Team members can now elect up to $100,000 of whole life insurance for themselves and their spouse with additional coverage for their children, in addition to their voluntary life insurance. The whole life benefit includes a long-term care feature that allows participants to accelerate a portion of the death benefit each month if the insured is confined to a nursing or assisted living facility or receives home health care or adult day care.
While we all know that life insurance helps protect our loved ones for the long term, sometimes we don’t consider that there are other benefits of a whole life insurance plan as well. Priced to fit most budgets, Aflac Group whole life insurance can give your family a financial cushion when they need it. And, unlike some kinds of life insurance, a whole life insurance plan won’t be canceled just because you reach a certain age.
Aflac Group whole life insurance doesn’t only look out for your family’s tomorrow--it also works hard for you today.
What you may not realize is that in addition to offering valuable life insurance protection, Aflac Group whole life is designed to build cash value—at a guaranteed rate of return. It’s a feature that could come in handy down the road for short-term or unplanned expenses.
There are other advantages, as well:
- Aflac Group whole life insurance is guaranteed issue, meaning you may qualify for coverage without answering health questions.
- Once your whole life insurance application has been approved and payroll deductions have started, the coverage is yours to keep as long as you continue to pay premiums.
- Aflac Group whole life builds cash value that you can access for life’s challenges and life’s opportunities.
Aflac Group whole life insurance is flexible, too. You can apply for coverage that fits your budget and lifestyle.
Whole Life Benefit Coverage Options:
- Team member
- Spouse/Domestic Partner
- Children ages 15 days through 25 years may be covered by a Child Term Rider for dependent children (the rider will cover all of your dependent children)
- Accelerated Benefit Rider (team member and spouse/domestic partner only)
- Accidental Death Benefit Rider (team member and spouse/domestic partner only)
- Waiver of Premium Benefit Rider (team member only)
- Premiums will not increase.
- Benefits may be paid directly to your named beneficiary.
- Coverage is portable, which means you can take it with you if you change
Overview of Benefits
WHOLE LIFE BENEFIT (Team member, Spouse/Domestic Partner, Child and Grandchild (see eligibility) coverage available)
The whole life benefit pays proceeds upon the insured’s death. Proceeds are defined as the total of the benefits payable upon the insured’s death. Proceeds will be the sum of the amount of insurance in force, any insurance on the life of the insured provided by benefit riders, any premium paid that applies to a period of time beyond the certificate month in which the insured dies, less any certificate loan and loan interest, and any unpaid premium, except the first premium, that applies to a period before and including the certificate month in which the insured dies.
ACCELERATED BENEFIT RIDER (Team member and Spouse/Domestic Partner only)
The Accelerated Benefit Rider pays a lump sum benefit up to one-half of the eligible death benefit when the insured is diagnosed with one or more Qualifying Life Events.
The insured may choose the amount of the Accelerated Benefit, subject to these limitations: The maximum Accelerated Benefit is 50% of the eligible death benefit subject to state limitations. Refer to your certificate for benefit details. The insured may also choose to take the Accelerated Benefit as a monthly benefit. See certificate for details.
ACCIDENTAL DEATH BENEFIT RIDER (Team member and Spouse/Domestic Partner only)
The Accidental Death Benefit Rider provides an additional benefit equal to the face amount if the insured dies within 90 days of direct accidental bodily injuries. The maximum coverage available under this rider is $300,000. Team members and spouses/domestic partners, ages 18-60, are issued this benefit, which terminates at age 65.
WAIVER OF PREMIUM BENEFIT RIDER (Team member only)
The Waiver of Premium Benefit Rider waives entire premium amount for team member coverage after the insured has been totally disabled due to bodily injury or disease for 4 consecutive months and continues throughout the duration of the disability. Any recurrence of a prior disability will be covered, provided the prior disability continued for at least 6 consecutive months, began within 30 days of recovery, and was due to the same or related causes. The Waiver of Premium Benefit Rider is also available for loss of sight or loss of limbs even though the team member may be able to engage in an occupation. Only team members, ages 18–55, are eligible to be issued this benefit, which terminates at age 60.
CHILDREN’S TERM INSURANCE RIDER (Children only)
The Children’s Term Rider pays a benefit upon receipt of due proof of death of an insured child if coverage is in force, it is before the expiration date, and it is before the rider anniversary following the insured child’s 26th birthday. Refer to your certificate for details.