The AFLAC duck has quacked through major league sports broadcasts and seems to be everywhere. It would be hard to find someone in America who hasn’t heard the name AFLAC and can associate it with the duck and the words “supplemental insurance.” But what does supplemental insurance mean and just what products does AFLAC offer?
AFLAC stands for American Family Life Assurance Company of Columbus (Georgia). AFLAC offers supplemental insurance products and this means that these are insurance policies that are above and beyond traditional policies. The supplemental policies can help fill in the gaps during a medical crisis. They can also cover areas that aren’t offered by your employer healthcare such as dental insurance or long-term care insurance.
What insurance products does AFLAC offer?
Disability Income Protection
Long Term Care
Paid Directly to You:
AFLAC supplemental insurance policies pay above and beyond traditional insurance policies and they pay directly to you. Policyholders can request a payment be made directly to a medical provider, but otherwise all payments will come directly to the customer.
Here’s an example of how a cancer indemnity policy may work.
If you purchase a policy for cancer indemnity that offers a $10,000 benefit and you are diagnosed with cancer, AFLAC will pay you $10,000 directly. This is your money that you can use however you choose. It may be used of course to pay for medical bills not covered by traditional insurance but it is yours and that is your decision.
One costumer we talked with had an AFLAC cancer indemnity policy when he was diagnosed with prostate cancer. He used the insurance money helped to cover:
-Medical bill balances not paid by insurance
– Soaring phone bills due to making appointments and keeping in touch with family
-Gas money for the extra travel to and from treatments
-Meals when traveling
-To pay off debt which relieved some stress during his time of illness
Of course AFLAC offers many products in addition to cancer indemnity products.
Another way that AFLAC is different is that it is portable. Even though you may enroll in AFLAC through an employer (or not) you pay your own premiums, or you can have them deducted from your paycheck and your insurance can go with you if you lose your job, change jobs or move. In today’s mobile world and in such a volatile employment climate, the portability of AFLAC insurance is a big plus.
AFLAC is well-liked for these good points, as well as others such as easy claim forms that are available online and the fact that AFLAC plans also pay for some preventative services that many traditional plans don’t pay for, but what about price? AFLAC is generally considered to have higher premiums than competitors but many feel that the ease, such as insurance without an exam, makes the cost worth it for an AFLAC supplemental policy.
Point of Purchase:
Some people point out the frustration that you cannot buy an AFLAC supplemental insurance plan online which is common with many insurance companies but this may really be a plus since meeting with a representative can insure that you understand all of the details on the insurance products that you are purchasing.
Most customers report positive experiences with sales representatives and customer service reps although company administrators that oversee insurance benefits have privately said that customer service can be inconsistent which seems to be on par in the insurance industry.
Positive points about AFLAC:
-Pays you directly
-Simple claim forms available online
-Pays for some preventative care
Complaints about AFLAC:
-Inconsistent costumer service
-Can’t be purchased online
AFLAC products are unique and they have proven that they deliver on their positive points such as keeping claims easy and paying directly to you the customer. In the end, if you are in the market for supplemental insurance, you’ll have to weigh the higher premiums against the conveniences and well-known name of AFLAC.