Aflac Life Insurance Review (2024) (2024)

Based on our objective rating methodology, Aflac is a solid life insurance provider with permanent and term policies that is held back only by subpar customer service ratings and a low maximum death benefit of $500,000.

The company offers term, whole life and final expense insurance, no-medical-exam term life and whole life policies that can be customized with a good selection of riders. It also features an A+ rating from A.M. Best for financial stability.*

*A.M. Best rating current as of August 2023

Pros

• Policies available directly or through many workplaces.
• Features an A+ rating by A.M. Best
• Convertible term life policies available

Cons

• No online quote tool; must speak with an Aflac agent
• The maximum face value is $500,000, which is low compared to other providers.

Life insurance is a contract between a policyholder who agrees to make premium payments and an insurer that agrees to pay a death benefit to designated beneficiaries when the policyholder dies. The premium costs and policy amounts vary depending on several factors, such as age, sex, health and lifestyle.

Learn more: What is life insurance?

Aflac offers a variety of term and whole life insurance policies.

Term Life Insurance

Term life insurance covers the policyholder for a set period of time, usually ranging from 10 to 30 years (although some companies offer longer terms). If the insured individual passes away during this period, the insurance company will pay a predetermined amount of money to the beneficiaries specified in the policy. Once the policy period has expired, the policy is no longer active and any unused death benefit is lost.

Many life insurance companies offer term insurance policies, and you can see our top term life insurance providers here.

Aflac offers a range of insurance plans, including 10-, 20- or 30-year terms. You can renew a term life policy annually after the term ends, but rates will increase every year. Aflac offers coverage up to $500,000 for people aged 50 and under. Aflac’s term life coverage is limited to $200,000 for people ages 51 to 68.

Aflac offers the following term life insurance policies:

• Fixed term: Aflac’s fixed term policy offers coverage for 10, 20 or 30 years. Premiums that stay the same throughout the level term period.
• Increasing term: This policy allows you to increase the death benefit over the policy term. Premiums also increase if you do so, but beneficiaries receive a larger payout in return.
• Decreasing term: The premiums and death benefit for this policy reduces over the length of the term.
• Annual renewable: Aflac provides coverage in one-year terms that must be renewed annually. Premiums go up at renewal, making this coverage best suited for filling short gaps between other life insurance policies.
• Guaranteed issue: Eligible applicants are guaranteed coverage under this policy without a medical exam or health questions. The death benefit is $20,000 or $25,000 for a 10-, 20- or 30-year term.
• Term life for children: Available for children aged 14 days to 17 years, coverage amounts are $10,000, $20,000 or $30,000. The policy covers a child until age 25. They can convert the coverage to an individual term life insurance policy at that time.

Whole Life Insurance

Whole Life Insurance is a type of permanent life insurance that covers the policyholder’s entire life provided that the premiums remain current. Unlike term policies, whole life policies come with a cash value component that allows policyholders to borrow against the premiums they have paid before their death. However, due to the extended coverage period, whole life insurance is more expensive than term life insurance.

Aflac offers the following whole life insurance policies:

• Whole life: Aflac offers coverage up to $250,000 for applicants ages 18 to 70. Aflac also offers whole life insurance that doesn’t require a medical exam but this is more expensive and usually has lower limits.
• Whole life for children: No medical exams are required. Whole life coverage can be purchased for a child who is 14 days old to age 17 in $10,000, $20,000 or $30,000 amounts. The coverage amount doubles on the policy anniversary following the insured person’s 18th birthday with no rise in premiums.
• Final expense: This policy provides a small amount of coverage, from $2,000 to $50,000, for burial costs and other end-of-life expenses. It’s available for applicants 45 to 80 years old with no medical exam. You can choose from a level plan or a modified plan with a three-year waiting period for non-accidental death coverage.

Work with a licensed insurance agent to ensure you receive life insurance quotes that meet your specific needs and those of your loved ones.

Aflac Life Insurance Riders

Life insurance riders are optional add-ons that allow you to increase or tailor your life insurance coverage to your needs. Aflac offers the following riders:

• Accidental death benefit rider: This rider provides an additional death benefit if your death is caused by a covered accident. It is only available for Aflac’s term life insurance policies.
• Advanced claim payment rider When you pass away, Aflac will immediately provide a $5,000 payment upon request to help with final expenses such as medical bills and funeral arrangements.
• Child term rider: This coverage provides a small death benefit for each of your eligible children and can be added to your term or whole life policy. Coverage remains in force until the child is 25.
• Spouse rider: Add this rider to a term or whole life policy for coverage for your spouse.
• Terminal illness rider: If you are diagnosed with a terminal condition, this rider allows you to withdraw up to 50% of the face value of your policy to use as needed. It’s also known as an accelerated death benefit rider and is built into Aflac’s term and whole life policies.
• Waiver of premium rider: If you become completely disabled while your policy is active, this rider pauses your life insurance premiums without impacting coverage. Aflac issues this rider for an added fee to customers between 18 and 59 years old.

