Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Feb 22, 2021

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The Brief

  • AIG offers several types of life insurance policies
  • AIG is a more established company with a higher S&P rating
  • Accordia offers more options for Indexed Universial Life (IUL) policies

When it comes time to make a decision about your life insurance policy, you can never do too much research. That’s why we’re comparing big-names in the life insurance marketplace like Accordia vs. AIG.

Accordia provides IUL (Indexed Universal Life) policies that can grow your cash value over time, while AIG provides more traditional life insurance, such as term life insurance and universal life insurance.

Keep reading to learn more about what each company can offer you.

Are you wanting to look at other life insurance providers near you? Enter your ZIP code above and we will pull up local providers to help you find the best rates in your area.

What types of policies are offered by these companies?

Both Accordia and AIG offer life insurance, however, they offer very different policy types. AIG focuses on providing traditional life insurance policies, term, universal, and guaranteed issue.

Accordia specializes in providing IUL, or Indexed Universal Life insurance. Each of these policies is designed for a different individual and circumstance.

Accordia Policies

Accordia life insurance offers three life insurance policies:

  • Lifetime Foundation ELITE
  • Lifetime Builder ELITE
  • Global Accumulator ELITE

All three of these policies are what is called an IUL, or indexed universal life insurance. This unique type of policy is designed to tie in your cash value with a particular market index of your choosing.

As this index gains, those gains are related back to an interest credit rate and have the potential to increase your cash value over time.

Each policy is designed with different benefits to aid in growing your cash value in different ways, with the Lifetime Foundation ELITE being the most simple, and the Global Accumulator the most complex.

While IUL policies may seem intimidating at first, they can offer more than a traditional policy in the way of cash value if they are properly tended over time.

AIG Policies

AIG life insurance comes in three main life insurance types with several sub-types of policies. The three main categories are:

  • Term life insurance
  • Universal life insurance
  • Guaranteed issue whole life insurance

Term life insurance is designed to provide financial protection for your loved ones in your absence. Term life insurance is commonly used to pay off your remaining debts.

Term life policies come in a variety of term-lengths and can be purchased later in life when fewer policy types are available to you.

AIG universal life insurance comes in three types: index universal life, guaranteed universal life, and variable universal life.

The IUL policies, as we have discussed, allow you the opportunity to grow your cash value. A guaranteed universal life policy provides dependable coverage with few qualifications.

Variable universal life coverage allows you to grow your cash value through multiple account options.

The guaranteed issue whole life insurance policy is a popular option on the market for two main reasons. It’s a no-exam policy, so you don’t have to pass a medical exam to be approved.

Secondly, as the name implies, anyone will be able to get this type of policy, from ages 50 to 80.

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What is Accordia?

Accordia is a part of a larger financial group called Global Atlantic Financial Group. While the company has only been around for about fifteen years, it comes with an A- rating from Standard & Pours (S&P) and a solid credit standing.

However, according to the National Association of Insurance Commissioners (NAIC), Accordia life and annuity company does have a complaint index of 4.57.

This is above average by a lot, suggesting it has more complaints filed than is ideal. The listed complaints are focused on their individual life insurance policies.

Accordia provides life insurance in the form of indexed universal life (IUL) policies. An IUL policy is designed to tie into a chosen stock market index without directly investing. Instead, it uses the gains and losses of the chosen index and applies them to an interest credit rate.

You can choose to tie all or some of your cash value on your policy into this index and have the potential to grow your cash value over time.

What is AIG?

AIG is one of the most established insurance providers on the market. Having been in business for just over 100 years, AIG is a dependable organization with plenty of experience.

To back up that experience, its current S&P rating is A+, which is one of the higher ratings. As far as customer complaints go, AIG currently has an NAIC complaint index of 0.52, which is below the average.

AIG, underwritten by American General Life Insurance Company, provides several financial services.

These consist of a mix of traditional and more versatile life insurance policy types, all at affordable rates. These plans are designed to fit a wide range of individuals and circumstances.

What additional benefits are offered?

While you may be shopping primarily for life insurance, it’s important to review the additional benefits Accordia vs. AIG offers to ensure you know what your options will be in the future.

Both Accordia and AIG offer additional financial services, including annuities and retirement planning.

Accordia offers Preneed, often called funeral coverage. This policy is designed to allow you to plan and pre-pay for your funeral, cremation, or other memorial services.

One of the biggest attractions to this policy is that it is linked directly with your funeral service provider of choice, so your needs will be clearly and concisely spelled out upon the time of your passing.

This can be a great burden lifted off of your loved ones. The ability to have both this insurance and life insurance all held by the same company is also extremely convenient when it comes to settling your estate.

AIG offers travel insurance called Travel Guard. This insurance covers everything from canceled flights to grievous injuries and more depending on which tier of the plan you choose.

If you are a frequent traveler, the ability to purchase AIG travel insurance alongside your life insurance policy may be a great benefit, especially if you are pleased with the customer service provided by the company.

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How do Accordia vs. AIG compare?

While both companies provide versatile life insurance policies that can fit a wide range of customer needs, the two are very different.

AIG has by far the better, more established reputation, and that alone may draw in more customers who are unwilling to risk their investments with a newer company such as Accordia.

AIG also provides more traditional life insurance policies, as well as more versatile policies like the variable universal life and IUL policies.

However, if you’re looking for a company that specializes in IUL insurance policies, although Accordia is a young company with a still-developing reputation, it is clear that this is all that it does.

The focus of Accordia may allow for you to have a better experience if an IUL account is right for you.

The decision between Accordia vs. AIG should, in the end, come down to what is right for you and your family.

One of the most important parts of searching for the right life insurance is getting quotes from as many companies as you can.

Whether you’re interested in learning more about Accordia or AIG, or are still shopping around, we can help.

Enter your ZIP code below and we will pull up local life insurance providers and make it easy to compare their rates. This way you can find the right policy and provider with ease.