|State Life expands distribution channels to include banks|
Life insusurance and annuity products are geared to long-term care needs of seniors
Indianapolis (Aug. 6, 2009) – Expanding its commitment of providing quality, consumer-oriented products to the marketplace, The State Life Insurance Company, a OneAmerica® company, today rolled out an aggressive distribution strategy aimed at helping the nation’s banks offer State Life’s asset-based long-term care solutions portfolio.
State Life’s banking distribution strategy represents the company’s determined focus to expand the presence of their guaranteed, fixed interest products across the country. For more than 20 years, State Life has been a recognized frontrunner in providing life insurance and annuity options for long-term care.
“Banks are putting a tremendous effort behind offering protection products to their customers and providing comprehensive financial packages,” said State Life executive vice president Chris Coudret. “Banks also are looking for additional revenue streams outside of traditional banking products as a means of providing convenience and greater piece of mind to their customers. State Life is pleased to be working with banks to offer such options.”
State Life’s product portfolio makes a solution available for nearly every stage of the senior life cycle. In addition to providing care solutions, banks offer multiple funding opportunities, including cash, CDs, money markets, and, IRAs. These options can enable banking clients to utilize an existing asset to solve a portion of their post-retirement needs.
“State Life has consumer-friendly products, which address key financial issues that our clients will face as they get older,” said John Falk, managing director of insurance at US Bancorp Insurance Services, LLC. “The quality products that are backed by competent people are easy to understand and offer contractual guarantees, so the client does not have to worry about what the future may bring.”
To further support the bank distribution channel, State Life external wholesalers will be assigned territories to accommodate producers focusing on the bank distribution channel. State Life products offered in banks are the same that State Life offers through its network of independent producers and agreements.
“State Life’s external wholesalers play a very important role in educating our representatives and clients on asset-based long-term care solutions,” said Sean Carter, insurance program manager of The Huntington Investment Company. “Communication between the bank and State Life is open and direct, allowing my representatives to help even more clients.”
State Life’s Care Solutions Portfolio includes Asset-Care® (life insurance with LTC benefits), Annuity Care® (annuity with LTC benefits), ImmediateCare® (immediate annuity for individuals currently receiving long-term care) and Legacy Care® (senior-focused deferred annuity). State Life products are available in all states except New York. More details can be obtained by calling State Life at 1-800-428-2316.
OneAmerica’s nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plan products and services, individual life insurance, annuities, long-term care solutions and employee benefits. The goal of OneAmerica is to blend the strengths of each company to achieve greater collective results.
The products of the OneAmerica companies are distributed through a network of employees, agents, brokers and other distribution sources that are committed to increasing value to our policyholders by helping them plan to meet their financial goals.
We deliver on our promises when customers need us most.
Not a deposit. Not FDIC or NCUA insured. May lose value. Not guaranteed by any bank. Not insured by any federal government agency.
All guarantees are subject to the claims paying ability of The State Life Insurance Company.
A fixed annuity contract and a fixed life insurance policy are both long-term products. Annuities are tax-deferred insurance contracts designed for retirement. They can allow you to create a fixed stream of income through a process called annuitization and also provides a fixed rate of return based on the terms of the contract. Fixed life insurance is not an investment, retirement account or savings account and should only be purchased by individuals that have a need to provide a death benefit to protect others with insurable interests in their lives against financial loss. Life insurance requires medical underwriting and the cash values of a policy are not considered liquid and cash value policy loans are taxable if the policy is surrendered or terminates before the insured's death and the cash value exceeds the policy's cost basis.
Fixed annuities and insurance policies both have limitations. If you own an annuity and decide to take your money out early, or you own a life insurance policy that lapses with loans outstanding, you may face fees called surrender charges and the loan amount becomes subject immediately to federal income tax. Additionally, if you're not yet 59½, you may also have to pay an additional 10% tax penalty on top of ordinary income taxes. An annuity contract and a life insurance policy’s tax treatment ultimately depend on a variety of factors. You should also know that both fixed annuities and life insurance contain guarantees and protections that are subject to the issuing insurance company’s ability to pay for them.
Asset-Care policy form # series L301, SA31, and R501. Annuity Care policy form # series SA34 and R508. Immediate Care policy form # series SA33. Legacy Care policy form # series SA32, R502, and R503. Product and riders may not be available in all states.
OneAmerica Financial Partners, Inc, One American Square P.O. Box 368, Indianapolis, MD 46206-0368 United States
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