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COVID-19 Financial Professionals Updates
Every day we’re learning more, and adapting to meet the challenge of the new coronavirus pandemic. As information comes in, this page will serve as a repository for the latest news and resources for every line of business. Thank you for all that you do. Together, we’re fulfilling our promise to be there for the people we serve when they need us the most.
Select a line of business below to see more.
A Message to our Retirement Services Professionals
For over 140 years, the companies of OneAmerica have been in the business of helping individuals and business protect themselves in uncertain times. We will remain strong financial stewards and support the customers who have placed their trust in us. See the message.
RS Market Volatility Message
When financial markets become unpredictable, it's not easy to understand how to react, and what you should say to your participants. We want to provide you with some context and information that will be useful as market reactions to the Coronavirus outbreak continue to play out.. (Spanish version)
Coronavirus Aid, Relief and Economics Security Act (CARES) Act
The CARES Act, which was signed into law on March 27, 2020, expands options for participants affected by COVID-19 to access their retirement account balances. Additionally the CARES Act delays Required Minimum Distributions (RMDs) due to be paid in 2020. The CARES Act also provides changes and/or relief related to defined benefit plans, student loan repayments and health savings accounts. The situation is fluid and these documents will be updated periodically. Please check back frequently.
- CARES Act Overview
- Hardship Distributions
- These thought leadership pieces provide resources and insights on how specific industries are navigating the current environment:
- OneAmerica CARES Act Implementation approach
- For clients who currently permit loans and hardships, OneAmerica will be implementing the ability for participants to take COVID-19 distributions and increased loan amounts starting on April 7, 2020, unless clients opt out of the offering the CARES Act provisions by April 6, 2020.
- To address the CARES Act provision which delays Required Minimum Distributions (RMDs) for 2020, OneAmerica is currently freezing all distributions slated to be coded as RMDs and is working to determine an alternative course of action for those who are taking RMDs as installments, should they wish to continue to receive distributions – subject to the terms of the plan.
- Pete the Planner on the CARES Act
- Families First Coronavirus Response Act
- Cyber Security Risks
In the wake of the novel coronavirus, COVID-19 pandemic and related impacts on business operations, plan sponsors have many questions about how to assist their participants and have concerns about their ability to maintain their plan. Below are resources to address topics of interest related to the novel coronavirus, COVID19.
- Retirement Plan Termination
- Suspension of Employer Contributions
- Distributable Events
- Financial Strength of OneAmerica and the Stable Value Account
Attached below are business related communication that have been released to date.
A Message to our Distribution Partners
The relationship we share with you is important to us. The same partnership values that drive us every day will also be what carry us through this pandemic. You can depend on us to be there for you, just as our customers depend on us to be there when they need us most. Read more
Current Business Impact
This information reflects the latest status of our business areas and vendors that may affect processing or support of current business requests.
- New Business and Underwriting: Service levels remain standard for OneAmerica teams; however, with various state restrictions in place, below are links to our paramed vendors’ impact information:
- Contact Center and Inforce Services: Call hold times and times for completion of service requests may be extended
- Licensing: No expected impacts or delays at this time; please submit requests via email to the following:
- Claims: No impact at this time
- Premium payments: At OneAmerica, we believe in being there when our customers need us most. We recognize that due to the far-reaching effects of the COVID-19 pandemic, some life insurance policyowners currently may struggle to pay their premiums on time. To help those who have a real need during this time and to address the various state requests and directives, new procedures are being implemented for lapsed policies and grace period extensions.
- N.J., N.Y. and D.C. repayment plan: New Jersey, New York and the District of Columbia have required insurance carriers implement a repayment plan for premiums missed due to COVID-19.
Attached below are business related communication that have been released to date. Be aware, the information contained in the “Current Business Impact” section above reflects the most updated information.
- June 12: Underwriting update: A new normal (Versions: Career/IB and Care Solutions)
- May 18: Grace period extended through July 1 for premium payments
- April 22: An Update on Temporary Changes to Our Business Limits
- April 8: All You Need to Know About the CARES Act
- April 6: Additional Underwriting Impacts as a Result of COVID-19
- April 3: New Procedures for Lapsed Policies and Grace Period Extensions
- March 30: ILFS President Dennis Martin - Weathering the Storm Webinar
- March 27: OneAmerica Contact Center and Underwriting Update
- March 27: A message from ILFS President Dennis Martin: Weathering the Storm Together
- March 18: New Business and Underwriting Guidelines
A Message to our Distribution Partners
The COVID-19 outbreak is an unprecedented challenge to our communities and country. Our promise to you is that we will be responsive to your needs and the needs of the people you serve. We are still here, every day, to help you conduct business. Read more
Quarantine & STD Guidelines
Information on COVID-19 quarantine measures and STD coverage.
Group Benefits COVID-19 Q&A
Reference guide (updated July 15, 2020) to frequently asked questions about how COVID-19 affects group benefits clients
- Information from our partner, ComPsych Corp. to help keep your policyholder’s employees informed about the coronavirus, as well as offer guidance on how to remain healthy and deal with the emotional impacts of the outbreak
- OneAmerica will continue to be there for our policyholders and their employees during this unprecedented pandemic. Concerned about nonpayment of premium? The companies of OneAmerica will continue to comply with state insurance requirements as we always have, which at this time includes extended grace periods. Talk to your OneAmerica sales team member for more information.
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