Aflac may be especially useful to workers who spend time in dangerous conditions.
Aflac is a globally recognized brand of supplemental insurance, with more than 40 million clients. The company offers several types of supplemental insurance, including life insurance, either through employers or directly to clients. Despite its significant benefits to certain customers, Aflac's services can come with certain disadvantages of which potential buyers should be aware.
Coverage
The main advantage of Aflac insurance is the coverage it provides, which extends and augments existing employer health, disability and life insurance plans. Especially in cases where employers cut back on coverage options to reduce their own costs, Aflac can give employees the security of ongoing coverage that isn't dependent on contributions from an employer.
Some of the advantages of Aflac coverage that are lacking from many employer insurance plans include compensation for lost wages, accident insurance and special coverage for specific traumatic diseases.
Portability
Another advantage of Aflac is that the policies are owned by the clients directly. This means that if an employee signs up for Aflac while employed by one company, they can retain their Aflac policy and coverage even if they lose their job or change companies. This removes the inconvenience of switching between insurance plans or losing insurance due to unemployment.
Cost
One of the key disadvantages of Aflac is the added cost. Since most policies are intended to supplement, rather than replace, existing employer-paid insurance, Aflac represents an additional cost to the buyer on top of paycheck withholdings for an employer's insurance.
Direct Payment
One advantage of Aflac that many customers find appealing is the fact that cash payments are made directly to the policy holder rather than to a medical institution or the employer. This simplifies the process for filing claims and generally allows Aflac clients faster access to the money.
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