We care about Aflac’s policyholders affected by the recent weather:
To help provide relief for California policyholders residing in Santa Cruz County who were affected by the coastal storms, Aflac will provide a premium grace period starting Dec. 23, 2024, and ending Apr. 15, 2025. This grace period also provides an extension of filing deadlines for claims and leniency for any other action required under the policy. Aflac will provide a replacement copy of the policy upon request by the policyholder.
For Network Dental and Vision Members:
This grace period also provides an extension of filing deadlines for claims; relaxation of prior authorization, precertification, and referral requirements; access to appropriate out-of-network providers due to unavailability on in-network providers or the members’ displacement; and leniency for any other action required under the certificate. A replacement copy of the certificate will be provided upon request by the certificate holder. Affected members should contact Aflac Benefit Solutions (formerly Argus Dental and Vision) at 855-819-1873, Option 1, for assistance.
We care about Aflac’s policyholders affected by the recent wildfires:
To help provide relief for California policyholders residing in Los Angeles and Ventura Counties affected by the wildfires, Aflac will provide a premium grace period starting Jan. 7, 2025, and ending Mar. 10, 2025. This grace period also provides an extension of filing deadlines for claims and leniency for any other action required under the policy. Aflac will provide a replacement copy of the policy upon request by the policyholder.
For Network Dental and Vision Members:
This grace period also provides an extension of filing deadlines for claims; relaxation of prior authorization, precertification, and referral requirements; access to appropriate out-of-network providers due to unavailability on in-network providers or the members’ displacement; and leniency for any other action required under the certificate. A replacement copy of the certificate will be provided upon request by the certificate holder. Affected members should contact Aflac Benefit Solutions (formerly Argus Dental and Vision) at 855-819-1873, Option 1, for assistance.
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Return of premium life insurance is a type of term life insurance that allows you to collect your premium payments if you outlive your selected term. To make this possible, this insurance plan can be more expensive. Since this type of benefit is usually only accessible in term life insurance plans, it is sometimes referred to as return of premium term life insurance.1
Read on to find out how return of premium life insurance works and the pros and cons so you can figure out whether this type of plan can meet your needs.
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Like a standard term life insurance plan, you pay regular premium payments to keep a return of premium life insurance policy active. In standard plans, these life insurance premium payments are usually non-refundable.2 However, if you outlive your term in a return of premium life insurance plan, you may be able to recover these payments.
For example, let’s say you buy a 20-year return of premium term life insurance plan. If you pass within the 20-year term, your family will receive the death benefit and the premium payments will be kept by the insurer. However, if you outlive the 20-year term, you will typically get a refund of your premium payments.
The biggest pro of return of premium life insurance is the ability to reclaim past premium payments. If you outlive your term, you are typically able to receive one lump-sum payment combining all previous premiums that were paid. This may be particularly helpful if there are any new expenditures you’ll have to cover later in life, like a mortgage or retirement plan.
In this respect, return of premium life insurance can function as a savings account with a bonus life insurance add-on. Also, any returns generated from this type of plan generally won't be taxed.2 So, if the time comes, you may be able to receive your lump-sum premium payment tax-free.
Not all insurance companies offer this option, but at Aflac, you may be able to explore a return of premium benefit if it sounds like something worth considering.
One of the biggest cons of return of premium life insurance is the cost. For insurance companies to be able to offer this benefit, return of premium life insurance is usually more expensive than a traditional term route.1 The higher cost may be more comparable to whole life insurance, but that depends on the specific companies and plans you are looking at.
An alternative route may be to purchase a budget friendly, traditional term life insurance plan and use the cost difference to invest how you see fit. It depends on how you assess the risk and reward in each type of plan. Chatting with an agent can help clarify your boundaries.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Get StartedA return of premium life insurance policy may be worth it if you can afford to pay a higher premium. However, if you don’t outlive your term, it will have been more expensive than a traditional term plan, while essentially offering the same death benefit.
It’s important to understand that you aren’t receiving any additional money, but the money that you have previously paid into the policy. There is also a chance you won’t be able to see this benefit come to fruition. You may be better suited for standard term life insurance, where you can save the difference in premium payments for an investment of your choosing.
Consider the pros and cons and other life insurance plans to decide whether return of premium life insurance is right for you.
An important step to consider in the quest for life insurance is gathering life insurance quotes. Talking to an agent about the costs of each type of policy can help you move forward in your journey. Aflac offers term and whole life insurance plans, made with your needs in mind. Aflac does not offer return of premium life insurance, but we recommend learning more about our term and whole life insurance plans if you have different coverage goals in mind. Chatting with an agent about your options may help make this decision easier.
Get Started
Life insurance for seniors can help you protect the ones you love. Find out more about affordable life insurance options and get a quote from Aflac today.
Life insurance with cash value lets you withdraw money to cover necessary expenses. Find out how cash value savings work and the types of insurance policies offered, including whole life insurance.
Life insurance for seniors can help you protect the ones you love. Find out more about affordable life insurance options and get a quote from Aflac today.
Life insurance with cash value lets you withdraw money to cover necessary expenses. Find out how cash value savings work and the types of insurance policies offered, including whole life insurance.
1 NerdWallet - 3 Best Return-of-Premium Life Insurance Policies in February 2025. Updated January 31, 2025. https://www.nerdwallet.com/article/insurance/return-of-premium-life-insurance. Accessed February 7, 2025.
2 Bankrate - Return of premium life insurance. Updated December 16, 2024. https://www.bankrate.com/insurance/life-insurance/return-of-premium-life-insurance/. Accessed February 7, 2025.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans – A68000 series: Term Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac WWHQ | Tier One | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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