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NEWS > BUSINESS > AFLAC TO LIMIT COVERAGE TO PEOPLE WITH NO CHANCE OF DYING
AFLAC TO LIMIT COVERAGE TO PEOPLE WITH NO CHANCE OF DYING
November 19 2009
Columbus, GA – Very few people look forward to the possibility of a catastrophic illness affecting them or their family but unfortunately everyone is obligated to consider the possibility and to prepare for it as best as possible. Such preparation is 
particularly important in the United States because of the limited healthcare options available. That reality has given insurance companies enormous power and untold riches as people continue to prepare for the worst, even while hoping for the best.
Of course paying out insurance claims has never been in the best interest of the companies that issue the policies. Such incidents erode profits and threaten the long term viability of insurance companies and so they often do whatever they can to avoid such issues before they happen. Traditionally that has meant avoiding customers with pre-existing medical conditions or those with a strong family history of hereditary ailments. Some companies, most still facing headaches from the worst recession they have encountered, are taking an even more cautious approach to signing up new clients. Aflac, one of the largest insurers in the United States, has introduced a new program that will limit life insurance to only those people with no history of death or significant illness, a move they hope will secure their trailing bottom line.
“Aflac has always been a family company. It was after all founded by my father and his two brothers and they founded it with an eye towards the love and trust that one puts into a family. Our clients have always been considered a part of our family and always will be,” said CEO Dan Amos. “While we understand that many people might find our new policy a little confusing and even aggressive, we want to assure people that we are only implementing it in order to keep our family strong and secure for the future. The recent financial instability has reminded us all of the importance of remaining financially sound so that all members of our extended family can stay happy and healthy for the long term.”
Though the company did not specifically mention immortality as a prerequisite for coverage, such a state of existence was heavily implied.
“Insurance companies throughout the United States have long suffered under this obligation to pay out for medical treatment should it become necessary and most have worked very hard to kind of hedge their bets so that the damage to their bottom line is minimized. That has often meant denying experimental treatment and encouraging co-payments but this new idea could be revolutionary,” said Scrape TV Business analyst Ken Green. “By not having to pay out any kind of money the companies will potentially be able to become hugely profitable. All businesses have dreamed of a way to eliminate expenses and just rake in profits, something Aflac will be able to do if this is successful.”
Aflac posted a $1.25 billion profit last year, one of their lowest on record.
“The major problem with this of course is that human beings are mortal and all of us are destined to die, really from the moment we are born. True many of us are able to live long and happy lives but ultimately we are all doomed to die at some point, something which is going to make finding new clients very difficult,” continued Green. “In addition, the handful of people who are in fact immortal are very unlikely to be interested in life or health insurance because, well, because they are immortal. That would likely be the only major kink in their plans but if they are somehow able to overcome those issues they could set a new standard for life insurance across the industry.”
It’s not clear if immortal beings would be stupider than normal people and thus make them more likely to purchase unnecessary coverage.
William Ashford, Business Correspondent
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