Many people choose to obtain life insurance as soon as possible, especially if you have dependents. The younger you are when you purchase a policy, the more reasonable your premiums will typically be. If you wait until you're older, you may have to settle for higher rates.

Here's how a life insurance policy works:

1. Select your policy and coverage Level: You select Aflac term life insurance coverage for $50,000.
2. Choose a Rider: You select Aflac's Accidental-Death Benefit Rider, which can double the payout if the policyholder's death is of an accidental nature. This optional rider can be purchased in addition to a term or whole life policy. Not available in all states.
3. Pay your premiums: Your policy remains active throughout the term length as you continue to pay premiums.
4. A covered accident occurs: The insured passes away due to injuries from a car accident while wearing a seat belt during the policy's term.
5. Your loved ones receive the death benefit: Up to $112,500 is payable to your beneficiaries.¹

The type of life insurance policy you should choose depends on how much you want to pay and how long you'd like your coverage to last. You may choose term life insurance if you're looking for coverage with comparable rates and that will last for several years or decades, while whole life insurance may be a better choice if you don’t mind paying more for lifetime coverage.

Life insurance rates can depend on several factors, like your age, medical history, nicotine use, the face amount selected and the type of policy you choose. In general, the healthier and younger you are, the more competitive your policy premiums will be.

While both individual life insurance and group life insurance can provide a death benefit to beneficiaries, there are some key differences. Group life insurance is a type of coverage that's typically provided as part of an employee benefits package, while individual life insurance is a policy you can obtain on your own directly from a life insurance company.