Aflac life insurance review 2024 (2024)

About Aflac life insurance

Aflac — known for its Aflac Duck — primarily offers supplemental insurance to help cover gaps in a health insurance policy. But, Aflac also offers a range of insurance products, from accident insurance and cancer insurance to pet insurance and supplemental vision and dental.

And of course, Aflac offers life insurance. In fact, Aflac got its start as a life insurance company in 1955 as the American Family Life Insurance Co. of Columbus (Aflic, rather than Aflac, for those who are paying attention.) The company remains headquartered in Columbus, Georgia and serves customers in the U.S. and Japan.

Types of life insurance offered by Aflac

Aflac offers two traditional life insurance policies: term and whole. You can also purchase a juvenile life insurance policy (either term or whole) and guaranteed issue life insurance (term or whole), which doesn’t require a medical exam.

Aflac term life insurance

Aflac offers policies with 10-, 20- or 30-year terms and up to $500,000 in life insurance coverage if you’re 50 or younger. Coverage is capped at $200,000 for people ages 51 to 68.

Aflac offers four types of term life insurance:

• Fixed term life insurance is the most straightforward. You’ll choose a policy term (10, 20 or 30 years) and pay a fixed premium throughout the life of the policy.
• Increasing term life insurance means the death benefit and premiums increase over the duration of the policy.
• Decreasing term life insurance means your premiums will go down, but so will the death benefit.
• Annual renewable life insurance is short-term coverage. You have to renew the policy every year, and premiums will likely go up at each renewal. This isn’t ideal unless you need life insurance to fill the gap between two policies.

If you’re considering term life insurance, review multiple life insurance quotes to find the best term life insurance companies available.

Aflac whole life insurance

Aflac offers whole life insurance with up to $250,000 in coverage for eligible applicants 18 to 70. When you purchase an Aflac whole life insurance policy, you can expect:

• A guaranteed death benefit.
• Level premiums.
• Cash value that builds over time.

You can borrow against that cash value, but you’ll pay interest like any other loan. If the borrowed money is not paid back when you die, your beneficiary’s death benefit will be reduced by the unpaid balance (the amount borrowed plus any interest).

Aflac juvenile life insurance

Parents, guardians and grandparents can buy term or whole life insurance for children ages 14 days to 17 years old. A juvenile term life insurance policy will cover the child until they turn 25.

Aflac’s children’s life insurance policies offer three coverage amounts for term or whole life insurance policies: $10,000, $20,000 and $30,000.

Whole life insurance with an accumulating cash value can be useful for paying for things down the line, like college tuition or the child’s first car.

Not every child needs life insurance, but parents might consider it if their child is predisposed to certain hereditary illnesses or might one day develop a medical condition that could make it hard to get life insurance coverage as an adult.

Buying a child’s life insurance policy while they’re young gets them guaranteed future insurability when the policy expires on their 25th birthday. At that time, they’ll be able to convert coverage to an individual whole or term life policy with double the death benefit, without needing to provide proof of insurability.

Aflac guaranteed issue life insurance

Aflac’s guaranteed issue life insurance policy is worth considering if you have a medical condition that prevents you from purchasing other types of life insurance. It offers:

• A death benefit of up to $50,000.
• Guaranteed acceptance with no medical exam.
• Coverage to help with end-of-life expenses, such as funeral and burial costs.

A guaranteed issue policy is likely to be more expensive for you, and there’s a multi-year waiting period before the death benefit kicks in.

Aflac life insurance riders

You can customize your Aflac life insurance policy with riders*. These add additional benefits and features, but the trade-off is a higher premium.

• Child term life insurance rider: You can add children to your term life insurance policy with $15,000 of coverage. This coverage will continue for dependent children until they turn 25. Children must be over 14 days of age but under 18 years when you apply for the policy and rider.
• Spouse rider or 10-year term rider: You can get up to $50,000 coverage for your spouse for 10, 20 or 30 years (depending on your term policy), and Aflac will pay 50% of the policy’s face value. If you have a whole life insurance policy, you can get 10 years of up to $50,000 in coverage for a named insured, such as a spouse.
• Waiver of premium benefit rider: Aflac will waive your policy premium if you become completely disabled. The rider outlines the qualifications for this designation.
• Accidental death benefit rider: If the insured dies in an accident covered by this rider within 180 days of the accident, Aflac will pay an additional sum (equal to the face value of the policy) to the beneficiary. The beneficiary will receive an additional 25% if the insured dies in a car accident while wearing a seatbelt and another driver was at fault.
• Accelerated death benefit rider:Also known as a living benefit rider, this will give you access to a percentage of your death benefit, such as 50%, if you are diagnosed with a serious condition that will significantly shorten your life expectancy.

*Rider availability may vary.

Aflac life insurance reviews

Aflac has a Superior rating from AM Best, representing its ability to pay out claims. While that should instill confidence in policyholders, consumers may be left wanting more out of the customer experience. According to data from the NAIC, Aflac has a higher-than-average volume of customer complaints.

Before making any decisions, read multiple Aflac life insurance reviews online and speak with friends and family who have an Aflac policy to gauge how they feel about the company. It’s also a good idea to compare life insurance quotes from multiple companies before you make your decision.

Other products offered by Aflac

In addition to life insurance, Aflac also offers:

• Accident insurance.
• Cancer insurance.
• Critical illness insurance.
• Dental insurance.
• Hospital insurance.
• Medicare supplement.
• Pet insurance.
• Short-term disability insurance.
• Supplemental dental insurance.
• Supplemental vision insurance.
• Vision insurance.

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Aflac life insurance review FAQs