Accordia Life Insurance Company Review 2018

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Accordia Life isn’t a name you often hear when searching for life insurance company reviews. However, we believe you will benefit from reading our Accordia Life insurance review so you can make an informed decision if you plan to buy a policy.

Saving money on life insurance starts with choosing the best company for your unique health conditions and then comparing the quotes with other insurers to see who comes at a better price, but more importantly, who can issue you a policy. Today, we will drill into Accordia Life insurance materials and compare them against the best in the industry when it comes to rates, underwriting, and coverage types.

Accordia Life History

Accordia Life is a subsidiary of Global Atlantic Financial Group Limited (Global Atlantic). To know more about Accordia, we need to introduce you Global Atlantic. Global Atlantic is a multi-line insurance company which was founded by Goldman Sachs in 2004 and separated in 2013 as an independent company.

Global Atlantic has been around for more than ten years, a short period for any company, but was able to stand out from the rest by establishing itself as a progressive and innovative insurance provider, with $30 billion in assets and ten offices. In 2013, Global Atlantic acquired the Aviva USA life division, which was then incorporated as Accordia Life. Accordia Life’s main expertise is in the indexed universal life market by using experienced industry talent and an innovative approach to life insurance products and services.

Accordia Life Financial Ratings

  • A.M. Best: A (Excellent)
  • Standard & Poor’s: A- (Strong)
  • Moody’s: A3

Products Offered by Accordia Life

Accordia Life offers an array of products such as annuities, financial planning & retirement, and life insurance. The main topic for this review will be their life insurance products. Accordia offers both term and permanent coverage. Let’s take a look at each one.

Accordia Level Premium Term

Level premium term insurance guarantees your premium and death benefit to remain the same throughout the initial selected term. In other words, if you buy 10-year term life, your premium will stay the same for the 10-year contract, and the death benefit (the amount your beneficiaries collect should you die) will also remain the same.

After the initial term is over, you could convert your policy to whole life even if your health deteriorates, renew it on an annual basis (the worst choice since, every year, it will cost you more), or drop the policy. The most significant advantage of term life is its lower cost when compared to other permanent coverages. It allows you the get the best bang for your buck while keeping it simple to understand without any cash value or investment component. Simply put, you are paying for a “pure coverage” and nothing else.

  • Minimum face amount: $50,000
  • Available term based on age:
    • 10-year term for 18–75
    • 20-year term for 18–65
    • 30-year term for 18–55
    • ART (annual renewable term) for 18–75
  • Conversion to whole life at the end of the term (or age 75, if earlier)
  • Renewable to age 95

Optional Riders

  • Waiver of premium
  • Waiver of premium plus
  • Accidental death benefit
  • Children’s insurance
  • Additional insured
  • Terminal illness

Related: What are life insurance riders?

Accordia Life Assure Universal Life

Universal life insurance or UL for short is a permanent type of coverage that offers a guaranteed death benefit, cash value accumulation, and a minimum interest rate every year. Furthermore, it gives you the flexibility to adjust your death benefit or premium as you see fit.

It’s a policy that mimics your life’s events and changes with them, respectively. The cash accumulation in the account can be accessed through a loan or withdrawal. Acoordia’s UL has a minimum guaranteed interest rate of 3% per year, which is higher than other companies who usually offer only 2%.

  • Minimum face amount: $25,000
  • Issue ages: 0–85
  • Three death benefit options

Distinct Death Benefit Options

With most universal life policies, the insured has one of two ways to choose the death benefit amount which will be paid to the beneficiaries. Accordia provides three distinct death benefit options to meet your needs:

  1. The death benefit equals the purchased face value.
  2. The death benefit equals the acquired face value plus the cash value accumulation.
  3. The death benefit equals the face value and the cash accumulation plus cumulative premiums. This option is available by adding the death benefit return of premium rider.

Accordia Indexed Universal Life

Indexed universal life, or IUl for short, has the equivalent benefits a traditional UL has. It’s a permanent policy with guaranteed death benefit and cash value accumulation. The prominent difference between the two is how earned interest is calculated. Traditional UL credits a minimum interest rate every year while IUL interest rate is based on the upward movement of the stock market.

