Global insurance firm Aflac has unveiled two newly enhanced insurance plans which has been designed to offer financial assistance to nominated beneficiaries in the event of death of the insured person.

The new product offerings, which include Whole Life and Term Life, provide face amounts of up to $500,000 and a guaranteed-issue option.

Aflac’s Whole Life insurance plan delivers coverage and builds cash value for the life of the policy, whereas the Term Life insurance plan caters coverage at a fixed rate for a 10, 20, or 30-year policy.

Both policies face amount options are offered for up to $500,000 for individuals under age 50 and up to $200,000 for individuals from 51-70 or 51-68 years of age for the whole and term plans, respectively.

Additionally, guaranteed-issue is also available for the primary insured for a $20,000 or $25,000 of term life coverage.

Aflac product management and innovation vice president Keith Pellerin said, "It’s essential to include a life insurance policy to your family’s financial plans. It can help family members during their grieving by providing financial help."

Aflac individual and group insurance products help provide protection to over 50 million people globally.