Life insurance is competitively priced throughout the industry. While each insurer has its own methodology to arrive at policy costs, several factors are standard across the board. The premium you pay will normally depend on the following:

• Age
• Health and medical history
• Gender
• Lifestyle
• Policy type
• Coverage amount
• Credit standing

You can buy term and whole life policies through Aflac agents and get coverage through workplace plans. Plus, you can use Aflac’s online life insurance calculator to help you figure out how much coverage you need.

We did not find any positive reviews during our examination of over 100 Aflac life insurance customer reviews on TrustPilot and the Better Business Bureau (BBB). This is supported by the brand’s National Association of Insurance Commissioners (NAIC), which has shown it to receive more than the typical number of complaints in 2020 and 2021.

We found the chief complaint about Aflac is its lack of speedy communication and customer service. Here are a few reviews from actual customers.

“Right now, I am giving them 1 star. My husband died in an accident on May 9th. I filed a claim on May 12th. It’s June 21st, and It still says under review. Where under review? You have to go through Heck and high water to get any answers.” —Nora Hoffert via Trustpilot

“Serious lack of communication. I’ve been trying to file a claim for a year. Still nothing. The customer service staff are friendly and seem to try to help but still nothing.” —Susan H via BBB

“Terrible customer service. One can never speak with an agent, nor use the chat to connect customer service. Iv sent multiple emails with no response. They say a claim takes 5 days to process, I’m on day 11 with no response.” —Mike L via BBB

Aflac is a solid choice for term and whole life policies and other types of insurance that you can buy individually or through your workplace. Policy amounts are lower than some of its competitors, but you can add several riders to help create a policy that best fits your individual needs.

Aflac has a solid A+ A.M. Best rating, meaning it is well-positioned to pay out benefit claims. Its downside is customer service, which has received criticism from both customer reviews and third-party rankings.

Whether you like what you see or prefer a provider with a better customer experience, we recommend collecting at least three quotes before making a decision and purchasing any policy.

Methodology: Our System for Ranking Life Insurance Companies

Our team researches and ranks life insurance companies using an in-depth scoring system that considers the factors most important to consumers like you. Our analysis includes a comprehensive review of each provider we feature based on available coverage, customizability, availability, customer service and company reputation. Here are the factors we take into consideration when rating life insurance providers:

• Brand trust (40%): Life insurance payouts can exceed $100,000 or more, which makes choosing a reputable and trustworthy installer important. To assess brand trust, we use J.D. Power and Associates customer satisfaction surveys, AM Best credit rating scores and the National Association of Insurance Commissioners (NAIC) complaint index. The higher a company scores in each area, the more points it receives.
• Coverage (33%): The more policy options a life insurance company offers, the more opportunities you have to obtain the right coverage for your specific needs. For this reason, we give companies the most points for offering multiple types of life insurance, including various term, permanent and no-exam options.
• Availability and ease of use (19%): Since life insurance coverage options can be complex, we consider the ways a customer can reach a company — and how easy communication is. For this category, we research how many communication channels a company offers for general customer support, claims processing and the application process. Companies earn the most points for offering various ways to interact with an agent, both in-person and online.
• Riders (8%): Companies offering various life insurance riders or endorsem*nts allow policyholders to better customize their coverage. In this category, we determine how many riders a company offers and award the most points to providers with more than 10 options.

We use our rating system to compare and contrast each company against key factors to help us determine the best life insurance companies in the industry. To learn more, read ourfull life insurance methodologyfor reviewing and scoring providers.AM Best Disclaimer

Drew Gurley is a licensed life insurance expert with nearly 15 years of experience. During his career as both a licensed life insurance agent and industry executive he has helped thousands of clients with their life insurance needs through his work at Redbird Advisors and Senior Market Advisors. When Drew isn’t working, he spends time with his family supporting Breast Cancer and Epilepsy awareness.

Mike Miller is a writer with a decade of experience producing product and service content to help consumers make informed purchasing decisions. Mike has a bachelor’s degree in creative advertising. In his spare time, Mike enjoys riding and fixing motorcycles, reading a good book and spending time with his wife and two cats.