Aflac Life Insurance Review 2022

Aflac sells two types of life insurance – term and whole life insurance.

Term life insurance has a fixed value for a certain period of time. Aflac offers 10-, 20-, or 30-year terms. You can renew your life policy every year after the term expires, but premiums will be higher each year you renew and you can quickly increase your premiums.

Whole life insurance is designed to cover you for the duration of your life and also generate income in the process.

Term life insurance is much less expensive than whole life insurance, mainly because term life does not pay cash.

Aflac term life insurance

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

  • Fixed time. 10, 20 or 30 years, term life insurance premiums remain the same throughout the term.
  • Extra time. This type of insurance increases the cost of the death benefit during the policy. Premiums can go up during the policy, but they can provide higher payouts to beneficiaries.
  • Reduce time. Aflac’s long-term life insurance policy has lower premiums over time, as well as lower death benefits.
  • Annual renewal only. This type of policy provides support that must be renewed each year. Premiums increase each time a policy is renewed, so this short-term coverage is ideal for filling short gaps between other life insurance policies.

In some states, Aflac offers long-term health insurance without a blood test.

Aflac long term insurance rates are based on age, lifestyle, medical history and the coverage you need. Contributions of up to $500,000 are available for those 50 and under. For people ages 51 to 68, Aflac’s lifetime coverage is limited to $200,000.

Aflac long term guaranteed life insurance

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

You don’t have to fill out a medical exam to get guaranteed life insurance, so buying guaranteed term life insurance can be a great way to get coverage if you have a medical condition that makes buying other types of insurance less expensive. But term life insurance is usually more expensive than other life insurance policies.

Aflac whole life insurance

Whole life insurance is a type of permanent insurance. Whole life insurance combines a cash value component with a life insurance policy. Because the policy covers the “entire life” of the person, the coverage is more expensive than life insurance.

Whole life insurance offers a guaranteed death benefit, premiums that cannot be matched throughout the life of the policy and a low return on the policy premium.

A portion of your lifetime income usually goes into a tax-deferred savings account. You can borrow up to the face value of the plastic or withdraw a portion of the money. It is important to note that the death benefit paid to the beneficiary may be reduced by the debt or deducted from the cash value.

Grants of up to $250,000 are available for applicants aged 18 to 70.

Aflac offers whole life insurance that does not require a blood test. Some of the factors that determine Aflac whole life insurance rates are age, medical history and coverage amount.

Aflac youth life insurance

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

A lifetime scholarship can be purchased for a child who is anywhere from 14 days old to 17 years old. Grants are $10,000, $20,000 or $30,000. The premium doubles on the insured’s 18th birthday, with no additional cost.

Loans for the cash value of a whole life plan can go towards a college education, down payment for a first home or other needs.

A lifetime scholarship can be purchased for a child who is anywhere from 14 days old to 17 years old. Grants are $10,000, $20,000 or $30,000. A youth life policy covers the child up to the age of 25. At that time, they can convert the money into life insurance.

Related: Pros and Cons of Life Insurance for Children