Aflac launches new group term life insurance

COLUMBUS, Ga., July 25, 2023 /PRNewswire/ -- Chronic diseases are the leading causes of illness, disability and death in the U.S., according to the Centers for Disease Control and Prevention. Addressing the need for better options for life insurance, Aflac announced today the launch of a new product, Aflac Group Life Term to 120, to provide worksite life insurance with flexible living benefits and affordable rates that won't increase across employees' lifespans.

"Most life insurance is either unaffordable for the average household or does not provide benefits for the living, which results in the lack of financial protection," explains Virgil Miller, president, Aflac U.S. "Aflac's new group life product is designed to stand in the gap by providing affordable and stable pricing as well as flexible living benefits to age 120, in order to guarantee employees will not outlive their coverage."

Many expenses accumulate at the end of life, with the average costs for an individual reaching over $96,000 annually,² and many people do not have sufficient savings to cover those costs — not to mention financial protection for loved ones when a wage earner passes away.³

"This product is particularly unique when it comes to flexible living benefits," explained Bob Ruff, senior vice president, Aflac Group Voluntary Benefits. "Aflac's Term Life to 120 product is designed so that it is easy to use whenever it's needed. Whether that is needing benefits for potential home modifications related to a health condition, health care or final expenses, our customers can be assured that they will have financial protection in their time of need."

Aflac Group Term to 120 offers more than the typical life insurance with:

• Hybrid plan design that merges the most attractive features of a term life plan and a permanent life plan to give consumers what they value most.
• Employee controls freedom to use benefits with options, such as managing conditions like chronic illness or paying for at-home or nursing care or funeral costs.
• Lump sum or monthly installment payments so individuals can use their benefits how they need to, for instance, to pay for home modifications needed for a health condition, health care equipment and more.
• Option to include restoration of the death benefit rider or extension of chronic condition period payment rider. Death benefit restoration restores the amount of the death benefit without further reduction or penalty even if living benefits have been exhausted, if benefits are paid for a chronic condition. Extension of chronic conditions periodic payment rider adds an additional 25 monthly payments, equal to 4% of the life insurance benefit amount for chronic conditions.
• Living benefits, including flexible benefits for chronic conditions that are accessible and affordable for most budgets. This benefit does not require professional services, meaning that benefits can be collected when one is receiving home care from close friends or family. It is paid when the certificate holder can no longer complete two of six listed Activities of Daily Living.
• Employees can enroll at the worksite, and coverage is transferable, so employees can choose to take their coverage with them after they retire or leave their employer.

For more information visit Aflac.com/business.