Great American Supplemental Benefits Group Launches New Fixed Indemnity First Dollar Health Insurance Product

AUSTIN, Texas--(BUSINESS WIRE)--Loyal American Life Insurance Company^®, a member of Great American Supplemental Benefits Group (GASB), is pleased to announce the expansion of its product line to include Loyal American Affordable Health Benefits^SM, a specified benefit, fixed indemnity health policy. This policy is designed to offer an alternative solution to both the uninsured and to those who are uncomfortable with their current major medical plan due to high deductibles, co-insurance, rising premiums or out of pocket exposure. This simplified issue policy pays first dollar coverage for doctor visits, accidents, hospital stays, illnesses and surgeries as listed in the policy.

“We are excited to offer a new product that helps to fill a need in this market. Introduction of Affordable Health Benefits strengthens our supplemental health insurance portfolio, which is designed to meet the needs of agents and consumers alike”

Affordable Health Benefits stands out from other products in the market because it has no deductible, no lifetime maximum on the base policy and built-in Supplemental Accident, Radiation and Chemotherapy benefits. The policy offers flexible options to cover individuals and families and is guaranteed renewable up to age 65. With issue ages 0-64, coverage is also available as a stand alone policy for children.

“We are excited to offer a new product that helps to fill a need in this market. Introduction of Affordable Health Benefits strengthens our supplemental health insurance portfolio, which is designed to meet the needs of agents and consumers alike,” states GASB Divisional President, Brad Wolfram.

According to David Chambers, GASB Divisional Vice President, Sales and Marketing, “Recent developments in healthcare reform and the current economic climate have created an optimal environment for this policy. We recognized a need in the market and developed this product as a solution. Healthcare costs, deductibles and premiums nationwide are steadily rising, which leaves Americans exposed to higher out-of-pocket costs. Additionally, agent commissions on major medical policies have been cut by 50% with some carriers. Affordable Health Benefits is a win-win solution for both consumers & agents.”

As of July 1, Affordable Health Benefits has been approved in AL, LA, MS, MO, OH, OK and WI, with filings pending in another 23 states: AZ, CA, CO, GA, ID, IL, IN, IA, KS, KY, MI, MT, NE, NV, NM, NC, OR, PA, SC, TN, TX, VA and WV.

Brokers and agents who are interested in marketing this or any other GASB products are encouraged to contact David Chambers as indicated below.

About Loyal American Life Insurance Company
Part of the Great American Supplemental Benefits Group family of companies, Loyal American Life Insurance Company has provided insurance products since 1955 and continues to offer a comprehensive selection of supplemental policies, marketed through agents, designed to help meet the financial needs of Americans as deductibles and coinsurance costs grow.

About Great American Supplemental Benefits Group
Based in Austin, Texas, Great American Supplemental Benefits Group (GASB) features a comprehensive suite of supplemental health insurance products including Affordable Health Benefits, Cash Advantage Critical Illness^SM, specified disease cancer, heart attack, stroke, accident and Medicare Supplement. Great American Supplemental Benefits Group is a member of Great American Financial Resources Inc. (“GAFRI”). GAFRI is a member of the Great American Insurance Group, whose roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. AFG’s common stock is listed and traded on the New York Stock Exchange and Nasdaq Global Select Market under the symbol AFG. Learn more at www.GAFRI.com.

THIS IS NOT MAJOR MEDICAL COVERAGE. POLICY HAS LIMITED HOSPITAL CONFINEMENT AND OTHER FIXED INDEMNITY BENEFITS. This policy is guaranteed renewable up to age 65 and is subject to the company’s right to increase premium on a class basis. This information is intended for professional agents. LOYAL-9-0014-AHB.