Hannover Re Backs OneAmerica Life-Based LTC Product

Hannover Re US and State Life will "share all actuarial risks inherent in the OneAmerica product suite of Asset Care products," the companies say.

Dennis Martin, president of individual life and financial services at OneAmerica, said in a statement about the arrangement that the company has seen tremendous growth in Asset Care product sales.

"As more people become aware of the significant benefits and guarantees offered by these products, we believe this growth will continue," Martin said. "We're committed to offering financial advisors and their clients industry-leading asset-based LTC products, using both whole life insurance and annuities, for many years to come."

Other insurer also offer annuity-based and life insurance-based LTC combination products. The products are sometimes called LTC hybrid products, or asset-based LTC products.

OneAmerica began offering its Asset Care products in 1989.

Peter Schaefer, president of Hannover Re US, said in a statement of his own that Hannover Re US likes the fact that OneAmerica has many years of experience in the asset-based LTC market.

— For more about how the long-term care planning market works, see our Long-Term Care Planning archive, on ThinkAdvisor.

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