Aflac expands consumer-directed portfolio in U.S. with addition of Closing Expense Complete Life and Medicare Complement Insurance coverage

New merchandise, underwritten by Tier One Insurance coverage Firm, assist present safety for people and their households when, the place and the way they want it most

COLUMBUS, Ga., Aug. 4, 2022 /PRNewswire/ — Aflac Included at present introduced the introduction of two new consumer-directed merchandise: Aflac Closing Expense Complete Life Insurance coverage and Aflac Medicare Complement Insurance coverage. These merchandise — underwritten by Tier One Insurance coverage Firm, a subsidiary of Aflac Included — are a part of a strong portfolio of supplemental protection choices for these unable to entry Aflac merchandise by the office.

“This product enlargement represents not solely new choices, however a daring new senior technique that leverages Aflac’s robust model recognition and affinity, significantly with retiring Individuals who’re in search of to proceed their trusted relationship with Aflac by supplementing their Medicare advantages,” mentioned Aflac U.S. Deputy President Virgil Miller. “In offering this aggressive product lineup to seniors, we have now partnered to assist product improvement, threat switch and administration.” 

Aflac Closing Expense Complete Life Insurance coverage

With Aflac Closing Expense Complete Life Insurance coverage, policyholders might help shield their family members’ monetary safety by serving to to pay for end-of-life bills not coated underneath Medicare and different applications, whereas additionally encouraging households to handle uncomfortable discussions about last bills.

“Processing the lack of a beloved one takes an emotional toll on households and lots of usually face monetary stress whereas grieving. It is crucial for households and people to be ready so as to assist alleviate the monetary burdens positioned on family members throughout intensely delicate occasions,” mentioned Jeramy Tipton, SVP Distribution Growth and Shopper Markets. “Finish-of-life medical, authorized and funeral prices might be substantial. Aflac Closing Expense is designed to assist take that weight off grieving households’ shoulders to allow them to concentrate on what issues.”

The common out-of-pocket medical bills throughout one’s final 12 months of life can complete practically $10,000.1 Along with these bills, there are sometimes important prices concerned when settling a beloved one’s property, and the median funeral bills are virtually $8,000.2 Contemplating that just about 50% of American staff say they’d not be capable to pay greater than $1,000 in out-of-pocket medical prices within the occasion of an accident or harm,3 Aflac’s Closing Expense Complete Life Insurance coverage might help shield family members from inherited bills.

Aflac’s Closing Expense Complete Life Insurance coverage is obtainable in two choices: the Stage Plan and the Modified Plan. Each plans embody a assured stage premium — which means premiums won’t ever improve — and a assured demise profit paid to the beneficiary whereas the coverage is lively. Plans can be found for people age 45 to 80. Profit quantities vary from $2,000 to $50,000, relying on the plan chosen. The extent plan additionally gives the choice to elect accelerated and unintentional demise profit riders, in addition to a kids’s time period insurance coverage rider.

Aflac Medicare Complement Insurance coverage

Whereas Medicare gives protection for health-related bills, it does not cowl all prices — corresponding to copayments, coinsurance and deductibles. As a result of customers want a approach to assist handle bills throughout retirement, Aflac launched its Medicare Complement Insurance coverage insurance policies to assist fill a few of these protection gaps.

“Seniors have labored their whole lives towards this milestone: retirement,” mentioned Tipton. “With the addition of Medicare Complement Insurance coverage, we’re capable of assist scale back the burden of monetary stress in order that policyholders can concentrate on having fun with their retirement years as a lot as potential.”

With Aflac’s Medicare Complement plans A, F, G, and N, customers may have the liberty to decide on any supplier that accepts Medicare at a handy location that greatest meets their wants, with out precertification or pre-authorization. Plan advantages stay the identical 12 months after 12 months and are moveable, so if policyholders transfer or journey, their protection goes with them.

To higher serve the non-workplace particular person market, Aflac’s Closing Expense Complete Life Insurance coverage and Medicare Complement Insurance coverage be a part of different choices, together with Accident, Most cancers and Vital Sickness merchandise that launched final 12 months. Aflac’s client markets portfolio of particular person insurance coverage merchandise is obtainable by Aflac Tier One distribution companions and direct to customers by visiting Aflac.com.

