COLUMBUS, Ga., June 20, 2016 /PRNewswire/ -- Aflac, the
leading provider of voluntary insurance at the worksite in
the United States, today announced
enhancements to its Short-Term Disability policy. Designed
especially for small-business owners and their employees, Aflac
Short-Term Disability offers new features that improve customer
experience and reward customer loyalty.
"Unfortunately, accidents and illnesses may result in unpaid
time off of work. For so many Americans, this can mean the loss of
a paycheck and unplanned out-of-pocket expenses that can have an
enormous impact on employees' financial stability and lifestyle,"
said Keith Pellerin, vice president
of Product Management and Innovation at Aflac. "With Aflac
Short-Term Disability insurance, if a policyholder is unable to
work, they'll have the cash needed to pay living expenses, giving
them the ability to focus on recovery and not financial worry."
The Social Security Administration estimates that 1 in 4
20-year-olds in the workforce today will suffer a disability before
they retire, and a LIMRA study found that 6 in 10 Generation X and
Y employees said an income loss due to illness or injury would have
a significant financial impact on their households.1
Understanding that the loss of even one paycheck can be financially
troubling for many Americans, Aflac developed two new features for
its Short-Term Disability policies – guaranteed-issue conversion
and the Aflac Value Rider.
- Aflac Value Rider: This enhancement uses the unique
concept of paying a cash benefit to Aflac Short-Term Disability
policyholders who have the Aflac Value Rider on their policy. Under
the Rider's terms, an Aflac Short-Term Disability policyholder with
the Aflac Value Rider on his or her policy would be paid up to
$1,000, less any claims paid for
every consecutive five-year term that a claim is not filed on the
policy. Once this time frame has passed and the policyholder is
paid, the five-year process repeats itself for up to five
consecutive terms.
- Guaranteed-issue conversion: For some time, Aflac has
offered the convenience of guaranteed issue to new applicants of
Aflac Short-Term Disability insurance. However, underwriting was
still required for those who wished to upgrade or add units of
coverage to their Aflac Short-Term Disability policy. The new
guaranteed-issue conversion enhancement will make this process
easier for policyholders.
To learn more about the Aflac Short-Term Disability product,
visit aflac.com/disability.
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 leading provider of voluntary
insurance 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 individual and group 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.
Logo -
http://photos.prnewswire.com/prnh/20100423/CL92305LOGO
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 LIMRA, "Facts: 2015 Disability Insurance Awareness
Month," accessed on March 23, 2016 -
http://www.limra.com/uploadedFiles/limra.com/LIMRA_Root/Posts/PR/_Media/PDFs/2015%20DIAM%20FINAL.pdf
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SOURCE Aflac