Aflac's Life Insurance: What You Need To Know

Life insurance is a policy that provides a financial safety net for your loved ones after you pass away. Aflac offers a range of life insurance plans, including whole life insurance, term life insurance, final expense insurance, and universal life insurance. Each type of policy has different features, benefits, and costs, so it's important to understand how each one works to decide which plan is best for your needs. Aflac's life insurance plans are designed to help protect your loved ones' financial future by providing coverage tailored to your personal needs.

Whole life insurance

Aflac offers whole life insurance coverage, which is a permanent life insurance plan that provides coverage throughout your entire life. The premiums tend to be more expensive than term life insurance plans, but they are fixed and remain the same throughout the duration of the plan. Whole life insurance also includes a death benefit and cash value, which accrues interest at a fixed rate and grows in a tax-deferred account. The death benefit is guaranteed and will be paid to the beneficiary when the coverage ends, regardless of the timeframe. This benefit is typically large due to the high cash value of the plan.

Aflac's whole life insurance plans offer peace of mind and financial security for individuals and their families. The plans are portable, allowing individuals to take their coverage with them wherever they go. Aflac also offers a life insurance calculator to help estimate the necessary coverage amount, making the process of obtaining whole life insurance easier and more accessible.

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 for 10, 20, or 30 years, and the premiums remain static.
• Increasing Term: This type of policy allows you to increase the value of your death benefit over time, but your premiums will also increase slightly. These policies tend to cost more but usually result in a larger payout.
• Decreasing Term: Decreasing term life insurance reduces premium payments over time, which can result in a smaller death benefit. This type of insurance is suitable for those who anticipate having fewer financial obligations as they age.
• Annual Renewable: Annual renewable life 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 overall. However, it is a good choice for those who only need short-term coverage.

Benefits of Term Life Insurance

• Low Cost: Term life insurance is typically more affordable than whole life insurance, making it a budget-friendly option for many.
• Flexibility: You have the flexibility to choose the term length that aligns with your specific timeline and goals.
• Potential for Savings: With term life insurance, you may be able to save money upfront while still providing financial security for your family.
• Scalability: You have the option to scale your death benefit up or down with increasing and decreasing term policies, allowing you to adjust your coverage as your needs change.

Getting Started with Aflac Term Life Insurance

At Aflac, we are committed to meeting your life insurance needs. Our coverage is portable, affordable, and fast. To get started, you can use our life insurance calculator to estimate the amount of coverage you need and explore our term life insurance options. Our agents are also available to guide you through the process and help you find the best plan for your unique situation.

Final expense insurance

The average funeral can cost $10,000 or more, and the median cost of a funeral is $8,300. With no way to pay for these expenses, your loved ones may be burdened financially during a time of intense grief. Final expense insurance can ease this burden and allow your family to focus on healing.

• Competitive, fixed premiums that do not change over time.
• No physical exam is needed; you only need to answer a few health questions to apply for coverage.
• The coverage remains in place as long as the premiums are paid.
• The plans build cash value, which can be used to borrow against or as a non-forfeiture benefit.
• Flexible payment options are available, including aligning payments with your Social Security deposit.

Aflac offers Final Expense Whole Life Insurance, which can help protect your family's financial security, future, and peace of mind. Their plans offer flexible payment options and build cash value over time.

When considering final expense insurance, it is important to look at your monthly expenses and future needs to determine the appropriate coverage amount. This can include funeral costs, burial or cremation expenses, utility bills, and food expenses.

Universal life insurance

Aflac offers a range of life insurance policies, including whole life insurance and term life insurance. While the company does not offer universal or variable universal life insurance, it does provide some insight into what this type of insurance is and how it works.

The cash value component of universal life insurance policies is a significant advantage. This value grows over time and can be used to pay for necessary expenses. Policyholders can access the cash value by taking out a loan against the policy, surrendering the policy, or making a withdrawal.

When choosing a life insurance policy, it is important to consider your financial situation, goals, and the level of coverage needed. While universal life insurance offers flexibility in premium payments and death benefits, it may not be available through Aflac. However, Aflac's whole life insurance and term life insurance policies provide affordable coverage options with various benefits.

Group life insurance

Aflac offers group life insurance as part of its group insurance products for large employers. Group life insurance is typically provided as part of an employee benefits package.

Aflac's group life insurance functions as a workplace plan, with all employees eligible for coverage. The company also offers group insurance products for families.

Aflac's group life insurance is underwritten by Continental American Insurance Company (CAIC), a wholly-owned subsidiary of Aflac Incorporated. CAIC is not licensed to solicit business in New York, Guam, Puerto Rico, or the Virgin Islands. For groups in California, coverage is underwritten by Continental American Life Insurance Company, and for groups in New York, coverage is underwritten by American Family Life Assurance Company of New York.

In addition to group life insurance, Aflac offers group dental, vision, and short- and long-term disability insurance.

Frequently asked questions