Millennials, a generation always on the go, live life to the fullest while juggling work, social life, and chasing their passions. However, amidst all the hustle and bustle, they often overlook the importance of having adequate insurance coverage.

While traditional insurance policies offer some level of coverage, certain gaps may need to be addressed. This is where supplemental insurance policies come in. Supplemental insurance provides additional protection against potential risks and hazards, giving millennials added peace of mind and financial security. If you’re wondering, “what is supplemental insurance and what policies should I consider?,” here’s what you need to know.

What is Supplemental Insurance?

Supplemental insurance, offers additional coverage for common risks, accidents, or exposures typically not covered by traditional policies. The flexibility of supplemental insurance allows individuals to customize the coverage of their core policy to address specific risks based on their needs or lifestyle.

When choosing ancillary insurance policies, there are several options that millennials can explore. This article highlights six supplemental insurance policies that are worth considering:

1. Dental Insurance

Taking care of dental health is essential, but it can be expensive. Dental insurance usually offers coverage for routine checkups, cleanings, and fillings. This type of coverage is particularly important if millennials don’t have access to dental care through their employers or traditional policies. Purchasing supplemental dental insurance can avoid incurring significant costs from routine or unexpected dental expenses.

2. Critical Illness Insurance

Critical illness insurance helps pay for expenses for those diagnosed with a severe or life-threatening illness. This insurance can help pay for medical expenses and provide additional financial support to help cover bills and living expenses.

3. Cancer Insurance

While no one wants to think about being diagnosed with cancer, the reality is that it can happen to anyone at any age. Cancer insurance typically provides financial support during the diagnosis and treatment process. It can also help cover medical expenses, travel costs, and lost wages, among others, thereby reducing stress and uncertainty during an already challenging time.

4. Accident Insurance

Supplemental accident insurance, purchased in addition to the primary policy, is designed to help pay for unexpected costs that can arise from serious to common accidents. In many cases, accident insurance is used with disability or critical illness insurance to provide more coverage.

5. Short-term Disability Insurance

Short-term disability insurance can be an excellent option for individuals working in industries with a higher risk of injury or illness. This type of coverage can help provide financial support during a temporary period of disability, ensuring bills and other expenses continue to be paid even when they cannot work. Such a policy may be available through worksite payroll deduction only. Millennials need to check with their employer.

6. Life Insurance

Life insurance can be essential even if an individual is young and healthy. It can provide financial security to their loved ones in case of their untimely demise. Various life insurance policies are available, including term or whole life insurance. Millennials should choose a policy that fits their needs and requirements.

The Bottom Line

We all know that traditional health insurance is essential to our financial plan, and it’s important to consider the gaps that health insurance wasn’t designed to cover. That’s where supplemental insurance can help. By getting the best supplemental insurance from a reputable insurance provider, millennials can be well-equipped to handle any unexpected curveballs life throws their way. From dental and accident insurance to critical illness and cancer coverage, millennials can explore plenty of options to protect their assets and future.

Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact a local Aflac agent.     

Aflac Coverage

Dental (A82000 Series) – In Arkansas, Policies A82100RAR–A82400RAR. In Delaware, Policies A82100R–A82400R. In Idaho, Policies A82100RID–A82400RID. In New York, Policies NY82100–NY82400. In Oklahoma, Policies A82100ROK–A82400ROK. In Oregon, Policies A82100ROR–A82400ROR. In Pennsylvania, Policies A82100RPA–A82400RPAR. In Texas, Policies A82100RTX–A82400RTX. In Virginia, Policies A82100RVA–A82400RVA.

Critical Illness (A73100 Series) – In Arkansas, Policies A73100AR & A7310HAR. In Delaware, Policies A73100DE & A7310HDE. In New York, Policy NY72100. In Oklahoma, Policies A73100OK & A7310HOK. In Oregon, Policies A73100OR & A7310HOR. In Pennsylvania, Policy A73100PA & A7310HPA. In Texas, Policies A73100TX & A7310HTX. In Virginia, Policy A73100VA.

