State Life – Noteworthy News

Asset-Care Base Premium Rates Changing July 1, 2016

As an industry leader, OneAmerica  is committed to maintaining a rational and sustainable approach in managing the Care Solutions product line for the long term.  It is imperative that we make responsible decisions to ensure our products remain priced appropriately to continue to meet the needs of the consumer as well as our distribution partners.  In response to the current and recent interest rate environment, we are increasing the base premium rates* for Asset-Care as of July 1, 2016.

Products affected include Asset-Care I, Asset-Care II/III (life policy) and Asset-Care IV.

This change only impacts new business.  All existing in-force policies are not affected, as all premiums are contractually guaranteed to remain unchanged for the life of the policy.

The guarantees provided by Care Solutions will remain unchanged:
  • All premiums are contractually guaranteed.
  • All products and options will continue to be available.
  • No adjustments are being made to issue ages.
  • No changes are being made to producer compensation rates.
Transition rules:

* All business submitted/received no later than Thursday, June 30 and fully funded no later than Wednesday, August 31 may use the pre-July 1 rates.
* All other new business will receive the new July 1 rates going forward
Posted in Bulletins.