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OneAmerica Asset Care: 2024 Long-Term Care Insurance Review

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OneAmerica offers one long-term care product combined with either life insurance or an annuity as the base product. The State Life Insurance Company, operating under the OneAmerica umbrella, underwrites the product: Asset Care long-term care insurance.

In this comprehensive review, we'll break down what you should know before you buy a long-term care policy from OneAmerica, including:

Read on to learn more.

OneAmerica Asset Care policy features

Asset Care is a hybrid long-term care insurance policy. Because it uses life insurance or annuities as the base product, there are no taxes on payouts when the policy is used for long-term care.

Asset Care is a no-frills long-term care policy offering basic coverage that includes:

  • Home health care
  • Nursing home care
  • Assisted living facility care
  • Adult daycare
  • Hospice care
  • Respite care
  • Durable medical equipment
  • Caregiver training

OneAmerica guarantees premiums will never increase, and coverage will never change.

Asset Care comes in two forms:

  • Life insurance with long-term care benefits: The policy can be used for long-term care, or the policyholder can use the cash value component of the life insurance policy during their lifetime. In addition, a tax-free death benefit is paid out when the insured dies, regardless of the long-term care benefits used.
  • Annuities with long-term care benefits: OneAmerica offers a fixed annuity coupled with LTC insurance. The annuity’s value helps cover the first two years of long-term care; the policyholder can then purchase an optional coverage extension to help pay long-term care benefits. Access to long-term care benefits can be tax-free.

Both forms of Asset Care use existing assets, such as a certificate of deposit (CD), individual retirement account (IRA, or savings as a single-premium payment option, or the policyholder can choose guaranteed annual premiums that will never increase

Asset Care can be purchased for a single person or a couple, with benefits available for both.

Long-term care benefits are triggered when the covered individual can’t perform two of these activities of daily living (ADLs):

  • Bathing
  • Dressing
  • Eating
  • Continence
  • Toileting
  • Transferring

LTC benefits are also available for cognitive impairment such as dementia or Alzheimer’s disease.

OneAmerica long-term care pros & cons


  • Multiple payment options
  • Tax-advantaged payouts
  • Life insurance death benefit will be paid even if the LTC insurance is used
  • The insurer has longevity and strong financial ratings
  • Lifetime benefit option available


  • No pricing is provided online
  • Must buy coverage through an agent (no online application)
  • Not available in New York

About OneAmerica Insurance

OneAmerica Financial Partners, Inc. is a mutual holding company owned by its policyholders. Its corporate offices are located in the OneAmerica Tower in Indianapolis, Indiana.

OneAmerica started as a life insurance company in 1877 by the Knights of Pythias and became American Central Life Insurance Company in 1899 (a OneAmerica subsidiary). Its CEO is J. Scott Davison.

OneAmerica Companies maintain solid financial ratings:

  • A.M. Best: A+
  • Standard & Poor’s: AA-

OneAmerica also has an A+ rating with the Better Business Bureau, as does The State Life Insurance Company.

Is Asset Care right for you?

OneAmerica is a well-established, financially solid company that offers a hybrid LTC policy called Asset Care that uses life insurance or an annuity as its base product. The coverage is industry standard and will meet the needs of someone looking for basic LTC insurance.

Information on the policy and pricing is limited on the OneAmerica website. If you’re interested in getting a quote or more details, you have to work through an agent, which may not be an option you want to pursue. Some established LTC insurers offer online quotes and applications.

The information and content provided herein is for educational purposes only, and should not be considered legal, tax, investment, or financial advice, recommendation, or endorsement. Breeze does not guarantee the accuracy, completeness, reliability or usefulness of any testimonials, opinions, advice, product or service offers, or other information provided here by third parties. Individuals are encouraged to seek advice from their own tax or legal counsel.

— Published December 30, 2022
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