Aflac expands consumer-driven portfolio in US with addition of Final Expense Whole Life and Medicare Supplement Insurance

The new product, underwritten by Tier One Insurance Company, helps provide protection to individuals and their families when, where and how they need it.

COLUMBUS, Ga., Oga. 4, 2022 /PRNewswire/ — Aflac Incorporated Company Profile today announced the launch of two new consumer-driven 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 range of additional options for those who cannot find Aflac products at work.

“This product expansion provides not only innovation, but a bold new approach that enhances Aflac’s brand recognition and engagement, particularly with retired Americans who wish to continue their trusted relationship with Aflac by supplementing their Medicare benefits,” said Aflac US Vice President. President Virgil Miller. “By submitting this list of controversial products to the authorities, we have agreed to support drug development, risk transmission and management.”

Aflac Final Expense Whole Life Insurance

With Aflac Final Expense Whole Life Insurance, policyholders can help protect the financial security of their loved ones by helping to pay for end-of-life expenses not covered by Medicare and other programs, and encouraging families to end unpleasant discussions about final expenses.

“Processing the death of a loved one is very stressful for families and many often face financial problems when they are grieving. It is important that families and people are prepared to be able to reduce the financial burden placed on their loved ones during this difficult time. ” he said. Jeremy Tipton, SVP Distribution Development and Consumer Markets. “End of life medical, legal and funeral expenses can be overwhelming. Aflac’s End of Life Fund is designed to help ease the burden on grieving families so they can focus on what’s important.”

The average person’s medical expenses in the last year of their life can cost almost all of their expenses $10,000.1 In addition to these expenses, there are often large expenses for the purchase of a loved one’s property, and the average funeral expenses are approx. $8,000.2 Considering that nearly 50% of American workers say they can’t afford to pay more $1,000 out-of-pocket medical expenses in the event of an accident or injury,3 Aflac’s Comprehensive Whole Life Insurance can help protect loved ones from inherited expenses.

Aflac’s Final Expense Whole Life Insurance is available in two forms: Level Plans and Modified Plans. Both plans include a guaranteed interest rate – meaning premiums will not increase – and a guaranteed death benefit paid to the beneficiary while the policy is in effect. Plans are available to people between the ages of 45 and 80. Benefits begin $2,000 to $50,000, according to the order selected. The standard plan also offers optional accidental death benefit riders, as well as child term insurance riders.

Aflac Medicare Supplement Insurance

Although Medicare pays for health-related services, it doesn’t cover all costs — such as premiums, coinsurance and deductibles. Because consumers need a way to help manage money during retirement, Aflac launched its Medicare Supplement Insurance plans to help fill some of the gaps.

“Seniors have worked their whole lives to achieve this: retirement,” Tipton said. “With the addition of Medicare Supplement Insurance, we are able to help ease the financial burden so that policyholders can focus on enjoying their retirement years to the fullest.”

With Aflac’s Medicare Supplement A, F, G, and N plans, consumers will have the freedom to choose any Medicare-accepting provider that best meets their needs, without licensing or authorization. Plan benefits remain the same from year to year and are portable, so if policyholders move or travel, their coverage goes with them.

To better serve the non-employee market, Aflac’s Final Expense Whole Life Insurance and Medicare Supplement Insurance join other offerings, including Accident, Cancer and Catastrophic Insurance that were launched last year. Aflac’s Consumer Markets Portfolio of individual insurance products is available through Aflac Part One share and guide consumers by visiting them Aflac.com.

Aflac Final Expense Insurance: Requirement may not be available in all states including but not limited to NM or NY. Benefits/prices may vary depending on the selection. Passengers who are not interested may be available at an additional cost. Policies have limitations and exclusions that may affect the benefits that may be provided. See the policy and application forms for more information, definitions, limitations and exclusions. In AR, ID, OK, OR, PA, TX and VA: Procedures ICC21-AFLLBL21 and ICC21-AFLRPL21; and Passengers ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense Insurance is underwritten by Tier One Insurance Company, an Aflac Incorporated company and administered by Aetna Life Insurance Company.

Aflac Medicare Supplement Insurance policy series AFLMS. Coverage is not available in all states, including but not limited to NM or NY. Some plans may be available to eligible consumers under the age of 65. Plans are not available in all states. Benefits/prices will vary depending on the selection. To learn more about benefits, definitions, and deductibles, please read the forms and policies carefully, and see the “Guide to Health Insurance for People with Medicare.” Aflac Medicare supplement insurance is not affiliated with or endorsed by the US government or the federal Medicare program. All benefits paid under the plan are based on eligible Medicare funds (as applicable). In Idaho, order AFLMSP22A-ID, AFLMSP22F-ID, AFLMSP22G-ID, AFLMSP22N-ID. In Oklahoma, process AFLMSP22A-OK, AFLMSP22F-OK, AFLMSP22G-OK, AFLMSP22N-OK. In Virginiaorder AFLMSP22A-VA, AFLMSP22F-VA, AFLMSP22G-VA, AFLMSP22N-VA. Aflac Medicare Supplement insurance is underwritten by Tier One Insurance Company, an Aflac Incorporated company, and administered by Aetna Life Insurance Company. 1021 Reams Blvd, Franklin, TN, 37064; Phone number: 833-504-0336.

History of AFLAC INCORPORATED

Aflac Incorporated (NYSE: AFL) is a Fortune 500 company serving to protect more than 50 million people through its subsidiaries. Japan and the US, paying money quickly when policyholders get sick or injured. For more than six decades, Aflac Incorporated’s insurance policies have given policyholders the opportunity to focus on recovery, not stress. In the US, Aflac is the number one health insurance provider1. Aflac Life Insurance Japan is the leading medical and cancer insurance provider Japan, where it protects 1 in 4 homes. In 2021, Aflac Incorporated was proud to be included as one of the World’s Ethical Companies by Ethisphere for the 16th year in a row. Also in 2021, the company was included in the Dow Jones Sustainability North America Index and signed the Principles of Responsible Investment (PRI). In 2022, Aflac Incorporated was included on Fortune’s list of the World’s Most Admired Companies for the 21st time and Bloomberg’s Gender-Equality Index for the third year in a row. To find out how you can get help and expenses that health insurance does not cover, contact us at aflac.com or aflac.com/espaƱol. Investors can learn more about Aflac Incorporated and its commitment to ESG and social responsibility at invest.aflac.com under “Sustainability.”
1 LIMRA 2021 US Supplemental Health Insurance Total Market Report

(PRNewsfoto/Aflac)

Media contact: Jon Sullivan706-763-4813 or jsullivan@aflac.com

Expert and investor relations: David A. Young706-596-3264, 800-235-2667 or dyoung@aflac.com

  1. 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.

  2. National Funeral Directors Association 2020, http://www.nfda.org/news/statistics.

  3. Aflac WorkForces Report 2021-2022, https://www.aflac.com/docs/awr/pdf/2021-overview/2021_aflac_workforces_report_executivesummary.pdf.

  4. LIMRA 2021 US Supplemental Health Insurance Total Market Report.

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