PRODUCT: OneAmerica Premier Term and OneAmerica Term
COMPANY: OneAmerica® and American United Life Insurance Company®, a OneAmerica company
BEST RATING: A+ (Superior)
AVAILABILITY: Coverage is available through OneAmerica career agents, as well as through other brokerage outlets that have relationships with OneAmerica.
FOCUS: Although four in ten U.S. households have no life insurance coverage, 35% would feel the financial impact from the loss of the primary wage earner within one month, according to LIMRA.
Because term insurance is an affordable way for families and business owners to cover financial commitments for a specified period of time, OneAmerica recently launched two new term life insurance products designed to offer more flexibility.
“We’re expanding options for people to match their life insurance coverage to their needs and their overall financial strategy,” explains Chris Coudret, vice president of strategy and business development, Individual Life and Financial Services, OneAmerica.
“Some people know they won’t have a need for insurance beyond the term period, while others know they’ll at least want to consider a whole life option down the road,” Coudret adds. “With OneAmerica Term and Premier Term, policyholders can be sure they’re paying for the appropriate coverage for their needs.”
With these products, OneAmerica also modifies the post-level term period to stabilize premium levels for policyholders when the level period ends—“providing a soft landing at the end of the term period,” Coudret explains.
And for both products, the company has introduced annual statements to policyholders, “so they always know their policy status and options available to them in the context of their overall financial strategy,” Coudret says.
OneAmerica companies have been offering life insurance products for more than 140 years. While previous offerings included a single term life product with some convertibility options, “these two new products are a product evolution, designed to help more people get the coverage they want,” Coudret explains.
COVERAGE DETAILS: OneAmerica Term is a non-convertible product, designed to be competitive in situations where clients are looking for term life protection at a relatively low price. OneAmerica Premier Term is designed to be a strong conversion product.
Both products offer guaranteed level premiums and death benefits over the term period, with four term options to choose from: 10-, 15-, 20- and 30-year terms. Face amounts range from $100,000 to $1 million.
In addition, OneAmerica Premier Term offers conversion options for permanent protection with whole life or whole life with long-term care protection. OneAmerica Premier riders, meanwhile, offer additional coverage options, including covering all children for one price, a waiver of premium for disability, and a living needs benefit.
UNDERWRITING: $100,000 minimum size requirement across all ages. OneAmerica offers an accelerated underwriting process for some applicants. For those who don’t qualify for accelerated underwriting, OneAmerica determines premium class using a proprietary point system, “which takes a holistic view of the individual and creates a fair, balanced risk class for each person,” Coudret explains.
MINIMUM PREMIUM: N/A.
TARGET: Clients 25 to 50 years old who are building an initial protection plan, or who have temporary insurance needs. As Coudret points out, “the product hits right at the heart of the standard term market.”
COVERAGE TERRITORY: OneAmerica Term and Premier Term are currently approved in 48 U.S. states. Approval is pending in California.
CONTACT: OneAmerica Sales Desk, 888-999-9833.
Jacquelyn Connelly is IA senior editor.
