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Accordia Review: Innovative Life Insurance Products

Accordia Review

In the world of life insurance, the most important aspect to finding the best whole life and term life insurance rates is to have options. At TermLife2Go, we focus on the best life insurance companies based on the niche filled by each company. At times, Accordia may be the right fit. To find out which company best suits your needs, health and lifestyle, give us a call today!

Accordia Life Insurance Review

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 is about 12 years old. The first nine years, the company was a part of the well-known 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 has its headquarters in Des Moines, Iowa.

Accordia Life’s Financials and Ratings

Accordia Life is a financially-healthy company with more than $8 billion in assets. In today’s world, the strength of a financial institution is something one must thoroughly consider before making an decision on which company to choose.

Accordia Life and their parent institution, Global Atlantic Financial Group—which has more than $50 billion in assets—are in good financial shape. Global Atlantic Financial Group’s holding include:

  • Forethought Life Insurance Company: $24.9 billion
  • Accordia Life and Annuity Company: $8.0 billion
  • Commonwealth Annuity and Life Insurance Company: $11.7 billion
  • Global Atlantic Re Limited: $6.5 billion
Ratings:
  • A.M. Best Company: A-
  • Standards & Poor’s: A-
  • Moody’s : A3

AM Best Company, Standard & Poor’s and Moody’s are well-known and highly respected rating institutions in the life insurance industry. Getting an A- rating from not one but two of the most famous rating agencies is a big feat and really speaks volumes about Accordia Life. The A3 rating from Moody’s is on par with the A- rating from Standard & Poor’s.

Wellness For Life Rider

Accordia Life offers an interesting rider program known as Wellness for Life. If you opt to visit a doctor every year, and your medical exams come up clean, then those with a Wellness for Life rider on their permanent life insurance policy will be given a discount. Basically, Accordia Life rewards those who live a healthy lifestyle and maintain a healthy body. The Wellness for Life program even rewards you for staying fit! If losing weight (or maintaining your ideal weight) in order to look good wasn’t incentive enough, big discounts on life insurance might be.

Accordia Products

Accordia Life offers two main life insurance products: permanent life and term life insurance.

  • Indexed Universal Life- In this life insurance policy you will get some great benefits like a guaranteed minimum interest rate and a fixed-rate crediting option. This can help make up for lost wages. For more on IUL, please see our article that sheds some light on the benefits of Indexed Universal Life.
  • Universal Life-Just like Indexed Universal Life, this life insurance policy will never expire, no matter how long you live. With this life insurance policy you can set up flexible payment options, and even set up different payment options for your survivors.
  • Term Life- with level term life insurance the policy remains in force for as long as the term.

The plan that’s right for you truly depends on your personal situation and needs.

Accordia Life has two primary IUL policies: Lifetime Provider and Lifetime Builder. Lifetime Provider is more focused on the death benefit. Lifetime Builder focuses on a lower initial death benefit with higher cash value growth potential.

Lifetime Builder Indexed Universal Life

A flexible universal life policy that allows you to change premium payments and modify your death benefit. Since the policy is indexed universal life insurance, you have the option of choosing a fixed account or allocating your funds to an indexed account.

The money in the fixed account earns a guaranteed 2% floor. The money in the indexed accounts earns credit based in part on the movement of certain stock market indexes.

Three death benefit options are available, including
  • Option 1 – level death benefit
  • Option 2 – increasing death benefit
  • Option 3 – level death benefit with return of premium (minus any withdrawals)
Additional features

Minimum Monthly Premium Guarantee: Protects against policy lapse during initial 5 years as long as required minimum premium received.

Guaranteed Account Value Enhancement: At the end of the tenth policy year, your account will be credited an additional %0.6 interest, guaranteed as long as the policy remains in force.

Additional information

Surrender charge: deducted if policy is surrendered during the first 15 years of your policy.

Life Insurance Riders

Accordia Life offers several life insurance riders, including:

Terminal Illness Accelerated Death Benefit Rider: the accelerated death benefit allows you to take out 50% of the death benefit, up to $250,000, if you are diagnosed terminally ill with a life expectancy of 12 months or less.

Waiver of Surrender Charges Due to Confinement Rider: you can take out up to 25% of the net account value without incurring surrender charges if you are confined to a hospital or inpatient nursing facility for at least 30 consecutive days
Overloan Protection Rider: If you have 50% life insurance loan and you are age 75 or older, the rider will not allow additional loans to be taken to preserve the policy.
Accelerated Access Rider: if you are diagnosed with a chronic or critical illness, you can accelerate a portion of your death benefit.
Children’s insurance rider: a child term rider can be added to your policy and provide life insurance for children ages 15 days to 18 years.
Waiver of premium rider: the waiver of premium rider kicks in after 6 months of total disability if disability occurs before you turn 65.

 

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.

At TermLife2Go, we take the time to get to know our clients. We gather information about you to determine which life insurance company is most suitable based on information such as:

  • Medical history (Have you had any serious disease or illness in the past? Have you undergone any major medical procedures? Are you diabetic (see diabetic life insurance)?)
  • 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?)
Why TermLife2Go?

TermLife2Go is a third party organization. We do not work directly for any particular life insurance company. We do, however, have a thorough understanding of the life insurance industry and the policies offered by dozens of the top life insurance companies in the United States, including no exam life insurance.

With such a selection to choose from, it allows us to offer each client custom recommendations that really are right for him or her.

If Accordia Life genuinely is the right life insurance company for you, then we’ll be the first to recommend them. If, by chance, Accordia Life is not right for you, then we’ll tell you that as well.

If you would like to know if Accordia is the life insurance company you should use, please call us today  for a free consultation.

So, what are you waiting for?  Give us a call today or visit our Online Life Insurance Quotes page and see what we can do for you!

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