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AFLAC Life Insurance Review 2020

This financially stable insurer is a solid choice for employer-offered supplemental life insurance for adults and children.
Pro Bullet Trustworthy
Pro Bullet Stable
Pro Bullet Fast Claims
Con Bullet Individual Life
Researcher & Writer
Published on March 18, 2020

UPDATE: In the wake of the COVID-19 pandemic, Aflac is one of several insurance companies that is directly addressing customers’ questions about the virus and/or providing specialized service options to ensure the safety of customers and agents alike. For up-to-date information, visit Aflac's website.

Aflac: best for employer-offered group life insurance

Aflac has spent more than 60 years building a reputation for providing quality life, accident, and supplemental health insurance.1 The insurer has managed to balance high financial stability marks with low levels of consumer complaints from policyholders nationwide.

Formerly known as American Family Life Assurance Company of Columbus, Aflac offers insurance that employees love. Not because Aflac’s a great company to work for (although it may be), but because the company has solid life insurance coverage that’s only available through employers.

Aflac is a Fortune 500 company with excellent financial ratings, prompt claims payouts, and a low complaint ratio.

Of course, if your employer doesn’t offer Aflac, or you're self-employed, you still have plenty of excellent non-Aflac life insurance coverage options too. You can get life insurance quotes from some of the best companies.

Call today: 888-234-8376

Aflac life insurance policies

Because most of Aflac policies are group insurance, they have guaranteed insurability. The company must guarantee acceptance to any person in the group and you won't have to answer a bunch of medical questions, and you can't be turned down.

Aflac’s life insurance policies cover the policyholder in most scenarios right away. If the covered person lies about their age or commits suicide within the first two years of coverage, however, their beneficiaries may not receive the full benefit amount.

Aflac offers several types of life insurance, including term, whole, universal, and juvenile.

Aflac term life insurance

Aflac’s term life policies are available in 10-year increment terms, and you may be able to renew the policy before coverage expires. You can choose up to a $500,000 policyif you're 49 or younger and up to $200,000 if you're 50 or older. You can add an accidental death benefit for a larger payout if you die from events such as a car accident or a fall.

Typically, rates for group term life insurance increase as you age and you’re only covered as long as you stay with your employer. Choose an Aflac portable policy, however, and you’ll have level term life insurance, which means you can lock in your premium for the entire term even if you leave your job.

Aflac whole life insurance

Aflac’s death benefit payout limit of $500,000 applies to Aflac’s whole life policies as well. These policies offer a cash value that grows at a guaranteed rate over time. Aflac also allows you to take this policy with you if you leave your job, so you can keep your coverage and cash value indefinitely.

Whole life is, however, more expensive than Aflac's term life insurance. Still, this coverage can be a great choice for some people, so learn about term vs. whole life insurance to decide which policy might be best for you.

Aflac universal life insurance

Although universal life insurance isn’t the best option for most people, Aflac’s universal life might be a good choice if you want flexible premiums for your permanent life insurance. You can also add long-term care benefits to your policy. These benefits pay out before you die if you require long-term care, such as in a nursing home.

Aflac juvenile life insurance

Juvenile life insurance is Aflac’s insurance for kids. It’s only valid until your child turns 18, but you can roll it over into an adult policy at that time. Unlike Aflac’s other life insurance offerings, you may be able to get a juvenile policy without going through an employer.

Aflac life insurance Riders

Guaranteed issue rider

Aflac’s group life insurance policies are guaranteed issue. With this no-exam life insurance, you can’t be denied coverage due to a preexisting medical condition, but your rate may be higher than for other kinds of policies.

Long-term care rider

This rider goes into effect before you pass away if you require long-term care such as in a nursing home. You could use it to cover out-of-pocket expenses for medical care or supplement your family's income, since you'd likely be unable to work in such a scenario.

Accidental death benefit rider

This benefit goes into effect only if you die in an accident such as a car wreck or falling down the stairs. If that happens, this rider adds cash to the death benefit your loved ones receive. An accidental death rider won’t cover you if you die because of war, suicide, a crime you’ve committed, drug use, or piloting an aircraft.

