Affordable life insurance with living benefits
and stable rates that will not change for life*
COLUMBUS, Ga., July 25,
2023 /PRNewswire/ -- Chronic diseases are the leading
causes of illness, disability and death in the U.S., according to
the Centers for Disease Control and Prevention.1
Addressing the need for better options for Life Insurance, Aflac, a
leading provider of supplemental health insurance products in the
U.S., announced today the launch of a new product, Aflac Group Life
Term to 120, to provide worksite life insurance with flexible
living benefits and affordable rates that won't increase across
employees' lifespans.
"Most life insurance is either unaffordable for the average
household or does not provide benefits for the living, which
results in the lack of financial protection," explains Virgil Miller, president, Aflac U.S. "Aflac's
new group life product is designed to stand in the gap by providing
affordable and stable pricing as well as flexible living benefits
to age 120, in order to guarantee employees will not outlive their
coverage."
Many expenses accumulate at the end of life, with the average
costs for an individual reaching over $96,000 annually,2 and many people do
not have sufficient savings to cover those costs — not to mention
financial protection for loved ones when a wage earner passes
away.3
"This product is particularly unique when it comes to flexible
living benefits," explained Bob
Ruff, senior vice president, Aflac Group Voluntary Benefits.
"Aflac's Term Life to 120 product is designed so that it is easy to
use whenever it's needed. Whether that is needing benefits for
potential home modifications related to a health condition, health
care or final expenses, our customers can be assured that they will
have financial protection in their time of need."
Aflac Group Term to 120 offers more than the typical life
insurance with:
- Hybrid plan design that merges the most attractive
features of a term life plan and a permanent life plan to give
consumers what they value most.
- Employee controls freedom to use benefits with options,
such as managing conditions like chronic illness or paying for
at-home or nursing care or funeral costs.
- Lump sum or monthly installment payments so individuals
can use their benefits how they need to, for instance, to pay for
home modifications needed for a health condition, health care
equipment and more.
- Option to include restoration of the death benefit rider or
extension of chronic condition period payment rider. Death
benefit restoration restores the amount of the death benefit
without further reduction or penalty even if living benefits have
been exhausted, if benefits are paid for a chronic condition.
Extension of chronic conditions periodic payment rider adds an
additional 25 monthly payments, equal to 4% of the life insurance
benefit amount for chronic conditions.
- Living benefits, including flexible benefits for chronic
conditions that are accessible and affordable for most budgets.
This benefit does not require professional services, meaning that
benefits can be collected when one is receiving home care from
close friends or family. It is paid when the certificate holder can
no longer complete two of six listed Activities of Daily
Living.
- Employees can enroll at the worksite, and coverage is
transferable, so employees can choose to take their coverage
with them after they retire or leave their employer.
For more information visit Aflac.com/business.
*Aflac's Group Term to 120 product defines a lifetime as up to
120 years of age to guarantee individuals do not outlive their
coverage.
ABOUT AFLAC INCORPORATED
Aflac Incorporated
(NYSE: AFL), a Fortune 500 company, has helped provide financial
protection and peace of mind for more than 67 years to millions of
policyholders and customers through its subsidiaries in the U.S.
and Japan. In the U.S., Aflac is
the No. 1 provider of supplemental health insurance
products.4 In Japan,
Aflac Life Insurance Japan is the leading provider of cancer and
medical insurance policies in force. In 2021, the company became a
signatory of the Principles for Responsible Investment (PRI). In
2022, the company was included in the Dow Jones Sustainability
North America Index for the ninth year, the World's Most Ethical
Companies by Ethisphere for the 17th consecutive year, Fortune's
World's Most Admired Companies for the 22nd time and Bloomberg's
Gender-Equality Index for the fourth consecutive year. To find out
how to get help with expenses health insurance doesn't cover, get
to know us at aflac.com or aflac.com/espanol. Investors may
learn more about Aflac Incorporated and its commitment to corporate
social responsibility and sustainability at
investors.aflac.com under "Sustainability."
Media contact: Jon
Sullivan, 706-763-4813 or jsullivan@aflac.com
Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or
dyoung@aflac.com
1Centers for Disease Control and Prevention (2023).
Health and Economic Benefits of Chronic Disease Interventions |
CDC. Accessed on March 27, 2023 from
https://www.cdc.gov/chronicdisease/programs-impact/pop/index.htm.
2CNBC (2023). What is long-term insurance? Accessed on
May 5, 2023 from
https://www.cnbc.com/select/what-is-long-term-care-insurance/.
3LIMRA 2021 Facts About Life 2021. Accessed on
March 15, 2023 from
https://www.limra.com/siteassets/newsroom/fact-tank/fact-sheets/facts-of-life-2021-format-vfinal.pdf.
4 LIMRA 2021 US Supplemental Health Insurance Total
Market Report.
Aflac | WWHQ | 1932 Wynnton Road | Columbus, GA 31999
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SOURCE Aflac