There is a higher growth potential with IUL because you can capitalize on market movements without the inherited risk of a downside market. Therefore, if the market went south for the year, your interest rate would not be less than zero. Accordia offers four types of indexed universal life:

  • Lifetime Builder Elite: This coverage is built for the most aggressive cash growth potential with the ultimate in choices and flexibility. It offers:
    • 3 death benefit options
    • 3 policy loan options
    • 6 indexed interest crediting for cash accumulation
  • Lifetime Foundation Elite: This coverage is built for the conservative one. It offers affordable and secure coverage as long as the minimum payments have been paid. The policy is guaranteed up to the age of 90 or 40 years, depending on the insured’s class rating (which is determined in the underwriting process). The minimum required payments are guaranteed to keep the policy in force. After that period, the premium may change. (This is another reason you should never pay the minimum amount on universal life policies.)
  • Lifetime Provider: This coverage offers the flexibility to adjust your premium based on your individual needs and goals. The cash value growth potential is higher than a traditional universal life.
  • Survivorship Builder: This coverage is also known as second-to-die, offers a single policy on two individuals and pays the death benefit upon the second insured’s death. It’s mostly geared for clients who are looking for estate planning or wealth building.

Core Riders for Universal Life

These are automatically included in any universal life policy:

  • Wellness for life
  • Terminal illness accelerated death benefit
  • Overloan protection
  • Waiver of surrender charge due to confinement
  • Accelerated access rider

Optional Riders

  • Primary insured
  • Additional insured
  • Guaranteed purchase option
  • Children’s insurance
  • Accidental death benefit
  • Waiver of monthly deduction
  • Waiver of specified premium

Wellness for Life Rider

Accordia offers this unique rider which is available only on the permanent policies. This rider gives an additional discount on life insurance costs if the insured visits the doctor every other year for a wellness check. The insured can save more if he/she also keeps their weight within range.

You also get an exclusive service called “Ask Mayo Clinic”, a 24-hour online nurse to answer your questions when you need it most. This is a win-win situation for both Accordia and the insured. The more you care about your health, the longer you live, which means they don’t need to pay the death benefit.

Accordia Life vs. Other Carriers’ Sample Monthly Rates

Accordia Life sample rates

Male 20-year Term $250,000

CompanyAge 30Age 40Age 50Age 60
 Protective $13.12 $17.85 $41.50 $111.59
 Banner $13.33 $19.26 $40.85 $111.13
 AIG $13.54 $19.38 $42.73 $114.74
 Foresters $13.56 $18.81 $42.66 $114.84
 Lincoln$13.56 $18.38 $46.55 $190.53
 Mutual of Omaha $13.56 $20.08 $46.55 $134.05
 Principal $14.66 $19.03 $42.61 $110.03
 SBLI $14.79 $21.67 $51.68 $147.70
 Accordia Life $16.91 $23.36 $56.07 $153.53
 Prudential $20.34 $24.50 $45.50 $128.84

Female 20-year Term $250,000

CompanyAge 30Age 40Age 50Age 60
 Protective $11.83 $15.27 $31.18 $77.61
 Banner $11.74 $15.67 $31.17 $78.83
 AIG $11.81 $18.51 $35.59 $89.66
 Foresters $12.47 $16.63 $31.94 $85.97
 Lincoln$12.08 $16.14 $32.77 $160.13
 Mutual of Omaha $12.64 $19.21 $36.05 $94.02
 Principal $13.13 $16.63 $32.90 $77.92
 SBLI $13.31 $18.99 $36.46 $90.37
 Accordia Life $15.58 $20.69 $41.83 $101.24
 Prudential $17.28 $22.53 $40.03 $89.25

