Aflac announced an extension of benefits for its life insurance policies that will allow policyholders to take their policies with them when changing jobs, among other benefits.
"Millions of families do not have adequate coverage, and don't seek it out simply because they haven't gotten around to it or don't understand the product designs," said Karen Riedel, second VP of product marketing at Aflac. "In the face of a new economy with limited job security and mounting financial burdens, Aflac life insurance policies are available to fit most budgets."
The company broke down the changes as follows:
• Increased/Higher Policy Face Amount: Aflac now offers coverage of up to $250,000 of whole, 10-year term, 20-year term and 30-year term life products for policyholders between the ages of 18 and 50
• Matching Life Insurance Spouse Rider: Spouse rider term lengths have been extended to match the length of the primary policyholder's term, as long as the spouse meets the issue age requirement
• Extended Issue Age: Whole and 10-year term life insurance policies with face amounts of up to $100,000 have been extended to age 70
• Term Life With Return of Premium Policy Offers Cash Value: To meet new regulatory requirements, slight changes have been made to the new term life with return of premium policy, which is only available to nonsmokers through payroll deduction. Aflac has added new benefits such as cash value, which begins accumulating as early as three years into the policy.
• Portability: Even if policyholders change jobs or retire, they can take their life insurance policies with them, with no increase in premiums
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