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Life insurance can help give your family additional financial security if you pass away unexpectedly. It can provide a payout they can use to cover various expenses and move forward with their lives after your death. Advantages and disadvantages of life insurance include financial protection, additional peace of mind, and more costly premiums with permanent policies. Let’s take a closer look at the pros and cons of life insurance so you can determine whether applying for a policy is worth it for you.
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Life insurance is a contract between you, the policyholder, and a life insurance company. In exchange for your premiums, the company promises to pay your beneficiaries a set amount if you pass away while your policy is still active.
Two common types of life insurance plans are term life insurance, which offers temporary coverage for a set term that can range from 10 to 30 years, and whole life insurance, which helps protect you and your family for the rest of your life.
The most noteworthy pros of life insurance include:
A major advantage of life insurance is that if you suddenly pass away, your loved ones will be able to file a claim and collect a death benefit. They can use the benefit to help pay for many types of out-of-pocket expenses.1
As long as you’re young and healthy, you can expect premiums that fit most budgets. However, even if you’re older or have some health issues, you may find life insurance to be reasonably priced. Compared to whole life plans, term life insurance is typically more cost-effective, so this type of policy may be the right choice if you have less room in your budget.1
Once you decide on a life insurance policy, you can gain better peace of mind knowing that your loved ones will have the funds to continue living their lives upon your death. It can help them avoid a significant financial burden.1
In many cases, you can apply online from the comfort of your home or office. Some life insurance companies, like Aflac, may also allow you to forgo underwriting questions, for select life plans.2
Life insurance is not a one-size-fits-all product. You can choose the plan that meets your particular budget and goals. There are many types of policies and add-ons available.1
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Get StartedHere are several cons of life insurance:1
One disadvantage of life insurance is that the older you are, the more you’ll pay for a policy. This is because you’re more likely to pass away during the policy period than a younger policyholder and will, in turn, cost the life insurance company more money.
Some life insurance policies, like whole life insurance, have a cash value component that grows tax-free. While this may be a plus, there’s no guarantee of high returns.
If you choose a permanent life policy, such as whole life insurance or variable life insurance, you’ll receive lifelong coverage. The caveat, however, is that your premiums will be higher.
If you’re interested in life insurance, consider these tips:
Don’t wait to apply for a life insurance policy. The younger you are, the lower the premiums you may qualify for. As you age, you may develop health problems that increase the cost.3
The amount of coverage you need from a life insurance policy depends on your unique budget and goals. But a general rule of thumb is that your coverage should be worth at least 10 times your annual salary.4
Do your research and explore the various types of life insurance plans at your disposal. Aflac offers term life insurance, which comes with different fixed term coverages and reasonable premiums, and whole life insurance, which will cover you for life.5
Life insurance riders are optional add-ons that can help you enhance your policy and receive additional coverage. A few examples of riders you might benefit from include are a term spouse, a term child or benefit if accident occurs causing death.5
Whether a life insurance policy is worthwhile depends on your unique situation and needs. If you have children you’d like to help protect financially upon your passing, it’s likely a wise choice. Also, life insurance should be on your radar if you owe several large debts, such as a mortgage or car loan, or would like to help ensure your loved ones have enough money to help cover your end-of-life expenses.
As you weigh the pros and cons of life insurance, you may determine that you can benefit from a policy. By applying for life insurance coverage, you’ll be able to help protect your loved ones and gain additional peace of mind.
Aflac’s term and whole life insurance policies can give you extensive coverage, premiums that fit most budgets, and other advantages. If you’re unsure of what type of coverage you should get, contact an agent to discuss your options. You may also request a quote online or call 1-855-782-5850 to go through the quote process over the phone.
Get Started
Supplemental life insurance provides additional coverage for you and your family. Find out how it works and what types of supplemental life insurance plans are available.
Life insurance can financially protect loved ones if you pass away. Learn whether life insurance is worth it and what types of policies are available.
Supplemental life insurance provides additional coverage for you and your family. Find out how it works and what types of supplemental life insurance plans are available.
Life insurance can financially protect loved ones if you pass away. Learn whether life insurance is worth it and what types of policies are available.
1 Policygenius - What are the Benefits and Disadvantages of Life Insurance? Updated August 22, 2023. Accessed June 13, 2025. https://www.policygenius.com/life-insurance/what-are-the-advantages-and-disadvantages-of-life-insurance/.
2 U.S. News & World Report - What Is No Exam Life Insurance? Updated June 30, 2025. Accessed July 9, 2025. https://www.usnews.com/insurance/life-insurance/no-exam-life-insurance.
3 Investopedia - Should I Get Life Insurance in My 20s? Updated November 26, 2024. Accessed July 9, 2025. https://www.investopedia.com/articles/personal-finance/100615/getting-life-insurance-your-20s-pays.asp.
4 Forbes - How Much Life Insurance Do I Need? Updated March 4, 2025. Accessed June 13, 2025. https://www.forbes.com/advisor/life-insurance/how-much-life-insurance-do-you-really-need/.
5 Forbes - How To Get Life Insurance. Updated April 28, 2025. Accessed June 13, 2025. https://www.forbes.com/advisor/life-insurance/how-to-get-life-insurance/.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans – A68000 series: Term Life Policies: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. Whole Life Policies: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. B60000 series: In Arkansas, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
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Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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