Aflac
Is This Your Business?0.0
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Author: Kaitlyn Short
Aflac is the largest provider of supplemental insurance in the United States. It was founded in 1955 and is based in Georgia. Founded under the name American Family Life Assurance Company, it was abbreviated to Aflac in 1990. More than 98 percent of Aflac policies are issued on a payroll deduction basis.
Top Ranked Companies
The Good
- Payroll Deduction
- Largest Provider in the United States
- Wide Variety of Policies
Payroll Deduction
Aflac is unique in the sense that most of their policies are issued on a payroll deduction basis, making them a leader in that approach to policy distribution. In most cases, these policies are sponsored by the employers which adds to the convenience of paying for the coverage.
Largest Provider in the United States
Alfac is the largest provider in the United States and currently services over 50 million customers. The company has appeared on Fortune’s Most Admired Companies list for the last 17 years and has also been named to the Dow Jones Sustainability Index in North America for the last six consecutive years.
Wide Variety of Policies
Aflac’s many policies include the following:
- Accident, Cancer/Specified Disease
- Dental
- Hospital Confinement Indemnity
- Hospital Confinement Sickness Indemnity
- Hospital Intensive Care
- Life
- Lump Sum Cancer
- Lump Sum Cancer Critical Illness
- Specified Health Event
- Short Term Disability
- Vision
The Bad
- Non Business Specific
- Higher Premiums
Non Business Specific
Aflac is tailored to the individual as opposed to the business at large, which can definitely be something to consider when looking for a business policy provider. Due to its wide variety of policies, the company could be spreading itself a bit too thin on the coverages and what it can offer.
Higher Premiums
Consumer groups have said that cancer insurance returns fewer premium dollars to policyholders than the standard insurance. Aflac has stated that they pay back 62.4 percent. It seems in general the premiums are higher and the payback is a bit lower than the industry standard.
The Bottom Line
Aflac is an established company with an established reputation and offers a wide variety of coverages. For an individual, it’s definitely recommended. For a business it’s less ideal, as it is primarily tailored to individuals. The company’s payroll deductions make for easy payment processing and could offset the higher premiums.
