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: Mar 4, 2021

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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

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The Brief

  • Accordia Life has a number of options to customize your policy
  • Banner offers few customizations, providing a simple purchase
  • Both companies are financially strong

Accordia Life and Banner provide affordable life insurance for residents of 49 states and Washington D.C. The biggest difference when comparing Accordia Life vs. Banner is the customization options they offer.

Accordia Life offers various riders while Banner provides a much simpler purchasing experience.

While the companies might differ in offerings, both are highly rated in customer experience and financial strength. This means that you can be assured you’ll receive a payout when you file a claim, regardless of which company you choose.

Enter your ZIP code to compare the best life insurance quotes in your area.

Accordia Life vs. Banner: How do their ratings compare?

A.M. Best and the Better Business Bureau have given both Accordia Life and Banner high ratings. While both are considered quality companies, Banner does rate slightly higher in terms of financial strength and issuer credit rating.

Accordia Life received an “A” by A.M. Best, which is listed by the rating provider as “excellent.” They also received an “A” by the Better Business Bureau and an “A-” by S&P’s rating system. These ratings are listed as “strong” by the two rating providers.

Banner received an “A+”  by A.M. Best, which is described as being “Superior.” Additionally, they received a “AA-” by S&P and an “A+” by the Better Business Bureau. These ratings show that both companies provide quality services, though Banner is considered slightly better.

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Accordia Life vs. Banner: Are there a lot of complaints?

In addition to rating each company, the Better Business Bureau provides the number of complaints a company has received over the past three years. This allows potential customers to determine where the shortcomings of the companies lie.

At the time of this comparison, Accordia Life has received 48 complaints over the past three years. That’s more than most life insurance companies have received over that period. The complaints have primarily been about the provider’s products and billing.

Banner has only received four complaints over the past three years with one coming in the past 12 months. Those complaints include two regarding billing and collection and two regarding advertising and sales.

When comparing Accordia Life vs. Banner complaints, it’s important to consider that they haven’t had the same number of customers. The more customers a provider services, the more likely they are to receive complaints.

Accordia Life vs. Banner: What insurance policies are offered?

A primary factor to consider when comparing Accordia Life vs. Banner is their life insurance options. Accordia Life offers more options when it comes to life insurance policies than Banner. If you’re looking for a specific type of policy, you’re more likely to find it with Accordia Life.

Attempting to buy Accordia Life insurance can be more complicated as you have more decisions to make. Given the lack of options, Banner is a much simpler process. Banner might be desirable for those that aren’t as concerned with the specifics of their policy.

Life Insurance Offerings

Accordia Life insurance offers term life and permanent life insurance to customers. Their term life insurance policies are available in 10, 15, 20, and 30-year increments.

When it comes to permanent life insurance, the company offers three options to policyholders. These types of guaranteed coverage include:

  • Whole life insurance
  • Universal life insurance
  • Indexed life insurance

While all permanent life insurance options cover the entirety of the policyholder’s life, they differ when it comes to premiums.  Whole life premiums remain the same, while universal life offers flexible premiums and indexed life premiums depend on the stock market.

Banner Life Insurance offers term life and universal life insurance but has few options from which to choose. Their term life policies are available in 10, 15, 20, 25, 30, 35, and 40-year increments.

While there are more options in the number of years, Banner policies start at $100,000 while Accordia Life offers as low as $30,000.

Banner also offers universal life insurance policies that start at $50,000. The premium payments can be changed on an annual basis but will remain the same unless the policyholder makes changes to the policy.

Accordia Life vs. Banner: What riders are offered?

Most life insurance providers will offer ways to customize your policy. Known as riders, these options will allow you to cover more family members or additional types of death.

Universal life coverage will typically include an automatic rider at no additional cost, but all other riders will include an added premium.

Both Accordia Life and Banner Life include an accelerated benefits rider with their universal life coverage. This rider is common and allows policyholders to access a portion of their insurance while they are still alive.

Those who qualify to access the accelerated benefits rider must suffer from a terminal, chronic, or critical illness.

Accordia Life offers several optional riders for their term life and permanent life coverages. These optional riders include:

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

While Banner Life is a good option for a simple purchasing experience, they offer fewer riders than other providers.

In addition to the accelerated rider death benefit included with their universal life coverage, Banner Life only offers two optional riders. These two riders are child protection and disability waiver of premium.

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Accordia Life vs. Banner: Can policy information be accessed on mobile devices?

Most people use their mobile devices to access information. This makes mobile compatibility an essential part of choosing a life insurance provider. Neither Accordia Life nor Banner has a mobile app but both have mobile-friendly websites.

After purchasing a policy, customers can access their account by using their Accordia Life or Banner Life Insurance login. This will allow them to make any changes or view any information of their policy on desktop or mobile devices.

Accordia Life vs. Banner: History

Accordia Life and Annuity Company is a subsidiary of Global Atlantic, a company founded in 2004. In 2013, Global Atlantic purchased Aviva USA and rebranded the life insurance provider Accordia Life.

While Accordia Life only provides life insurance, Global Atlantic has other subsidiaries that provide other types of insurance.

Banner Life Insurance Company is owned by Legal and General America, a company founded in 1949. Headquartered in Maryland, the company provides life insurance for 49 states and Washington, D.C.

Banner’s sister company, William Penn, provides insurance options for those in New York.

Accordia Life vs. Banner: The Bottom Line

Both Accordia Life and Banner Life are quality l

ife insurance providers, as shown by their ratings. The main differentiating factor when comparing Accordia Life vs. Banner is how much customization you desire. If you want a customized policy, you’ll want to go with Accordia Life. Banner Life is a good option for those that want a simple policy.

Enter your ZIP code to compare the top life insurance rates and protect your family.

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Frequently Asked Questions

While you can now compare Accordia Life vs. Banner, you might still have some questions. Here are the answers to some frequently asked questions.

#1 – Can I buy life insurance online?

Accordia Life allows customers to apply, receive approval, and make payments online through their website. Banner allows for policy changes through their website, but you must call to purchase a policy.

#2 – How can I make payments?

Policy payments for both providers can be made by credit card, debit card, automatic bank draft, or check. These payments can be made through their website, mail, or by telephone.

#3 – When should I review my life insurance policy?

Given how frequently your life changes, it’s a good idea to take a periodic look at your policy and compare it to your needs. It’s suggested to consider your policy at least once every five years.

#4 – How much life insurance do I need?

When determining the amount of your life insurance policy, consider how much debt you’ll be leaving behind and who you’ll want to support when you’re gone.