Aflac Life Insurance Review

Guaranteed-issue life insurance plans with low costs

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Aflac

Aflac

overall rating
3.3

Our Take

Aflac offers guaranteed-issue whole and term life insurance policies that you can get through your employer or buy directly from the company. It is a great option if you want to get a minimum amount of protection quickly at a reasonable rate. 

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Can get whole life insurance up to age 70

  • Offers a whole life plan that builds cash value

  • Offers other forms of insurance like critical illness and short-term disability

  • Pays out the first $5,000 quickly for immediate expenses

  • Has an accelerated death benefit

Cons
  • Only provides up to $500,000 in coverage

  • Does not offer universal life insurance

  • Higher than average number of customer complaints

  • Few policy details on their website

  • Does not offer term conversion

Key Takeaways
  • Aflac provides a limited range of term and whole life insurance options sold directly to consumers or through your employer. 
  • The company offers several riders to add to your coverage.
  • Aflac does not offer auto or home insurance so you will have to buy your other insurance policies separately.
Specifications
  • Year Founded 1955
  • Kinds of Plans Whole, term
  • Number of Plans 2
  • Payment Options Mail, online, phone, automated payment, credit card, payroll
  • Official Website www.aflac.com/individuals/products/life-insurance.aspx

Introduction

If you're looking for life insurance you can purchase either individually or through your employer, you might want to consider Aflac. Aflac is a life insurance company that offers guaranteed-issue and whole life plans at reasonable prices but with somewhat limited options. 

We reviewed Aflac’s policy offerings, riders, pricing, customer service, industry ratings, and more to help you decide if their policies are right for you.  

Company Overview

Aflac is headquartered in Columbus, Georgia, and claims to be “America’s most recognized supplementary insurance company.” They have over 11,000 employees and revenues in 2020 of $22.1 billion. Its policies are sold online, over the phone, or through your employer, and the company is rated A+ by AM Best for financial strength. 

 They are not licensed for business in New York, Guam, Puerto Rico, or the Virgin Islands. 

Available Plans 

Aflac offers term and whole life insurance policies directly to consumers through individual plans and also offers supplementary coverage on employee group plans. 

Term Life Insurance

Aflac offers up to $500,000 in term life coverage for those under 50 years old and up to $200,000 in coverage for applicants between the ages of 51 and 68. They also offer the option of guaranteed-issue life insurance in terms of 10, 20, and 30 years for up to $20,000 or $25,000. You can choose between 10, 20, and 30-year terms for both you and a spouse if you insure them under a spouse rider. 

Aflac’s term life insurance features an Accelerated Death Benefit included in the policy that will pay out 50% of the policy if you are diagnosed with a terminal illness. They also offer term policyholders the option to convert their policies to permanent life insurance without additional medical exams so long as they do it before the end of the term or on or before their 65th birthday. 

Whole Life Insurance

Aflac offers up to $500,000 in whole life coverage for people under age 50 and up to $200,000 in coverage for those between the ages of 51 and 70. The company guarantees level premiums, which means that your premiums will never go up. The whole life plans build cash value which grows in value and which you can take out via a loan.

Similar to the term life policy, the whole life policy includes an Accelerated Death Payment benefit, which can help you pay for things like home nursing care or hospitalization. 

Both the term and whole life policies require a medical exam. 

Available Riders

Aflac offers several life insurance policy riders you can purchase for extra coverage including: 

  • Child life insurance rider: allows you to purchase up to $15,000 in coverage for children under 25
  • Spouse life insurance rider: allows you to purchase up to $50,000 in term life insurance coverage for a spouse
  • Accidental death benefit rider: will double your payout if your death is the result of an accident
  • Waiver of premium rider: allows you to purchase coverage that will pay your premiums if you become disabled

Riders can be added to both whole and term life insurance policies sold via their individual and group lines of business. However, they are not guaranteed-issue and might depend on the state or require an additional medical exam. 

You will need to contact the company to find out the cost of each rider. 

Customer Service: Good Phone and Online Options

Aflac has customer service hotlines for their group plans, individual plans, and New York plans. The call center hours of operations are from 9:00 a.m. to 7:00 p.m. ET Monday to Friday, and you can also contact the company via fax and submit claims through your online account. 

