OneAmerica AssetCare: Hybrid Life-Long Term Care Insurance Review 2025

OneAmerica announced a significant improvement to their pricing for AssetCare products in all states in the Fall of 2024. We've updated this page to reflect this new information.

What Makes OneAmerica AssetCare Unique?

If you're researching hybrid long-term care insurance plans, OneAmerica's AssetCare stands out in a market that includes Nationwide CareMatters, Lincoln MoneyGuard, and other leading providers.

Lifetime benefits is by far the first and most prominent difference between OneAmerica's offerings and all of the other companies.

Virtually every other hybrid long-term care plan on the market will provide a benefit pool designed to last between 3 and 7 years. OneAmerica takes a different approach, offering single or joint coverage for couples with an available lifetime benefit.

If you're looking at a OneAmerica quote, make sure it is configured with the Lifetime benefits. Not all plan designs include this, but it really puts their best foot forward.

You'll see it clearly highlighted on this example quote:

Example of a OneAmerica AssetCare quote highlighting lifetime benefits

Who is OneAmerica? A Century-Old Insurance Provider

OneAmerica is well known in much of the midwest, but less known in other regions of the country where they traditionally were not distributed. This has been changing over time, though, and AssetCare is offered in most states now.

Headquartered in Indiana, the OneAmerica® Life Insurance Company®, (State Life) offers individual hybrid life/long term care products. The company was founded in 1894 and operates as a subsidiary of OneAmerica Financial Partners, Inc.

Products: AssetCare

In most states, they've got one simple brand: AssetCare. You can fund an AssetCare policy upfront (typically $125k per person), over 10 years, or even over your lifetime. You can use IRA Qualified funds or post-tax money.

In some states (primarily California), these plans broken out into different versions, are named Asset Care I, Asset Care II, Asset Care III and Asset Care IV.

All of these products accrue cash value, offer a death benefit, and also offer Long Term Care Insurance benefits.

Death Benefits: Protection When Care Isn't Needed

In the event that care is never needed, then the family would receive a death benefit tax-free. The State Life Insurance Company® AssetCare option will also pay out a tax-free life insurance benefit. If long term care is never required, the family receives a lump sum payment at death.

In the case of a shared policy, the death benefit is second to die and is paid out after both insured have passed away. The State Life Hybrid Long Term Care Insurance plan offers a 48 month, a 66 month and an unlimited benefit period. There is also an individual plan offered to single people in addition to the shared policies which covers two individuals.

Overview of AssetCare coverage options and benefits

Estate Protection: Coverage for Long-Term Care Costs

State life Asset Care can help preserve your estate by covering the costs associated with your long term care. You may qualify for long term care if you suffer from Alzheimer's or are unable to perform at-least 2 out of 6 daily living functions.

Continuation Rider: Extending Your Coverage Period

Since the duration of time you will need long term care is unknown, Asset-Care Plus allows you to add on your length of coverage at a fixed and guaranteed premium in the form of a benefit continuation rider.

Joint Coverage: Shared Benefits for Couples

If you purchase a policy with two insured on the policy , both insured are then extended long term care benefits. Unused benefits are then paid out to beneficiaries after the last insured has passed.

Financial Strength: Top Industry Ratings

• A.M Best Company: A+
• Standard & Poor's: AA-
• Comdex Ranking: 96%

Ready to explore if OneAmerica AssetCare is right for you? Our insurance experts are here to help you understand your options and find the best coverage for your needs.

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Conclusion

State Life AssetCare is one of the few policies that still allows for an Unlimited Lifetime benefit period. State Life provides great asset protection and premium leverage for long term care.

Key Takeaways:

• Offers lifetime benefits, unlike most competitors
• Joint coverage available for couples
• Strong financial ratings (A+ A.M. Best, AA- S&P)
• Flexible payment options including IRA funds
• Tax-free death benefit if care isn't needed

Comparison with Other Providers

Real-World Scenarios

Scenario 1: Couple's Joint Coverage

John and Mary, both 60, invested $250,000 in a joint AssetCare policy:

• Lifetime benefits for both
• If one needs care, the other's coverage continues
• Death benefit protection if care isn't needed
• Guaranteed premiums and benefits

Scenario 2: IRA Conversion

Robert, 65, used $150,000 from his IRA:

• Converted tax-deferred money into tax-free LTC benefits
• Maintained death benefit protection
• Avoided RMD requirements on these funds

Frequently Asked Questions

What makes AssetCare different from traditional long-term care insurance?

AssetCare combines life insurance with long-term care benefits, ensuring your investment provides value whether you need care or not.

Can I use qualified retirement funds?

Yes, OneAmerica uniquely allows you to use qualified IRA funds to pay for your coverage.

What happens if I never need long-term care?

Your beneficiaries receive a tax-free death benefit, ensuring your investment benefits your family.

How do I qualify for benefits?

Benefits are triggered by either:

• Inability to perform 2 of 6 activities of daily living
• Cognitive impairment diagnosis

Related Resources

• Complete Guide to Hybrid Long-Term Care Insurance
• [How to Choose the Best Long-Term Care Insurance] (Coming Soon)
• 2024 Long-Term Care Insurance Company Reviews