OneAmerica Annuity Care Changes 11/21/20

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OneAmerica Annuity Care Changes 11/21/20

Effective 11/21/2020, the following changes will take effect:

Annuity Care

What’s Happening: premium increase on the COB Rider

States in the first round of approvals: ALL EXCEPT CO, DC, HI, ID, LA, MS, NC, OR and RI.

Annuity Care II

What’s Happening: this is the second round of states to adopt the April, 2020 update. The COB Rider will be limited to 36 months in addition to a COB Rider premium increase.

States in the second round of approvals: CO, LA, NC, ND, OH, SC, TX, WA, WV

*Please note Indexed Annuity Care COB Rider durations and pricing is not changing.

Transition Timeline

Friday Nov. 20, 2020

  • eApps must be locked (apps not yet signed but sent for signature) by close of business.
  • Signed paper apps must be received in the Home Office by close of business.
  • Cash funding must be received in the Home Office by close of business.
  • 1035 paperwork must be received in the Home Office by close of business.

o   1035 funding must be completed within 60 days from underwriting approval.

Saturday Nov. 21, 2020

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

Friday Dec. 4, 2020

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

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