Globe Life Vs. Aflac: Choosing the Right Supplemental Insurance

When it comes to protecting your finances against unexpected medical expenses, supplemental insurance can provide an extra layer of coverage beyond your health insurance. Two popular supplemental insurance providers are Globe Life and Aflac. But how do you decide which one is right for you?

Here we’ll compare Globe Life and Aflac side-by-side, looking at pros, cons, features, and differences to help you make an informed choice.

A Brief Comparison Table

Feature	Globe Life	Aflac
Types of Insurance Offered	Term life, Whole life, Supplemental health, Medicare Supplement	Accident, Critical illness, Hospital indemnity, Disability, Cancer
Financial Strength Rating	A- (Excellent) from A.M. Best	A (Excellent) from A.M. Best
Premium Costs	Lower than Aflac on average	Higher than Globe Life on average
Plan Customization	Limited options	Very flexible
Tax Advantages	None	Premiums tax-free through payroll deduction
Life Insurance Offered	Yes	No
Critical Illness Insurance	No	Yes
Disability Insurance	No	Yes
Claims Reputation	Mixed reviews	Improved in recent years
Marketing Approach	Direct mail	Agents, Payroll deduction
Customer Service	Mixed reviews	Mixed reviews
Children’s Coverage	Free riders available	Additional cost
Portability	Guaranteed renewable	Varies by policy

Overview Of Globe Life And Aflac

Globe Life and Aflac both provide supplemental insurance products designed to help pay for expenses health insurance doesn’t cover.

Globe Life offers life insurance, supplemental health insurance, and Medicare Supplement insurance. They market primarily through direct mail and have an A- (Excellent) rating from A.M. Best.

Aflac focuses on supplemental insurance products including accident, short-term disability, critical illness, hospital indemnity, and cancer insurance. They market through employer payroll deductions and individual sales agents. Aflac holds an A (Excellent) rating from A.M. Best.

While both companies have strong financial ratings, Aflac is the larger company with greater brand name recognition. However, Globe Life may be a better option if you specifically want life insurance.

Pros And Cons Of Globe Life

Pros

• No medical exam required for supplemental health policies
• Policies guaranteed renewable for life (as long as premiums paid)
• Children’s riders available at no extra cost
• Discounts for paying premiums annually
• Can keep coverage after retirement or leaving employer

Cons

• Mixed customer reviews of claims process
• Limited plan options compared to Aflac
• Primarily direct mail marketing model
• Recently settled multi-million-dollar lawsuit over deceptive ads

Pros And Cons Of Aflac

Pros

• Wide range of supplemental insurance options
• Can deduct premiums pre-tax through employer payroll deductions
• Generally positive customer reviews of claims payments
• Strong brand recognition and reputation
• Large network of agents across the U.S.

Cons

• Premiums can be higher than Globe Life
• Contract periods and lack of portability for some policies
• Requires health screening for some policies
• Recently settled lawsuit over denying claims unlawfully

Features And Coverage Comparison

When comparing Globe Life and Aflac’s features and coverage options side by side, here are some key highlights:

• Accident Insurance – Both offer accident medical expense benefits and lump sum payouts for injuries from accidents. Aflac has more flexibility to customize coverage.
• Hospital Indemnity – Globe Life and Aflac provide cash benefits for hospital stays to help pay out-of-pocket costs. Aflac offers more options to customize your plan.
• Critical Illness – Aflac provides lump sum payouts for major medical events like heart attack, stroke, cancer, etc. Globe Life lacks a true critical illness policy.
• Short Term Disability– Aflac provides cash benefits when you’re too injured/sick to work. Globe Life lacks a short-term disability product.
• Cancer Insurance – Both have cancer insurance to help offset treatment costs. Aflac tends to offer more cancer policy options.
• Life Insurance – Globe Life specializes in term and whole life insurance that Aflac does not offer.

So, while there is some overlap in supplemental health products, Aflac generally provides more choices while Globe Life has the advantage for life insurance.

Also Read: Comparison Between Fidelity And New York Life.

Cost Comparison

Premiums can vary significantly based on your age, health, occupation, and policy customization. However, some general observations on costs:

• Globe Life typically offers lower premiums than Aflac for similar coverage. But Aflac may have more discounts available.
• Aflac policies paid through payroll deduction receive tax benefits that lower costs.
• Adding children’s riders is cheaper with Globe Life.
• Aflac rewards longevity with reduced premiums over time while Globe Life premiums remain stable.

To get accurate quotes, you’ll need to fill out an application and provide personal information on your age, medical history, etc. This allows you to compare pricing on equivalent coverage.

Claims And Customer Service

The true test of any insurance company is how they handle claims and take care of customers.

• Globe Life has faced lawsuits over deceptive marketing and denying claims. But they’ve also paid out billions in claims over their 100+ year history.
• Aflac previously settled claims lawsuits, but has improved transparency and processing times in recent years. Their strong brand and reputation give confidence they’ll pay legitimate claims fairly.
• Both companies receive mixed customer service reviews. Experience can vary widely based on individual agents and adjusters assigned to your policy.
• Filing claims with Globe Life or Aflac is relatively straightforward. Just complete the proper forms and submit documentation like medical bills and physician notes.
• Keep thorough records of healthcare visits and expenses to make the claims process easier.

Do your own research checking complaints databases and asking friends and family for referrals to help choose a reliable insurer known for good customer service.

Also Read: Comparison Between Fidelis Care And Excellus BCBS

Which Should You Choose?

Here are some key questions to help determine if Globe Life or Aflac is a better choice:

• Do you want life insurance? Globe Life offers affordable term life insurance that Aflac lacks.
• Is your employer offering Aflac plans? Payroll deductions provide tax savings that can make Aflac’s higher premiums worthwhile.
• Do you want maximum flexibility? Aflac allows more customization and options to build a plan specific to your needs.
• Is critical illness coverage important? Aflac has more robust policies that pay out lump sums for major medical events.
• Are you primarily concerned about costs? Globe Life offers similar coverage for lower premiums on average.
• Do you prefer agent support or self-service? Aflac provides local agents while Globe Life is direct-to-consumer.

Think about which features, benefits, and costs are most important as you determine the right supplemental insurance for your situation. Both Globe Life and Aflac are highly rated insurers with quality products at affordable pricing.

Also watch the video!

Frequently Asked Questions (FAQ)

Also Read: Comparison Between Aflac And Blue Cross Blue Shield.

The Bottom Line

Supplemental insurance can provide financial peace of mind and protect your nest egg from unexpected healthcare costs. Both Globe Life and Aflac offer quality options. Evaluate your specific needs, compare costs, and research customer service ratings to select the right provider for you.

With affordable premiums and valuable protection, supplemental insurance is worth considering from either of these top insurers.