OneAmerica® Expands Joint Asset Care Offering

OneAmerica® Expands Joint Asset Care Offering Effective July 26, 2023, the joint option on OneAmerica Asset Care will include the 4% acceleration option. Just like the clients we mutually serve, there is no one-size-fits-all approach to long-term care protection. The addition of a 75-month shared benefit pool expands our ability to provide meaningful and flexible benefit options for cost-conscious clients, and our unique lifetime benefit will now be more affordable in many situations. For details, please review I-31591 Care Solutions Product Guide. (The 75-month option currently is not available in California, however.) OneAmerica is committed to continually improving the new
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Categories: Industry News, Linked Benefit/Hybrids, and OneAmerica.

An opportunity for inherited qualified funds

The SECURE Act An opportunity for inherited qualified funds On December 20, 2019, Congress passed into law provisions from the Setting Every Community Up for Retirement Enhancement (SECURE) Act. This landmark legislation provides the most significant changes to the retirement industry in more than a decade and makes investing for retirement more accessible to millions of Americans.   How does this impact long-term care planning? First, the legislation eliminates the concept of “stretch IRAs,” which extended the tax-deferred status of an inherited IRA when it passed to a non-spouse beneficiary. The beneficiary could “stretch” the life—and the associated tax advantages—of
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Categories: Industry News, Linked Benefit/Hybrids, and OneAmerica.

First Premium Payment Methods Are Changing

Effective June 28, 2023 Due to our vendor’s processing change, we will no longer be able to accept credit cards as a method of payment for the first premium payment as of June 28, 2023. For a client’s first premium payment we accept: Personal check Cashier’s check Electronic check or eCheck OneAmerica® accepts checks made payable to OneAmerica or to The State Life Insurance Company®.   Pay by eCheck tip Complete the Electronic Premium Payment Authorization, I-34818. The form authorizes one-time or recurring debit payments from a checking or saving account. Make sure the client has their bank account and
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Categories: Industry News, Linked Benefit/Hybrids, and OneAmerica.

Help is One Phone Call Away with OneAmerica

Supporting Customers Through Long-Term Care Events Retirement comes with endless possibilities, but also added risks. The more we age, the more likely we are to need long-term care. One way for your clients to continue to be there for their loved ones is to have a plan. In case of a long-term care event, your customers can make sure not only that they will have the means to pay for it, but that their loved ones will have the support they need. Help is Only One Phone Call Away Our Care Benefit Concierge makes it easy for a power of
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Categories: Industry News, Linked Benefit/Hybrids, and OneAmerica.

Streamlining Electronic Sales with eApp

New enhancements to our eApp process are making it easier for you to submit new business with OneAmerica®. These new features and deep-dive resources are built to improve your virtual workspace experience as you continue to grow your business. They add value to your time while developing efficiencies in our current virtual environment.   With eApp you can: Obtain signatures electronically. Run illustrations to prefill applications. Automatically order LTCG tele-interview. Eliminate application errors, no NIGOs. Reduce processing time by two to five days. Place your order with one click! No more calls for tele-interview orders! The new auto-order button automatically
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Categories: Industry News, Linked Benefit/Hybrids, and OneAmerica.

Mutual of Omaha Anti-Money Laundering (AML) Vendor Updates

Effective immediately, Mutual of Omaha will now accept Anti-Money Laundering (AML) training certificates completed through SuranceBay and Securities Training Corporations (STC). Mutual of Omaha accepts AML training from the following vendors: RegEd Sandi Kruise WebCE Kaplan SuranceBay Securities Training Corporations (STC) STC has other AML-related courses available, but we will only accept the certificate for the course “AML for Insurance Professionals”. Any certificates for other courses or certificates that appear to be altered in any way, will not be accepted. LIMRA (Life Insurance Marketing and Research Association) Once you have completed the course, LIMRA will automatically send Mutual of Omaha
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Categories: Industry News, Life Insurance, and Mutual of Omaha (& Affiliates).

Care Solutions News, March 2023

Operations updates OneAmerica Closed on Good Friday OneAmerica will be closed on Friday, April 7, for the Good Friday holiday. Normal operations will resume on Monday, April 10.   Process Solutions Based on your/client feedback, two enhancements were made to the Asset Care eApp process, to provide a new online option to complete the Part 2 questions and to help identify underwriting program earlier. In addition to the release above, here’s an updated eApp process video.   It’s Almost Tax Time Annuity Care II is now offering more leverage on client dollars with activation of a 6-year Continuation of Benefits
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Categories: Industry News, Linked Benefit/Hybrids, and OneAmerica.

The Pension Protection Act and Long-Term Care FAQs

The Pension Protection Act and Long-Term Care FAQs The Pension Protection Act (PPA) deals with changes and reforms to pension governance, specifically with annuities, long-term care and new tax advantages. What does this mean for annuities? Cash value withdrawals from eligible annuity contracts for qualifying long-term care (LTC) expenses or qualifying long-term care insurance premiums are no longer taxable income. Can regular annuity withdrawals for LTC expenses be treated as tax-free distributions? An annuity policy must include language which makes it qualifying. This would preclude a “regular annuity” (an annuity with standard free withdrawal) from receiving the benefits of the
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Categories: Industry News, Linked Benefit/Hybrids, and OneAmerica.

OneAmerica — Strong and Stable

DENNIS MARTIN, PRESIDENT, INDIVIDUAL LIFE AND FINANCIAL SERVICES ANDREW MICHIE, CHIEF FINANCIAL OFFICER Over the last few days, you may have seen news reports about Silicon Valley Bank and resulting concern about the stability of the banking sector. Actions by the Federal Reserve and the U.S. Treasury have been swift, but this remains a developing situation. In case you’re wondering if OneAmerica® might be impacted, we want to assure you that: OneAmerica has zero direct exposure to Silicon Valley Bank or to Signature Bank of New York. OneAmerica has exceptional capital strength and diverse sources of liquidity. OneAmerica continues to
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Categories: Industry News, Linked Benefit/Hybrids, and OneAmerica.

Asset Care annuity withholding process update due to IRS guidelines

New withholding process for Asset Care annuities effective 12/10/2022 Jan. 1, 2023 in all states, IRS guidelines around taxable distributions from retirement plans and annuities will change, requiring a modification to our application process affecting our Asset Care Annuity Funding Whole Life option, as well as Asset-Care II/III (California). Starting 12/10/2022, this guideline change will necessitate collection of a new “Statement of Understanding – Withholding” form as well as IRS Form W-4P to indicate the policyholder’s future withholding preference prior to issue. Please view the video above to learn about this process change.   If you have any additional questions,
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Categories: Industry News, Linked Benefit/Hybrids, and OneAmerica.