OneAmerica® is committed to the long-term care (LTC) market and to offering products that bring value to both the agents and clients we serve together. To help ensure the longevity of our Care Solutions product portfolio and confidently continue to keep our promises to you and your clients, we must continually monitor market conditions, practices, pricing, and features and make adjustments as needed. Below is information on upcoming changes to be aware of:

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

We’ll be making two key changes to our Asset Care portfolio, effective Sept. 25, 2021, that will affect the single premium life products only. These actions are precipitated solely by the prolonged low-interest rate environment, which has the largest impact on our single premium products. These changes will not affect any recurring or Continuation of Benefits (COB) premiums.


  • 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 our Annuity Funded Whole Life (AFWL) product from 20% to 10%


  • 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, we will implement changes required by the recent updates to 7702 federal tax code. The regulatory changes require a reduction in our non-forfeiture interest rate (cash value interest rate). These updates will also be effective Sept. 25, 2021, with the impacts as follows:

  • Asset Care (non-California): Changes have resulted in a slight increase to policy cash values with no impact to face amounts and long-term care benefit values.
  • Asset-Care in California: There will be a 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
Last day to submit Asset Care applications with the 20% bonus for Annuity Funding Whole Life submissions, the old rates for Asset Care Single Premium in all states, and/or Asset-Care I in California. Submissions must meet the following application and funding criteria:


  • eApps: Must be locked and sent for signature by close of business on Sept. 24, 2021, and they must be received in the Home Office by close of business at 5 p.m. ET on Oct. 1, 2021.
  • Paper apps: Must be received in the Home Office by close of business at 5 p.m. ET on Sept. 24, 2021.


  •  All cases submitted prior to Sept. 25, 2021, must have an issue date no later than Dec. 30, 2021, to receive old policy rates. Be aware, OneAmerica offices are closed on Friday, Dec. 31, 2021, for the New Year’s holiday.


Sept. 24, 2021

  • eApps must be locked (apps not yet signed but sent for signature) by close of business at 5 p.m. ET.
  • Signed paper apps must be received in the Home Office by close of business at 5 p.m. ET.

Sept. 25, 2021: Implementation date/Effective date for new rates

  • Sales Connection/iPipeline eApps and quoting updated with new rates.

Oct. 1, 2021

  • Signed eApps previously locked and sent for signature must be received in Home Office by close of business at 5 p.m. ET.

Dec. 30, 2021

  • On cases submitted prior to Sept. 25, 2021, all requirements including premium must be received in the Home Office by close of business at 5 p.m. ET. The case may be processed in 2022, but will have an issue date of Dec. 30, 2021, or earlier.


Note: Policies and long-term care insurance riders are underwritten by The State Life Insurance Company® (State Life), Indianapolis, IN, a OneAmerica company that offers the Care Solutions product suite. Asset Care form numbers: ICC18 L302, ICC18 L302 SP, ICC18 L302 JT, ICC18 L302 SP JT, ICC18 SA39; ICC18 R537, ICC18, R538, ICC18 R540 and L302, L302 SP, L302 JT, L302 SP JT, SA39; R537, R538, R540. Not available in all states or may vary by state.


Click here to review the full transition timeline for details.

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