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. Fidelity Investments Life Insurance

Insurance companies evolve over time in response to the needs of their policyholders. Large corporations are built to accommodate the vast selection of products designed to mitigate the risks of loss. Some insurance providers, like American Family Life Assurance Company, or AFLAC, use a network of agents located in cities and towns all across the country.

Others, like Fidelity Investments Life Insurance Company, are represented by financial advisors located in all 50 states. Consumers are dependent on these expert representatives to match the right policy to their personal needs as family needs change over the course of life.

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AFLAC Company History

John, Paul and Bill Amos, three brothers, founded AFLAC in 1955 in Columbus, Georgia. Over the years, the company has grown into the premier providers of guaranteed-renewable insurance products in the United States. In 2001, AFLAC Japan was formed, and today, it is the number one insurance company in Japan. As a Fortune 500 company, AFLAC insures 50 million people in the U.S. and Japan.

Innovation has set ALFAC apart since 1958 when the company developed the ground-breaking cancer expense policy. If the insured is diagnosed with cancer, the cancer expense policy will pay for many medical expenses that a major medical health insurance policy will not cover. Travel expenses, experimental treatment options, deductibles, household help and monthly expenses are examples of the costs that would be covered under the cancer expense policy.

In 1964, AFLAC entered the employer insurance market, which led to more than 96 percent of AFLAC’s policies being sold to employees. Most premiums are paid through payroll deductions. Employers offer AFLAC policies to their employees for insurance coverage during their employment with the firm. If employment ends, the policyholder can continue coverage under individual policies.

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Fidelity Investments Life Insurance Company History

Fidelity Investments, founded in 1946, is the parent company of Fidelity Investments Life Insurance Company. Retirement plans are the primary focus of Fidelity, but in 1987 the life insurance company was founded to complement the company’s retirement offerings.

Investment professionals across the country work with investors to establish retirement savings plans. Employers depend on Fidelity Investments to manage their 401(k) and 403(b) retirement plans for employees of companies of every size. Life insurance customers can invest in annuities or purchase various life insurance products that meet their investment and life insurance needs.

AFLAC Company Mission and Emphasis

Insurance products developed by AFLAC are designed to supplement existing major medical coverage or accident insurance. Occupying this market niche allows AFLAC to address the needs of families and individuals who need cash for their daily expenses when they cannot work because of a major injury or disease.

The company focuses on continually expanding the product line to include supplemental coverage for accident, health care and dental policies. Life insurance products are offered to individuals and employers. AFLAC works with employers because the worksite is where most Americans will purchase health and life insurance coverage. Many AFLAC customers are small businesses.

Independent sales associates and coordinators make up the network of AFLAC representatives. More than 60,000 licensed AFLAC sales associates across the country market the company’s insurance products.

Fidelity Investments Life Insurance Company Mission and Emphasis

During the 1980s, hardworking people began to accumulate retirement savings accounts that required investment options. Fidelity Investments recognized the need for investment products that would allow clients to take advantage of tax-sheltered retirement accounts.

In response to this need, Fidelity Investments Life Insurance Company was established in 1987. Annuities offer investors opportunities to save money in tax-free instruments with the goal of creating a lifetime income stream for the retirement years. Since annuities offer different combinations of death benefits and payout structures, investors are able to tailor their annuity to specific personal goals.

Life insurance policies are available to those who want to protect their families from financial hardship if a premature death occurs. Another use for life insurance is the transfer of accumulated wealth to heirs without overwhelming tax burdens since life insurance benefits are protected from estate taxes.

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AFLAC Products

Two major types of insurance are offered by AFLAC to consumers with other sources of insurance. Supplemental insurance is offered in the following major categories:

  • Accident insurance
  • Cancer/specified disease
  • Critical care and recovery
  • Dental
  • Hospital confinement indemnity
  • Hospital intensive care
  • Lump sum cancer
  • Lump sum critical illness

All of these policies are designed to provide essential funds to pay expenses while the illness is being treated and the insured is unable to work.

AFLAC life insurance policies provide for the needs of the family in the event of the loss of the primary wage earner. Employee-offered life insurance is affordable since group rates are offered to each policyholder. A variety of life insurance products are available, including:

Term life insurance

Considered the most affordable life insurance coverage available, term life insurance rates can be locked in for 20 to 30 years.

Whole life insurance

Policies that offer an investment component in combination with a death benefit are called whole life insurance. Premiums remain flat, and the policy remains in force as long as the premiums are paid on time.

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Term life insurance riders

One of the ways to insurance children is to add an insurance rider to the parent’s term life insurance policy.

Fidelity Investments Life Insurance Products

Investors drove Fidelity Investments to the realization that life insurance offerings would enhance the company product line. Fidelity Investments Life Insurance provides investors with access to an entire network of annuities and life insurance policies from some of the most respected insurance companies, including: John Hancock, GE, Travelers and Principal.

Annuities

Large sums of money or monthly payments can be placed in an annuity, which offers a tax-sheltered way to invest money. Fidelity offers the lowest annuity charges in the industry. Fidelity is also very helpful to those unsure of  the difference between fixed and variable annuities.

  • Tax-deferred variable annuity
  • Variable annuity
  • Fixed income annuity
  • Immediate variable annuity

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Life insurance

Fidelity offers term and variable universal life insurance products directly to investors.

Final Comparison

AFLAC and Fidelity Investments Life Insurance Company rely on experts to provide essential information to potential policyholders. Marketing materials for policies provide details about the offered coverage options for each type of policy. Each person is able to select the best combination of insurance coverage and investment options. Reputable insurance companies work diligently to educate the agents and advisors who represent them with people in cities all over the country.

AFLAC and Fidelity are leaders in the industry for their innovative approaches to insurance coverage and investment options. Positive reputations are invaluable for the insurance companies that have been underwriting policies for decades. Policyholders are loyal to these companies because of their personal experience with the customer service and claims departments.

Comparing insurance providers can be a real hassle. Skip the hassle by entering your ZIP code into our FREE quote comparison tool at the bottom of the page!