AFLAC Disability Insurance
AFLAC is a pre-tax program approved by IRS which intends to permit certain benefit premiums to be pre-taxed. For individuals who use the pre-tax feature, they can only enroll or cancel coverage during the yearly open enrollment.
Aflac' s short term disability insurance gives you coverage when you have some illness or injury and is unable to work for a short duration of time. It gives you a part of your monthly income towards your financial expenses so that you will be able to meet the monthly expenses.
The disability insurance is of two types :
Short term disability insurance : It Provides Financial protection for upto 6 Months
Long term diability insurance :It provides financial protection for a couple of years.
Aflac mainly provides a short term disability policy which protects in case of pregnancy, injuries, illness providing a percentage of the person's monthly income to meet the out of pocket expenses.
Aflac also provides supplemental disability insurance coverage just as an extra measure of security to meet the extra needs of customers.
AFLAC offers insurance coverage of various types including AFLAC Disability Insurance and Short-term AFLAC Disability Insurance.
Personal Short-Term AFLAC Disability Insurance:
Personal short-term AFLAC disability insurance may help an individual with a source of income if they become disabled due to off-the-job injury or sickness. AFLAC's disability insurance offers monthly benefits for durations of three months, six months, twelve months, or twenty-four months policy. They can also choose to have AFLAC disability insurance on a pre-tax basis.
If an after-tax coverage is chosen for this type of insurance, the disability benefits they receive at the time they file the claim will be tax-free.
If they choose AFLAC disability insurance to be pre-tax basis coverage, the premium is tax-free and the disability benefits they receive at the time of filing the claim is taxable.
Benefits of AFLAC Disability Insurance:
Some of the major benefits of AFLAC disability insurance are as follows:
- Function:AFLAC's short-term disability insurance policy pays you a percentage of your normal monthly income while you are unable to work due to an illness or injury.
- Time Frame: Short-term disability payments varying in duration according to the extent of the injury and illness and according to the exact policy purchased.
- Benefits: AFLAC disability insurance provides disability benefits to compensate for income lost as the result of disability. These benefits will allow you to continue to pay bills and maintain your household.
- Considerations: AFLAC's disability insurance programs are designed to be used temporarily. If your disability continues for an extended period of time, you will be encouraged to file for government disability.
- Other Information: AFLAC disability insurance covers maternity disability just like any other medical disability. Also, the AFLAC disability insurance is typically purchased through your employer, but it can be maintained even if you leave your job.
AFLAC disability insurance has such a policy that is not too expensive and grows in the amount received the longer it is kept idle.
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Last Updated on : 26th August 2013