Brokers and agents will need to play
a greater role in educating workers
about the very real risks of unexpected
death or health issues and the growing
diversity of life insurance products that
can benefit policyholders even while
they are still alive.
By The NumBers
of consumers believe they or a family member will experience a
serious illness, such as cancer, in the future. The American Cancer
Society estimates that men have slightly less than a 1 in 2 lifetime
risk of developing cancer. It’s 1 in 3 for women.
Voluntary life solution often
Now is an excellent time to start a
conversation with business clients about
life insurance solutions that are not only
financially attractive, but also provide
needed protection for their workforces.
A solution that often goes over-
agents will need
to play a greater
role in educating
real risks of
death or health
issues and the
of life insurance
even while they
are still alive.”
looked is voluntary life insurance.
Though it can be used as a stand-alone
policy, the purpose of voluntary life is
to supplement existing life policies to
attain financial security and keep it.
Voluntary life insurance options are
simple, flexible and have no direct cost
to employers. They help clients and
their workers address a number of concerns, including:
•Coverage in retirement: Many
Americans have been forced to delay retirement and rejoin or extend
their stay in the workforce as a result of the financial crisis. Voluntary
life insurance offers whole and 10-
year term life policy options that
extend to age 70. These choices can
cover retirement-aged Americans
longer than before, allowing them
to breathe a little easier when it
comes to financial stability.
• Unemployment: Maintaining life
insurance coverage in the face of layoffs is another serious concern stemming from the economic uncertainty
of recent years. Individual voluntary
life insurance policies are portable.
Whether a policyholder is laid off or
decides to leave his or her company,
he or she doesn’t need to rush into
another job simply to regain life insurance coverage.
• Access to cash: In any economy,
access to cash is important. Many
voluntary life insurance policies
begin to accumulate cash value as
early as three years into the policy.
This money can be borrowed against
for a variety of different reasons —
from starting a business to helping
fund a child’s education.
Tom Morey, a 16-year insurance
industry veteran, is Aflac’s vice
president of Product Development.
He oversees designs, pricing and
execution, including product
development, product positioning and
corporate bids. Visit aflacforbrokers.com, call
(888) 861-0251, or e-mail brokerrelations@
aflac.com to learn more.