hybrid product approved.

 

[ltcadviser]

New York has yet to see it's first annuity/LTC hybrid product approved.

That's ok Arthur. NY still has the best bagels and lox with which to break the Yom Kippur fast tomorrow night.

Have an easy fast.

 

[Arthur Rudnick]

previously posted by ltcadviser

NY still has the best bagels and lox with which to break the Yom Kippur fast tomorrow night.

ABSOLUTELY!
You too Jack, Happy New Year!

(and you too Sam)