OneAmerica is going after consumers who hope stock market gains will make their long-term care (LTC) dollars go further.
The State Life Insurance Company, a unit of OneAmerica, has introduced the Indexed Annuity Care product, a single-premium annuity contract.
The contract is one of a relatively small number of indexed annuity contracts with LTC benefits that have been introduced in the United States.
Sheryl Moore of Moore Market Intelligence reports that some other companies that have offered indexed annuities aimed at the LTC planning market include Washington National, Midland National Life and North American Company for Life & Health.
OneAmerica says it believes its annuity is the first indexed annuity that provides benefits that meet the definition of “long-term care insurance” given in Internal Revenue Code Section 7702(B).