What is Voluntary Insurance?
American Family Life Assurance Compnay
Simply put, voluntary or supplemental insurance plans help people protect their financial wellbeing in the event of a serious accident or illness. —Voluntary insurance offers a way to stay ahead of the medical and out-of-pocket expenses that major medical insurance does not cover and that add up quickly after an accidental injury or illness. From emergency treatment and transportation costs to receive care, or your everyday bills, voluntary insurance pays cash benefits directly to the policyholder (unless otherwise assigned), and the policyholder decides how or when to use the money.
Takes a quick look at four popular policies:
• Accident Insurance
• Cancer Insurance
• Hospital Indemnity Insurance
• Short-term Disability Insurance
To see a full list of available Aflac policies, visit: http://www.aflac.com/individuals/policies
Please watch this video.
Voluntary insurance works with major medical
coverage to provide an essential safety net
Supplemental policies, like the ones
offered by Aflac, work together with
major medical insurance to help provide
protection to policyholders. As health
care costs continue to rise, these policies
help provide an affordable extra layer
of financial protection for your family.
Unlike major medical insurance, these
policies pay cash benefits directly to the
policyholder (unless assigned otherwise) if
they get sick or injured.
While no one anticipates the unexpected, more than 38.9 million medically consulted injuries
occur in a year.
These injuries pose more than simply a health risk, but also a risk to financial
security. Illness or medical bills contributed to 62.1% of bankruptcies in 2007, and threequarters
of these debtors had medical insurance.
Often, having these policies can save
individuals and their families from out-of-pocket costs, unexpected debt and even bankruptcy
— helping them to focus on getting better and getting back to work.
More Relevant Than Ever
Before
Health care reform and increasing health
care costs continue to drive demand for
voluntary benefits — and for good reason.
As the cost of health care rises, employees
are shouldering both additional health care
costs and decision-making responsibility.
Individuals and their families also face
more decisions as health care becomes
more consumer-driven, and new options
become available to them through health
care reform.
Even with a comprehensive major medical plan, the out-of-pocket costs (both medical
and non-medical related) can be substantial. In fact, 44% of workers would have to
use a credit card or borrow from friends or family to pay for out-of-pocket expenses
associated with a serious illness or accident.
For many, voluntary benefits help solve
a number of concerns and challenges that are surfacing during this time of health care
and financial insecurity.
Unlike major medical
insurance, these
supplemental
policies pay cash
benefits directly to
the policyholder.
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