Preparing for Long-Term Care Expenses with Annuities

Have you saved and invested enough to live on during retirement? Then consider designating some of your provisions for end-of-life care or long-term care. You can transfer existing savings or other assets to a special type of annuity that combines long-term asset growth with long-term care benefits.

  • Single premium option — Use existing assets, such as a CD, savings or another annuity, as a one-time-only premium payment and avoid ongoing, non-guaranteed premium payments
  • Added value for care — Your accumulated value grows at a guaranteed minimum interest rate; when you withdraw money for long-term care expenses your funds get credited at an even higher interest rate
  • Tax-free benefits — Pay no income tax if you use your annuity for qualifying long-term care expenses, regardless of the deferred gain (subject to monthly maximums, and premiums funded after-tax)

A Variety of Strategies to Choose From

There is a variety of asset-based long-term care products offered by The State Life Insurance Company, a OneAmerica® company. Consider these details when choosing between long-term care insurance and an annuity-backed long-term care packages from the companies of OneAmerica. To choose the product that matches your financial goals, contact an insurance agent/producer.

  • Any policy or annuity can be purchased for a single person or two people with benefits available for both
  • Your policy’s accumulated value goes to your beneficiaries at death if you don’t use it for long-term care
  • Long-term care protection becomes available when you cannot perform two of the following activities of daily living:  bathing, dressing, eating, continence, toileting, transferring or if you have cognitive impairment (such as Alzheimer’s disease)
  • A broad range of qualifying long-term care expenses means you can receive care in your home, use adult day care facilities or stay at a nursing home or assisted living facility. Covered care also includes qualifying hospice care, respite care, caregiver training and supportive equipment

Notes: Policies, contracts and long-term care insurance riders are underwritten by The State Life Insurance Company® , Indianapolis, Indiana.  This is a solicitation of long term care insurance.  Details about the cost, benefits, limitations and exclusions of these policies and long term care insurance riders will be provided to you by a licensed insurance agent/producer.  When you respond, an insurance agent/producer will contact you. These products require medical underwriting.

 

To be eligible for benefits the insured must be a chronically ill individual, with qualified long-term care services provided pursuant to a plan of care prescribed by a licensed health care practitioner.

 

ICC14 PROD-2d.3.2-INDa

PROD-2d.3.2-INDa

Protection from the Stress & Expense of Long-Term Care

An insurance agent/producer can help you select from the annuities offered by The State Life Insurance Company, a OneAmerica® company. Consider making long-term care annuities part of your financial strategy if you:

  • Want to help safeguard the rest of your estate by making sure potential long-term care expenses are covered
  • Have average or better than average health
  • Want to help protect loved ones from the stress and expense of providing long-term care
  • Need help with long-term care protection, but you don’t want another bill

Notes: Policies, contracts and long-term care insurance riders are underwritten by The State Life Insurance Company® , Indianapolis, Indiana. This is a solicitation of long term care insurance.  Details about the cost, benefits, limitations and exclusions of these policies and long term care insurance riders will be provided to you by a licensed insurance agent/producer.  When you respond, an insurance agent/producer will contact you.  These products require medical underwriting.

 

To be eligible for benefits the insured must be a chronically ill individual, with qualified long-term care services provided pursuant to a plan of care prescribed by a licensed health care practitioner.

 

ICC14 PROD-2d.3.2-INDb

PROD-2d.3.2-INDb

Staying Engaged with Your Financial Strategies

Whether you already have accounts with The State Life Insurance Company, any of the other companies of OneAmerica® or you want to learn more about our products and services, you can take action today. Keep your account up to date and stay actively involved in your financial strategy when you contact your insurance agent/producer for help or manage your account online.

Notes: Policies, contracts and long-term care insurance riders are underwritten by The State Life Insurance Company, Indianapolis, Indiana. This is a solicitation of long term care insurance.  Details about the cost, benefits, limitations and exclusions of these policies and long term care insurance riders will be provided to you by a licensed insurance agent/producer.  When you respond, an insurance agent/producer will contact you.

 

Neither State Life nor OneAmerica Securities nor their representatives provide tax or legal advice. For answers to specific questions and before making any decisions please consult a qualified attorney or tax advisor.

 

ICC14 PROD-2d.3.1-INDc

 

PROD-2d.3.1-INDc