Table of Contents
About State Life Insurance Company
Company Highlights
- Subsidiary of OneAmerica Financial Partners, Inc., a mutual organization
- Headquartered in Indianapolis, Indiana
- Industry leader in asset-based long-term care solutions
- Over $6.8 billion in assets (growing since 2016)
- Over $11.7 billion of life insurance in force
- Named to Forbes’ list of America’s Best Insurance Companies
State Life Insurance Company is a OneAmerica company that focuses on a specific niche in the world of life insurance, particularly asset-based long-term care products. We previously did a review on American United Life (AUL), another OneAmerica company, but felt the need to do a separate review of State Life because of its focus on wealth preservation.
As a mutual company, OneAmerica is owned by its policyholders, not shareholders, and is committed to long-term financial strength and customer-focused service. State Life is structured as an Indiana stock insurance company within the OneAmerica family, which also includes American United Life Insurance Company and Pioneer Mutual Life Insurance Company.
State Life is recognized as a leader in hybrid long-term care life insurance solutions. This type of whole life insurance protection is crucial to safeguard your estate and provide maximum asset protection.
State Life Insurance Company Ratings & Financial Strength
The different life insurance ratings agencies have given State Life high marks, indicating that the company is financially strong and will be able to meet its ongoing obligations to policyholders.
Want to compare State Life with other top insurers?
Get personalized life insurance quotes from multiple A-rated companies.
| Rating Agency | Rating | Category |
|---|---|---|
| A.M. Best | A+ (Superior) | 2nd highest of 16 |
| Standard & Poor’s | AA- | 4th highest of 22 |
| Comdex Ranking | 96 | Out of 100 |
2025 Updates & Innovations
Latest Developments at State Life Insurance
State Life has made significant strides in product innovations, digital transformation, and financial performance, maintaining its position as a leader in the asset-based long-term care market.
Recent Achievements & News
- Dividend Increase: For 2025, OneAmerica announced a 13% increase in dividend payments, reflecting strong financial performance and a continued commitment to policyholders.
- Product Enhancements: In late 2024, OneAmerica improved pricing for Asset Care products nationwide, making their hybrid LTC solutions more competitive.
- Digital Sales Experience: In 2023, State Life and OneAmerica partnered with Ensight to launch a digital Asset Care Sales Story platform, enhancing the ability of financial professionals to present personalized LTC solutions to clients.
- Lifetime LTC Benefits: State Life remains one of the few providers offering truly unlimited lifetime long-term care benefit periods, a significant differentiator in the hybrid LTC market.
Long-Term Care Insurance Overview
The costs associated with long-term care pose a serious threat to anyone’s financial health. One solution is long-term care insurance (LTCI).
Understanding Long-Term Care Needs
For Americans over age 65, there is around a 50% chance that they will need some form of long-term care. As people are living longer, that rate will most likely climb.
Long-term care is not cheap. You are probably looking at paying around $100,000 a year for a nursing home and $50,000 a year for assisted living. In-home care runs around $3,800 a month. And these numbers increase every year with inflation.
Traditionally, long-term care insurance provided an income benefit for costs associated with long-term care. However, due to rising costs and fees, many of the companies that used to offer LTCI as standalone policies have ceased to do so.
Enter the hybrid combination Life+LTC insurance policies.
Long-term care life insurance combination policies combine the benefits of life insurance and long-term care.
With these policies, you get:
- A death benefit that passes to your beneficiary income tax-free when you die
- An income benefit that helps cover long-term care costs
- Cash value that can be used via withdrawals and tax-free policy loans
When Are Long-Term Care Benefits Triggered?
Long-term care insurance benefits are triggered by one of two scenarios:
- If you are unable to perform 2 of 6 activities of daily living (ADLs); or
- You require care due to a cognitive impairment such as Alzheimer’s disease, Parkinson’s disease, or Dementia.
Your long-term care benefits provide help for different expenses including in-home care, nursing home care, or care in an assisted living facility. Your income benefit is considered an advance of the death benefit and is income tax-free.
State Life Insurance Products
State Life specializes in asset-based long-term care (LTC) solutions, primarily through its flagship Care Solutions® product suite. These products combine life insurance or annuities with long-term care benefits, offering clients protection for both their estate and potential care needs.
Asset-Care Overview
Asset-Care is State Life’s premier hybrid LTC+Life insurance product. It provides permanent life insurance protection with access to 100% of the death benefit for qualifying long-term care expenses.
Asset-Care Policy Options
| Policy Type | Description | Key Features |
|---|---|---|
| Asset-Care I | Single premium whole life insurance | One-time payment, guaranteed coverage, may be a MEC |
| Asset-Care II | Non-qualified annuity funding a 20-pay whole life policy | Alternative funding method for those with non-qualified assets |
| Asset-Care III | IRA funding a 20-pay whole life policy | Allows use of qualified retirement funds for LTC planning |
| Asset-Care IV | 10-pay, 20-pay, or pay to age 100 whole life | Flexible premium payment options for various budgets |
All Asset-Care plans include a guaranteed death benefit, guaranteed cash value growth, and access to 100% of the death benefit for qualifying long-term care expenses. In addition, you can add on lifetime long-term care coverage with premiums that never increase.
