Asset-Care® Marks its 25th Anniversary

The Soviet Union and Berlin Wall were still intact, and Pete Rose was not yet banned from baseball when Asset-Care was introduced in 1989. Issued and underwritten by The State Life Insurance Company, Asset-Care has since fueled more than two decades of sustained growth and evolved into a full suite of what are now known as asset-based long-term care offerings.

“Asset-Care was a truly innovative product when the first policy was issued 25 years ago and still offers a secure way to protect assets and pay for long-term care when needed,” said Chris Coudret, executive vice president, State Life.

Distinguishing features set Asset-Care apart
With a one-time or annual premium, Asset-Care policyholders receive a guaranteed amount of life insurance which can be used for qualifying long-term care (LTC) expenses. Asset-Care can also cover two lives from a single policy and provide LTC benefits to each—an exclusive U.S. Patented feature— and provides benefits even if LTC is never needed.

The policy premium, also guaranteed to never increase, is credited with a guaranteed interest rate and cash value growth which can be accessed in an emergency.

Still a trend-setter, Asset-Care has adapted to changes in LTC
Policy coverage has expanded as the types of care have changed over the years.

“Back then, nursing homes were the primary provider for long-term care,” added Coudret. “Today individuals have more choices on where and how to receive care and Asset-Care has grown with them—providing coverage for assisted living, home care, adult day care, respite care, care coordination and even International care.

“A lot has changed since Asset-Care hit the market, but the foundational elements of the product remain,” said Coudret. “Asset-Care helped start the trend toward an asset-based LTC strategy and was one of the first viable alternatives to traditional long-term care insurance. Even today, 25 years later, Asset-Care remains relevant given health reform struggles and the lack of other affordable options for retirees.”

More choices for retirees
Four versions of Asset-Care are available today. Consumers can pair an annual or single premium with almost any asset: CDs, mutual funds, existing annuities and even IRAs and qualified money can be used to provide Asset-Care’s LTC protection.

“The cost of care is rising, and with people living longer, the need for long-term care is greater,” said Coudret. “If unprepared, these expenses can take a big bite out of retirement funds or wipe them out altogether. Asset-Care and our full line of asset-based long-term care products offer options to protect the retirement nest egg.”

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About OneAmerica
OneAmerica Financial Partners, Inc., headquartered in Indianapolis, Ind., has companies that can trace their solid foundations back more than 135 years in the financial services marketplace.

OneAmerica’s nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other customers. 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 nationwide network of employees, agents, brokers and other distribution sources that are committed to increasing value to policyholders by helping them prepare to meet their financial goals.

About State Life
The State Life Insurance Company, a OneAmerica company, is focused on providing asset-based long-term care products. State Life is a recognized leader in providing these products, 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.

Asset-Care is underwritten and issued by The State Life Insurance Company, Indianapolis, Indiana. Policy Forms: L301, SA31 and R501 (or state variation). Product and riders may not be available in all states or may vary by state. Guarantees are subject to the claims paying ability of State Life.