Question by Emily H: Does anyone have any experience with Aflac or SBLI for life insurance?
I can get a $ 200,000 “term life with return of premium” (meaning I get the premium paid back to me if I’m still alive in 30 years and payments were always made on time) for $ 80/mo. with no physical (not that I’m concerned with that) or I could get a $ 500,000 policy with SBLI for about $ 70/mo but with no return of premium and it looks like I’d have to have some kind of physical (it stipulates blood pressure & cholesterol readings throughout the term and blood pressure, heart disease, stroke and diabetes is an issue in my family).
Any helpful info is appreciated!
From what I’ve read, I understand that a ROP premium policy will be about 50% higher than a regular term policy. I’m not really concerned with that or what the percent of return works out to – we have some stocks and we have roughly 10% of our net salaries in savings and that continues to grow because we put in the same amount every week.
The Aflac ROP policy also includes a rider for my 3 year old.
What I would like to know is if anyone has personally had to deal with Aflac or SBLI and had any issues. One family member was annoyed that I didn’t get a quote from SBLI, but couldn’t give me any reason why I should have considered them (other than I hear their ads all the time – gee, so do I for Aflac – and he didn’t like the Aflac agent).
I liked that Aflac had the ROP policy (haven’t found another company yet that offers it, though in my limited research I won’t say I’ve looked too hard), I liked that it was portable so if I changed or lost jobs it wouldn’t matter.
Best answer:
Answer by car253
I like the 2nd option. A lot can happen in 30 years and you may not be able to keep that policy for whatever reason.
This is a personal choice and you would need to figure out which one you think would work best for you. There is really no right or wrong answer.
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SBLI is a very competitive term insurance company. They have a strong financial rating and specialize in term insurance. They don’t do anything well except term life insurance.
Aflac is a supplemental insurance company. The have a great and sometimes annoying duck. I guess that depends on if you like the commercials or not.
Think of getting dinner. Aflac is like going to a pet store for your groceries to make dinner. SBLI is like going to a supermarket all you can buy are the ingredients. You might also look into going to a restaurant then you don’t have to make your own dinner they do it for you. Please let me know if you have any questions.
Never do a no exam policy unless you have something to hide. If you look at the term pricing tool on my site (that requires no personal information to use incidentally) you’ll see rates from 150+ companies. You’ll see return of premium and non return of premium. There are many option and you would compare AFLAC to SBLI. That’s like comparing Hundai to BMW.
The additional premium charged for an ROP term and the resulting refund amount to about a 2-3% return. It’s simply not worth it.
BTW, Insurance Pickle, your Hyundai/BMW analogy doesn’t hold water. The Genesis Sedan is a comparable (if not significantly better) car to the BMW 7-series for the cost of a 3-series.