“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
Aflac Adds Beneficiary Companion® Services to Its Group Premier Life Absence Disability Solutions Portfolio
Issued by Aflac
Mar. 30, 2023
New value-added services help customers with finalizing loved ones' affairs
COLUMBUS, Ga. -- When a loved one passes away, paperwork should be the least of a survivor's worries, but beneficiaries work with multiple companies and institutions, making many decisions, when settling affairs after a family member or close friend passes. To address this challenge, and to add value for its customers, Aflac, a leading provider of supplemental health insurance, is partnering with Iris® Powered by Generali ("Iris"), to provide Beneficiary Companion® services for individuals insured by Group Life Insurance from Aflac's Premier Life, Absence and Disability Solutions. Beneficiary Companion services assist individuals and their beneficiaries with navigating the often-complex administrative details related to death, including monitoring and resolving identity information and potential theft.
While individuals are most impacted by grief, workplaces can also be affected. According to the Grief Recovery Institute, the cost of workplace grief due to employees' losses of loved ones is estimated at $37.5 billion annually,1 and the grieving of survivors can be extended particularly as situations like identity theft add to the challenges of those left behind. Additionally, AARP reports that the identities of nearly 2.5 million deceased Americans are stolen each year,2 resulting in additional time, cost and emotional strain to the survivors resolving the theft.
"End of life is a very difficult topic to discuss, but the reality is that there are many challenges that arise with the death of a loved one. We believe stress associated with complicated paperwork and the potential of crimes like identity theft shouldn't be among them," said Scott Beeman, senior vice president, Premier Life Absence Disability Solutions. "Beneficiary Companion enables employers to offer peace of mind to employees through assistance that helps their workforce with the practical matters of life, including closing a loved one's affairs during an already difficult time."
In addition to being available to the beneficiary of the insured employee, Beneficiary Companion is also available to the employee to use in the event of the loss of a loved one if they have the legal authority to act on behalf of the deceased. This includes the Beneficiary, Executor of the Estate and Beneficiary Representative.
"Beneficiary Companion helps bring relief from the confusion and frustration that many face while trying to manage a loved one's final affairs," said Paige Schaffer, CEO of Iris. "The unique and personalized service that Beneficiary Companion provides helps send a powerful message to employees about how their employers care for them and their families."
Key features of Beneficiary Companion® services include:
For more information, visit https://www.aflac.com/brokers/products/group-life-insurance.aspx.
ABOUT AFLAC INCORPORATED
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than 67 years to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance policies in force. In 2021, the company became a signatory of the Principles for Responsible Investment (PRI). In 2022, the company was included in the Dow Jones Sustainability North America Index for the ninth year, the World's Most Ethical Companies by Ethisphere for the 17th consecutive year, Fortune's World's Most Admired Companies for the 22nd time and Bloomberg's Gender-Equality Index for the fourth consecutive year. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol. Investors may learn more about Aflac Incorporated and its commitment to ESG and social responsibility at investors.aflac.com under "Sustainability."
About Iris® Powered by Generali
Iris® Powered by Generali is a B2B2C global identity and cyber protection company owned by the 190-year-old multinational insurance company, Generali, offering always-available identity resolution experts (real people, 24/7/365) and tech-forward solutions that uncomplicate the protection process. Understanding that victimization has no geographical boundaries, we've got a solution no matter your customers' coordinates.
To learn more about Iris' offerings, please visit https://www.irisidentityprotection.com/.
1The cost of grief – Chicago Tribune. 2https://www.aarp.org/money/scams-fraud/info-03-2013/protecting-the-dead-from-identity-theft.html 3LIMRA 2021 US Supplemental Health Insurance Total Market Report
Editor's note: This press release has been issued by the company named above, not BenefitsLink. Reliance on information in this press release might be prudent only after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.