"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."
"Seniors have worked their entire lives toward this milestone: retirement," said Tipton. 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. While Medicare provides coverage for health-related expenses, it doesn't cover all costs - such as copayments, coinsurance and deductibles. The level plan also offers the option to elect accelerated and accidental death benefit riders, as well as a children's term insurance rider. Benefit amounts range from $2,000 to $50,000, depending on the plan selected. Plans are available for individuals age 45 to 80. 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. 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.Īflac's Final Expense Whole Life Insurance is available in two options: the Level Plan and the Modified Plan. 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. The average out-of-pocket medical expenses during one's last year of life can total nearly $10,000. Aflac Final Expense is designed to help take that weight off grieving families' shoulders so they can focus on what matters." "End-of-life medical, legal and funeral costs can be substantial. 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. "Processing the loss of a loved one takes an emotional toll on families and many often face financial stress while grieving. 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. "In providing this competitive product lineup to seniors, we have partnered to support product development, risk transfer and administration."
"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. 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.
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. New products, underwritten by Tier One Insurance Company, help provide protection for individuals and their families when, where and how they need it mostĬOLUMBUS, Ga., Aug.
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