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 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.
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 variey life insurance riders, including but not limited to:
Terminal Illness Accelerated Death Benefit Rider
This rider allows you to use a portion of the proceeds while you are living if you are diagnosed with a terminal illness.
Overloan Protection Rider
Accelerated Access Rider
Children’s insurance rider
Waiver of premium rider
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?)
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