AFLAC discussion

[fireberd350]

An AFLAC rep came into my work and presented me thier supplemental insurance coverage...basically if anything happens to me at any time 24/7 they give me a check depending on the incident...they take $5.52/week out of my check and thats it...if anything happens I fax my claim and get a check...sounds like a scam to me, how can they possibly make money doing this...I'm most likely going to sign up, heys its only $6/wk and no contract involved but I was wondering is anyone had any stories, good or bad, to tell about AFLAC

 

[Jack Evers]

AFLAC..

..is huge and I doubt that they'd be scamming:

"AFLAC, Incorporated operates in the insurance industry and primarily sells supplemental health insurance in Japan and the U.S. For the three months ended 3/31/03, total revenues increased 18% to $2.81 billion. Net income increased 30% to $237 million. Revenues benefited from growth in U.S. premiums due to increases in both the hospital indemnity product group and fixed-benefit dental product. Net income also reflects improved benefit and expense ratios for AFLAC Japan"

However, I'm not sure what you're buying. If it's accidental death/dismemberment sort of thing, premiums are cheap but the chances of ever collecting anything are remote.

If, on the other hand, it provides coverage for illness, loss of income due to illness, death or disability due to illness, etc. it might be worth looking at. I'll bet it's nothing more than AD&D coverage.

I'm in the insurance business but in the casualty end of it. I'm sure we've got some life guys out there that can answer this better than I can.

 

[fireberd350]

no its not just the AD&D...

theres a whole list of things that i get paid for...
example of the top of my head:
broken bone: $250
small laceration: $150
trip to ER: $200
Ambulance ride: $200
Night in hospital: $1000 for first night $200 following nights
Yearly check up: $60

the list covers anything that can happen to me basically...

i left the paperwork at work but they have different plans and i forget what this one is called...