September 3, 2014

Aflac Disability Insurance: Overview of Programs

Aflac Insurance and disability products and services promise to cover you for “daily living.” Traditional disability insurance products come wrapped as short-term and long-term products. Short-term disability typically provides you income for up to six months or so, while long-term disability can help you with income for a few years, possibly longer depending on your company and plan selection.

Aflac Disability Insurance

Aflac’s “disability” products diverge from this traditional short- and long-term model. They are designed for specific situations in which you or a covered family member might be “disabled” or unable to earn an income to pay bills and other costs.

Aflac Disability

The only straight-up disability plan that Aflac offers is its Short-term Disability policy. You work one-on-one with an Aflac agent to evaluate your potential needs for short-term income should you be unable to work for a short period of time. Like all short-term disability policies this covers a range of disabilities including being out of work for pregnancy, injuries and short-term illnesses.

What about other Aflac disability plans? The company has designed an assortment of products that serve as alternatives to standard short- and long-term disability policies.

Aflac Disability Alternatives

Aflac offers a variety of unique “flavors” of coverage that could fall into short-term or long-term disability categories, but are not labeled as such. Aflac Individual insurance policies include the following designed to cover you for various types of disabilities or supplement medical coverage when you’re unable to work:

  • Hospital Confinement Insurance: Aflac offers two Hospital Confinement products, both indemnity policies. They are designed to help cover hospital and associated expenses when you are hospitalized short- or long-term due to illness, injury, or if you need surgery.
  • Hospital Intensive Care Insurance: Do you know what the costs are for even a brief stay in a hospital ICU? Ka-ching, ka-ching. Aflac’s ICU insurance is a type of disability coverage that pays you benefits if you’re hospitalized in Intensive Care.
  • Specified Health Event Insurance: When a financially draining health problem happens, this alternative coverage can provide you with additional income to pay bills that your regular medical coverage doesn’t.

Aflac Cash Policies

Besides the above policies, which provide regular income, Aflac also offers a couple of lump sum policies. These provide a cash payment to help when serious health problems arise that typically are big financial drains:

  • Lump Sum Cancer policy: Not only is cancer frightening, but it’s widely understood to be emotionally, physically, and financially draining. Long-term cancer treatment can quickly force families into bankruptcy. Even with adequate medical insurance, lifetime maximums limit how much money you’ll squeeze from a traditional medical plan. Aflac’s “lump sum” plan hands you a one-time cash payment when you’re disabled due to cancer.
  • Lump Sum Critical Illness policy: Similar to the cancer policy, this one-time cash payout is yours to use as you want while you battle a heart attack, stroke or other debilitating and disabling illness.

Aflac – easily recognizable from the duck – is one of the leading insurers. When you decide it’s time to buy disability insurance, you’ll want to look for an established, well-known, and respected insurance company.

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