Want to learn more about protecting your assets?
Get a personalized illustration of State Life’s Asset-Care solutions.
Asset-Care Features and Benefits
- Age Eligibility: Available for ages 35-80 for single premium and 20-80 for 10-pay, 20-pay, or to age 100
- Guaranteed Interest Rate: Minimum 4% interest rate
- Death Benefit: Guaranteed death benefit
- Elimination Period: 30-day in-home care; all other care 60 days
- Income Benefit: 2%, 3%, or 4% (additional premium required for 3% or 4%)
- Premium Waiver: Premiums waived if receiving qualified care
- Continuation of Benefits Rider: Limited and lifetime options
- Non-cancelable which means the premiums remain the same
- Inflation Protection Rider:
- Four options: 3% simple or compound growth and 5% simple or compound growth
- Policy Loans: Life insurance loans are available but they will reduce the LTC benefits
- Joint Coverage: Survivorship life insurance with long-term care benefits available for couples
Benefits of Hybrid LTC+Life Insurance
Comparing Traditional LTC vs. Hybrid Policies
Traditional LTC Insurance: Provides benefits only if you need long-term care; if you never need care, you typically receive no benefits and premiums may increase over time.
Hybrid LTC+Life Insurance: Provides both long-term care benefits if needed AND a death benefit for heirs if long-term care isn’t used (or after care needs are met). Premiums are typically guaranteed and won’t increase.
The hybrid approach ensures that your money provides value whether you need care or not, eliminating the “use it or lose it” concern of traditional LTC insurance.
Permanent Life Insurance Options
The Hybrid LTC+Life insurance policies from State Life are forms of permanent life insurance. Popular variations include:
- Whole Life Insurance: The best whole life insurance provides guaranteed cash value growth, guaranteed death benefit protection, and guaranteed fixed premiums. Due to the stability it provides, it’s a good choice for anyone looking for the closest they can get to a “sure thing.”
- Indexed Universal Life: Indexed universal life insurance combines LTC benefits with potential for higher cash value growth tied to market indexes. Currently, around 25% of all IUL policies are some type of hybrid LTC/IUL policy.
Whole life insurance is a non-correlated asset, which means that it is not tied to the performance of the stock market. When used in conjunction with a long-term care rider, whole life insurance is a good investment to make for anyone serious about wealth preservation.
State Life Insurance Company Review Conclusion
If you have wealth and do not have a plan in place that accounts for long-term care costs, you are putting your entire legacy at risk.
Request a personalized Asset-Care illustration
See how State Life’s hybrid solutions can protect your wealth and legacy.
State Life Insurance Company stands out as a leader in the hybrid long-term care insurance market with its Asset-Care products. The company offers a comprehensive solution for those looking to protect both their assets and provide for potential long-term care needs.
Key strengths include:
- Strong financial ratings (A+ from A.M. Best, AA- from S&P)
- Variety of premium payment options (single pay, 10-pay, 20-pay)
- Guaranteed lifetime benefits option
- Recent product enhancements and improved pricing
- Backed by OneAmerica’s mutual company structure focused on policyholder value
What can you do to protect yourself from long-term care costs? The first step is to get informed. We can help you with the life insurance long-term care planning side. Simply reach out to us by phone or email to get started. If you’re interested in an illustration of State Life Insurance Company’s Asset-Care whole life insurance or any of the other companies we represent, please give us a call today.
Ready to Protect Your Wealth from Long-Term Care Costs?
Let us help you determine if State Life’s Asset-Care or another top hybrid LTC solution better fits your financial goals.
Get a personalized consultation and compare options from multiple A-rated insurance providers.
REQUEST YOUR FREE CONSULTATION
No obligation • Customized to your needs • Compare multiple top companies
5 comments
Sandra Curtis
I have left this message already—-you automatically deposit $39.40 into my account every month. However, I have a different account now, so last month’s was not deposited. Sandra
Insurance&Estates
Hello Sandra, we are Insurance and Estate Strategies, LLC, a private company focusing on life insurance education and cooperating agency for life insurance sales. Sometimes folks get us confused with their insurance company because we educate and write articles on many companies. Our articles often pop up in searches and people see the phone number and naturally mistake us for their company. Please check your records and make sure you’re contacting State Life directly to get your concerns addressed.
Best,
Steve Gibbs, for I&E
Valerie Bonnette
I need a copy of my life insurance policies that I have with state life insurance or a phone number to them
Insurance&Estates
Hello Valerie, it looks like you’re looking for the insurance company and folks sometimes get us confused because we publish articles about various companies. I suggest you do another search and make sure you’re looking at the State Life website and contact information and inquire there.
Best, I&E
Larry Stecker
Looking for One America’s info on hybrid annuities with Long Term Care, or contact info for available agents.