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. Federated Insurance

Federated Insurance provides coverage for life insurance and other personal and business-related insurance needs. AFLAC is a company underwritten by American Family Life Assurance Company, and also provides life insurance policies as well as other supplemental insurance policies.

The major difference between the two major insurance providers is that Federated Insurance Company provides indemnity coverage for many product lines, such as health insurance, and AFLAC is a supplemental policy which means it is not meant to take the place of the an insurance policy as it pays cash benefits for things the insurer will not cover. AFLAC supplements many areas that an indemnity insurer does not cover.

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Life Insurance Basics

Life insurance pays benefits to a person’s beneficiary when the person dies. Many people think of life insurance as income replacement insurance, as a person that is an income producer will have life insurance that will provide for their family if that person dies and leaves young heirs. Life insurance is meant to help keep a family with children whole should a major wage earner die at an early age.

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The two major types of life insurance are:

  • Whole life – a policy that pays cash benefits upon death, but also serves as an investment that the policyholder can borrow against. Whole life insurance policies remain in place for the policyholder’s lifetime if premiums are paid for the length of the policy.
  • Term life – term life is generally less expensive than whole life, but is only in place for a specific number of years and does have an upper age limit on coverage. Term life also pays cash benefits to the policyholder’s beneficiary if the policyholder dies within the time frame the policy is in effect.

Federated Life Insurance Coverage

Federated Life Insurance provides life insurance products that help the surviving family with funeral expenses, living expenses, debt payment and even college tuition. It can be considered a trust for young or disabled children providing them with the financial means to continue their same standard of living if a parent dies early in their lives.

AFLAC Life Insurance Coverage

AFLAC also provides whole life and term life insurance policies to cover both final and future expenses for the policyholder’s beneficiaries. It also has riders that can be attached to the policy that insures young children.

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Health Insurance Basics

An insurance company will offer indemnity health insurance to groups or individuals. When the health insurance company indemnifies a person it protects them from financial harm in the case of a major illness. The covered individual may have a certain amount of out-of-pocket dollars to pay for the insurance coverage, but once those payments, usually called deductibles or co-payments, are met the insurance covers the rest of the medical care cost up to a maximum allowable amount limit.

Federated Health Insurance

Federated Life Insurance has group health insurance plans that provide protection to individuals that join their plans. Through their Preferred Provider Organizations the insured receives health benefits such as:

  • Preventive care – annual check-ups for adults and well-baby and child care coverage
  • List of participating medical providers that can be accessed with no referral forms
  • National network of medical providers that can be accessed when away from home
  • Transplant coverage for catastrophic conditions
  • Case management for catastrophic care
  • Personalized claims and customer service
  • Prescription coverage through Express Scripts

Federated Insurance Company even provides dental coverage, and vision coverage through Careington International.

AFLAC Health Insurance

AFLAC does not provide group health insurance policies. AFLAC offers supplemental insurance policies that help with the expenses not covered through indemnity health insurance companies. AFLAC provides money to policy holders that can be used to satisfy deductibles or other out-of-pocket expenses.

  • Hospital confinement
  • Major diagnostic examinations
  • Ambulance or other medical transportation

It provides cash benefits to supplement any financial needs when a person is confined to the hospital or is too ill to work. Many people have Major Medical-type insurance policies that have gaps in coverage, limitations and other non-covered items that have to come out of the patient’s pocket. AFLAC helps a person pay those related expenses.

AFLAC has dental benefits as well as cancer-related benefits that help with the cost of expensive cancer treatment if insured. Vision benefits help with the expenses of purchasing glasses or eye exams and the policyholder does not have to see participating vision providers.

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Employer Group Benefits Basics

Offering group benefits to employees is a way to attract and retain good employees. Large and mid-size companies generally have some type of group insurance they offer to employees at shared costs; the employer pays a portion of the benefit cost and employees pay the remaining portion. These benefits include health and life insurance, long and short-term disability, and even retirement benefits.

Federated Group Benefit Plans

Federated Insurance is one of the insurance companies that employers contract with to offer these types of benefit packages to their employees. They get discounts on the rates depending on the size of the group of employees opting into the benefit packages. A person employed at a company can choose to participate in the benefits packages, often after a waiting period, and will pay appropriate premiums depending on whether they are selecting single or family benefit coverage.

AFLAC Group Benefit Plans

AFLAC also offers their insurance programs to employers. With AFLAC, however, employers may offer the benefit packages to their employees, but the employer will not pay any of the associated costs. Employees who wish to take advantage of the different products can sign up with AFLAC through their employer and take advantage of the cash benefits paid directly to them or their designated assignee. The employee may have some small administrative costs, and the cost for the employee is handled through payroll deductions that are paid directly to AFLAC.

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Offering Employees Group Benefit Plans

Companies that may not have first-dollar benefit coverage could decide to offer the voluntary AFLAC benefits to employees as a way to help them with any medical out-of-pocket costs.

Companies that can afford to offer their employees benefit packages that indemnify them may choose to contract with a company such as Federated Life Insurance and offer life and related benefit packages to employees.

Both Federated Insurance and AFLAC are not offered in all of the United States, so interested businesses or individuals should check to see if the companies operate in their state.

AFLAC vs. Federated Life Insurance

Both companies provide a way for people to ensure that they are protected should they get sick, suffer injuries or illnesses that keep them out of work for an extended period of time, or suffer the unfortunate loss of a loved one. Both companies are reputable insurers that can be offered through businesses and both companies have multiple product lines that can be customized to the employer or individual’s needs.

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