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. First Investors Life Insurance

AFLAC is based in Columbus Georgia, and First Investors Life in New Jersey. The two insurance providers differ greatly. The products they offer are nothing alike.

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AFLAC Products

AFLAC offers mostly supplemental insurance policies. This type of protection is designed to fill in the financial gaps left by major medical insurance. The company also offers life insurance. AFLAC offers:

  • Accident.
  • Cancer/specified disease.
  • Critical care and recovery.
  • Dental.
  • Hospital confinement indemnity.
  • Hospital confinement sickness indemnity.
  • Hospital intensive care.
  • Juvenile life.
  • Life.
  • Lump sum cancer.
  • Lump sum critical illness.
  • Short term disability.
  • Vision.

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Accident and Disability

Accident insurance is for people who have high out-of-pocket expenses. Benefits are paid directly to the insured. Even if the customer’s deductible is not high, there are other expenses that result from accidents.

Short term disability coverage is tailor-made to fit each client’s need. It is important to know that most disability plans do not cover more than 60 percent of average income. Customers decide how much to purchase based on income needs and existing coverage. Important: this insurance is only available through payroll deduction.

Cancer

There are two types of supplemental coverage. AFLAC covers:

  • Deductibles.
  • Out of network specialists.
  • Experimental cancer treatment.
  • Travel and lodging when needed.
  • Childcare and household help.
  • Living expenses such as, car payment, mortgage or rent and utility bills.

Lump sum cancer insurance pays exactly that. Funds can be used to cover any need. The use of the benefit paid is at the sole discretion of the insured. Customers should speak with an agent to determine how much coverage is needed.

Critical Illness

AFLAC offers two products. Critical care and recovery insurance is for anyone wanting to protect against the risk of going bankrupt after suffering any of the following:

  • Stroke.
  • Paralysis.
  • Coronary artery bypass surgery.
  • Persistent vegetative state.
  • Major human organ transplant.
  • Coma.

Lump sum critical illness does the same thing for patients, however, benefits are paid in one lump sum. The advantage is less paperwork. Both plans pay cash directly to the insured.

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Vision and Dental

Vision insurance is rarely covered through major medical plans. When there is coverage it tends to be very limited. AFLAC covers:

  • Eye exams.
  • Eye surgeries.
  • Vision correction materials.
  • Specific eye diseases.
  • Permanent visual impairment.

Important: this insurance is only available through payroll deduction.

Dental is another insurance that is rarely included by employee plans. AFLAC offers:

  • No deductibles.
  • No network restrictions.
  • Covered x-rays.
  • Sealants.
  • Emergency evaluations.

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Hospital Coverage

Hospital confinement indemnity is coverage that provides cash benefits. Even when a major medical plan covers hospitalization, there will usually be out-of-pocket expenses. The cash benefit is pre-determined. Funds are spent on needed costs as deemed necessary by the insured. Salient advantages are:

  • No deductibles.
  • Increased benefit amount for the first five days of hospitalization.
  • No networks, so patients choose where to be treated.

Hospital confinement sickness indemnity covers physician visits. This may be right for the person who does not have the option to buy major medical insurance through a group. Coverages are:

  • Hospital confinement.
  • Major diagnostic exams.
  • Surgery.
  • Ambulance transportation.
  • No network requirements.
  • Different levels of coverage to fit different budgets.

Hospital intensive care insurance provides coverage for accidents that result in admission to an intensive care unit. Benefits are paid in cash, no matter what other insurance the customer has. This is true with all AFLAC policies. Salient benefits are:

  • No deductibles.
  • Major human organ transplant benefit.
  • Initial cash benefit for the first seven days in an ICU, increased benefit for the next eight days.
  • Ambulance benefit.
  • Progressive benefits that build over time.
  • Four day claims processing.

Juvenile Life Policies

Juvenile whole life policies build cash value over time. This can be borrowed, collected, or used to pay premiums. The coverage amount doubles on the client’s 19th birthday with no cost increase. Juvenile term life provides coverage until the child turns 25. At this time the insured can convert the policy to a permanent status and double the coverage amount.

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AFLAC Life Insurance

AFLAC offers term life and whole life policies. Term life policies cover a specified period of time. There is no cash value. Whole life insurance provides an investment feature. Value builds over time and may be borrowed or collected.

First Investors Life Insurance Company Products

First Investors helps clients prepare financially for many situations. There are three main categories. The categories are:

  • Mutual funds and retirement.
  • Life insurance and annuities.
  • Education funding.

Mutual Funds and Retirement

Some have a higher risk tolerance than do others. People starting a career may be more inclined to aggressive investments. Mutual funds offered are:

  • Equity funds, invested in stocks, there is a high profit potential and a higher risk.
  • Income funds, invested heavily in debt securities. There is a lower level of risk than than that of equity funds, but higher than money market funds.
  • Municipal bond funds are great for a tax shelter, yet do fluctuate in value due to the volatility of interest rates and market risk.
  • Money market funds invest in securities with very good credit. Therefore, they are generally low-risk and low-income funds.

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Life Insurance

First Investors has a variety of life insurance policies designed to meet the varied needs of clients. The company offers:

  • Permanent insurance builds a cash value that can be used for qualified expenses, such as education.
  • Two kinds of variable insurance; investors decide depending on financial goals and tax needs.
  • Interest sensitive whole life serves the investor who seeks tax-deferred earnings. Premiums are fixed. Cash value grows at a minimum of 3.50 percent.
  • Term insurance is the lowest cost option. This is for customers who need protection for a stated period of time. Premiums can increase after the initial period.

Annuities

Insurance companies issue contracts that guarantee a steady periodic payment at some future date. First Investors offers:

  • Immediate annuities are paid for in one single payment and create an immediate income stream.
  • Deferred annuities are paid for either by making periodic payment or in one lump sum. The account growth is tax-deferred.
  • Fixed annuities offer a set rate of return for a specific period of time. This is for the investor who does not tolerate high risk.
  • Variable annuities are more volatile. The value fluctuates over time; therefore, this is suited to the high risk tolerant investor.

Education Funding

First Investor has options in this area:

  • 529 plans have high contribution limits. Growth is tax-deferred, as are withdrawals if used to fund qualified education expenses.
  • Education savings accounts offer tax-deferred growth and withdrawals. Withdrawals may be made as early as kindergarten for qualified expenses, such as books, uniforms and school equipment. The annual contribution limit is $2,000. Withdrawals that are not for qualified expenses will be subject to tax and a ten percent penalty.
  • Traditional and Roth IRAs can be used for education or retirement. Withdrawals are used penalty-free for qualified education expenses; however, they are subject to income tax.

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Choosing a Company

Both companies help to protect income. AFLAC does sell life insurance, but is more focused on protecting customers against income loss due to the expenses that come about when using other companies’ insurance policies. First Investors Life protects customer income from loss due to retirement, and death. The company can also help customers to prepare for education expenses.

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