Aflac reimagines term life insurance to help close the financial security gap for more Americans

Author's Avatar
Jul 25, 2023

PR Newswire

Affordable life insurance with living benefits and stable rates that will not change for life*

COLUMBUS, Ga., July 25, 2023 /PRNewswire/ -- Chronic diseases are the leading causes of illness, disability and death in the U.S., according to the Centers for Disease Control and Prevention.1 Addressing the need for better options for Life Insurance, Aflac, a leading provider of supplemental health insurance products in the U.S., announced today the launch of a new product, Aflac Group Life Term to 120, to provide worksite life insurance with flexible living benefits and affordable rates that won't increase across employees' lifespans.

"Most life insurance is either unaffordable for the average household or does not provide benefits for the living, which results in the lack of financial protection," explains Virgil Miller, president, Aflac U.S. "Aflac's new group life product is designed to stand in the gap by providing affordable and stable pricing as well as flexible living benefits to age 120, in order to guarantee employees will not outlive their coverage."

Many expenses accumulate at the end of life, with the average costs for an individual reaching over $96,000 annually,2 and many people do not have sufficient savings to cover those costs — not to mention financial protection for loved ones when a wage earner passes away.3

"This product is particularly unique when it comes to flexible living benefits," explained Bob Ruff, senior vice president, Aflac Group Voluntary Benefits. "Aflac's Term Life to 120 product is designed so that it is easy to use whenever it's needed. Whether that is needing benefits for potential home modifications related to a health condition, health care or final expenses, our customers can be assured that they will have financial protection in their time of need."

Aflac Group Term to 120 offers more than the typical life insurance with:

  • Hybrid plan design that merges the most attractive features of a term life plan and a permanent life plan to give consumers what they value most.
  • Employee controls freedom to use benefits with options, such as managing conditions like chronic illness or paying for at-home or nursing care or funeral costs.
  • Lump sum or monthly installment payments so individuals can use their benefits how they need to, for instance, to pay for home modifications needed for a health condition, health care equipment and more.
  • Option to include restoration of the death benefit rider or extension of chronic condition period payment rider. Death benefit restoration restores the amount of the death benefit without further reduction or penalty even if living benefits have been exhausted, if benefits are paid for a chronic condition. Extension of chronic conditions periodic payment rider adds an additional 25 monthly payments, equal to 4% of the life insurance benefit amount for chronic conditions.
  • Living benefits, including flexible benefits for chronic conditions that are accessible and affordable for most budgets. This benefit does not require professional services, meaning that benefits can be collected when one is receiving home care from close friends or family. It is paid when the certificate holder can no longer complete two of six listed Activities of Daily Living.
  • Employees can enroll at the worksite, and coverage is transferable, so employees can choose to take their coverage with them after they retire or leave their employer.

For more information visit

*Aflac's Group Term to 120 product defines a lifetime as up to 120 years of age to guarantee individuals do not outlive their coverage.

Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than 67 years to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.4 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance policies in force. In 2021, the company became a signatory of the Principles for Responsible Investment (PRI). In 2022, the company was included in the Dow Jones Sustainability North America Index for the ninth year, the World's Most Ethical Companies by Ethisphere for the 17th consecutive year, Fortune's World's Most Admired Companies for the 22nd time and Bloomberg's Gender-Equality Index for the fourth consecutive year. To find out how to get help with expenses health insurance doesn't cover, get to know us at or Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at under "Sustainability."


Media contact: Jon Sullivan, 706-763-4813 or [email protected]

Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or [email protected]

1Centers for Disease Control and Prevention (2023). Health and Economic Benefits of Chronic Disease Interventions | CDC. Accessed on March 27, 2023 from
2CNBC (2023). What is long-term insurance? Accessed on May 5, 2023 from
3LIMRA 2021 Facts About Life 2021. Accessed on March 15, 2023 from
4 LIMRA 2021 US Supplemental Health Insurance Total Market Report.

Aflac | WWHQ | 1932 Wynnton Road | Columbus, GA 31999

favicon.png?sn=CL65443&sd=2023-07-25 View original content to download multimedia: