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. Ozark National Life Insurance

AFLAC and Ozark Life Insurance Company offer a strategy of investment options that accumulates funds for the benefits of your dependents upon your death. No one really knows when the hour might come; therefore it would be wise to ensure that your loved ones will have some form of financial security even after your demise.

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There are various policies that help to cater for the need of every policy holder:

  • It could be that you want the insurance to cover burial costs
  • The cover could also cater for medical bills and other ancillary expenses
  • The insurance policy could apply to named beneficiaries and in accordance to certain proportions

Whichever policy you choose to undertake, life insurance still stands as a good investment.

Background

American Life Assurance Company(AFLAC) was first established in 1995. Its main objective is the provision of an insurance cover for accident victims, health management and life cover. The AFLAC personnel are well distributed all over the United States. The company has a tight record of success, with assets that amounted to $101 billion in the year 2010 alone.

Ozark National Life Insurance Company, on the other hand, carries a wealth of history and skill in the trade. It was founded in the 1960’s, an era when the United States was enjoying great leaps in economic growth and prosperity. Although the company also offers health insurance, it is mainly premised on the providence of life insurance. This is executed through its unique feature, the balance program. It is no doubt that with mastery in insurance since 1964, Ozark National Life Insurance Company currently owns assets worth over $617 billion.

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Insurance Types

It is a fact that both AFLAC and Ozark National Life Insurance are popular for their life insurance cover. Life insurance could refer to a blanket terminology for all the other types of insurance that fall under it. This is true for both companies. This advantage of this is that it is a strategy for reaching out into the depths of the market in order to accommodate more client preferences.

1. AFLAC

There are various types of life insurance policies available under the AFLAC umbrella. These are strategized in such a way that they can contain every budgetary consideration. The insurance cover is available for amounts as high as $200 000 for those below the age of 50 years and at least $100 000 for anyone above the age of 50.
The policies also look into the individual needs of the client and cater for his or her insurance preferences.
There are mainly three types of life insurance in AFLAC:

Term Life Insurance

AFLAC vs Ozark

The named dependents of a policyholder for a term life insurance benefit after the demise of the policyholder. The scheme works through the receipt of benefits that are disbursed to them within a preset period of time, mostly for up to 30 years from the death of the policyholder.

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Whole Life Insurance

In addition to the conventional death benefit, beneficiaries of whole life insurance are entitled to an investment constituent. This can be recovered in wholesome or may be further used to pay the premiums of the policy. There is also an alternative option for borrowing the constituent. Upon being lent, the policy remains in force and the money may be paid back at whatever period during the lifetime of the borrower.

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Term Life Insurance Riders

This cover is used to incorporate children of the policyholder into either the whole life insurance or the term life insurance.

2. Ozark National Life Insurance Company

The most unique aspect about Ozark National Life Insurance Company is its very own Balanced Program. This is a method that allows the policyholder to obtain a life insurance and at the same time invest in collateral Pioneer Fund. The benefits of life insurance cannot be over emphasized. In reference to the latter, however, the buying of mutual fund shares increases the policyholder’s likelihood for economic growth. However, a person is only qualified to invest into the Pioneer Fund after a one year investment in life insurance policy.

Ozark National Life Insurance Company diversifies its life insurance policies as follows:

  • Insurance cover for long life
  • Insurance cover for disablement

The long life policy ensures that the policymaker builds up on the amount of fluid cash over the years that he or she has invested. This cash is a guarantee to the policymaker. Running parallel to the life insurance policy is the regular contribution towards the Pioneer Fund. The amount of money available to the policyholder depends on whether:

  • The account is set up as conventional
  • The investment is subject to tax deferrals
  • The account is free from any duty from the federal and central governments

Under the Balanced Program, life insurance for disability works in such a way that contribution towards the Pioneer Fund continues as if the policyholder had not suffered any life disability. The monies paid into the policyholder’s fund are obtained from his life insurance component.

Upon death, the Program entitles the policyholders’ beneficiaries to a death benefit that is especially fashioned to help the beneficiaries to finish payment into the Pioneer Fund for the duration that was left.

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Packages

Any person between the age of zero and 75 is eligible for the Balanced Program. The age influences the type of program that is more suitable to you. The Balanced Program is basically of two types:

Plan 498

People between the ages of zero to 50 may apply for Plan 498. This allows the policyholder to enjoy a greater life insurance that decreases upon death. The disability premium is catered for by the company up to when the person attains the age of 60. The investment of the fund must be completed after the death of the policyholder.

Plan 496

Anyone between ages 51 and 75 is eligible. The benefits of life insurance are equally enjoyed by the beneficiaries after the policyholder’s demise. The company covers disability premium up to the age of 60. The investment of the fund need not be completed after the death of the policyholder or upon disability.

AFLAC and Ozark National Life Insurance Company have their advantages. Both are affordable.

AFLAC does have the option of lending out to beneficiaries, who pay back the premiums in the course of their life. Ozark prefers the scheme of parallel investment with the company. These striking features are quite appealing but the overall decision will entirely lie with the potential policyholder, whatever works for his or her budget and preferences.

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