Short Term Disability

My name is Rena Renee Robinson, I currently have a short term disability insurance policy with AFLAC, is it possible to switch the money in that account to open a cancer policy? If I were to close the short term disability policy do I lose the money that I've invested?

I Know the Answer!

I have the same question
Request More Information

Current Answers

Answer #1: Posted by LeannCLevine on June 29th, 2011 9:18 AM

LeannCLevine

Member since:
June 28th, 2011

Points: 62,260

100
points

Hi Rena,

Aflac offers insurance, for the peace of mind of knowing that, God forbid, something happened to you, you'll protected against the financial hardship associated with the medical event.

By cancelling the short-term disability policy, you will no longer have the coverage effective the cancellation date. However, should there be a qualifying event for claim where the event took place while the policy was in force, you may still submit a claim AFTER the policy has been cancelled. Aflac will most likely honor the claim and fill the payment.The short-term disability is guaranteed renewable through the age of 70 as long as the premium is remitted.

The cancer policy is issued through the age of 64, and guaranteed renewable for lifetime as long as premium is remitted.

Aflac is insurance, not some kind of long-term or short-term financial investment.

"Is it possible to switch the money in that account to open a cancer policy?" Yes, as long as you clear the underwriting question, you can apply for the cancer policy anytime before the age of 65.

"If I were to close the short term disability policy do I lose the money that I've invested?" Yes, because a disability policy is NOT an investment. It is simply a policy whereby you have guaranteed fixed benefits for a set benefit period minus the elimination period.

I wish you the best.