Aflac Life Insurance Review 2021

You may hear a duck sound in your head when you think of Aflac, but the company’s position in the insurance industry is no quacking matter. Aflac is a top seller of insurance benefits at work, such as supplemental life insurance. The Fortune 500 company also sells some of its products, including term and whole life insurance, to individuals.

Aflac life insurance

Aflac earned 3.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings.

» MORE: The best life insurance companies

Aflac life insurance pros and cons

Aflac life insurance policies

Whether you buy Aflac life insurance privately or through the workplace, your options are generally similar, with the main difference being coverage limits.

Aflac life insurance for individuals

Aflac’s term life insurance offers coverage of up to $250,000. Until age 65, you may be able to convert the policy to permanent life insurance. Available term lengths are:

• 10-year term for applicants 18 to 70.
• 20-year term for applicants 18 to 60.
• 30-year term for applicants 18 to 50.

Aflac’s whole life insurance offers coverage of up to $250,000 for applicants between 18 and 70. Similar to other permanent life insurance policies, Aflac’s whole life product builds cash value, which you can borrow against to pay for medical costs or other expenses.

All of Aflac’s term and whole life insurance policies include:

• Quick payouts of the first $5,000 of a claim, to help cover immediate expenses when you die.
• Accelerated death benefits, which allow you to receive as much as half of the policy’s payout in advance if you become terminally ill.

Some Aflac policies also offer life insurance riders, which let you pay extra for certain features. Available riders include:

• Waiver of premium rider, which allows you to stop paying premiums if you become totally disabled.
• 10-year term insurance rider for whole life policies, giving you more coverage during a specific period of time.
• Child term life insurance riders that provide $15,000 in coverage for each insured child under 25.

» MORE: Compare life insurance quotes

Aflac life insurance through work

Aflac’s term and whole life insurance policies sold through work offer $500,000 of coverage to employees 50 or younger. Coverage of up to $250,000 is available to employees between the ages of 51 and 70.

Similar to individual policies, workplace policies include accelerated death benefits and quick payment of the first $5,000 of a claim.

In some cases Aflac offers the option of guaranteed issue life insurance through work. With this type of policy, you can qualify for coverage without answering questions about your health or taking a life insurance medical exam.

Aflac’s workplace policies are typically portable, so you can take coverage with you if you leave your job.

Consumer complaints about Aflac

Over three years, Aflac has drawn close to the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.

» MORE: Term vs. whole life insurance: How to choose

More about Aflac

Aflac’s website has a life insurance calculator to help you figure out how much coverage you need, but otherwise it lacks details about life insurance basics or the policies the company has available. Online life insurance quotes are not available.

Alongside term and whole life insurance, Aflac also offers a range of supplementary insurance products to both individuals and employees.

Life insurance buying guide

Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.

When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.

Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.

For more guidance, see our life insurance buying guide.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims, and complaint index scores from the National Association of Insurance Commissioners for individual life insurance. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.