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Aflac Life Insurance Review
By Stephanie Colestock MONEY RESEARCH COLLECTIVE
Most of Aflac’s life insurance products are sold as employer-provided coverage as part of an employee benefits package. However, these policies are often portable or offer supplemental coverage options which can follow you even after you’ve left your employer. In some states, though, you can also purchase term, whole, and even final expense coverage through an Aflac agent, giving you a variety of life insurance options you can bring with you anywhere.
Take a look at our Aflac life insurance review to see exactly what this company offers and how it compares to other top carriers.
- Aflac’s services
- Aflac’s credentials
- Aflac’s accessibility
- Aflac’s customer satisfaction
- Aflac vs. the competition
Aflac life insurance overview
Perhaps best-known for its mascot duck — loudly quacking “Aflac!” to draw attention from unknowing consumers — Aflac is a financial services company that offers accident, disability, pet, and vision/dental insurance, as well as a few different types of life insurance coverage. The company operates in the United States and Japan and serves over 50 million customers, though some of its products aren’t available in all states.
Aflac was founded by three of the Amos brothers in Columbus, Georgia in 1955 (though its trademark duck didn’t actually come onto the scene until 2000). The carrier began with life insurance policies, quickly expanding into novel cancer policies. It was also the very first carrier to introduce a dementia policy (in its Japanese market). Aflac is actually an acronym, which stands for American Family Life Assurance Company of Columbus.
Aflac’s life insurance services
Aflac offers life insurance coverage through employer-sponsored plans (in the workplace) or individual plans purchased through an agent. You can choose between temporary or permanent coverage and in many cases, you can even buy without submitting to a medical exam.
What it offers
Aflac provides term life insurance and whole life insurance policies, in addition to a final expense coverage option.
Term life coverage:
- 10, 20, or 30 years in length
- Up to $250,000 in coverage
- Available for issue ages 18 to 70
- Level premiums for the policy
- If you pass away while the coverage is in effect, your loved ones will receive the policy’s death benefit… but if you don’t pass away by the time the coverage term ends, no benefit is disbursed
- Offered in 30 states
Whole life coverage:
- Provides lifelong coverage, as long as premiums are paid
- Fixed premiums for life
- Up to $250,000 in coverage
- Cash value life insurance that you can borrow against as needed
- Available for issue ages 18 to 70
- Offered in 30 states
Final expense coverage:
- Available for issue ages 45 to 80
- Between $2,000 and $50,000 in coverage
- No medical exam or underwriting required
- Two policy options: level plan and modified plan (three-year waiting period for non-accidental death coverage)
Aflac life insurance coverage
The coverage included in your Aflac policy depends on what type of product you purchase, and whether you add on any supplemental coverages, also known as riders.
Both term and whole life insurance will provide a death benefit of up to $250,000 to your beneficiaries if you pass away due to almost any type of accident, illness, or injury. There are exclusions during the first two years that the policy is active, so it’s important to take note of those.
| What is covered | What is not covered |
| Accidental deaths | Suicide within the first two years (term and whole life) |
| Death due to illness | Non-accidental deaths within the first three years (modified final expense plan) |
| Death due to injury | |
| Homicide |
If you purchase riders on your policy, you or your loved ones may receive additional benefits after or prior to your death. These added coverages can include an accelerated death benefit which gives you access to your policy’s benefit while you’re still alive if you’re diagnosed with a terminal illness or condition. You may also be able to purchase a Waiver of Premium Benefit, which allows you to keep your coverage intact without paying future premiums if you are permanently and totally disabled after the policy is issued.
If you buy final expense coverage, you’ll have the option of either a level plan policy or a modified plan policy. With level plan coverage, you’ll be protected right away for both accidental and non-accidental causes of death. With modified plan coverage, you’ll have a three-year waiting period before a non-accidental death would be covered.
What it doesn’t offer
As with any life insurance policy, Aflac’s coverage does come with some limitations and restrictions.
First and foremost, coverage isn’t offered in all states. You’re also limited to a maximum of $250,000 in term and whole life coverage or $50,000 in final expense coverage.
If you pass away due to suicide or, in some cases, a negligent accident, your coverage may be limited. For example, both term and whole life policies have a two-year contestability period; if you pass away as the result of a suicide during this time, your loved ones won’t receive the policy’s death benefit.
Additionally, some optional coverage options may have exclusions related to your own safety precautions. If you pass away in an auto accident but aren’t wearing a seatbelt, Aflac may not pay your loved ones as much as if you’d been bucked up.
