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Aflac Life Insurance Review

aflac life insurance

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

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Aflac Life Insurance is one of the most popular insurance providers across the country today.

Right now, more employees in the United States have voluntary life insurance protection from Aflac than most other insurance companies. Aflac supplemental insurance policies are typically only obtainable through employers who offer voluntary insurance products.

It’s important to locate an insurance company you can trust for you and your family. There are many choices offered by employers that offer voluntary life insurance plans. So it’s beneficial to compare insurance product options and the cost for each of them.

We believe that employees should obtain life insurance and product information from a neutral third-party. This will allow you to make an unbiased and informed decision.

Read the entire Aflac Life Insurance Review to get the information you need about Aflac Life Insurance.

About Aflac Life Insurance

aflac life insurance logoCertainly, when you mention Aflac, most people immediately visual that cute and crazy duck they see in tv commercials.

People know the Aflac duck because, since 2001, the Aflac Duck has been a primary ingredient in Aflac’s advertising promotions.

After showing up in more than 70 funny and interesting commercials, The Aflac duck helped the brand grow considerably. It became one of the most well-known insurance brands out there.

Currently, more than 50 Million employees and individuals rely on Aflac for many types of insurance products, including life insurance. The company is currently operating in every state and is the largest provider of voluntary insurance products in Japan.

Aflac life insurance is a trusted insurance product that more employees depend on than any other voluntary insurance product. Most people who are Aflac policyholders, purchase their insurance coverage from Aflac through their employer.

Aflac’s Financial Stability

Millions of people across the country purchase insurance products through their employers. But the employer is not a responsible party in the insurance contract. The interest parties are you and the insurance company.

Life insurance is simply a promise made by the insurance company in exchange for your premium payment. It is critical that your company selection is based on the financial stability of the insurance company. The company must keep its promise to pay for decades in most cases.

The promise is to pay a tax-free death benefit to your surviving loved ones. You want them to continue living as a family without the financial stress that often accompanies the death of a breadwinner.

Here are current financial ratings for Aflac from three national rating companies:

Rating Company Current Rating Description Outlook
A.M. Best A+ Superior Stable
Standard & Poor’s A+ Superior Positive
Moody’s Investors Service A3 Very Strong Stable

Aflac Life Insurance Products

Aflac has a comprehensive portfolio of life insurance products, and since they are primarily purchased through employers, they are sold on a guaranteed issue basis to the employee, which means there is no medical underwriting to be concerned about.

Although the policies are guaranteed issue, it’s important to note that the Aflac (like all other insurance companies) has a two-year contestability period in which they can contest any claim that contains misrepresentations made on the application or if a claim in the first two years is the result of suicide.

Aflac Term Life Insurance

Aflac term life insurance is available for periods of ten years. You may be able to renew the policy before coverage expires, but Aflac does not offer a conversion rider, as many other companies do. You can select up to $500,000 in coverage under age 50 and up to $200,000 if you are 50 or older.

Applicants can add the accidental death benefit for an additional cost. This will increase the payout if your death is determined to be a result of a covered accident.

Usually, premiums for group term life insurance go up as you get older. And you’re only covered as long as you are employed with the company you purchased the insurance through.

However, if you go with an Aflac portable policy, you will have level premiums.  This means you can lock in your premium during the term of your policy, even if you leave your job.

Aflac Whole Life Insurance

Aflac’s whole life insurance also has a maximum death benefit of $500,000. This offers a cash value account. It earns tax-deferred interest and will grow at a guaranteed interest rate over time.

The Aflac whole life policy is portable. It allows the policyholder to keep the coverage if you leave your employer.

It’s important to note, however, the Aflac whole life insurance policy costs significantly more than the company’s term policy.

Nevertheless, this coverage can be a great choice for people who prefer to purchase lifetime coverage with more than just a death benefit.

Aflac’s Juvenile Life Insurance Policy

Similar to Gerber Life Insurance Company, Aflac offers a juvenile life insurance product. This can cover dependent children until age 18, where it can then be converted to an adult policy.

It allows a parent to secure the financial future for a child by getting insurance in place when the child is young. Plus, it’s when the rates are at their all-time lowest.

Aflac’s Optional Life Insurance Riders

One thing is certain about individuals and families. They are different. Customizing your coverage may be necessary.

The ability to customize your insurance coverage with optional life insurance riders helps you purchase life insurance that will do more than pay a death benefit.

Aflac offers the following riders to help you customize your coverage:

  • Accelerated Death Benefit: This is a living benefit that provides for the insurance company to advance the insured up to 50% of the death benefit if diagnosed with a terminal illness.
  • Accidental Death Benefit: This benefit provides for the insurance company to pay an additional death benefit if the insured dies from a covered accident.
  • Waiver of Premium Benefit: The waiver of premium rider helps keep a policy in force if the insured is disabled and cannot work by waiving all premiums while the insured is disabled.
  • Children’s Term Rider: This rider allows the policyholder to insure all dependent children in the household and any subsequently born or adopted children.

Other Insurance Products offered by Aflac

As we mentioned earlier, Aflac’s insurance policies are primarily sold through employers as voluntary insurance.

This means that the employer can offer guaranteed issue insurance products at group rates even though the employer is not paying the premium.

Along with Aflac’s Life Insurance products, many employers will also offer the following:

  • Aflac Accident Insurance: Pays a lump sum when the policyholder is injured as the result of a covered accident.
  • Aflac Cancer Insurance: If you are diagnosed with cancer, you will have to deal with various expenses like deductibles and copayments in your health insurance policy. The Aflac Cancer Insurance pays a lump-sum benefit. So additional expenses won’t have to be paid out-of-pocket.
  • Critical Illness Insurance: This policy pays a lump-sum benefit if the insured is diagnosed with a covered critical or chronic illness.
  • Short-Term Disability Insurance: This is an excellent choice for employees who need financial help if they are dealing with paying expenses while disabled for a short period (less than 6 months).
  • Dental and Vision Insurance: These policies are especially important if the health plan provided by your employer does not include dental and vision coverage.

Is Aflac Life Insurance For You?

Aflac only offers life insurance through employers. So it will likely cost more than individual life insurance that can be purchased outside of the workplace.

This may not be the best choice for healthy non-smokers. Aflac’s rates will be higher since the life insurance policies they offer through employers are guaranteed issue policies. They must accept applicants in poor health at the same rates as healthy applicants, which results in higher rates overall.

Picture of Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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