Aflac, a US-based insurance company, has rolled its new Group Term Life and Group Whole Life products to further expand its group life insurance portfolio.
The new Group Term Life product flexible plan design includes employer-paid, supplemental buy-up and voluntary plan options. Additionally, brokers using three accidental death and dismemberment (AD&D) levels and 19 additional benefits can provide options that align with employer benefits strategies.
Featuring waiver-of-premium benefit and high plan maximum amounts in coverage, the new plan also includes an accelerated death benefit, which allows the insured to receive cash advances if diagnosed with a terminal illness.
Designed as a portable, permanent life option, Aflac’s new Group Whole Life plan offers a maximum death benefit of up to $300,000 to help take care of immediate and future needs in case of unfortunate demise of policy holder. It also includes benefits to help with things like end-of-life expenses, medical costs, debts and more.
Moreover, the Group Whole Life product also builds cash value over time and enable insured to accumulate savings at a guaranteed rate of return. The policy holder can access their guaranteed cash value and secure loans through this insurance plan, if needed.
Aflac 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.
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“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.”