Male 20-year Term $500,000

CompanyAge 30Age 40Age 50Age 60
 Protective $20.21 $28.38 $75.68 $205.97
 Banner $20.12 $32.68 $74.39 $205.97
 AIG $20.24 $30.62 $77.76 $213.57
 Foresters $21.00 $31.50 $79.19 $223.56
 Lincoln$21.00 $30.28 $78.71 $214.33
 Mutual of Omaha $21.61 $33.42 $85.05 $249.55
 Principal $22.75 $31.50 $78.66 $213.50
 SBLI $21.32 $36.92 $96.06 $286.85
 Accordia Life $27.15 $40.05 $105.47 $300.38
 Prudential $33.25 $41.56 $83.56 $250.25

Female 20-year Term $500,000

CompanyAge 30Age 40Age 50Age 60
 Protective $17.63 $24.94 $55.47 $139.32
 Banner $17.11 $25.49 $55.47 $145.00
 AIG $17.21 $27.16 $63.06 $163.40
 Foresters $18.81 $27.13 $57.75 $165.81
 Lincoln$18.16 $26.16 $58.41 $148.05
 Mutual of Omaha $18.99 $28.61 $64.05 $169.93
 Principal $19.69 $26.69 $59.24 $149.27
 SBLI $19.14 $29.67 $65.87 $173.03
 Accordia Life $24.48 $34.71 $76.99 $195.80
 Prudential $27.13 $37.63 $72.63 $171.06

Male 20-year Term $1,000,000

CompanyAge 30Age 40Age 50Age 60
 Protective $33.97 $51.17 $142.33 $396.03
 Banner $37.84 $58.48 $140.61 $406.63
 AIG $34.95 $53.98 $144.80 $418.14
 Foresters $34.13 $56.00 $150.50 $438.38
 Lincoln$49.00 $70.00 $147.70 $418.78
 Mutual of Omaha $37.80 $59.68 $161.18 $481.43
 Principal $38.50 $55.56 $147.88 $418.78
 SBLI $35.24 $56.03 $147.73 $457.62
 Accordia Life $46.73 $72.54 $199.81 $579.84
 Prudential $48.56 $70.44 $157.94 $467.69

Female 20-year Term $1,000,000

CompanyAge 30Age 40Age 50Age 60
 Protective $28.81 $43.43 $101.91 $267.03
 Banner $28.72 $50.09 $110.51 $294.55
 AIG $28.89 $47.92 $117.12 $309.15
 Foresters $29.75 $47.25 $107.63 $322.88
 Lincoln$38.50 $53.38 $108.50 $283.33
 Mutual of Omaha $31.68 $50.93 $119.18 $324.80
 Principal $32.16 $46.81 $108.94 $283.50
 SBLI $29.67 $44.28 $104.57 $272.92
 Accordia Life $40.50 $60.08 $143.74 $379.59
 Prudential $37.19 $59.94 $124.69 $319.81

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Aug 2018 and are subject to underwriting approval.*

Bottom Line

Accordia is the new kid on the block with only a few years on the market. However, don’t let this fool you. They have outstanding financial ratings with an excellent parent company called Global Atlantic, which has experience and capital but, mostly, an innovative approach to the life insurance industry. Their universal life policies offer a 3% minimum interest rate, which is not common.

For other companies, the interest rate is usually 2%. They also offer three distinct death benefit options from which you can choose based on your needs. If you are in the market for universal life policy, you owe it to yourself to get a quote from Accordia. They fall short with their term life products. The prices aren’t competitive when compared to Banner, AIG, or Protective.

They also charge extra for the living benefit rider, while most other companies offer it at no additional charge. You would be better off with other companies if you need term life insurance. Here at Effortless Insurance, we represent Accordia and more than 50 carriers from which to choose. We promise to work for you by presenting unbiased quotes from all the available companies and let you decide for yourself. Give us a call at 866-326-3053 or run the quotes yourself on this page and compare Accordia Life with the rest.

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2018-08-06T18:31:28+00:00August 1st, 2018|Categories: Company Reviews|0 Comments

About the Author:

Ron is a licensed life & health insurance broker. He has two amazing rescued pit bull puppies. He also enjoys real food, heavy squats, critical thinking, and reading.

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