Aflac, a provider of supplemental health insurance products, has launched an enhanced Aflac Individual Short-Term Disability Insurance.
The new policy aims help employers better support the changing needs of their workers amid economic uncertainty and enduring pandemic challenges.
Its income protection insurance product supplies policyholders with a source of monthly income when a mental health condition or another covered injury or sickness leaves them unable to work.
The new extended policy has expanded coverage for disabilities caused by common mental health conditions, including schizophrenia, bipolar disorders, depressive disorders, anxiety disorders, eating disorders, post-traumatic stress, substance and alcohol use disorders.
It also boasts expanded coverage with no rate increases to policyholders and optional riders to amplify income protection coverage.
According to the National Alliance on Mental Health, 21% of nearly 53 million US adults experienced mental illness in 2020. Furthermore, 46% of adults with mental illness received treatment.
Aflac US deputy president Virgil Miller said, “Today, more Americans are grappling with challenges that, in the past, may have received less attention, but in the wake of the pandemic it is increasingly clear that mental health is a major concern for our customers.
“That is why Aflac is enhancing its offerings in the mental health space to provide solutions for consumers who seek to protect not only their physical health, but their emotional well-being as well.”
Aflac stated that its Individual Short-Term Disability product is a workplace benefit that can support the overall physical, financial and mental health of an employer’s workforce.There are a variety of options that allow employees to tailor coverage to their specific needs and budgets.
Last year, InsurTech startup Breeze raised $10m for its Series A funding round to support the development of its disability and critical illness insurance offering. The Series A was led by Link Ventures, with commitments also coming from Northwestern Mutual Future Ventures, Silicon Valley Bank, M25, Fiat Ventures and Invest Nebraska.
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