In this article we would like to explain and list the pros and cons of the insurance offered by Aflac, providing you with a review of the Aflac life insurance.
Aflac, in recent years, has become one of the most important players in the field of occupational insurance benefits, such as supplementary life insurance. The Fortune 500 company also sells some of its products, including term and whole life insurance, to individuals.
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Aflac life insurance policies
Whether you buy Aflac life insurance privately or through the workplace, your options are generally similar, with the main difference being the coverage limits.
Aflac life insurance for individuals
Aflac’s Term Life Insurance offers coverage of up to $ 250,000. Up to the age of 65, you can decide to convert your policy into permanent life insurance. The available durations are:
10-year term for candidates aged 18 to 70.
20-year term for candidates aged 18 to 60.
30-year term for candidates aged 18 to 50.
Aflac Whole Life Insurance offers coverage of up to $ 250,000 for applicants between 18 and 70 years old. Like other permanent life insurance policies, Aflac’s full-life product creates cash value, against which you can borrow to pay for medical or other expenses. This might be a wise choice.
All Aflac terms and life insurance policies include:
- Quick payments of the first $ 5,000 of a claim to help cover immediate death expenses.
- Expedited Death Benefits, which allow you to receive up to half your policy reimbursement in the event of a terminal illness.
Some Aflac policies also offer life insurance for riders, which allows you to pay extra for certain features. Available riders include:
- Premium rider waiver, which allows you to stop paying premiums if you become totally disabled.
- 10-year term insurance rider, for whole life policies, offering greater coverage during a specific time period.
- Child term life insurance runners providing $ 15,000 coverage for each insured child under 25.
- You may also like: AARP Life Insurance: What You Need to Know
Aflac life insurance through work
The term and whole life policies offered by Aflac, in addition to the policies sold through work, offer $500,000 of coverage to employees aged 50 and under. Coverage of up to $250,000 is available for employees between the ages of 51 and 70.
Similar to individual policies, workplace policies include early death compensation and expedited payment of the first $ 5,000 of a claim.
In some cases Aflac offers the possibility of guaranteed life insurance through work. With this type of policy, you can qualify for coverage without answering questions about your health or taking a life insurance medical exam. This is a big plus for this type of policy.
Aflac’s workplace policies are generally portable, so you can take the coverage with you if you leave your job.
Consumer complaints about Aflac
Over three years, Aflac has drawn more complaints to state regulators than expected for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.
More about Aflac
If you want to get an idea of what is best for you, Aflac’s website has a life insurance calculator to help you figure out how much coverage you need, but otherwise there is no detail on life insurance basics or policies that the company has available. Unfortunately, online life insurance quotes are not available.
In addition to term and whole life insurance, Aflac also offers a range of complementary insurance products to both individuals and employees.
| Type of insurance | Available through work | Available directly from Aflac |
|---|---|---|
| Short-term disability | ✓ | |
| Accident | ✓ | ✓ |
| Critical illness | ✓ | ✓ |
| Cancer | ✓ | ✓ |
| Hospital indemnity | ✓ | |
| Vision | ✓ | |
| Dental | ✓ | ✓ |
Aflac life insurance pros and cons
The life policy offered by Aflac clearly has pros and cons. There are the pros:
- Policies available directly from Aflac or through many workplaces;
- Quick claim payouts of the first $5,000 to help with immediate expenses.
And there are the cons:
- No online quote option or policy details on website;
- Receives more consumer complaints to state regulators than expected for a company of its size.
Conclusions
In this article, we have summarized the main features of the life policy offered by Aflac. We hope this review can help you decide which is the best life policy for your needs.
