Aflac Life Insurance: Can You Sell Your Policy?

Life insurance is a policy that provides a financial safety net for your loved ones after you pass away. Aflac offers a variety of life insurance plans, including whole life insurance, term life insurance, and final expense insurance. These plans can help protect your family's financial future and provide peace of mind. With Aflac's life insurance plans, you can choose the coverage amount, select your beneficiaries, and feel confident knowing that your loved ones will be taken care of. In this article, we will explore the different types of Aflac life insurance policies, their features, and how you can choose the best plan for your needs.

Whole life insurance

A portion of your premiums is usually put into an investment account to grow throughout the life of the plan. When the plan ends, the accrued cash value of the plan will be paid out to the beneficiary. If you name your beneficiary as an irrevocable life insurance trust, you may be able to lower the tax liability. You can also add multiple beneficiaries to your policy.

Benefits of Whole Life Insurance

There are several benefits to having a whole life insurance plan:

• Premiums remain consistent unless you choose to increase the cash value of your plan.
• The death benefit will be paid to the beneficiary when the coverage ends.
• Your policy builds cash at a constant rate, tax-free, in a secure account.
• You do not need to choose a term length as your coverage lasts your whole life.
• You may be able to access the cash value of your plan before it expires.

You can access these savings in an emergency through a loan or partial withdrawal. Withdrawing funds post-retirement can be advantageous as you may be in a lower tax bracket. This type of plan is popular for those who want to maximise the cash value for their loved ones.

The cost of whole life insurance varies depending on your unique history and lifestyle. Chat with an Aflac agent today to find a plan that suits your needs and helps protect your loved ones.

Term life insurance

Types of Term Life Insurance

There are several types of term life insurance to choose from:

• Fixed Term: This is the most popular choice and the most basic version. It lasts 10, 20, or 30 years, and the premiums remain static.
• Increasing Term: This type of policy allows you to scale up the value of your death benefit throughout the term, but your premiums will slightly increase over time. These policies tend to cost more but usually deliver a larger payout.
• Decreasing Term: This type of insurance reduces the premium payments over time, which can result in a smaller death benefit. This type of insurance makes sense for those who predict they will have fewer financial obligations as they age.
• Annual Renewable: This type of insurance provides coverage on a yearly basis and must be renewed by the policy end date to continue coverage. The premiums usually increase each time the plan is renewed, making this option more expensive. However, there are usually fewer payments because the coverage time is shorter.

Several factors can affect the term life insurance rates you'll pay, including:

• Age: Younger policyholders have a longer life expectancy, so they typically pay lower premiums.
• Health: Many insurers require a medical exam, and you may have to pay higher premiums if you have health issues.
• Family's Medical History: Your family's medical history can impact your premiums. When applying for term life insurance, your insurer may ask about a history of serious illnesses or diseases in your family.
• Gender: Women have a longer life expectancy than men, so they typically pay less for life insurance.
• Coverage: The type of coverage you get can affect your premiums. For example, you'll pay more in premiums for a $1 million coverage policy than a $500,000 policy.
• Smoking: Smokers may pay more for term life insurance due to being at higher risk for health issues.
• Lifestyle and Occupation: People with high-risk jobs or hazardous hobbies may pay more in term life insurance premiums.

Aflac's Term Life Insurance

Aflac's term life insurance plans are affordable and reliable. They work with you to find the term length that makes the most sense for your needs and budget. Their premiums are guaranteed throughout the term you choose, so you'll know what rates to expect each month and year. You can get a quote from Aflac with no medical exam necessary, making it easier to get your answers quickly.

Universal life insurance

The death benefit of universal life insurance can also be scaled up or down depending on your unique situation. The cash value of a universal life insurance policy is another valuable feature, as it can be used to pay premiums or cover other expenses as needed. This type of policy is ideal for those who want more adjustability in their life insurance plan.

When considering universal life insurance, it's essential to weigh the benefits against other types of life insurance, such as whole life or term life insurance. Each type of insurance has its own advantages and considerations, so it's important to choose the one that best suits your needs and long-term financial goals.

Consulting with a financial advisor or insurance professional can help you make an informed decision about the type of life insurance that aligns with your specific circumstances and objectives. They can guide you through the features and benefits of each option to ensure you make the right choice for yourself and your loved ones.

Final expense insurance

Aflac offers Final Expense Whole Life Insurance, which can help loved ones with end-of-life costs. This type of insurance is typically less expensive than traditional whole life insurance and is designed to help loved ones prepare for the costs that arise in the final stage of life. Aflac's Final Expense Whole Life Insurance offers flexible payment options, and coverage remains in place as long as premiums are paid. Their plans also build cash value, which can be used to borrow against or as a non-forfeiture benefit.

When considering final expense insurance, it is important to look at your monthly expenses and future needs to determine the appropriate coverage amount. While final expense insurance can provide financial protection for your loved ones, it is important to remember that the beneficiary can choose how to use the death benefit. Therefore, it is crucial to choose a beneficiary you can trust to allocate the funds properly.

Group life insurance

Aflac offers group life insurance as part of its group products designed for large employers. The company's group life insurance coverage is underwritten by Continental American Insurance Company (CAIC), a wholly-owned subsidiary of Aflac Incorporated. CAIC underwrites group coverage but is not licensed to solicit business in New York, Guam, Puerto Rico, or the Virgin Islands. In California, group coverage is underwritten by Continental American Life Insurance Company, and in New York, it is underwritten by American Family Life Assurance Company of New York.

Aflac's group life insurance plans are designed to strengthen employee benefits packages and provide essential insurance protection to employees during their time of need. The company's life insurance products aim to provide financial peace of mind by helping to cover expenses that may not be included in a person's medical insurance.

In addition to group life insurance, Aflac also offers other group products, such as group dental and vision insurance, and group short-term and long-term disability insurance. These group plans are designed to enhance the benefits offered to employees and provide financial protection in the event of injury, illness, or death.

Frequently asked questions