Aflac Life Insurance Review: Pros and Cons

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  • There's more to Aflac than the iconic white duck that serves as its mascot. Explore what life insurance products Aflac sells and who may benefit from coverage.

When you think about Aflac, the first thing that comes to mind is probably its iconic white duck, a character that’s starred in more than 75 television commercials, making Aflac a household name. But, there’s more to this well-known financial provider than its popular mascot. Keep reading to learn more about Aflac Life Insurance and the products it offers to individuals and businesses.

About Aflac Life Insurance

Aflac is a supplemental insurance provider that sells policies to individuals, families and groups. The company, which has been in business for more than 60 years, specializes in coverage that helps policyholders manage the out-of-pocket expenses that remain after major medical insurance pays out. However, Aflac also sells a wide array of other insurance products, including policies designed to be included in workplace benefits packages.

Aflac is a Fortune 500 company, and serves more than 50 million people globally, primarily in the United States and Japan. In the United States, it’s the leading provider of supplemental insurance policies for the workplace. Aflac aims to minimize the financial stress accidents and illness can have on its clients by paying claims quickly and delivering cash benefits directly to the policyholder or beneficiary.

What Life Insurance Products Does Aflac Life Insurance Offer?

Although Aflac is best known for its supplemental policies, it sells insurance products to suit a variety of needs, including coverage for:

  • Accidents
  • Hospitalization
  • Critical illness
  • Short-term disability
  • Dental care
  • Vision care
  • Cancer treatment

Many of these policies include benefits for treatment as well as nonmedical expenses related to care, such as transportation, lodging and other everyday expenses. Aflac also offers supplemental dental and vision care policies that businesses can purchase to complement workers' standard plans.

Life Insurance Coverage

Aflac has an array of life insurance options for individuals but also offers policies for employers looking to provide insurance benefits for workers. Available policies include:

  • Whole life insurance: Aflac's whole life plans provide permanent coverage, paying a death benefit to your designated beneficiaries no matter when you die. Its whole life insurance options come with fixed premiums and a guaranteed payout, but restrictions and exclusions may apply. When you purchase a whole life plan through Aflac, a portion of your premiums fund a tax-free investment account, which grows over the life of the plan and may be accessed prior to your death as a loan or partial withdrawal. Whole life policies may also offer accelerated death benefits for individuals who are diagnosed with a terminal illness.
  • Term life insurance: Aflac’s term life policies are available in 10-, 20- and 30-year terms, with coverage up to $250,000. Term availability may depend on the age of the applicant, and some plans may be converted to whole life if you’re under the age of 65.
  • Juvenile life insurance: Aflac’s juvenile life insurance plans are designed to be purchased for minors. They provide lifelong coverage as long as premiums are paid according to the contractual terms.
  • Guaranteed-issue policies: Some Aflac life insurance policies are available as guaranteed-issue plans, which provide up to $50,000 in life insurance coverage without subjecting the insured individual to a medical examination or other standard underwriting processes. However, guaranteed-issue policies may not be available in some states.
  • Group life insurance: Group policies are available to businesses that want to provide life insurance as part of an employee benefits package. Term and whole life group policies are available, and the maximum coverage amount may vary depending on the age of the worker. Aflac’s workplace policies may include accelerated death benefits and quick payouts. They’re also typically portable, so employees can take their coverage with them if they leave their job.

Life Insurance Riders

Aflac also offers life insurance riders that can be added on to plans at the time of purchase. These add-ons, which provide additional coverage under certain circumstances, may include:

  • Term insurance riders: These add-ons may provide additional monetary benefits during a specific period of time, as defined by the term.
  • Waiver-of-premium riders: If you have a waiver-of-premium rider and become completely disabled, you can stop paying premiums and still maintain full coverage.
  • Child term insurance riders: Designed for children under the age of 25, these riders typically provide $15,000 in coverage. 

Aflac Life Insurance Pros and Cons

Although Aflac is generally considered a top seller of insurance, there are pros and cons to purchasing a policy through this supplemental benefits specialist. On the positive side, Aflac prides itself on paying out claims quickly and offers a rapid payout of the first $5,000 of a life insurance plan so loved ones can cover funeral expenses.

For individuals who may be considered a high risk to insure due to underlying health issues or family history, the company offers guaranteed-issue policies in many areas. These provide coverage without requiring a medical exam or other standard underwriting questions.

On the downside, however, because Aflac specializes in supplemental benefits, its selection of life insurance products is limited. Additionally, some policies are only available as workplace benefits. The company’s website is also incomplete and doesn’t include a comprehensive breakdown of the life insurance products available.

Aflac Life Insurance Reviews: What People Are Saying

Aflac reviewers often note the ease of filing claims online, and many clients appreciate the rapid payout of benefits. Others remark on the unique selection of insurance products, including policies that provide coverage for cancer treatment. However, some reviewers note long wait times when calling to speak with a customer service representative and experience frustration with the need for excessive documentation when filing certain types of claims.

Is an Aflac Life Insurance Policy Right for You?

Aflac is an established financial services provider with a strong reputation in the industry, so if you’re looking for a safe place to invest your money, this Fortune 500 company is a good choice. However, because Aflac specializes in supplemental coverage, its range of life insurance products is limited, so it may not be ideal for individuals who want to consider all possible choices before making a decision.

Aflac is also a top provider of workplace insurance solutions, and many of its products are portable, letting employees take their policies with them if they move on to another job. This makes Aflac a good bet for businesses who want to include insurance products as part of a well-rounded benefits package for their workers.

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