Aflac expands Consumer-Direct – GuruFocus.com
COLUMBUS, Georgia, August 4, 2022
New products, underwritten by Tier One Insurance Company, help provide protection to individuals and their families when, where and how they need it most
COLUMBUS, Ga., August 4, 2022 /PRNewswire/ — Afla Incorporated today announced the launch of two new consumer products: Aflac Final Expense Whole Life Insurance and Aflac Medicare Supplement Insurance. These products – underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated – are part of a strong portfolio of additional coverage options for those who cannot access Aflac products in the workplace.
“This product expansion represents not only new offerings, but a bold new senior strategy that leverages Aflac’s strong brand recognition and affinity, particularly with American retirees looking to continue their trusted relationship with Aflac by supplementing their Medicare benefits,” Aflac’s U.S. deputy said. President Virgil Miller. “In providing this competitive product line to seniors, we have partnered to support product development, risk transfer and administration.”
Aflac Final Expense Whole Life Insurance
With Aflac Final Expense Whole Life Insurance, policyholders can help protect the financial security of loved ones by helping pay for end-of-life expenses not covered by Medicare and other programs, while encouraging families to address uncomfortable discussions. on final expenses.
“Dealing with the loss of a loved one takes an emotional toll on families and many often face financial stress during grief. It is important that families and individuals are prepared in order to help ease the burden. imposed on loved ones during extremely sensitive times,” said Jeremy Tipton, SVP Distribution Expansion and Consumer Markets. “Medical, legal and funeral costs at the end of life can be significant. Aflac Final Expense is designed to help lift that weight off the shoulders of grieving families so they can focus on what matters.”
The average amount of reimbursable medical expenses during the last year of life can reach nearly $10,000.1 These expenses are often compounded by significant fees when settling the estate of a loved one, and median funeral expenses are almost $8,000.2 Considering that nearly 50% of American workers report being unable to pay more than $1,000 reimbursable medical expenses in the event of an accident or injury,3 Aflac’s Final Expense Whole Life Insurance can help protect loved ones from inherited expenses.
Aflac’s Final Expense Whole Life Insurance is available in two options: the Level Plan and the Modified Plan. Both plans include a guaranteed level premium – meaning premiums will never increase – and a guaranteed death benefit paid to the beneficiary while the policy is active. Plans are available for people between the ages of 45 and 80. Benefit amounts vary from $2,000 at $50,000, depending on the chosen plan. The tier plan also offers the option of electing accelerated benefit and accidental death riders, as well as a child term insurance rider.
Afla Medicare Supplemental Insurance
Although Medicare covers health-related expenses, it does not cover all costs, such as copayments, coinsurance, and deductibles. Because consumers need a way to help manage expenses during retirement, Aflac has introduced its supplemental Medicare insurance policies to help fill some of these coverage gaps.
“Older people have worked their whole lives toward that important milestone: retirement,” Tipton said. “With the addition of Medicare Supplemental Insurance, we are able to help reduce the burden of financial stress so policyholders can focus on enjoying their retirement years as much as possible.”
With Aflac’s Medicare A, F, G, and N Supplement Plans, consumers will have the freedom to choose any provider that accepts Medicare at a convenient location that best meets their needs, without pre-certification or pre- -permission. Plan benefits stay the same year after year and are portable, so if policyholders move or travel, their coverage goes with them.
To better serve the individual, non-workplace market, Aflac’s Final Expense Whole Life Insurance and Medicare Supplemental Insurance join other offerings, including Accident, Cancer and Critical Illness products launched last year. Aflac’s portfolio of individual insurance products for consumer markets is available through Afac level one distribution partners and directly to consumers by visiting Aflac.com.
Aflac Final Expense Insurance: Coverage may not be available in all states, including but not limited to NM or NY. Benefits/premium rates may vary depending on coverage selected. Optional runners may be available for an additional charge. The policies contain limitations and exclusions which may affect the benefits payable. Refer to the specific policy and endorsement form(s) for complete details, definitions, limitations and exclusions. In AR, ID, OK, OR, PA, TX and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and riders ICC21-AFLABR22, ICC21-AFLADB22 and ICC21-AFLCDR22. Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company.
Aflac Medicare Supplement Insurance series of AFLMS policies. Coverage is not available in all states, including but not limited to NM or NY. Some plans may be available to qualified consumers under age 65. Plans are not available in all states. Benefits/premium rates vary depending on coverage selected. For full details of benefits, definitions and exclusions, please read the plan of coverage and policy forms carefully, and refer to the “Guide to Medicare for Individuals on Medicare” . Afla Medicare supplemental insurance is not tied to or endorsed by the US government or federal Medicare program. All benefits payable under the policy are based on eligible Medicare expenses (if applicable). In Idaho, policies AFLMSP22A-ID, AFLMSP22F-ID, AFLMSP22G-ID, AFLMSP22N-ID. In Oklahoma, policies AFLMSP22A-OK, AFLMSP22F-OK, AFLMSP22G-OK, AFLMSP22N-OK. In Virginiapolicies AFLMSP22A-VA, AFLMSP22F-VA, AFLMSP22G-VA, AFLMSP22N-VA. Afla Medicare Supplement insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated, and is administered by Aetna Life Insurance Company. 1021, boul. oars, Franklin, TN, 37064; Phone number: 833-504-0336.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL) is a Fortune 500 company that helps provide protection to more than 50 million people through its subsidiaries in Japan and the United States, which pays cash quickly when policyholders become ill or injured. For more than six decades, Aflac Incorporated subsidiary insurance policies have given policyholders the ability to focus on recovery, not financial stress. In the United States, Aflac is the leading provider of supplemental health insurance products1. Aflac Life Insurance Japan is the leading provider of medical and cancer insurance in Japan, where it secures 1 in 4 households. In 2021, Aflac Incorporated was proud to be ranked among the World’s Most Ethical Companies by Ethisphere for the 16th consecutive year. Also in 2021, the company was included in the Dow Jones Sustainability North America Index and became a signatory to the Principles for Responsible Investment (PRI). In 2022, Aflac Incorporated was on Fortune’s list of the World’s Most Admired Companies for the 21st time and on Bloomberg’s Gender Equality Index for the third consecutive year. To find out how to get help with expenses not covered by health insurance, get to know us at aflac.com or aflac.com/español. Investors can learn more about Aflac Incorporated and its commitment to ESG and social responsibility at investor.aflac.com under “Sustainability”.
1 LIMRA 2021 U.S. Supplementary Health Insurance Total Market Report
Media contact: Jon Sullivan706-763-4813 or [email protected]
Contact analysts and investors: David A. Young706-596-3264, 800-235-2667 or [email protected]
- Federal Reserve Bank of Richmond Working Papers: End-of-Life Medical Expenses, https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/working_papers/2018/pdf/wp18-18.pdf.
- National Association of Funeral Directors 2020, http://www.nfda.org/news/statistics.
- Aflac Workforce Report 2021-2022, https://www.aflac.com/docs/awr/pdf/2021-overview/2021_aflac_workforces_report_executivesummary.pdf.
- LIMRA 2021 Total Supplemental Health Insurance Market Report in the United States.
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