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Comparing One America/State Life Long-Term Care

There are differences between the policy language and benefits between companies that offer Long-Term Care Insurance although the major benefit options are often similar. However, key differences do exist. It is important to know and understand the differences between One America/State Life and other major companies.

They have two asset-based policies referred to as a “hybrid” policy. This is a combination of life insurance or annuity policy with comprehensive coverage for long-term care.  

With hybrid policies the policyholder is guaranteed to be able to get money from the policy in three ways:

You need long-term care services and supports – Just like any tax-qualified long-term care policy, you receive tax-free benefits when you meet the benefit triggers – two of six activities of daily living or supervision due to cognitive impairment.

You die – Like any life insurance policy, when you pass away your beneficiaries will receive the tax-free death benefit.

You change your mind – If for any reason you need money you can receive the cash surrender value. While very few people will ever consider doing that, it gives many people additional peace-of-mind knowing you have access to the money in the policy.

One America/State Life’s Asset Care is their life insurance policy with a long-term care policy together.

  • Single premium or guaranteed premium which can NEVER increase
  • Unlimited comprehensive lifetime long term care benefits
  • Death benefit (second to die for joint spousal policy)
  • Like any long-term care policy, long-term care benefits are tax-free. Death benefit also tax-free
  • Case management
  • Bed reservation
  • Caregiver training
  • Monthly long-term care benefits
  • On spousal policies, each spouse has their own long-term care benefit
  • Inflation options available (2%, 3%, 4%, and 5% compound)

One America/State Life is one of the few asset-based “hybrid” products whose long-term care rider premium may be tax-deductible like a traditional policy.

You have flexibility on how you pay the premium. You can pay one single premium and have a fully paid policy. Annual (10 pay, 20 pay or annual for life) premium options are available. The premium is a fixed guaranteed premium which can never go up.

One America/State Life’s Annuity Care offers similar long-term care benefits on an annuity policy. This is not a typical annuity and while you could annuitize it, you would never do so. It creates a single premium and turns it into a much larger tax-free long-term care benefit. Like Asset Care, you can receive money from the policy three ways:

You need long-term care services and supports – Just like any tax-qualified long-term care policy, you receive tax-free benefits when you meet the benefit triggers – two of six activities of daily living or supervision due to cognitive impairment.

You die – Your beneficiaries will receive the accumulated value of the policy, minus any long-term care benefit that may have been paid. On a joint policy, it would be the second to die.

You change your mind – If for any reason you need money you can receive the cash surrender value. While very few people will ever consider doing that, it gives many people additional peace-of-mind knowing you have access to the money in the policy.

The policy grows with interest. It offers a guaranteed interest rate. The benefits will grow no less than this amount. Historically, it has been growing at a higher rate than this rate. Additional inflation options are also available.

You can roll money from another annuity into this policy, including qualified funds. The underwriting rules for this policy are less strict than a typical long-term care policy. Those who are older may find this as another way to plan for long-term care

Both products also feature international benefits.

Both One America/State Life products do not qualify as a partnership policy in any state. However, Asset Care’s “unlimited” long-term care benefits make this a non-issue.  

Learn more about the federal/state partnership program here: https://mccannltc.net/resources/faq/state-partnership-program

There are significant premium differences between companies for the exact same benefits. Premiums are based on the amount of benefits you wish to have along with your AGE, HEALTH and specific discounts you might qualify for.

Underwriting criteria – which health conditions you have today that might be insurable will vary between companies. Matt McCann understands the underwriting guidelines for One America/State Life and all the major companies in order to match you with the best and most affordable option.

Discover the differences and compare. Matt, with his years of experience (since 1998) will help you determine if coverage is suitable for you, if your health qualifies for coverage, and then recommends appropriate benefits and options.

Features, benefits and additional options can vary from company to company. Some options like shared care benefits are options Matt McCann recommends often and other options might not be in your best interest. Premium differences exist between this plan and others. This is why you should seek the assistance of a qualified Long-Term Care Specialist to compare features, benefits, and costs.

As a nationally recognized Long-Term Care specialist, Matt McCann works with all the major companies in the industry and can compare features and benefits as well as the costs between the plans. Plus, his claims assistance can help you design an appropriate plan which fits your needs and budget.

Remember

Long-Term Care Insurance is custom designed specific to you. Matt’s general philosophy is to design an affordable plan with the best company available (based on your current age and health) so you can take a catastrophic situation and make it manageable. The idea: Safeguard your retirement funds (401(k) IRA 403(b) while reducing the tremendous burdens that are placed on your family when you have an aging or health issue and need extended care.

State variations may apply.

Long-Term Care Insurance is Easy and Affordable Asset Protection. Most people are surprised how affordable a plan can be especially if you obtain coverage before you retire when you are in good health.