Aflac, a US-based provider of supplemental insurance, has launched new Group Term Life and Group Whole Life products to strengthen its group life insurance portfolio.
The new Group Term Life product offers employer-paid, supplemental buy-up and voluntary plan options. Aflac's new Group Whole Life plan is a portable, permanent life option with a maximum death benefit of up to $300,000.
The addition of these customizable life insurance options allows Aflac to offer its broker partners a more robust suite of product solutions than ever before.
Afla vice president of Product Innovation and Marketing Stephanie Shields said: "In a short period of time, Aflac has significantly expanded the breadth and depth of our suite of true group and permanent life insurance products, allowing us to offer one of the strongest portfolios in the market.
"With our improved group life insurance portfolio, we can meet the diverse needs of our distribution channels and enable brokers to better satisfy the unique benefits needs of employees quickly and easily. By becoming a true one-stop shop, we are eliminating any need for brokers to look elsewhere to provide what their clients want for their workers."
Group Term Life
With three AD&D levels and 19 additional benefits, brokers can deliver options that align with employer benefits strategies.
With features like a waiver-of-premium benefit and high plan maximum amounts in coverage, brokers will feel confident in their life insurance offering, knowing they are providing powerful protection options priced to fit most budgets.
The plan also includes an accelerated death benefit, which allows the insured to receive cash advances if diagnosed with a terminal illness. This helps to give employees peace of mind by supplying them with a financial safety net that they can control if the worst were to occur.
Group Whole Life
Aflac's new Group Whole Life plan includes benefits to help with things like end-of-life expenses, medical costs, debts and more.
The Group Whole Life product also builds cash value over time and allows customers to accumulate savings at a guaranteed rate of return. Insureds can access their guaranteed cash value and secure loans through this insurance plan, if needed. Other improvements include a living benefit rider, more competitive rates, increased guaranteed-issue amounts that are tiered based on group size, and enhanced broker commissions.
Beyond Life Insurance
With the addition of the new Group Term and Group Whole Life insurance products to its suite of supplemental insurance offerings, Aflac has become a one-stop shop for all broker needs. By bundling life insurance with products such as Aflac's critical illness, accident and hospital insurance, brokers can arm clients with an impressive benefits package from a company that has been a trusted, ethical provider for more than 60 years.