Aflac life insurance cost
In order to get a quote for Aflac life insurance coverage, you’ll need to reach out to an agent in your area. You can also call Aflac customer service at 855-782-5850.
Your cost for a policy will depend on a variety of personal factors and coverage options, such as:
- Your age, gender, height, and weight (BMI)
- Your personal medical history and family history
- Your tobacco, alcohol, and drug use
- How much coverage you want to buy
- What kind of policy you choose
- How long you want your coverage to last
- Where you’re located
- Which additional options and supplemental coverages you choose to add
Aflac life insurance cash value
Aflac whole life policies will grow a cash value over time as you make premium payments. This cash value grows in a tax-deferred account according to an established rate of return. If you ever need to borrow against that account or decide that you want to close your policy, this cash value is available for you to withdraw.
Aflac’s credentials
Aflac has been providing Americans with life insurance policies since 1955 and currently serves more than 50 million customers worldwide.
Licenses and registrations
Aflac is licensed throughout the U.S. and in Japan, though not all products and services are offered in each state. Be sure to check with your workplace representative (if purchasing an employer-sponsored plan) or a licensed Aflac agent (if buying a consumer direct policy) to learn more.
Aflac’s accessibility
Aflac is licensed to operate in all 50 states as well as Japan, providing life insurance coverage as well as a variety of products and services to eligible consumers.
Availability
Aflac operates primarily on a digital model. There are no brick-and-mortar bank locations for you to visit; instead, you’ll need to either work with a local agent in their network or consult your employer’s benefit supervisor.
Contact information
- You can easily request a life insurance quote online through Aflac’s website, which will connect you with a local agent in your area.
- You can also call Aflac directly at 855-782-5850; care specialists are available from 8:00 a.m. to 7:00 p.m. EST.
- Online live chat representatives are available Monday through Friday from 8:00 a.m. to 8:00 p.m. EST.
- A 24/7 virtual assistant is also offered online and can manage many tasks, such as making a payment and checking your claim status.
Limitations
If you want to buy a policy from Aflac, you’ll either need to speak with your company’s representative (in the case of workplace policies) or get connected with a local Aflac agent (to buy individual coverage). You aren’t able to buy a policy online, get an online quote immediately, or visit a brick-and-mortar bank branch for assistance.
Aflac’s customer satisfaction
One of the best ways to determine what your experience will be like with a company is to speak with current or past clients.
Customer complaints
According to data from the National Association of Insurance Commissioners (NAIC), Aflac has a complaint index that is at or slightly above average. This complaint index is adjusted to 1.00 for each company; a 1.00 complaint index is how many formal consumer complaints are expected in a given calendar year.
For 2021, Aflac received a complaint index of 1.15, or just barely more than average. For 2020, this index jumped slightly to 1.24, but in 2019, it was a perfect 1.00.
Aflac vs. the competition
| Life insurance | Aflac | Companion | Minnesota | Assurity |
| Coverage | Up to $250,000 | Depends on employer | Varies | Varies |
| Cash value | Yes | No | Yes | Yes |
| Policies | Term, whole, final expense | Medical insurance, employer-sponsored plans, supplemental expense coverage | Term, whole, universal | Term, whole, universal |
Aflac life insurance FAQs
How we evaluated Aflac life insurance
To help you analyze your life insurance options through Aflac, we looked at a number of key features of this carrier. We considered the different options and levels of coverage and how those compared to what’s offered by other life insurance companies. We also looked at industry ratings and customer satisfaction feedback to understand what the customer experience may be like. Lastly, we looked at how easy it is to manage your Aflac coverage after purchasing and whether you can readily reach a customer service agent as needed.
Summary of Miami Herald’s Aflac review
- Primarily offers employer-based life insurance coverage, but also sells individual policies in select states
- Offers term, whole, and final expense policies
- Coverage up to $250,000 for term and whole life, or up to $50,000 for final expense
- Issue ages range from 18 to 70 on term and whole life policies, or 45 to 80 for final expense coverage
Be sure to check out our list of the best life insurance companies to see how Aflac compares.
Stephanie Colestock is a DC-based personal finance writer with nearly 11 years of freelance writing experience. She covers a wide range of finance-related topics and is currently working toward her CFP®️ certification. Her work appears on sites such as Business Insider, MSN, Fox Business, CNET, Investopedia, and more.