Cancer/Specified-Disease (B70000 Series) – In Arkansas, Policies B70100AR, B70200AR, B70300AR, B7010EPAR, B7020EPAR. In Delaware, Policies B70100DE, B70200DE & B70300DE. In Idaho, Policies B70100ID, B70200ID, B70300ID, B7010EPID, B7020EPID. In Oklahoma, Policies B70100OK, B70200OK, B70300OK, B7010EPOK, B7020EPOK. In Oregon, Policies B70100OR, B70200OR, B70300OR, B7010EPOR, B7020EPOR. In Pennsylvania, Policies B70100PA, B70200PA, B70300PA. In Texas, Policies B70100TX, B70200TX, B70300TX, B7010EPTX, B7020EPTX.

Accident (A37000 Series) – In Arkansas, Policy A37000AR. In Delaware, Policies A371AA & A371BA. In Idaho, Policy A37000ID. In New York, Policy NY37000. In Oklahoma, Policy A37000OK. In Oregon, Policy A37000OR. In Pennsylvania, Policy A37000PA. In Texas, Policy A37000TX. In Virginia, Policies A371AAVA & A371BAVA.

Short-Term Disability (A57600 Series) – In Arkansas, Policies A57600AR & A57600LBAR. In Delaware, Policies A57600DE & A57600LB. In Idaho, Policy A57600IDR. In New York, Policy NY57600. In Oklahoma, Policies A57600OK & A57600LBOK. In Oregon, Policies A57600OR & A57600LBOR. In Pennsylvania, Policies A57600PA & A57600LBPA. In Texas, Policies A57600TX & A57600LBTX. In Virginia, Policies A57600VA & A57600LBVA.

Life (B60000 Series) – In Arkansas, Idaho, Oklahoma, Pennsylvania, Texas, & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Group Whole Life (Q60000 Series) – In Arkansas, Delaware & Oregon, Policy Q60100M. In Idaho Policy Q60100MID. In Oklahoma, Policy Q60100MOK. In Texas, Policy Q60100MTX. Group Term Life (Q60000 Series) – In Delaware, Policies Q60200M. In Arkansas, Idaho, Oklahoma, Oregon & Texas, Policies ICC18Q60200M, ICC18Q60300C, ICC18Q60400C.

Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York.

Tier One Coverage

Dental, Vision, Hearing (DVH, T80000 Series) – In Arkansas, Policy T80000AR. In Delaware, Policy T80000. In Idaho, Policy T80000ID. In Oklahoma, Policy T80000OK. In Oregon, Policy T80000OR. In Pennsylvania, Policy T80000PA. In Texas, Policy T80000TX.

Dental claims are administered by Aflac Benefits Solutions, Inc. Vision claims are administered by EyeMed Vision Care, LLC.  Hearing claims are administered by Nations Hearing.

NOTICE: The coverage offered is not a qualified health plan (QHP) under the Patient Protection and Affordable Care Act (ACA) and is not required to satisfy essential health benefits mandates of the ACA. The coverage provides limited benefits. Tier One Insurance Company is part of the Aflac family of insurers.

Critical Illness (T71000 Series) – In Arkansas, Policy T71100ARR. In Delaware, Policy T71000. In Oklahoma, Policy T71000OK.  In Oregon, Policy T71000OR. In Pennsylvania, Policies T71100PA – T71400PA. In Texas, Policy T71000TXR. In Virginia, Policy T71100VA.

Cancer/Specified-Disease (T70000 Series) – In Arkansas, Policy T70000ARR. In Delaware, Policy T70000. In Idaho, Policy T70000ID. In Oklahoma, Policy T70000OK. In Oregon, Policy T70000OR. In Pennsylvania, Policies T70000PA, T7000GPA. In Texas, Policy T70000TX. In Virginia, policies T70000VA & T70000GVA.

Accident (T37000 Series) – In Arkansas, Policy T37000ARR. In Delaware, Policy T37000. In Idaho, Policies T37100IDR, T37200IDR, & T37300IDR. In Oregon, Policy T37000OR. In Oklahoma, Policy T37000OK. In Pennsylvania, Policies T37000PA, T37300PA, & T37500PA. In Texas, Policy T37000TX.

Life (Final Expense Life) – In Arkansas, Delaware, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22.

Tier One coverage is underwritten by Tier One Insurance Company.

Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions.

Aflac’s family of insurers include Aflac, Aflac New York, Continental American Insurance Company, and Tier One Insurance Company.

Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road | Columbus, GA 31999.

Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211

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