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 offers a variety of life insurance options
  • Haven Life only offers term life insurance
  • Both are highly rated by the most trusted rating agencies

Accordia Life and Haven Life are two highly-rated affordable life insurance providers. When comparing Accordia Life vs. Haven Life, the differentiating factors for most people will be in the insurance options that they provide and the ease of applying.

Accordia Life has a wide range of product offerings, while Haven Life only offers term life insurance.

However, Haven Life’s simplified term life insurance is easier to apply for and to receive approval. In terms of ratings, Both companies are well-respected by insurance rating agencies, but Haven Life has been rated higher.

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

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

While both companies have been rated highly by the major insurance rating agencies, Haven Life has been rated higher than Accordia Life by A.M. Best, Fitch, Moody’s, S&P, and the Better Business Bureau.

The ratings offer insight into the financial stability of the companies and their customer support.

Accordia Life was given an “A” by A.M. Best, Fitch, and the Better Business Bureau. Additionally, they were given an “A3” by Moody’s and an “A-” by S&P. These are all considered strong ratings and assure that the company can meet the financial needs of customers.

Haven Life is owned by MassMutual and its ratings are included with the parent company. These ratings include an “A++” by A.M. Best, an “AA+” by Fitch and S&P, an “Aa3” by Moody’s, and an “A+” by the Better Business Bureau.

These are all superior ratings, making Haven Life one of the highest-rated life insurance providers.

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Accordia Life vs. Haven Life: Do they have complaints?

The Better Business Bureau provides Accordia Life and Haven Life insurance reviews on their website. The organization allows customers of insurance companies to file complaints.

This is a good way for potential customers to determine the quality of service that they’ll receive from a provider.

At the time of this comparison, Accordia Life has received 46 complaints over the past three years. These complaints include 24 about products and services, 21 about billing and collection, and one about advertising and sales.

Haven Life is on the other end of the spectrum, having only received two complaints to the Better Business Bureau over the past three years. Both of these complaints were regarding their products and services.

When considering complaints made against the companies, it’s important to review each one to determine if the complaint will impact your experience.

Accordia Life vs. Haven Life: What policies are offered?

For most people, the biggest determining factor when comparing Accordia Life vs. Haven Life is the life insurance policies offered.

Accordia Life offers a wide range of policies from which a customer can choose. Haven Life only offers term life insurance, though they do have two separate types of term life offerings.

Accordia Life insurance offers term life and permanent life options for customers. Their term life options are available in 10, 15, 20, 25, and 30-year terms. Customers can receive a policy as low as $50,000, lower than most life insurance companies will provide.

Accordia Life also offers whole life, universal life, and indexed universal life coverage. Each of these coverages lasts for the life of the policyholder.

While the premium cost of whole life insurance is fixed, universal life has a flexible premium, and indexed universal life includes a cash value that earns interest.

Haven Life exclusively offers term life insurance. However, they have two separate types of term life coverages from which customers can choose. The primary difference between the two is the process of being approved. Both types of coverage are available in 10, 15, 20, and 30-year terms.

Haven term life coverage is available for adults up to the age of 64. Those under 60 can receive coverage up to $3 million while those 60 to 64 can receive up to $1 million. Applicants for this coverage must undergo a life insurance medical exam. This will help to determine approval and the rates that you’ll pay.

For those wishing to avoid a life insurance medical exam, Haven Simple is a lesser coverage, with a maximum amount of $500,000. The lack of a medical exam makes this type of coverage quicker and easier to receive.

Accordia Life vs. Haven Life: What riders are offered?

Life insurance providers offer a variety of policies but they might not cover everything you desire.

Riders are options that are either included in a policy or can be added on for an additional premium. Most insurance providers offer these riders, though the options differ based on the provider you choose.

The most common rider offered by life insurance providers is an accelerated death benefit. This allows a policyholder to access the money of their policy before death if they have a terminal illness. Accordia Life and Haven Life offer an accelerated death benefit rider free of charge, depending on the policy.

Haven Life also includes the Haven Life Plus rider free of charge. This allows customers to receive benefits through Haven Life partners. Some of the benefits you can receive from this rider include trust and will aid, a fitness app subscription, and a subscription to a sleep support program.

In addition to riders that are included with policies, both providers offer optional riders that can be added to any policy for an additional premium. Optional riders offered by Accordia Life include:

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

In addition to the two automatically included riders, Haven Life offers a waiver of a premium rider as an option with any term life policy. This is the only optional rider available by the company.

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Accordia Life vs. Haven Life: How do you apply?

You can apply for Accordia Life or Haven Life insurance on their websites or by phone. This includes applying for coverage and receiving approval. Depending on your coverage, you might need a life insurance medical exam before you can be approved or receive an accurate rate.

The mobile-friendly websites will also allow you to view your policy information, make any necessary changes, and make payments online and on any device.

Accordia Life vs. Haven Life: History

Accordia Life and Annuity Company was founded as Aviva USA and purchased in 2013 by Global Atlantic. The newly-acquired provider became Global Atlantic’s life insurance subsidiary.

While Accordia Life only provides life insurance, other types of insurance can be purchased through Global Atlantic’s other subsidiaries.

Founded in 2015, Haven Life insurance company is a relatively new provider that started as a digital insurance company. They were soon taken over by the Massachusetts Mutual Life Insurance Company (MassMutual), one of the largest insurance companies in the United States.

Today, Haven LIfe serves as MassMutual’s life insurance arm.

Accordia Life vs. Haven Life: The Bottom Line

Determining the right choice when comparing Accordia Life vs. Haven Life depends on what you’re looking for in a life insurance provider.

Haven Life is higher rated, has a strong reputation, and features a quick application process. Accordia Life has more life insurance options to choose from.

When you’re ready to choose a provider, enter your ZIP code to compare life insurance rates from local companies in your area.

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Frequently Asked Questions

There are other life insurance questions you still might have. Here are the answers to some frequently asked questions.

#1 – Can I borrow from a life insurance policy?

You can only borrow money from a permanent life insurance policy, such as whole life or universal life. You cannot borrow from a term life insurance policy.

#2 – Does life insurance pay for suicidal death?

Payments for suicidal death depend on state laws. Usually, policyholders that have held policies for more than two years are eligible for such a claim. However, this can differ depending on the state.

#3 – Can you receive life insurance if you already have a terminal illness?

Providers differ in what qualifies an applicant for coverage. In most cases, it can be difficult to buy life insurance if you already have a chronic disease or life-threatening illness. If you can acquire coverage, it’s likely to be significantly more expensive.

#4 – How is the cost of life insurance determined?

The cost of life insurance depends on several factors, including your current health status, your state, the number of people being covered, and your financial status.