OneAmerica Activating a Six-Year COB Feature on Annuity Care II
FROM ONEAMERICA...
We are excited to share that OneAmerica is activating a 6-year Continuation of Benefits (COB) feature on Annuity Care II, effective March 11, 2023. With this change, Annuity Care II can provide your clients with long-term care (LTC) benefit values that are up to 4 times¹ larger than premium paid.
In addition, the full monthly benefit is available regardless of the number of days services are rendered in any given month. This is especially important today as many clients desire to receive care in the comfort of their own home.
This change is simple to understand:
Applicants ages 40-69 receive 6-year COB benefit ²
Applicants ages 70-80 receive the 3-year COB benefit ²
The addition of this option further enhances client value and helps provide LTC protection options “beyond the averages,” complementing the lifetime benefit option available on our Annuity Care and Indexed Annuity Care products.
Transition Rules
The Annuity Care II 6-year Continuation of Benefits (COB) is available for all cases sold on or after March 11, 2023. Cases issued between March 11 – April 11, 2023, eligible for new pricing:
March 11th, 2023
Quote software reflects availability of 6-year COB. Neither the software nor the home office can generate quotes with the new option prior to this date.
Advisors that presented the 3-year COB option to clients under 69 prior to this change will have the option to sell with the 3-year COB benefit within one month of the effective date of this change.
Change requests will be worked as quickly as possible. It is our desire to maintain service levels on all new applications, so requests pertaining to this benefit change may fall outside our normal service standards
By April 11th, 2023
Requests for 3-year COB benefit for clients ages 69 and under must be received by OneAmerica® no later than April 11, 2023, via email or OneSource Online. Sending a new, unsigned illustration with the request is preferred but not required.