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: Dec 2, 2020

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Aflac vs Homesteaders Life Insurance

Insurance companies have been around for decades as these companies were able to assist millions of people during the time of loss with all the pre-need plans they offer.

Whether it is life insurance, educational plan or investments, it will surely help a person or a family when the need arises. It is important to examine the companies closely and choose the best insurance provider for your needs.

An insurer is a company which caters to the needs of the insured who purchased the policy. It may be considered a type of risk management but it cannot stop people from availing the many benefits of having one.

There are two leading health insurance companies in the United States, the AFLAC and the Homesteaders Life Company. Let me give you a short review of their background and benefits to let you decide for yourself.

As another tool to help you decide between insurance companies, use our FREE quote comparison tool by inputting your ZIP code in the blank above. Do this to find the cheapest health insurance for you!

What AFLAC Can Offer

AFLAC operates in United States and Japan. It was built in 1955 and has a wide range of insurance policies. Allow me to discuss further each of these policies.

  • Available for individual or family coverage, the Accident Insurance Policy will compensate policy holders for any medical charges covering consultations and medical visitations that have happened because of an accident. The prices of such policies shall rely on the form of medical procedure needed and severity of the injury.
  • When the policy holder is admitted to the hospital or was brought necessarily to the ICU under Hospital Intensive Care policy, plans such as Hospital Confinement Indemnity would pay an amount based on how long will be the stay in the hospital while the Hospital Confinement Sickness Indemnity would cover treatment that should be done during the time of confinement. Doctor’s professional fee during visits and consultation, diagnostic examinations and rehabilitation are included within the plans.
  • When a medical condition occurs during the covered time, the Insurance a policy provides payment from Specified Diseases or Dreaded Diseases to the policy holder. Such conditions include transplants, severe third-degree burns, cancer stages, stroke or heart attack, comatose, organ failure and paralysis. The benefits to be received shall be determined based on the condition and treatment the patient will undergo under the Accident insurance policy.
  • Insured dental patients will receive an amount of money based upon the procedures needed and ailments with regards to dental problems.
  • AFLAC offers coverage for Life Insurance guaranteed for 10, 20 and 30 years which will ensure a return of premium benefits. For individuals under the age of 50 years old, benefits are up to $200,000 and for those who belong to ages over 50, they can get up to $100,000. Once policy holders of individual life insurance change careers, they can bring the policy with them. Also available are Spouse and Child life insurance, and the much avoided Accidental-death insurance.
  • A specific amount shall be deducted from an employee’s salary every month for the benefits he is entitled to in case of costs related to vision. The payment due shall be based on the benefit preferred during the time the policy was purchased.
  • A monthly benefit shall be paid by AFLAC to the holder of the policy in medical conditions wherein the outcome would be short-term disability regardless if they have other coverage or medical insurance as well. Depending on how much they earn, a part of an employee’s salary is deducted monthly although the latter may have the choice to cancel the plan or renew it every year.
  • Other insurance Policies include various health insurance covering dreaded diseases or critical illness in lump sum payment. This also covers disability for short term and health events as specified.
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Understanding the Benefits You Can Get from Homesteaders Life Company

This company started in 1906. It was known as the “National Leader in Funeral Service Funding”. Its products were offered in nearly 8,000 selected owners of various funeral homes, prearrangement experts and funeral directors in 44 states in the USA. They offer simple forms, instant claims, early payoff option, competitive growth and commissions, casket price protection, partner points, account executive support, marketing organizations, advanced marketing support, top-rated customer service and financial strength.

They offer three main policy types:

  1. Pre-arranged Funeral Insurance- Funerals are a very personal time. Family would want a hand with the kind of service their dead relative should have. Through pre-arrangements with a funeral home, money and expenses will never be a problem. An amount of payment is set per agreement with the funeral home and in return, a particular form of service may be rendered at a later time.
  2. Term Life Insurance– Homesteaders Life offers term life policy is the type of insurance policy which gives out money to the beneficiary of the insured person upon the latter’s death. The advantages you can get out of the term life policy includes requirement of monthly premiums at a lower rate, thereby making the policy less expensive although it has no cash value.
  3. Whole Life Insurance– A whole life insurance policy is similar to that of a forced savings account. During financial difficulties, a person insured obtains a cash account where the latter can loan from by payment of the premium until such time that the cash value interest becomes sufficient to pay off the premium.

Considering the Awards and Commendations of both Insurance Companies

AFLAC ranked 125 in Fortune 500 lists. The Forbes Magazine ranked AFLAC 184 in 2010.In Fortune Global 500 list, AFLAC ranked at 473rd position. Homesteaders Life Company, however, is considered the principal amongst several companies involved in funeral insurance funding which was given a “secure” rate by A.M. Best. Across the USA, thousands of owners of funeral homes prefer Homesteaders as their only provider of pre-need funeral funding.

Which would be your preference?

American Life Assurance Company or AFLAC offers multiple life, accident and health insurance plans. Homesteaders Life Company provides various forms of life insurance such as pre-arrangement insurance coordinated with a funeral home. Another one offered is the whole life insurance which is a different program to Term Life insurance. These types are customized based on preference of different people. You have the call what suits your mode of payment and the benefits you will get from it.

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Base Your Preference on Credibility and Reputation

There are many programs an insurance company would offer. There are also other insurance firms that would satisfy your needs. The best thing you have to do is to make a call or talk to their respective representatives to determine what insurance companywould cater to your needs. Compare policy prices and benefits. It is always wise to choose a company that has been trusted by millions through the years and has created a name for the incomparable services they offer for their policy holders.

Whatever plan or company you would choose, it will always point out to the importance of having something in times of financial difficulties for yourself and for the benefit of your family in the future. Gone are the days of uncertainty. It is better to take the risks now than be sorry if something unexpected happens to you. It is understandable that insurances will be taken for granted in the middle of everything in your life.

Be Prepared and Enjoy Your Life without Having to Worry About Unexpected Incidents

Choosing the best Insurance Policy depends on your understanding of how these insurance companies can be beneficial to you. Career management, family and other social responsibilities are some of the things that occupy our time every day. But if you closely look at the importance of having insurance whether it is life or health insurance, you will find out that in times of financial constraints, the pain will ease up if your family knows there is something to back you up. We cannot predict what will happen in the future; at least we can say that we are prepared.

Find the best deals on health insurance by taking advantage of our FREE quote comparison tool by inputting your ZIP code in the blank at the bottom of the page!