New products, underwritten by Tier One
Insurance Company, help provide protection for individuals and
their families when, where and how they need it most
COLUMBUS, Ga., Aug. 4, 2022
/PRNewswire/ -- Aflac Incorporated today announced the
introduction of two new consumer-directed 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 robust
portfolio of supplemental coverage options for those unable to
access Aflac products through 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 retiring Americans who
are seeking to continue their trusted relationship with Aflac by
supplementing their Medicare benefits," said Aflac U.S. Deputy
President Virgil Miller. "In
providing this competitive product lineup 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 their loved ones' financial security by helping to pay
for end-of-life expenses not covered under Medicare and other
programs, while also encouraging families to address uncomfortable
discussions about final expenses.
"Processing the loss of a loved one takes an emotional toll on
families and many often face financial stress while grieving. It is
important for families and individuals to be prepared in order to
help alleviate the financial burdens placed on loved ones during
intensely sensitive times," said Jeramy
Tipton, SVP Distribution Expansion and Consumer Markets.
"End-of-life medical, legal and funeral costs can be substantial.
Aflac Final Expense is designed to help take that weight off
grieving families' shoulders so they can focus on what
matters."
The average out-of-pocket medical expenses during one's last
year of life can total nearly $10,000.1 In addition to these
expenses, there are often significant costs involved when settling
a loved one's estate, and the median funeral expenses are almost
$8,000.2 Considering that
nearly 50% of American workers say they would not be able to pay
more than $1,000 in out-of-pocket
medical costs 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 individuals age
45 to 80. Benefit amounts range from $2,000 to $50,000,
depending on the plan selected. The level plan also offers the
option to elect accelerated and accidental death benefit riders, as
well as a children's term insurance rider.
Aflac Medicare Supplement
Insurance
While Medicare provides coverage for health-related expenses, it
doesn't cover all costs — such as copayments, coinsurance and
deductibles. Because consumers need a way to help manage expenses
during retirement, Aflac introduced its Medicare Supplement
Insurance policies to help fill some of these coverage gaps.
"Seniors have worked their entire lives toward this milestone:
retirement," said Tipton. "With the addition of Medicare Supplement
Insurance, we are able to help reduce the burden of financial
stress so that policyholders can focus on enjoying their retirement
years as much as possible."
With Aflac's Medicare Supplement plans A, F, G, and N, consumers
will have the freedom to choose any provider that accepts Medicare
at a convenient location that best meets their needs, without
precertification or pre-authorization. Plan benefits remain the
same year after year and are portable, so if policyholders move or
travel, their coverage goes with them.
To better serve the non-workplace individual market, Aflac's
Final Expense Whole Life Insurance and Medicare Supplement
Insurance join other offerings, including Accident, Cancer and
Critical Illness products that launched last year. Aflac's consumer
markets portfolio of individual insurance products is available
through Aflac Tier One distribution
partners and direct 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 based on coverage selected. Optional riders may be
available at an additional cost. Policies have limitations and
exclusions that may affect benefits payable. Refer to the specific
policy and rider 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 policy series AFLMS.
Coverage 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 not available in all states. Benefits/premium rates
will vary based on coverage selected. For complete details of
benefits, definitions, and exclusions, please carefully read the
outline of coverage and policy forms, and refer to the "Guide to
Health Insurance for People with Medicare." Aflac Medicare
supplement insurance is not connected with or endorsed by the U.S.
government or the federal Medicare program. All benefits payable
under the policy are based upon Medicare-eligible expenses (as
applicable). In Idaho, policies
AFLMSP22A-ID, AFLMSP22F-ID, AFLMSP22G-ID, AFLMSP22N-ID. In
Oklahoma, policies AFLMSP22A-OK,
AFLMSP22F-OK, AFLMSP22G-OK, AFLMSP22N-OK. In Virginia, policies AFLMSP22A-VA, AFLMSP22F-VA,
AFLMSP22G-VA, AFLMSP22N-VA. Aflac 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 Reams Blvd, Franklin, TN, 37064; Telephone Number:
833-504-0336.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL) is a Fortune 500 company helping
provide protection to more than 50 million people through its
subsidiaries in Japan and the
U.S., paying cash fast when policyholders get sick or injured. For
more than six decades, insurance policies of Aflac Incorporated's
subsidiaries have given policyholders the opportunity to focus on
recovery, not financial stress. In the U.S., Aflac is the number
one provider of supplemental health insurance
products1. Aflac Life Insurance Japan is the leading
provider of medical and cancer insurance in Japan, where it insures 1 in 4 households. In
2021, Aflac Incorporated was proud to be included as one of 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 of
the Principles for Responsible Investment (PRI). In 2022, Aflac
Incorporated was included on Fortune's list of World's Most Admired
Companies for the 21st time and Bloomberg's Gender-Equality Index
for the third 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/español. Investors may learn more about
Aflac Incorporated and its commitment to ESG and social
responsibility at investors.aflac.com under "Sustainability."
1 LIMRA 2021 U.S. Supplemental Health Insurance Total
Market Report
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
- Federal Reserve Bank of Richmond Working Papers: End-of-Life
Medical Expense,
https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/working_papers/2018/pdf/wp18-18.pdf.
- National Funeral Directors Association 2020,
http://www.nfda.org/news/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 Health Insurance Total Market
Report.
Aflac | WWHQ | 1932 Wynnton Road | Columbus, GA 31999
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