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Aflac life insurance review 2024

Updated Feb 08, 2024

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Bankrate's take

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.

Aflac may be a good option for shoppers who want term or whole life coverage with convenient digital tools for policy management.

New

What’s new with Aflac?

In July 2023, Aflac announced a new life insurance product called Group Term to 120, which is a group life insurance plan designed to merge some of the best features of term and permanent coverage. Although this is a group product, employees can maintain their coverage if they leave their job. Although this is technically a term policy, coverage extends for the policyholder's entire lifetime (up to age 120) and a few riders are available for policy customizations.

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 your beneficiaries' claims filing process.

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.

Pros and cons of Aflac life insurance 

Aflac offers a variety of term and permanent life insurance policies, but it's not the right company for everyone. Here are some key pros and cons of Aflac life insurance as identified by our insurance editorial team:

Pros
  • Digital tools may facilitate easy policy management

  • Widely available, although specific options could vary by state

  • Available through the workplace or directly to individuals

Cons
  • No online quote system

  • Limited whole and term life insurance options

  • High number of complaints with the National Association of Insurance Commissioners (NAIC)

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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:

If you are diagnosed with a serious illness, this rider might allow you to access some of your death benefit early.
This rider adds an extra amount to the policy’s death benefit if the insured dies in an accident.
A child rider allows you to add your child to your life insurance policy and will pay a death benefit if the child passes away.
This rider allows you to waive your premium in certain circumstances, usually if you are critically or terminally ill or physically impaired.
This rider is designed to replace the income of the deceased by making monthly payments to the beneficiaries following a death.
This rider is designed to gradually increase your coverage to meet the rate of inflation, but premiums increase over time as well.

Compare Aflac with other insurers

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 won a Bankrate Award for Best Term Life Insurance in 2022 and 2023, so it might be a great option if you are looking for term coverage. 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 in-person service.

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.

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 and AM Best rates the financial strength of insurers based on historical financial data. Aflac was not included in J.D. Power's individual or group life insurance study, so you may want to speak with existing policyholders about their experience for more context.

Study or Rating Agency Aflac Industry average
2022 J.D. Power Individual Life Insurance Study Not rated 774/1,000
2022 J.D. Power Group Life Insurance Study Not rated 797/1,000
AM Best rating A+ (Superior) N/A

Aflac life complaints

The National Association of Insurance Commissioners (NAIC) compiles complaints against insurance companies to assign each carrier complaint indexes. Complaint indexes are broken down by product type with a baseline index of 1.00. An index above 1.00 indicates more complaints than expected for the company's market share and vice versa. Although Aflac's index hovered near industry baseline in 2021, it increased sharply in 2022.

Other Aflac tools and benefits

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.

Frequently asked questions about Aflac

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Written by
AJ Dellinger
Contributor, Personal Finance

AJ Dellinger is a contributing writer for Bankrate. AJ writes about auto loans and real estate.

Edited by Editor, Insurance