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Aflac life insurance review 2023

Updated Mar 09, 2023

At a glance

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Bottom Line

Aflac offers a mobile app for easy digital policy management, which may make this carrier a standout for select consumers. However, Aflac’s life insurance offerings are somewhat limited compared to other companies.

  • Digital tools may facilitate easy policy management

  • Widely available, although specific options could vary by state

  • Available through the workplace or directly to individuals

  • No online quote system

  • Limited whole and term life insurance options

  • Lack of key details online regarding life insurance policies

What’s new with Aflac?

In October 2022, Aflac announced that its dental, vision and hearing insurance plans would be made available to individuals rather than solely through workplace plans. The company cites the growing number of retired individuals and younger workers earning money in the gig economy as reasons for the change. Aflac notes that these people may not be working in traditional workplaces, but they still need access to insurance plans.

Aflac life insurance

Since 1955, Aflac has offered a number of supplemental insurance policies, including life insurance, short-term disability insurance, critical illness insurance, dental and vision coverage and many other products. Aflac may be known for the famous duck commercials, but Bankrate’s Aflac insurance review reveals it also has a strong reputation for quick claim payout and offering numerous supplemental insurance policies. Aflac offers a unique blend of policies available through employers or policies that can be purchased directly for individual or family coverage.

To purchase Aflac life insurance, you will have to work through one of its independent agents since the life insurance quote process cannot be completed online. You may also find Aflac’s website resources limited, since many details of the life insurance purchase process and policies are not included. However, Aflac’s mobile app may be able to help you with your policy management and claims filing.

Aflac life insurance offers two types of life insurance policies: term and whole life. We break down Aflac’s life insurance options below:

  • Term: Term life insurance is a policy that lasts for a specified period of time, or term. Aflac offers term life policies in 10-, 20- and 30-year terms. Aflac also offers group term life insurance policies purchased through your employer. These policies are considered portable, which means you can usually take them with you when you change jobs or retire. Young families or those who only need coverage for a short amount of time may find term life insurance an appealing option.
  • Permanent: Unlike term life insurance, permanent insurance is designed to last for your entire life, as long as the premiums are paid. Older adults may opt for permanent insurance over term, especially because term life insurance is generally not sold over a certain age.
    • Whole: Aflac offers whole life insurance, which is the most basic kind of permanent life insurance coverage. Along with the death benefit, whole life policies also offer cash value, which you may be able to borrow against if needed. Final expense insurance, a type of whole life coverage, is also offered by Aflac. Aflac also has a juvenile whole life option, which could be a good idea to safeguard your child’s insurability. Buying Aflac’s juvenile coverage means that your child is guaranteed to have the option to keep their policy going, even if they develop serious health complications.
  • Guaranteed: Aflac offers a guaranteed-issue life insurance option for both term and whole life. Coverage ranges from $2,000 to $25,000, but there may be a waiting period after the policy is issued. This means that if the insured passes away during this period, there will be no death benefit paid to the beneficiaries.

Aflac life insurance endorsements

Life insurance riders are add-ons to a life insurance policy that can provide extra coverage. Keep in mind that adding riders will increase the cost of life insurance. You may not have the cheapest life insurance if you add riders to your policy, but the extra coverage could be worth it. Most life insurance companies offer riders, and Aflac is no exception. The riders available to you will vary by state, policy type and eligibility, so be sure to review your options with an Aflac representative. Here are some of Aflac’s available life insurance endorsements:

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Aflac life tools and benefits

Aflac offers a life insurance calculator, which might help you decide how much life insurance you need.

One of Aflac’s biggest draws is its SmartClaim process. While this doesn’t apply to life insurance claims, it could still be a perk if you have supplemental coverage through Aflac. Filing an accident, cancer, hospitalization or illness claim online or in the app could expedite the process and result in faster claims processing.

Aflac customer satisfaction

Customer satisfaction is an important metric to keep in mind when shopping for life insurance. You want to make sure you find a company that fits all your needs, including the level of service you expect. To analyze a company’s customer satisfaction, we use third-party rating agencies. J.D. Power conducts annual studies geared toward satisfaction, the National Association of Insurance Commissioners (NAIC) compiles complaints into a Complaint Index and AM Best rates the financial strength of insurers based on historical financial data.