Aflac Closing Expense Insurance coverage: Protection is probably not out there in all states together with however not restricted to NM or NY. Advantages/premium charges could differ based mostly on protection chosen. Non-compulsory riders could also be out there at an extra price. Insurance policies have limitations and exclusions that will have an effect on advantages payable. Seek advice from the particular coverage and rider type(s) for full particulars, definitions, limitations and exclusions. In AR, ID, OK, OR, PA, TX and VA: Insurance policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Closing Expense insurance coverage protection is underwritten by Tier One Insurance coverage Firm, a subsidiary of Aflac Included and is run by Aetna Life Insurance coverage Firm.

Aflac Medicare Complement Insurance coverage coverage sequence AFLMS. Protection not out there in all states, together with however not restricted to NM or NY. Some plans could also be out there to certified customers underneath age 65. Plans not out there in all states. Advantages/premium charges will differ based mostly on protection chosen. For full particulars of advantages, definitions, and exclusions, please rigorously learn the define of protection and coverage kinds, and check with the “Information to Well being Insurance coverage for Folks with Medicare.” Aflac Medicare complement insurance coverage will not be related with or endorsed by the U.S. authorities or the federal Medicare program. All advantages payable underneath the coverage are based mostly upon Medicare-eligible bills (as relevant). In Idaho, insurance policies AFLMSP22A-ID, AFLMSP22F-ID, AFLMSP22G-ID, AFLMSP22N-ID. In Oklahoma, insurance policies AFLMSP22A-OK, AFLMSP22F-OK, AFLMSP22G-OK, AFLMSP22N-OK. In Virginia, insurance policies AFLMSP22A-VA, AFLMSP22F-VA, AFLMSP22G-VA, AFLMSP22N-VA. Aflac Medicare Complement insurance coverage protection is underwritten by Tier One Insurance coverage Firm, a subsidiary of Aflac Included, and is run by Aetna Life Insurance coverage Firm. 1021 Reams Blvd, Franklin, TN, 37064; Phone Quantity: 833-504-0336.

ABOUT AFLAC INCORPORATED

Aflac Included (NYSE: AFL) is a Fortune 500 firm serving to present safety to greater than 50 million individuals by its subsidiaries in Japan and the U.S., paying money quick when policyholders get sick or injured. For greater than six many years, insurance coverage insurance policies of Aflac Included’s subsidiaries have given policyholders the chance to concentrate on restoration, not monetary stress. Within the U.S., Aflac is the primary supplier of supplemental medical health insurance merchandise1. Aflac Life Insurance coverage Japan is the main supplier of medical and most cancers insurance coverage in Japan, the place it insures 1 in 4 households. In 2021, Aflac Included was proud to be included as one of many World’s Most Moral Firms by Ethisphere for the sixteenth consecutive 12 months. Additionally in 2021, the corporate was included within the Dow Jones Sustainability North America Index and have become a signatory of the Ideas for Accountable Funding (PRI). In 2022, Aflac Included was included on Fortune’s listing of World’s Most Admired Firms for the twenty first time and Bloomberg’s Gender-Equality Index for the third consecutive 12 months. To learn the way to get assist with bills medical health insurance does not cowl, get to know us at aflac.com or aflac.com/español. Traders could be taught extra about Aflac Included and its dedication to ESG and social duty at buyers.aflac.com underneath “Sustainability.”
1 LIMRA 2021 U.S. Supplemental Well being Insurance coverage Whole Market Report

Media contact: Jon Sullivan, 706-763-4813 or [email protected]

Analyst and investor contact: David A. Younger, 706-596-3264, 800-235-2667 or [email protected]

  • Federal Reserve Financial institution of Richmond Working Papers: Finish-of-Life Medical Expense, https://www.richmondfed.org/-/media/RichmondFedOrg/publications/analysis/working_papers/2018/pdf/wp18-18.pdf.
  • Nationwide Funeral Administrators Affiliation 2020, https://www.nfda.org/information/statistics.
  • Aflac WorkForces Report 2021-2022, https://www.aflac.com/docs/awr/pdf/2021-overview/2021_aflac_workforces_report_executivesummary.pdf.
  • LIMRA 2021 US Supplemental Well being Insurance coverage Whole Market Report.
  • Aflac | WWHQ | 1932 Wynnton Street | Columbus, GA 31999

     

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