Aflac history and financial strength

Aflac is a solid choice from both financial and consumer perspectives. Founded in 1955 as American Family Life Insurance Company of Columbus, Aflac insures over 50 million people today.1

Aflac Financial Ratings and Complaint Ratio

Rating Agency
Rating Description
AM Best







Low risk

All ratings current as of 12/5/2019. Ratings reflect the evaluations of rating agencies but are not intended as a recommendation to purchase from any company. Rating agencies may update, suspend, or withdraw their ratings at any time.

A.M. Best, the insurance industry standard for financial rankings, gives Aflac a stable Financial Strength Rating (FSR),  of A+ (excellent). That means A.M. Best believes Aflac has an excellent ability to meet all its financial obligations.

Fitch and S&P each give Aflac their third-highest rating, which means Aflac has a low default risk but could be affected by adverse market trends. Fitch gives Aflac's A rating a stable outlook, while S&P has a positive (improving) outlook for Aflac’s A- rating.

The National Association of Insurance Commissioners (NAIC) saw few complaints related to Aflac’s group life insurance policies in 2018, resulting in a rating of 0.76. To put that in perspective, the national average for a company this size sits at 1.00.2

Things to consider about Aflac

While Aflac got its start selling directly to families (remember the Aflac duck?), today the company sells many of its products only through employers.

It might seem counterintuitive to get life insurance from a job you might not have forever. Normally we’d agree, but Aflac offers portable life insurance policies that stay with you long after you leave a job. In other words, you must work someplace that offers Aflac to get a policy, but you don’t have to keep that job to stay covered.

Use caution when on employer-offered coverage for all your life insurance needs. Most group plans are controlled by your employer, not you, and you may lose coverage if you change jobs.

Aflac life insurance has some limitations. The company specializes in voluntary supplemental insurance, meaning its policies aren’t intended to cover all your needs.

Instead, you can use them to fill gaps in other coverage. You can add Aflac dental insurance to a health insurance plan or boost your current individual life insurance with an Aflac group life plan.

Aflac limits its life insurance terms to 10, 20, and 30 years and death benefit options to $500,000 payouts or less. Compare that to other companies that offer terms from one to 35 years and payouts of $1,000,000 or more. Still, a 30-year, $500,000 policy could be just right for some folks.

Aflac’s focus on supplemental insurance allows the insurer to offer highly specialized products.

Aflac offers both riders and separate plans (such as critical illness insurance) designed to protect against situations such as getting cancer, needing long-term care, and accidental death.

Pro HeadingPros
  • Pro BulletFinancially stable
  • Pro BulletPrompt, fair claims payouts and few complaints
  • Pro BulletPortable life insurance
  • Pro BulletSpecialized riders and policies
Con Heading Cons
  • Con BulletOnly available through employers
  • Con BulletLimited term death benefit options
  • Con BulletNot intended as stand-alone insurance

Aflac premiums: why group rates are different than individual rates

Insurance companies like Aflac offer group life insurance to different employers at different rates, and some employers cover some or all the premium costs as part of their benefits offerings.

The size, demographics, and plan design differ for every group, so premiums vary depending on who your coworkers are. If you're working with a large bunch of young healthy people with low-risk jobs, your rates may be lower than a small company with older people who operate heavy machinery, for example.

One of the benefits of a group life insurance plan is that it’s usually easier to qualify for coverage than with an individual policy.

With group policies, the insurance company can manage risks more efficiently because it pools those risks together.

Other products from Aflac

Since Aflac offers adult life insurance only through employers, getting one of these coveted policies can be tough if your company doesn't provide them or you're self-employed. You can get Aflac accident insurance as an individual policy directly from the company. This insurance provides coverage in case of death due to an accident.

Aflac’s group-only insurance

In addition to adult life insurance, Aflac sells the following insurance only in the workplace:

Hospital insurance

Most major medical insurance doesn't cover all out-of-pocket expenses, and hospital stays can be especially expensive. Aflac's guaranteed issue hospital insurance fills that gap with a cash benefit, and you can add a hospital stay and surgical care, extended benefits, or other riders to boost coverage further.