J.D. Power didn’t include Aflac in its 2022 Individual Life Insurance Study, possibly because much of Aflac’s business comes from group policies. However, the NAIC does assign a Complaint Index to Aflac, which can be a useful service metric. Aflac indexes just over the national baseline index of 1.00 for company complaints filed by policyholders. Aflac’s complaint index of 1.04 for individual life insurance products means the insurer has received only slightly more registered complaints than normal. The NAIC hasn’t received any complaints about Aflac’s group life, so a Complaint Index is not available for that product.

Aflac’s family of companies earns an A+ (Superior) financial strength rating from AM Best, which illustrates the company’s strong historical ability to pay out claims.

How to file a claim with Aflac

You can file a claim with Aflac online or in the mobile app, and the company provides helpful claims checklists for each product. If you have questions or issues, you can contact the agent you worked with to get your coverage or contact Aflac directly.

Aflac availability

Aflac life insurance is available nationwide through Aflac’s group of companies. Individual policies may be underwritten by American Family Life Assurance Company of Columbus or the Tier One Insurance Company. New York residents may have coverage underwritten by American Family Life Assurance Company of New York. Continental American Insurance Company (CAIC) is the Aflac subsidiary that underwrites group policies. When requesting a quote, you’ll be able to see which underwriting company would be providing your Aflac policy.

Other Aflac perks worth considering

In addition to term and permanent life insurance, Aflac’s main insurance products fall under the category of supplemental insurance. Aflac’s plans are intended to cover out-of-pocket expenses that may not be covered by medical insurance, such as copays and deductibles. Plans that Aflac offers include:

  • Accident: Accident insurance is designed to help cover the costs of accidents that your primary health insurance excludes or denies.
  • Critical illness: If you are diagnosed with a critical illness, this type of coverage could pay you a sum of money to help with expenses that health insurance won't cover.
  • Hospital: A hospital insurance plan is a supplemental plan to help cover the costs of a hospital stay that your health insurance denies or excludes.
  • Short-term disability: If you’re unable to work due to a short-term disability or injury, this policy could help replace the income you’d otherwise miss.

Aflac also offers pet insurance, which is like a health insurance plan for your animal, through Trupanion.

Aflac corporate sustainability

In keeping with its insurance products, Aflac’s main corporate sustainability efforts target disease and treatment efforts for cancer and sickle cell anemia. Its Aflac Childhood Cancer Campaign has raised more than $161 million since 1995 for childhood cancer research, with a large portion of the funds coming internally from Aflac’s employees and independent agents who elect to donate a portion of their payroll or commission. Aflac also has a campaign called Duckprints, in which the Aflac duck travels the country honoring communities and families impacted by childhood cancer.

Before deciding if Aflac is right for you, you may want to compare it to some other top life insurers such as the ones below:

Aflac vs. State Farm

State Farm has won a Bankrate Award for Best Term Life Insurance two years in a row, and it could be a great option if you are looking for a term policy. The company earned top marks for customer service and has an easy-to-use mobile app. State Farm doesn’t sell as many supplemental products as Aflac, though, although it offers a few.

Learn more: State Farm Insurance review

Aflac vs. Guardian

Guardian has strong customer service and a network of over 3,000 financial representatives across the country. Guardian also offers an array of investment and other financial products along with its life insurance offerings. If you’re looking for cancer insurance, though, Aflac may be the better choice as Guardian doesn’t list this product as one of its offerings.

Learn more: Guardian life insurance review

Aflac vs. Mutual of Omaha

Mutual of Omaha may be of particular interest to those who want no-medical exam life insurance options and the ability to manage their life insurance policies online. The company also has strong third-party ratings for customer satisfaction and financial strength. There are only offices in 34 states, though, which might not appeal to those who want the option of an in-person contact.

Learn more: Mutual of Omaha life insurance review

Is Aflac a good insurance company?

Aflac might be a good company if you already have or need supplemental health insurance products along with your life insurance. The company also boasts an easy claims filing system and fast payouts. However, Aflac’s life insurance offerings may fall short when compared to its competitors, so you may want to shop around to make sure it’s the best company for you.

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Written by
Cate Deventer
Former Writer & Editor, Insurance
Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent.
Edited by Editor, Insurance