Disclaimer: We are not Aflac Life Insurance Company. This review of Aflac is being put together for consumers to provide them the opportunity to compare life insurance companies and to understand if Aflac is one of the best life insurance companies, they should work with based on unbiased information.
From start to finish, this review is approximately a 5-minute read.
We will cover topics such as the life insurance products offered by Aflac, who of you should be considering Aflac for coverage and the drawbacks you will experience working with Aflac.
We have also created easy to navigate links directly below that will allow you to skip to any specific section of this post that you desire to learn more about.
Here’s what on our agenda today:
- Our Aflac Life Insurance Review
- Aflac History and Background
- Financial Strength
- Consumer Complaints
- Life Insurance Products Offered
- Who Should Consider Aflac?
- What Makes Aflac Unique?
- Underwriting and Application Process
- Next Steps After Being Declined?
- Pros of Choosing Aflac
- Cons of Choosing Aflac
- Final Thoughts on Aflac
We also wanted to provide an extra quick summary of the company below to accommodate those of you who are in a hurry.
Here’s that snapshot for you.
Aflac Life Insurance is one of the most popular brands in the insurance industry across the United States.
Aflac is known for its wide range of coverages offered that are typically provided through payroll deductions by working straight through employers to deduct any premiums.
Aflac offers a wide range of coverage outside of life insurance that can help protect individuals if other tragedies were to strike, such as longer hospital stays, cancer insurance, and disability insurance.
Aflac Is a trusted and well-branded life insurance company that has made their living using their famous duck and catchy commercials.
Overall, Aflac is not a top ten life insurance company but still could be worthy of you running a quote with just to ensure you aren’t missing out on potentially cheaper life insurance rates or missing a chance to be approved for coverage.
As always, we recommend running rates with a minimum of 5-6 life insurance companies before ultimately making your decision to ensure you are getting the best deal possible.
Nonetheless, Aflac is a company that’s trust and deserves the opportunity to be one of the 5-6 quotes you collect during your homework phase.
That’s the fastest way, to sum up, Aflac.
On the other hand, if you have those 5 minutes you can spare and prefer to learn more about the company, we recommend you do so below by checking out of the full review.
Here is what you need to know.
Our Aflac Life Insurance Review
Aflac is known as the American Family Life Assurance Company and considered a United States-based insurance provider.
Currently, Aflac is most well-known for its supplemental insurance.
Aflac is a long-standing insurance provider with more than 60 years in operation and currently insures more than 50 million people worldwide.
Aflac is purchased as employer-sponsored or payroll deducted coverage.
Currently, Aflac employs more than 19,300 agents in Japan and more than 77,000 licensed agents in the United States.
Aflac History and Background
Aflac was initially founded in 1955 in Columbus, Georgia, by John Paul who sadly passed away in 2014.
Aflac has a quick start when emerging into the life insurance industry by placing coverage on more than 6400 individuals in the first year.
Aflac was also the first company to introduce cancer insurance back in 1964.
Currently, more than 98 percent of policies issued by Aflac are deducted straight from employee paychecks, and it’s considered Aflac’s primary focus and niche market currently.
Aflac is currently headquartered in Columbus Georgia, and the Aflac tower is considered the tallest building in the city, and the company currently rests its shoulders on more than 100 billion in total assets.
Aflac currently offers the following forms of insurance coverage:
- Accidental Death Insurance
- Cancer/ Specified Disease
- Dental Insurance
- Hospital Confinement Indemnity
- Hospital Sickness Indemnity
- Hospital Intensive Care
- Life Insurance
- Lump-Sum Cancer Insurance
- Lump-Sum Critical Illness
- Specified Health Event
- Short Term Disability
Financial strength ratings can help consumers understand how solvent a life insurance company is and how likely they are always to be able to fulfill obligations to loyal policyholders in regard to claims.
Currently, Aflac is resting on some of the best financial strength numbers that can be provided to a life insurance company.
Here’s a look at those ratings:
- M. Best- A+
- Fitch- AA-
- Moody’s- N/A
- Standard and Poor’s- A+
- Comdex Score-95
- J.D. Power and Associates- N/A
Clearly, if you have any reservations about choosing to place coverage with the company, it should not be due to their financial strength ratings.
