Aflac Life Insurance Review 2023/2024 Update

Aflac Life Insurance Review provides voluntary life insurance via U.S employers including term and whole life insurance policies. The company also sells supplemental life insurance. No-exam life insurance is available.

Aflac’s policies are portable, so employees can take them if they change jobs or retire. If you’re searching for extra coverage to supplement your life or health insurance, Aflac may be worth it.

Aflac Life Insurance Review: Pros

  • Offers supplemental accident, cancer, and critical illness insurance that can plug gaps in your life and health insurance coverage
  • Juvenile life insurance and a rider for child-term life insurance are available
  • Coverage is portable, so employees can keep policies if they change jobs


  • Above average level of complaints filed with state regulators about Aflac life insurance.
  • Guaranteed-issue life insurance policies have low death benefits.
  • Whole life insurance policies have low death benefits compared to many other companies.
  • Offers individual cancer insurance, but you must be cancer-free for 10 years preceding your purchase, which is more than the typical five years for standard term or whole life cancer insurance coverage.
  • Online quotes are not available.

Aflac, whose official mascot is a duck that appears in scores of TV ads, sells insurance in the U.S. and Japan. Aflac is best known for offering insurance that assists people in covering out-of-pocket medical expenses, but it also sells life insurance and other types of policies.

Types of Aflac Life Insurance Policies

Aflac offers two types of life insurance term life and whole life insurance.

Recommended:   Haven Life Insurance Review 2023/2024 Insurance Rates

Level-term life insurance has a set cost for a given period of time. Aflac provides 10, 20, 30-year terms. You can renew a term life policy annually after the term ends, but rates will increase every year you renew and can easily become expensive.

Whole life insurance is intended to cover you for the duration of your life and also builds cash value in the policy.

Term life insurance is less costly than whole life insurance, partly because term life offers no cash value.

Aflac Term Life Insurance

Here are the types of term life insurance available from Aflac:

  • Fixed Term
  • Increasing term
  • Decreasing term 
  • Annual renewable 

In some states, Aflac offers term life insurance without the need for a medical exam.

Rates for Aflac’s term life insurance policies are primarily based on age, lifestyle, medical history, and desired coverage. Coverage up to $500,000 is available for those aged 50 and under. For people ages 51 to 68, Aflac’s term life coverage is limited to $200,000.

Aflac Guaranteed Issue Term Life Insurance

Aflac offers guaranteed issue life insurance with death benefit choices of $20,000 and $25,000 for 10-, 20- and 30-year term policies.

You don’t have to complete a medical questionnaire for guaranteed-issue life insurance, so buying guaranteed-issue term life insurance may be a convenient way to get coverage if you have medical conditions that make buying other types of life insurance cost-prohibitive.

But guaranteed issue life insurance typically is more expensive than other types of life insurance.

Aflac Whole Life Insurance

Whole life insurance is a type of permanent life insurance. Whole life insurance blends a cash value component with life insurance coverage. Because the policy covers someone’s “whole life,” the coverage tends to cost more than term life insurance.

Recommended:   10 Tips to Help Purchase Life Insurance | First Time Buyer FAQs

Whole life insurance offers a guaranteed death benefit, premiums that stay the same throughout the policy term, and a guaranteed minimum return on the policy’s cash value.

Part of your whole life premiums usually go into a tax-deferred investment account. You may be able to take out a loan against the policy’s cash value or make a partial withdrawal of that money. It’s important to note that the death benefit paid to beneficiaries can be reduced by loans or withdrawals against the cash value.

Coverage up to $250,000 is available for applicants ages 18 to 70.

Aflac offers whole life insurance that doesn’t require a medical exam. Among factors that go into determining rates for Aflac’s whole life insurance are age, medical history, and coverage amount.

Aflac Juvenile Life Insurance

In addition to selling term life insurance for adults, Aflac offers whole life and term life coverage for children. No medical exams are required.

Whole life coverage can be purchased for a child who’s anywhere from 14 days old to age 17. Coverage amounts are $10,000, $20,000 or $30,000. The coverage amount doubles on the policy anniversary following the insured person’s 18th birthday, without the premium going up.

Loans on the cash value of the whole life policy can go toward college tuition, a down payment for a first home, or other needs.

Recommended:   How Life Insurance Works During Divorce | Divorce Settlements

Term life coverage can be purchased for a child who’s anywhere from 14 days old to age 17. Coverage amounts are $10,000, $20,000 or $30,000. A juvenile term life policy covers the child until age 25. At that time, they can convert the coverage to an individual term life insurance policy.

Aflac’s Life Insurance Riders

Life insurance riders let you customize a policy with extra coverage or features. Here are the life insurance riders offered by Aflac, although rider availability can change based on policy type.

  • 10-year term Life Rider
  • Accidental Death Benefit Rider 
  • Child Term Life Insurance Rider
  • Waiver of premium benefit Rider

Aflac life insurance can be purchased via an Aflac agent or through an employer Online quotes are not available.

You can file an Aflac life insurance claim by accessing your Aflac account and following the claims process. For additional questions, chat with a representative of the company on the company’s website, or speak with someone directly at (800) 992-3522.

For further updates on Insurance, see our homepage. And don’t forget to share or leave a comment below if necessary.