Is American Family Life Assurance Company (AFLAC) right for you?

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…

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Reviewed by

Rachael Brennan

Licensed Insurance Agent

UPDATED: Feb 27, 2022

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Here's the Scoop

  • American Family Life Assurance Company is known as AFLAC and is one of the largest insurance companies in the United States
  • AFLAC specializes in group life insurance policies but also offers many other forms of supplemental insurance
  • AFLAC has been rated highly for financial strength and customer service by major rating agencies

Looking for a new life insurance company? You may have heard of AFLAC or American Family Life Assurance Company. AFLAC is a big insurance name with a popular mascot that many people see on television commercials. Is AFLAC among the best life insurance companies?

With so many life insurance companies to choose from, it’s not easy to pick the best company. While AFLAC and some other names have a strong presence in the media, it doesn’t mean that they are the best option for life insurance. We’ll break down the AFLAC ratings, reviews, and more to help.

Keep reading to learn more about American Family Life Assurance Company (AFLAC) or enter your ZIP code to get free rates from the most affordable life insurance companies in your area.

Table of Contents

What does AFLAC cover?

AFLAC is a large insurance company that offers a couple of life insurance policies, typically group life insurance policies. Considering AFLAC stands for American Family Life Assurance Company, it’s no surprise that they are a strong competitor in the life insurance industry.

It appears that AFLAC is more popular for employers offering group life insurance policies instead of individuals looking to secure a life insurance policy. AFLAC does claim to have family policies, but it appears that these policies are better served as supplemental life insurance policies.

Otherwise, you’ll find that AFLAC offers term life insurance and whole life insurance, depending on what you want in your policy. Term life insurance would be more affordable while whole life insurance offers a cash value component that could come in handy in the future.

AFLAC isn’t solely a life insurance company. Beyond life insurance, AFLAC has quite a few different types of insurance to choose from which includes:

  • Accident insurance
  • Cancer insurance
  • Critical illness insurance
  • Hospital insurance
  • Disability insurance
  • Dental insurance
  • Vision insurance

Some people might find it convenient to have a handful of insurance-related policies in one place. If that’s the case, AFLAC could be a good option. Of course, there are many other variables to consider before investing in a policy with a company like AFLAC.

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AFLAC Ratings and Reviews

You might expect a big company like AFLAC to have great ratings. If they can afford to advertise so much, they must be a good company, right? Not necessarily. Good marketing goes a long way, but it shouldn’t be how you measure a company’s success as a prospective policyholder.

Instead, you’ll want to take advantage of legitimate ratings and reviews to determine whether or not you want to invest in an AFLAC policy. Below, you can see a summary of some of AFLAC’s key company ratings:

  • A.M. Best: A+
  • Standard & Poor (S&P): A+
  • Fitch: AA- (Withdrawn)
  • Better Business Bureau (BBB): A+
  • NAIC Complaint Index: 1.27

Overall, AFLAC has strong ratings for both financial strength and customer service, based on the data we have available. As you may have anticipated, AFLAC is financially stable and appears to be in good shape for the future. It’s worth noting that Fitch withdrew its rating for AFLAC.

Upon further review, there might be some concerns with AFLAC regarding financial strength despite the positive ratings overall. From 2018 to 2020, AFLAC’s net income decreased by roughly half a billion dollars. During this same period, the company’s complaints increased.

On the bright side, AFLAC’s NAIC Complaint Index is still reasonable. A score of 1.27 suggests that AFLAC fields a few more complaints than the industry average. The BBB score suggests that AFLAC does work to resolve those complaints, which is clearly a good thing.

For what it’s worth, most of AFLAC’s complaints come from California, North Carolina, and Georgia. There are very few complaints from other states, based on NAIC data. It’s unclear what to expect for AFLAC cost of insurance. With group policies, prices can be especially unpredictable.

AFLAC Customer Service

It’s clear that AFLAC is highly rated and that it offers a myriad of insurance products. Based on this information alone, you should feel confident getting AFLAC life insurance quotes and comparing those with other life insurance companies.

If you have similar quotes from multiple providers, you’ll want to consider some of the final details. How do AFLAC claims compare to other companies? What resources do they have for policyholders? These are small factors that could make life easier for both policyholders and beneficiaries.

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AFLAC life insurance claims are convenient and efficient. Many companies still rely on mail-in claims forms while AFLAC capitalizes on modern technology. Beneficiaries can submit life insurance claims on AFLAC’s website which makes them easier to submit and to monitor for updates.

To supplement convenient online claims, AFLAC also offers a 24/7 online chat feature. Beneficiaries can use the online chat to answer questions about the claims process at any time.

For policyholders, AFLAC has a convenient mobile app available with Apple and Android products. This app allows policyholders to manage their accounts, manage coverage, update contact information, and submit claims for other insurance products using your AFLAC login.

While the app has mostly basic functions, these can make matters more convenient if you’re constantly on the run and don’t have time to get onto a normal computer. All-in-all, AFLAC has excellent resources which likely helps contribute to the low volume of complaints.

AFLAC Life Insurance: The Bottom Line

AFLAC is a large and popular insurance company that specializes in group life insurance policies. The company has excellent financial strength ratings, positive customer service ratings, and excellent resources for policyholders and beneficiaries to ensure a smooth experience with policies and claims.

By now, you should be ready to take the next steps with American Family Life Assurance Company (AFLAC). Before you go, see if you can save today with multiple quotes from the leading life insurance companies in your area. Get started for free by entering your ZIP code below.