Aflac life insurance review 2019
One of the largest employer-offered insurance companies in the industry.
- Your workplace offers it and you want to beef up your coverage with supplemental insurance.
- You want to buy juvenile coverage.
- You want more than $500,000 in coverage.
- You’re self-employed.
18 to 70
$50,000 to $500,000
|Insurance Products||Term, Whole, Universal, Juvenile|
|Issue Age||18 to 70|
|Coverage Amount||$50,000 to $500,000|
|Term Lengths||10, 20, 30 years|
|Ways To File A Claim||Online, Phone.|
|Ratings, Accreditation and Memberships||AM Best: A+, Fitch: AA-, Moody's: Aa3, S&P: A+|
|Policy Riders Offered||Yes.|
What type of life insurance does Aflac offer?
Types of life insurance you can purchase from Aflac include:
The policy is set in place for a specific amount of time and premiums tend to be cheaper.
Lasts for the rest of your life and rates are locked in.
Lasts until you die, but has the flexibility to change premiums and benefit amounts along the way. Rates can be unpredictable.
Guarantees your child’s insurability as an adult, regardless of future medical circumstances. Can be purchased as term or whole.
What riders can I add to my life insurance policy?
A rider is a provision that you can add to a policy that adds an extra benefit, though usually circumstantial. Keep in mind that they can increase your premium as well. Aflac offers the following riders as optional add-ons:
- Accidental-death benefit. Additional money that’s paid if the policyowner dies from something accidental, such as a car crash.
- Waiver of premium benefit. Waives the entire premium amount if the policyholder is totally disabled due to an injury or disease for four consecutive months and throughout the duration of the disability. It also waives benefits due to loss of sight or limbs.
- Accelerated benefit. If the policyholder is diagnosed with a terminal illness, this benefit pays a lump sum early, equaling up to one-half of a whole life policy benefit.
- Optional children’s term insurance. If an insured child dies before their 25th birthday, this rider benefit is paid out. This rider is meant to be added to juvenile insurance plans.
How much does Aflac cost?
Aflac’s life insurance cost depends on how much coverage you want to buy. The amount you need depends on several different factors, including:
- Annual income
- Age you want to retire
- Amount you want to save for college funds
- Retirement fund
- Level of life insurance
- Expected end-of-life costs
Request a quote to learn how much a policy would cost based on your particular situation.
Pros and cons of Aflac
- Financially stable. Agencies like S&P and Fitch rate an insurer’s ability to meet its obligations to policyholders. They gave Aflac an A+ rating, signaling its ability to pay your benefit.
- Fortune 500 company. It’s prosperous, with a reputation for strong market value.
- Guaranteed issue option. In some states, and with some products, there’s the option to skip underwriting questions to get guaranteed-issue insurance.
- Automatic payroll deduction. Your premiums will automatically be paid each month.
- Only available through work. Aflac isn’t for the self-employed or people buying life insurance independently.
- $500,000 benefit maximum. If you want or need more than that, you’ll need to find a different provider.
- Limited policy flexibility. It may be more difficult to get a tailor-made plan since the policy goes through an employer.
Compare life insurance companies that offer individual policies
Aflac reviews and complaints
Aflac isn’t rated by the BBB or Trustpilot. Overall, its reputation with consumers appears to be positive, and it’s known for paying out customers quickly. While there are case-specific complaints regarding its health insurance coverage, it has a solid industry reputation when it comes to life insurance.
How does Aflac protect my data?
Aflac keeps your information located on servers in the US and uses firewalls, data encryption and access controls for protection. You do give them access to personal information when you sign up, but they encode and protect their technology so only Aflac can read your data.
Aflac recommends only sharing personal information through your personal account using its safeguarded site.
How do I sign up?
To get a free quote, go to Aflac’s website and select Get a Quote. First, choose whether you’re an individual or a business owner. Then, fill out your contact information and indicate what time of day is best to call.
I’ve signed up. What happens next?
After you submit your contact information, an Aflac agent will be in touch regarding next steps. For whole or term insurance, they’ll likely direct you to your employer to ask about what’s available. If you’re looking for juvenile insurance, an agent can walk you through your options.
More about Aflac
Aflac was founded in 1955 by three brothers in Columbus, Georgia. It’s probably best known for its supplemental health insurance, offering policies that people can pick and choose from to round out their regular coverage. It’s got almost universal brand recognition due to its famous duck mascot, and today is one of the largest providers of employer-offered supplemental insurance with more than 50 million policyholders.
Aflac is well known and generally trusted for its ability to pay out claims and provide quality service. But if your employer doesn’t offer it, or you’re looking for a more personalized experience, look around to find a better match.