COLUMBUS, Ga., Oct. 31, 2016 /PRNewswire/ -- Aflac, the leader
in voluntary insurance sales at the worksite in the United States, today announced the
expansion of its Group Life portfolio, which will now include a new
Universal Life Plan with Long-Term Care (LTC) benefits and an
enhanced Group Whole Life Plan. Brokers asked Aflac for a full
suite of permanent life products, and Aflac responded. The new
insurance offerings help brokers serve as a true one-stop resource
for affordable voluntary benefits.
"With the expansion of our Group Life portfolio, we are
broadening the scope of our voluntary solutions. Now brokers can
offer a complete portfolio of benefits that include high
guaranteed-issue limits so that our customers have the protection
they need," said Stephanie Shields,
vice president of Product Innovation and Marketing at Aflac. "We
call it 'quality of life' insurance— whether the need is to pay off
current bills and debt, cover funeral expenses, send children to
college or create a scholarship in their loved one's name, life
insurance is the tool to deliver peace of mind and financial
stability for all employees."
Universal Life with Long-Term Care:
With eight
optional riders, which include living benefits for long-term care,
Universal Life is a comprehensive option to help shield every
family from financial hardship if a spouse or loved one passes
away. This insurance is fully portable and offers a maximum death
benefit up to $300,000 along with
living benefits, which can be utilized for long-term care, home
health care, and adult day care or assisted living. The Universal
Life accumulates cash value as it ages, which the insured can take
as a partial surrender to withdraw funds or borrow money through a
loan against the cash value. Other plan highlights include family
coverage and employee guaranteed-issue options, which are available
at a case level and vary by case size, industry and access to
employees.
Many employees want to protect their families' futures with
end-of-life benefits; however, an important health care benefit for
families is long-term care. In fact, the average length of a stay
for long-term care in the U.S. is three years,1 and the
cost for this care can range from $200-$300 per day.2 With a steep price
tag, it's more important than ever for employers to build long-term
care into their benefits offerings to help provide a financial
safety net for their employees during difficult times.
Aflac's Universal Life product is white-labeled under Trustmark
Insurance Company as a pure distribution partnership. This allows
Aflac to leverage its unmatched brand recognition in the
marketplace while ensuring product administration and risk
management are supported by a partner with a long-standing,
successful reputation and experience in the product category.
"It is critical that we design product offerings to be more
relevant and to provide holistic solutions to brokers and their
customers," said Teresa White,
president of Aflac U.S. "In order to do so, we continue to look for
opportunities to partner on different products through private
labeling and reinsurance, allowing us to bring together
best-in-class expertise from our partners and the leading brand in
the voluntary insurance industry."
Group Whole Life:
Aflac Group Whole Life is another permanent life option for
individuals who want a fully diversified life insurance portfolio.
Like Universal Life, this product is portable and provides benefits
up to $300,000 to help take care of
immediate and future needs if an insured loved one should pass
away, including end-of-life expenses, medical costs, income
replacement, debts and more.
The product also builds cash value over time; insureds can
accumulate savings at a guaranteed rate of return. They can access
their guaranteed cash value and take loans. Other enhancements
include increased guaranteed-issue amounts that are tiered based on
group size as well as more competitive rates.
By offering Aflac Universal Life, Group Whole Life and Group
Term Life products along with other Aflac plans, employers can
offer a complete portfolio of voluntary benefits to meet the unique
needs of each employee. Universal Life will be available in all
states, and Whole Life is available in all states except
California, New York and Oregon. Both products are available for
Jan. 1, 2017, coverage effective
dates.
To learn more about Aflac's suite of life insurance products,
including the new Universal Life and enhanced Group Whole Life
products, visit aflacgroupinsurance.com. Universal Life is
underwritten by Trustmark Insurance Company.
About Aflac
When a policyholder gets sick or hurt,
Aflac pays cash benefits fast. For six decades, Aflac insurance
policies have given policyholders the opportunity to focus on
recovery, not financial stress. In the
United States, Aflac is the leader in voluntary insurance
sales at the worksite. Through its trailblazing One Day
PaySM initiative, Aflac U.S. can receive, process,
approve and disburse payment for eligible claims in one business
day. In Japan, Aflac is the
leading provider of medical and cancer insurance and insures 1 in 4
households. Aflac insurance products help provide protection to
more than 50 million people worldwide. For 10 consecutive years,
Aflac has been recognized by Ethisphere as one of the World's Most
Ethical Companies. In 2016, Fortune magazine recognized Aflac as
one of the 100 Best Companies to Work For in America for the 18th
consecutive year and included Aflac on its list of Most Admired
Companies for the 15th time, ranking the company No. 1 in
innovation for the insurance, life and health category for the
second consecutive year. In 2015, Aflac's contact centers were
recognized by J.D. Power by providing "An Outstanding Customer
Service Experience" for the Live Phone Channel. Aflac Incorporated
is a Fortune 500 company listed on the New York Stock Exchange
under the symbol AFL. To find out more about Aflac and One Day
PaySM, visit aflac.com or espanol.aflac.com.
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Media contact – Kristen
Fraser, 706.243.5543 or mediarelations@aflac.com
Analyst and investor contact – Robin Y. Wilkey, 706.596.3264 or 800.235.2667,
FAX: 706.324.6330, or rwilkey@aflac.com
1 Centers for Disease Control and Prevention,
"Residential Care Communities and Their Residents in 2010: A
National Portrait," March 2016,
accessed July 17, 2016 -
http://www.cdc.gov/nchs/data/nsrcf/nsrcf_chartbook.pdf
2 Genworth, "Genworth 2016 Cost of Care Survey,
conducted by CareScout," April 2016,
accessed Oct. 28, 2016 -
https://www.genworth.com/dam/Americas/US/PDFs/Consumer/corporate/131168_050516.pdf
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SOURCE Aflac