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Accordia Life Insurance Review 2020
About Accordia Life Insurance
Accordia Life Insurance is a part of a larger company called Global Atlantic Financial Group Limited. As the name suggests, Global Atlantic is a financial services company, and they offer some people great life insurance policies under the brand, Accordia Life.
Global Atlantic was founded in 2004. During its first nine years, the company was a part of Goldman Sachs until it became an independent company. Soon after, Global Atlantic purchased Aviva USA, a life insurance company which today is known as Accordia Life.
Accordia Life is headquartered in Des Moines, Iowa.
Accordia life insurance policies
Accordia Life offers term, universal life policies, and indexed universal life policies.
Accordia term life insurance1
With Accordia's term life insurance the policy remains in force for as long as the term. They offer annual renewable term policies for term lengths of 10, 20, and 30 years. With their annual renewable term policy, they provide a guaranteed premium renewable each year, but it is typically at an increased rate. For most situations, having the premiums increase isn't your best option, you may want to consider checking into the best term life insurance companies.
You must at least need $50K in coverage to get their annual renewable term policy. They do also give you the option to convert to a permanent life insurance policy when your needs or budget changes. In this case, their permanent policy options are universal life or indexed universal life.
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Accordia universal life insurance
Universal life is meant to provide you protection for your whole life. This type of policy also accumulates a cash value, which you are able to access while you are still living. Universal life also provides more flexibility and allows you to adjust the death benefit and premiums as your needs change.
Accordia indexed universal life insurance
Indexed universal life is similar to a regular universal life policy in that it is meant to provide you protection for your whole life, allows for flexible death benefits and premiums, and it accumulates cash value. The main difference is how the interest is calculated and when it is credited to your policy.
Their indexed policy is based in part on the upward movement of a major stock market index, which certain limitations. These policies typically come with a cap and none of your premium is invested directly into the market. This policy also protects you from negative market returns since 0 is the lowest amount that can be credited to your account.2
The plan that’s right for you truly depends on your personal situation and needs.
Life Insurance Riders3
Accordia Life offers a variety life insurance riders, including but not limited to:
This rider allows you to use a portion of the proceeds while you are living if you are diagnosed with a terminal illness.
This rider prevents the policy from lapsing due to excessive policy loans. A one-time charge is accessed if the rider is used, but the rider itself is available at no additional cost. Since this is relating to policy loans it only applies to universal and indexed universal life insurance.
This rider allows you to receive a portion of your life insurance death benefit if you are diagnosed with a chronic or critical illness, that meets their eligibility requirements. This rider has no cost until benefits are received.
This rider provides coverage for a child who is between the ages of 15 days and 17 years until the age of 25. This rider has the ability to be converted to a permanent policy for up to 5 times the rider coverage amount. Typically these can be converted and continue coverage without a medical exam, which is an added benefit, just in case your child has a condition that could cause them to have higher premiums later in life.
The waiver of premium rider kicks in after 6 months of total disability if disability occurs before you turn 65. This rider will cover your monthly premiums so your policy doesn't lapse, in the event you become totally disabled.
Accordia life insurance company rating
Accordia's most recent rating is A (excellent) from AM Best, which speaks to Accordia's financial stability.
AM Best Company is a well-known and highly respected rating institution in the life insurance industry. Getting an A rating from them speaks to the excellent financial stability of the company. Financial stability is key when looking for a life insurance provider as you want to make sure your beneficiaries will receive their payout.
Is Accordia Life Insurance better than the competition?
As stated, Accordia Life is a very good life insurance company. Whether or not it is better than other life insurance companies is subjective. Accordia Life insurance company may be better in certain situations. Likewise, there are probably certain circumstances in which another life insurance company is more suitable than Accordia Life.
Is Accordia Life Insurance right for me?
Accordia very may well be the best company for you and your life insurance beneficiaries. However, we can only answer that question after we get to know about you and your needs.
Below are most factors that insurance companies consider when deciding what type of life insurance policy is best for you and what the rate will be:
- Medical history (Have you had any serious disease or illness in the past? Have you undergone any major medical procedures? Are you diabetic?
- Lifestyle choices (Do you smoke/drink/use drugs?)
- Career (Do you have a risky occupation?)
- Family health (Do any diseases or illnesses run in your family that may show up later?)
- Weight and BMI (do you suffer from obesity?)
- Budget (How much would you like to spend on a life insurance policy?)
- Needs (What kind of life insurance coverage would you like?)