Complaints that other consumers, much like yourself that are filed against a company, can give you an inside look at what you may expect as a policyholder.
Currently, according to the BBB, Aflac is being provided an A+ rating, which is the highest rating possible.
Additionally, Aflac has a total of 262 complaints in the past 3 years, which seem to all be similar.
The complaints are concerning Aflac finding ways not to pay claims on supplemental policies and policies that cover specific hospital stays from premium payors.
Aflac currently has a 1 out of 5-star rating according to 69 total reviews provided on the BBB website.
Life Insurance Products Offered
Due to life insurance being one of Rootfin’s areas of expertise, let’s discuss briefly what life insurance products Aflac makes available to consumers.
Currently, if you want life insurance through Aflac, your only option is to consider coverage that’s directly deducted from your work paycheck.
If you opt to do so, they offer a few benefits that consumers can enjoy, such as life insurance that requires no medical exam and the ability to purchase life insurance on your children.
Furthermore, Aflac does offer other unique benefits such as accidental death riders and the ability to port your coverage away from your employer in the situation that you are terminated, resign, or retire.
Overall, from our point of view, we believe this to be a weakness of Aflac and prefer to see consumers have a unique and individual life insurance policy that doesn’t depend on payroll deductions.
Often, consumers are not aware of how to properly port life insurance away from an employer, and it can be a dangerous game putting all your eggs into this one basket.
However, if you have a strong financial portfolio and already have some individual policies in force, Aflac could be a great addition to your portfolio to provide more flexibility and peace of mind.
Who Should Consider Aflac?
Aflac should be considered by individuals who lack peace of mind thinking about what may happen in the event yourself, or a family member must undergo costly hospital stays.
Additionally, Aflac offers other coverages such as cancer insurance that can make sense for individuals who have a history of cancer in the family or that can be provided that extra peace of mind by having this coverage in place.
Individuals who prefer the auto payroll deduct setting can also benefit from working with a company such as Aflac.
What Makes Aflac Unique?
Aflac is unique from the mere standpoint that they currently only life insurance coverage through your employers and through auto-payroll deductions.
Aflac is also unique due to its robust options for secondary and supplemental coverages that they offer.
Compared to most other life insurance providers, Aflac offers a much more diverse option for coverage for items such as medical reimbursement and injuries and illness that can occur to any of us at any given time.
Underwriting and Application Process
This is another strength of Aflac due to the shift in how consumers prefer to purchase life insurance.
Currently, if you enroll with Aflac insurance coverages through your employer, you will not need to undergo any pesky medical exam or blood draw.
The application processes are much more straightforward, quick to issue, and deducted straight from your paycheck.
Next Steps After Being Declined?
Being declined coverage through Aflac is not the end of the world.
If this happens and for whatever reason, you can’t be approved for coverage, you need to turn to alternative solutions to place protection around your income and assets.
Our #1 recommendation would be for you to work an independent agent who has access to more than 25 life insurance companies who can effectively find a life insurance company willing to accept your risk.
Additionally, you can always turn to other avenues such as purchasing life insurance with a company such as Mutual of Omaha in the form of accidental death life insurance coverage.
Guaranteed issue life insurance is also always an option for individuals who have struggled to get life insurance through traditional underwriting.
Nonetheless, some coverage is always better than no coverage at all, so it’s critical to understand that options are likely still available to you.
Pros of Choosing Aflac
All life insurance companies offer unique strengths and weaknesses.
After our in-depth review of Aflac, here’s what we believe to be the most significant advantages:
- No medical exam is required.
- Juvenile Life Insurance is Available
- Easy Payroll deductions available for premium payments
Cons of Choosing Aflac
On the other hand, you have some significant drawbacks you may encounter working with Aflac.
Here’s a look at those:
- Only available through payroll deduction
- Very Basic Lineup for term life insurance
- More competitive pricing is available
Final Thoughts on Aflac
While Aflac may make sense for many consumers, it certainly doesn’t fit the bill for all consumers.
Always compare rates with multiple life insurance companies before ultimately making that decision.
It’s your best way to ensure you are getting the best price for the best coverage.
We wish you luck in your search.