Customer Satisfaction: More Complaints Than Average

The National Association of Insurance Commissioners (NAIC) issues a rating of consumer complaints to help consumers gauge customer satisfaction. A company with an average number of complaints would have a score of 1. Below 1 means the company has fewer than expected complaints and higher than one represents more complaints than expected.  

Aflac has an NAIC complaint index of 1.27, meaning that it receives more complaints than its competitors. In total, they have a 0.35% of the national complaint market share. Many of the complaints received were for bad customer service and difficulties when making claims related to a slow claims process.

Financial Strength: A+ (Superior)

AM Best is an agency that analyzes a company’s financial strength, using factors including the company’s business profile, performance, and balance sheet to determine how financially healthy they are and able to meet their financial obligations. 

Aflac has an A+ (Superior) rating from AM Best. 

Cancellation Policy: Must Contact Aflac to Cancel

Aflac’s cancellation policies are not listed online; you have to contact customer service to get details and fill out forms to cancel your policy. If you have a policy that accumulates cash value, such as a whole life policy, you will also need to fill out a surrender form. This will allow Aflac to calculate how much the surrender value of your policy is. 

Talk to your Aflac representative about whether there is a free look period and what fees might be involved in canceling your policy before signing up for one. 

Price: Varies By Policy Type

What you pay for a life insurance policy through Aflac will vary significantly if you are purchasing an employer-sponsored policy or an individual policy as the employer-sponsored policies tend to come with discounted group rates. 

Your price will also vary depending on things like the type and level of coverage, what riders you’ve chosen, your age, gender, and general health. However, Aflac claims that their weekly rates are as low as a gallon of gas. 

You can also potentially get a discount on life insurance from Aflac if you are in the Armed Forces or a civil servant, according to customer reviews. Supplementary insurance purchased through an employer-sponsored plan is also often cheaper than other policies and allows you to pay for your plan via payroll deductions. 

How Aflac Compares to Other Life Insurance

Aflac offers both employer-sponsored plans and direct-to-consumer life insurance as well as several other types of supplementary insurance like disability insurance and critical illness insurance. Its options are more robust than similar companies that only offer term life insurance but not as robust as those that offer universal life insurance options as well. 

While Aflac has more complaints than average, it also has a higher AM Best rating than many of its competitors. However, there are some companies such as Equitable that might be a better option. 

Aflac vs. Equitable Review

Aflac and Equitable are both insurance companies that offer group and individual life insurance policy options. Both have excellent financial strength ratings, although both also have a high number of complaints. Aflac only allows you to purchase a policy over the phone while Equitable allows you to work with a financial professional to purchase a plan. 

There are some other key differences between Equitable and Aflac:  

  • Equitable offers more options with universal and universal index coverage options.
  • Equitable offers more riders to customize your coverage. 
  • Aflac offers options like critical care coverage
  • Aflac has fewer customer complaints
  Aflac Equitable
Types of plans Whole, term Whole, term, universal, universal index
Customer service Phone, fax, online Phone, email, online
NAIC complaint index 1.27 3.78
Optional riders available Yes Yes
AM Best rating A+ A+
Expert Tip: Shop Around

Sometimes you can get a good deal on supplementary life insurance through your employee group plan; you may also get more premium and policy options by shopping around. 

Final Verdict

Although Aflac is well-known, partly due to its marketing campaigns, it might not be the right life insurance company for you because of its lack of robust term life policy options and high customer complaints. If your employer offers you term or whole life insurance through Aflac, it could make sense to get supplementary coverage through them. But if you’re purchasing coverage directly from an insurer, there are companies like Equitable that offer more policy and customer service options that could better serve you. 

However, Aflac is a good choice for people who have simple life insurance needs or want to get supplementary coverage for an existing Aflac work plan. Otherwise, with a high complaints index rating and relatively sparse policy options, Aflac might not be your best choice. 

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company based on offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Cision. "Aflac Incorporation Announces Fourth Quarter Results." Accessed April 11, 2021.