Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Aflac vs. American Equity Investment Life Insurance Company

Anyone looking for insurance coverage should check all the options on the market, as many insurance providers offer various policies. Each policy should be compared with others to make sure it offers all the necessities.

Of course, premiums and company reputations should also be considered before you buy any type of coverage. To get started, you should get the basics on two companies on the market: Aflac and American Equity Investment Life Insurance Company, as they both offer various policies.

Enter your ZIP code at the top of the page to start using our FREE quote comparison tool and start saving on insurance today!

American Equity Investment Life Insurance Company: Life Insurance Options

Just like many life insurance companies, this agency offers term life insurance, including plans for 5, 10, 15, and 20 years, so choose the one that best suits you. This type of coverage is the most popular kind since it provides a decent sized death benefit for a low cost, especially when you buy it at a young age.

You may choose instead to buy Simplified Issue Whole Life Insurance Living Choice, which can save your family money after you pass away. For example, this coverage can make sure your money goes directly to your spouse or other beneficiary so that no one has to deal with probate.

Also, you are guaranteed that you will not have to take a medical exam first, your beneficiary will get the tax-free death benefit, and your premium cannot increase as you age.

Another option is Single Premium Universal Life insurance from this company, which means all the money in your estate and investments can be turned into your life insurance policy, which will then be given to your beneficiary tax-free when you pass away. Your beneficiary will also get money to pay for any bills you leave behind, and you can benefit from 10% penalty-free withdrawals so that at least some of your investment stays liquid.

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American Equity Investment Life Insurance Company Annuities

This agency offers more than just life insurance, as you can get fixed interest rate annuities, too. When you choose this option, you can get a good interest rate, and you will not have to pay taxes until you withdraw the money.

You also benefit from a lack of fees charged upfront, and either a single or flexible premium. Plus, you may be able to keep some of the money liquid if you have to live in a nursing home or find out that you have a terminal illness. But even if neither occurs, you can still withdraw some money without any penalties.

You can also get fixed-indexed annuities, which means the interest is associated with the 10 Year US Treasury Bond, Dow Jones, S&P 500, or other common indexes. Like the fixed interest rate annuity, you get to choose either a single or flexible premium, are not charged any upfront fees, and can withdraw some of the money if you live in a nursing home or have a terminal illness. The differences in fixed-indexed annuities, however, are as follows:

  • You can choose which index is used for interest calculation
  • You get 10% penalty-free access to your money after a year
  • You get a lifetime income benefit

You should talk to an insurance agent to find out which of these products would be best for you.

Aflac Life Insurance

You can get whole life insurance, which provides a death benefit and an investment account. Paying the premiums for life ensures that your beneficiary gets the specified benefit when you pass away, though you can also access the cash during your lifetime.

A term life policy lets your beneficiary get a death benefit when you pass away, but only during the term that you choose. This is typically 20 to 30 years, but you have access to shorter terms, too.

You can also buy juvenile life insurance for those under 18. A whole life policy provides a death benefit in the event of the child’s death, as well as a cash amount that increases in value as the policy ages. Plus, when the child turns 18, the coverage amount is doubled, yet the premiums stay the same. You can also get juvenile term coverage for kids, but it needs to be changed to a traditional term policy when the child turns 25.

Worried that you’re paying too much for insurance? Enter your ZIP code into our FREE quote comparison tool at the top of the page to start saving money today!

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Aflac Accident Policy

You can get an Aflac policy that covers all expenses incurred after an accident. You can get cash benefits to pay for the following expenses:

  • Medical bills not covered by your primary policy
  • Lodging
  • Transportation

Technically, though, you can use the money for anything you need, including regular bills, since the cash is sent directly to you.

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Aflac Cancer/Specified Disease Policy

Whether you have been diagnosed with cancer or another life-threatening disease, you will need some ways to pay for your expenses aside from regular medical bills. This policy can pay for the following:

  • Deductibles
  • Experimental treatments
  • Lodging
  • Transportation
  • Unpaid bills

You can also get lump sum cancer or critical illness policies, meaning you get one cash benefit to use on anything you need to pay for.

Aflac Critical Care and Recovery Policy

If you are blindsided by a major injury or illness, landing you in the hospital for a long time, you may need some supplemental insurance. The most common issues that are covered by this kind of policy include a coma, stroke, serious burns, organ transplant, and major heart problems. The policy can pay for anything not covered by your primary coverage.

Aflac Hospital Coverage

There are a few other plans that pay for expenses while you are in the hospital. For example, Hospital Confinement Indemnity can pay for certain necessities when you are hospitalized for an injury or illness. This plan has no deductibles, and works at any hospital. If you quit or lose your job, you can take this plan with you since it is yours.

When you are in the hospital for an illness, Hospital Confinement Sickness Indemnity Insurance may be helpful since it pays for transportation by ambulance, as well as most exams and surgery.

If you need intensive care, get a hospital intensive care policy to help pay for organ transplant, such as heart transplants, ambulance ride, and any other expenses. There are no deductibles, claims are completed quickly, and the benefits increase over time.

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Aflac Dental Coverage

If your job does not offer dental insurance, get it through Aflac. There are no deductibles, no network restrictions, and low rates. This means you can get both cleanings and dental procedures done at a reasonable price.

Compare Companies to Find What You Need

Since both companies have varying policies that may appeal to you, you are advised to check out each website. You can find out more information this way, and can even get a price quote online. Comparing the benefits of each company’s coverage will ensure that you get the policy that best suits your needs.

Start saving today on your insurance by entering your ZIP code into our FREE quote comparison tool at the bottom of the screen!