Vision insurance

Many health plans don't include vision coverage, either, and Aflac's policies can fill that gap. Coverage includes a free annual eye exam and an array of surgeries and treatments, and you won't have to stay within a provider network.

Short-term disability insurance

This income-replacement insurance kicks in if you must miss work due to disability. Short-term disability insurance will cover you for a few weeks or months until you get back on your feet. This insurance is different from long-term disability insurance, which kicks in after you've been disabled for a longer period. Aflac doesn’t offer long-term disability insurance.

To get a short term disability quote please give us a call today at 855-757-0646.

Aflac’s group and individual insurance

The only type of life insurance Aflac offers directly to individuals is children's life insurance, but you can get some of the company's non-life coverage without going through your employer:

Accident insurance

This insurance covers you if you're injured or killed in an accident. These policies include free routine medical exams, 25% larger payout if you are injured in an organized sports activity, and the possibility of getting claims paid in a single day.

Dental insurance

Aflac doesn't require you to stay in a network of providers or pay a deductible for its dental coverage. Policies include both orthodontic and cosmetic services in addition to more common dental services like x-rays, teeth cleaning, and regular checkups.

Critical illness insurance

Critical illness insurance covers you in case of a heart attack, stroke, or other serious illness. Aflac's coverage is guaranteed issue, and you can choose either regular payments or a lump sum for your payout.

Read your policy with this type of insurance to see exactly which conditions it covers, because these can vary from plan to plan.

Cancer insurance

This insurance kicks in if you have a positive cancer diagnosis, and you can choose to receive a lump sum right away or payments over time. You could use the money to cover out-of-pocket expenses your medical insurance doesn't cover.

Bottom line: Aflac life insurance is excellent…if you can get it

If you want life insurance from a stable company with excellent customer service, plenty of choices, and a fair claims process, Aflac is a great choice. Unfortunately, access to this life insurance is limited to employees of companies that offer it.

If you can’t get Aflac life insurance for adults through work, don’t despair. Aflac is a great option, but it’s not the only one.

Compare the best life insurance quotes online, or tell one of our licensed sales agents what you’re looking for and we’ll help you find a policy that fits your needs. Call us today.

FAQs about Aflac

Still have questions about Aflac? These FAQs may help.

How does Aflac life insurance work?

For the most part, you can get Aflac life insurance coverage only through your employer. You’ll sign up for a policy along with other benefits, and you’ll pay your premiums via an automatic payroll deduction.

Is Aflac good for family life insurance?

Aflac offers insurance for both kids and adults, but individual customers can buy only its juvenile policies. Adult applicants must go through an employer and buy a group life insurance policy for themselves, but you can get coverage for a spouse and your kids this way too. If your company offers Aflac insurance, it's an excellent option for insuring your entire family.

Can I borrow from my Aflac insurance policy?

Whether you can borrow from your insurance policy depends on which type it is. Typically, you can’t borrow from a term life insurance policy. Whole life policies, however, have a cash value that you can borrow against. For that reason, some people see their whole life policies as a kind of savings account.

The money you borrow from your life insurance policy is tax-free and doesn’t count as income. It does, however, incur interest that you must pay back alongside the borrowed amount. If you don’t pay this interest back, your beneficiaries may not get a full lump sum if you pass away before paying back the loan.

How do I cancel an Aflac insurance policy?

To cancel your Aflac life insurance policy, you’ll need to fill out the cancellation form and mail or fax it in. If you’re in a group policy through your workplace, you may need to wait until your benefits enrollment period.

Plan ahead and don’t simply stop paying your premiums, because doing so could affect your credit.

Who underwrites Aflac insurance?

Aflac of New York underwrites policies in New York. Continental American Insurance Company underwrites Aflac’s policies in other states.


1. Aflac, “Our Company
2. National Association of Insurance Commissioners, “American Family Life Insurance Co"

Written by
We are a team of life insurance experts with the simple mission of helping you find the best coverage for your unique situation. We research, review, and rank life insurance companies to make that process easier.