OneAmerica Financial life insurance

Overview

OneAmerica Financial is an Indianapolis-based group of life insurers best known for Asset Care, a whole life policy that can pay for long-term care. Its main companies are American United Life Insurance Company (AUL), The State Life Insurance Company (State Life) and Pioneer Mutual Life Insurance Company. The group ranked #34 among U.S. life insurance groups by 2024 individual life direct premiums written, according to NAIC market share data, with $1.04 billion in premiums and a 0.66% market share.

OneAmerica is a mutual holding company group: the insurance companies are stock companies ultimately controlled by American United Mutual Insurance Holding Company, so there are no outside shareholders. It sells through independent financial professionals and general agencies rather than its own career agents. OneAmerica says it paid $7.2 billion to customers in 2024 and had $3.8 billion in 2024 sales. Besides individual life and hybrid long-term care coverage, it sells annuities and group life and disability insurance through employers.

History

AUL was incorporated as a fraternal society on November 7, 1877, and reincorporated as a mutual insurance company under Indiana law in 1933. The State Life Insurance Company, which issues the group's long-term care products, and Pioneer Mutual Life Insurance Company of Fargo, North Dakota, founded in 1868, later joined AUL as affiliated companies.

On December 17, 2000, AUL converted from a mutual life insurer to a stock life insurer controlled by American United Mutual Insurance Holding Company, with OneAmerica Financial Partners, Inc. as the intermediate holding company. On January 29, 2024, the company refreshed its brand from OneAmerica to OneAmerica Financial and launched its first national advertising campaign.

The largest recent change came on January 2, 2025, when Voya Financial completed its purchase of OneAmerica's full-service retirement plan business (401(k), 403(b), 457 and similar plans). Voya now administers those group annuity contracts on behalf of AUL under a reinsurance agreement. OneAmerica kept its individual life, long-term care, annuity and employee benefits businesses. J. Scott Davison is chairman, president and CEO.

Life insurance products

OneAmerica sells traditional and hybrid life insurance:

• Term life. OneAmerica Term and OneAmerica Premium Term offer 10-, 15-, 20- or 30-year level premium guarantees, with options to convert to permanent coverage, plus optional child benefit and waiver of premium riders.
• Whole life. Three participating whole life options can earn dividends, which are not guaranteed: Whole Life with guaranteed premiums and values, Whole Life 121, which spreads premiums to age 121 for a lower payment, and Whole Life Select, paid over a chosen number of years (whole life dividends: how participating policies pay).
• Variable universal life pairs permanent coverage with cash value invested in market subaccounts, sold through OneAmerica Securities (Variable universal life (VUL) insurance).
• Asset Care, issued by State Life, is whole life insurance with long-term care benefits. You can draw on it for home care, adult day care, assisted living or nursing home care; if you never need care, the cash value stays available and the death benefit passes to your beneficiaries. The 2024 version added support for informal caregiving and in-home care, expanded inflation protection options and simplified benefit period choices. Policyholders get a Care Benefit Concierge when they claim (hybrid life and long-term care policies).

Pioneer Mutual issues fixed universal life products. OneAmerica does not publish a no-exam or online-only life product for consumers.

Other products

State Life's Annuity Care line (Annuity Care, Annuity Care II and Indexed Annuity Care) lets annuity values pay for qualified long-term care, with an optional lifetime extension. AUL also sells single premium immediate annuities, the Freedom Builder fixed indexed annuity and a flexible deferred income annuity. Its employee benefits unit sells group life and disability insurance.

Buying and service

You buy OneAmerica policies through a financial professional. The company appoints general agencies around the country and has a find-a-professional tool on its site; for long-term care products you can also call 877-999-9883, option 2. Because its agents are independent, they can usually compare OneAmerica with other insurers (captive vs independent life insurance agents).

Policy owners can log in to view policies, update beneficiaries and pay premiums. For individual life, annuity and Asset Care policies, OneAmerica routes calls by policy number: numbers starting with "10" or "0" go to 800-437-4692, numbers starting with "5" or "L" go to 800-428-2316, and if you do not know your policy number, call 800-537-6442. Employer-provided life or disability questions go to 800-553-5318.

Claims

Beneficiaries can file a life insurance or annuity death claim online through a guided claim form on oneamerica.com. A claim needs a certified death certificate and a completed claim form from each beneficiary (annuity claims also need a W-4R tax form). Representatives help with claim packets at 800-833-5569, 8 a.m. to 5 p.m. Eastern on weekdays; messages left after hours are returned by 10 a.m. the next business day. Claims can also be faxed to 317-285-1344, emailed to [email protected] (use the company's secure email system for personal details), or mailed to OneAmerica Financial Partners, P.O. Box 6008, Indianapolis, IN 46206-6008. Long-term care claims have a separate process.

Ratings and reputation

OneAmerica's ratings page says AM Best affirmed the A+ (Superior) financial strength rating of American United Life and State Life on September 30, 2026, with a stable outlook; A+ is the second-highest of AM Best's 15 ratings. S&P Global Ratings rated the two companies A+ with a stable outlook on September 18, 2026. OneAmerica does not list Moody's or Fitch ratings.

OneAmerica was not among the brands ranked in the J.D. Power 2026 U.S. Individual Life Insurance Study.

Who it suits

OneAmerica suits people who want to plan for long-term care with a policy that also leaves money to heirs if care is never needed, and who want participating whole life from a mutual-controlled group with A+ ratings. It is a weaker fit for someone who wants to buy term online without an advisor, or who wants a large carrier's full product range now that the retirement plan business has been sold.

• Strengths: Long experience with hybrid life and annuity long-term care products; A+ ratings from AM Best and S&P affirmed in September 2026; mutual holding company ownership with no outside shareholders; independent advisors who can compare carriers.
• Weaknesses: No consumer online application or published no-exam term product; three different service numbers depending on policy number; Asset Care and Annuity Care can require a sizable lump-sum premium; smaller scale since the 2025 sale of its retirement business.

How to contact OneAmerica Financial