Below is a general explanation of the sections found in most Aflac policies. Keep in mind that information may vary by policy and the state where the policy was issued. If you need additional information about your Aflac policy, please speak with your human resources benefits manager or account manager. Or you can contact Aflac by phone, at 1.800.992.3522.
Terms Used in Most Policy Introductions
Consideration (not included in life policies)
Consideration explains that your policy is issued based on information that was included on the application for insurance. It also explains that premium payments are outlined in the Policy Schedule, and that the individual named in the policy is covered as outlined in the Benefits, Limitations and Exclusions, Definition of Terms, and other provisions sections of your policy.
Right to Examine This Policy
This section outlines the amount of time allowed for the person seeking insurance to examine and accept the policy. This section also informs the insured to contact Aflac if he or she would like to make changes to the policy.
All Health and Disability (Non-Life) Policies
Part 1: Glossary
Provides definitions of terms used throughout the policy.
Part 2: Limitations and Exclusions
Outlines exactly which benefits and treatments are and are not covered under the policy.
Part 3: Right of Conversion
Explains how the dependent of a policyholder (a spouse or a child) can convert to an individual policy. This generally applies to an insured and spouse who divorce or to a covered person whose dependency has terminated (for example, a child who reaches a specific age or marries).
Part 4: Uniform Provisions
Describes the specific features and requirements of the insurance contract. See Definitions for specific words or phrases.
Part 5: Eligibility for Benefits (not included in all policies)
Outlines the conditions a person must meet to be eligible for the benefits of a life insurance plan, health insurance plan, or retirement plan.
Part 5 or 6 (depending on policy): Benefits
Details the type and amount of coverage offered by an Aflac product for specified diagnoses and treatments.
Life Policies
Note: The specific features of your life policy may vary depending on the type of life policy you hold but will include some of the following:
Glossary
Provides definitions of terms used throughout the policy.
Payment of Proceeds or Payment of Benefits
Explains when and how benefits will be paid upon the death of the insured.
Accelerated Death Benefit
If the insured is diagnosed with a terminal condition, this section specifies the amount paid. A terminal condition is one that, based on the insured's physician's best judgment, would cause the insured to die within a certain amount of time (varies by state) despite all possible treatments.
Waiver of Premium Benefit
If the policyholder becomes unable to work because of an accident or injury, this section explains the policy's provision for the insurer to give up its right to collect the policy's premium. The Waiver of Premium Benefit for disability remains in effect as long as the policyholder is disabled.
General Information
Describes what constitutes a life policy, and also describes other features, benefits, and requirements of the insurance contract.
Ownership of the Policy
States that the person named on the policy is the owner and can exercise all rights under the policy as long as the policy is not assigned to someone else.
Premiums
Discusses when and where premiums must be paid for the policy to be in effect. It also outlines allowances for late payments and grace periods.
Renewal
Specifies the time period that the policy is in effect and how the policy can be renewed.
Conversion
Reviews how to convert a term life policy to a whole life policy.
Under a term life policy, the benefit is payable only if the insured dies during a specified period. There are various types of term life policies with added benefits (see your human resources benefits manager for more information).
A whole life policy is life insurance that remains in force during the insured's entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance also builds a savings element (called the cash value) as a result of the level premium approach to funding the death benefit.
Reinstatement
This section provides details on how to have your policy reinstated should it lapse (be canceled for non payment of premiums).
Beneficiary
Details how benefits will be paid to the beneficiary if the primary insured dies, explains what happens if the beneficiary dies first, tells how to change beneficiaries, and describes how benefits will be paid to the beneficiary.
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