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At Aflac, we understand that life insurance isn’t always an easy subject to discuss. It can be a difficult topic to bring up but understanding when and how you should get life insurance can have a huge impact on your loved ones. Your financial situation, family size, age, and location are all important determinants to consider when forecasting the best time to get a life insurance policy. Let’s dive deeper into how life insurance works, who needs it, and the steps you can take to get a policy.
Many people can benefit from getting a life insurance policy. It’s never too late to determine when you should get life insurance and what your options are. However, there are a few instances where it can be particularly helpful for you and your loved ones:Many people can benefit from
When you should get life insurance depends on your age, how many dependents you have, your medical history, and the type of life insurance plan that makes the most sense. Preparing early on may help you lock in lower rates and provide more security for your family later.
Life insurance is a contract between the policyholder and the life insurance company. This supplemental policy can provide your beneficiaries with a death benefit payout if you pass away while it’s active. You can name people or entities as your beneficiaries, such as your spouse or partner, children, or a charity you care about. With life insurance coverage, you can rest assured that your loved ones can receive financial help in case of the unexpected.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Once you decide whether you should get life insurance, talking to an agent can help start the process so you can decide on a plan promptly. There are a few standard steps that need to be taken to ensure everything runs smoothly. Here’s how you can get a life insurance plan:
The amount of coverage is one of the core pillars within any life insurance plan. This may be influenced by your current spending habits and how many dependents you have. Providing security for a partner may look very different than it does for a family of five.
Chatting with an Aflac agent can clarify how much life insurance you should get. You can also try out our life insurance calculator to factor your lifestyle and financial goals into your policy.
At Aflac, you can choose between Aflac® Life Solutions—Term Life and Whole Life, depending on your unique needs. Depending on the insured’s age, term life insurance may have a lower premium and provide coverage for a specific period of time. You can choose the term length that makes the most sense for your coverage needs, such as while you have young children, children in college, or are carrying a large debt.
On the other hand, whole life insurance provides coverage throughout one’s life and has the ability to increase in cash value and is not subject to income tax while the cash remains in the policy.
Each life insurance option has its own pros and cons. We recommend learning about each policy more in-depth before applying for and deciding what kind of life insurance you should get.
Life insurance is not one-size-fits-all. Collecting a few quotes from various life insurance companies might help illuminate which path is best for your needs. We want to make sure you find the best fit possible.
There may be certain documents required to finalize the specifics of your life insurance plan. You may be asked to provide proof of identity, income, and residency in this stage of the journey. This depends on the type of plan you are seeking and the baseline prerequisites.
Once you’ve chosen the type of life insurance policy, how much coverage you’d like, and have gathered all the necessary documents, you can take the next step and submit your application. From here, we will contact you with the next steps so you can get your life insurance policy as soon as possible.
Some policies may require you to provide medical records or an assessment with your doctor. However, if you’d prefer to skip the exam, there may be no medical life insurance options available. This might be particularly beneficial if you need life insurance immediately or have health issues that might negatively impact your options.
Consider your financial needs and goals when deciding how much life insurance coverage you should get. If you only need coverage for a certain amount of years, such as while you pay off your mortgage, then a term life insurance policy may be right for you. But if you have lifelong dependents, you may consider whole life insurance instead. Use our life insurance calculator to better understand how much life insurance coverage you may need.
Getting life insurance can help provide financial security for those you care about most. Learning about the process and determining the best time for you to get life insurance can make all the difference. Aflac term and whole life insurance policies offer competitive rates and can fit most needs for you and your family.
1 Investopedia. Best Life Insurance for Seniors. Updated March 1, 2024. Accessed March 19, 2024. https://www.investopedia.com/best-life-insurance-for-seniors-4845439.
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.
68000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. 65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B61JWO & ICC18B61JTO. In Delaware, Policies B61JWO, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. 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.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. 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.
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Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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