Benefits will be paid directly to you, the insured, unless otherwise required by law or otherwise assigned. You can also choose to direct a hospital, physician, or other health care provider to receive your benefits.
This is called assigning benefits, and you can do so by signing the appropriate section on the claim form or by signing an assignment of benefits at the health care provider's office. Yes, unless you live in the state of NY.
Your direct deposit information should be submitted with your claim when filing online or when manually submitting documents. If you pay premiums under a flexible benefits plan with pre-tax dollars, or if your employer pays part or all of your premiums, some of the benefits you receive may be taxable.
Therefore you may receive a W2 form from your employer that will include the taxable benefit amounts you received. A form will also be sent for an disability benefits paid under a pre-tax plan.
If you have questions about taxability of benefits, discuss them with your employer or tax advisor. Please closely follow the instructions on the form to receive the most efficient service. When a death occurs, the Beneficiary's Statement must be completed by the person or persons to whom the insurance may be payable. If my disability claim is ongoing, will the initial claim form that I submit support my ongoing disability? Please submit all supplemental claim forms, updated medical information, and employer's verification that your claim examiner requests.
Since disability claims can be ongoing, we will request periodic updates from you on your condition and return-to-work status. If you terminate your employment with your employer, you may opt to continue your current Aflac Group plan on an individual pay basis. Please see your certificate for plan details. You will have four payment options: monthly electronic draft from your banking account, quarterly, semiannual, or annual direct billing. Electronic draft is available for monthly payment only.
Notices will be generated for premiums paid quarterly, semiannually, or annually when due. Whole Life and Universal Life plans accumulate cash value. However, it normally takes about three to six years for the value to build, depending on the plan. If my certificate has built cash value, can I take a loan against that value?
How long does the process take? You can take a loan against the accrued cash value. To do so, complete the applicable sections of the Service Request Form, sign the form where indicated, and mail or fax the form to us.
An interest rate will be charged for loans as described on the certificate schedule page. Please allow a minimum of 45 days to a maximum of six months for processing. What will happen to my life insurance certificate if the loan and accrued interest exceed the cash value? The certificate will lapse no longer be in force.
You will be notified by mail at the owner's last known address at least 31 days before the plan lapses. Cash values are accumulated by crediting premium payments and interest to a fund from which deductions are made for expenses and cost of insurance. The rates at which the interest is credited are declared by the company or may be specified in the certificate. The initial surrender charge is determined at the beginning of each certificate year.
The fund value not to be confused with the surrender value is accrued based on the premium deposited. Once the fund value exceeds the surrender charge, the cash value begins to grow. With the Universal Life and Whole Life plans, if the group master policy terminates, you will continue to have coverage as long as the premiums are paid.
What if I stop paying my premiums but do not surrender my Universal Life plan for its cash value? This is a brief product overview only. Coverage may not be available in all states. Optional riders are available at an additional cost.
The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions.
For costs and complete details of the coverage, please contact your local Aflac agent. Limitations and Exclusions for residents of Arizona:. Limitations and Exclusions for residents of Idaho:.
Limitations and Exclusions for residents of New Jersey:. Limitations and Exclusions for residents of Virginia:. View Data Sources to see our underlying sources. Notifications from Aflac. Dismiss all notifications closes this dialog.
High Contrast Mode. Business Owners Aflac lets you provide your employees with outstanding benefits without costing you a penny. Agents Explore the unlimited potential and flexibility that comes with the opportunity to become an Aflac insurance agent.
Brokers Offer your clients better benefit options with Aflac supplemental insurance policies. File a Claim. Products Products. Resources Article Topics. Request a Quote. What is Accident Insurance? Supplemental accident insurance is meant to be purchased in addition to your primary policy. This helps provide peace of mind when new and unexpected injury costs occur. Aflac works by paying benefits regardless of your current plan.
This gives you extra support and financial relief during these covered accidents. What Isn't Covered Accident and health insurance are different. Is Accident Insurance Worth It? Get a Quote. How would you be financially affected if you got into an accident without insurance? If your work does not provide it for you, personal accident insurance is always an option.
Unlike some other insurance companies, Aflac provides fast, easy, and complimentary plans. Personal Accident Insurance. Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service. For more guidance, see our life insurance buying guide. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page.
However, this does not influence our evaluations. Our opinions are our own. NerdWallet is a free tool to find you the best credit cards, cd rates, savings, checking accounts, scholarships, healthcare and airlines. Start here to maximize your rewards or minimize your interest rates. Georgia Rose. Aflac Life Insurance Rated 3.
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