Changes to Asset Care Single Premium, Annuity Funding Whole Life and Asset-Care I in California

Effective Sept. 25, 2021, OneAmerica will be making two key changes to the single premium life products in their Asset Care portfolio. These changes will not affect any recurring or Continuation of Benefits (COB) premiums.

What's Changing:

• Adjusting the pricing of Care Solutions single premium whole life products; this change will apply to Asset Care Single Premium and Asset-Care I (California)
• Reducing the annuity income rider bonus on their Annuity Funded Whole Life (AFWL) product from 20% to 10%

What's NOT Changing:

• Asset Care Recurring Premium
• Continuation of Benefits (COB)
• Asset-Care III (CA)
• Asset-Care IV (CA)

7702 Updates for Asset Care and Asset-Care in California

Concurrently, OneAmerica will implement changes required by the recent updates to 7702 federal tax code. The regulatory changes require a reduction in non-forfeiture interest rate (cash value interest rate). These updates will also be effective Sept. 25, 2021.

• Asset Care (non-California): Slight increase to policy cash values with no impact to face amounts and long-term care benefit values.
• Asset-Care in California: Slight increase to cash values and little to no impact to the policy face amount and long-term care benefit values.

Transition rules

Sept. 24, 2021 will be the last day to submit Asset Care and Asset-Care I applications with the current single premium rates and the 20% AFWL bonus. Please review the full transition timeline for details.