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

  • Accordia is a young company specializing in IUL insurance policies.
  • The company has a great A.M. Best score of A-.
  • Mutual of Omaha is a well-established company that was founded in 1851 that offers several types of life insurance policies.
  • They have a fantastic A.M. Best score of A+ and a very low complaint score from the NAIC.

The process of purchasing life insurance can be a grueling one. Besides the emotional toll that the conversations take, there are also many companies and policies to consider.

To help make that a little easier, we’re comparing Accordia Life vs Mutual of Omaha life insurance — two very different providers that each have their own unique claims to fame.

Accordia Life is known for its IUL policies, while Mutual of Omaha offers term life insurance, universal life insurance, and whole life insurance.

Keep reading to learn more about each company’s strengths, weaknesses, and how to know which is right for you.

Interested in local life insurance rates from more life insurance companies? Enter your ZIP code above, and we will help you find rates in your area.

What is Accordia?

Accordia Life and Annuity Company is the provider of all life insurance policies for the larger company, Global Atlantic Financial Group. The company was founded in 2004, making this a young company.

Accordia Life offers Index Universal Life insurance policies to its customers. These policies are designed to provide an opportunity to grow the cash value.

According to the Insurance Information Institute, they do this via a crediting interest rate tied to a specific market index.

Outside of life insurance policies, Global Atlantic also offers annuities of various types.

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What is Mutual of Omaha?

Founded in 1909, Mutual of Omaha is an established financial institution that offers a wide array of solutions for its customers.

Mutual of Omaha offers the major types of life insurance, including term life insurance and universal life insurance.

Outside of life insurance, Mutual of Omaha provides additional insurance coverage, such as long-term care insurance, critical illness insurance, insurance for stroke victims, those suffering from cancer, and more.

They also provide annuities, mortgages, and reverse mortgages. This variety of plans allows for more ways to keep all of a customer’s insurance and financial policies under one umbrella.

Mutual of Omaha also provides a user-friendly online experience. From the Mutual of Omaha login page, you can access your account.

The login page gives you the detailed information you need to understand your policy and make payments.

What types of coverage are offered?

Deciding what type of policy best fits your situation is one of the first things you need to do when shopping for life insurance.

Once you know what you want, it’s easier to search through companies that will provide you with the best coverage, as not every company provides every policy type.

For example, both Mutual of Omaha and Accordia Life offer life insurance policies, but they offer very different types.

Accordia only offers IUL policies at this time, while Mutual of Omaha offers term, universal, and whole life insurance policies. We’ll go over the offered policies in a bit more detail below.

What life insurance policies are offered by Accordia?

What types of policies can you get?

Lifetime Foundation ELITE

The simplest policy offered by Accordia Life, the Lifetime Foundation policy, is designed to be appealing to most customers interested in an IUL.

This policy comes with affordable long-term protection that can, in certain circumstances, extend the policy up to the age of 121.

For flexibility, the Lifetime Foundation policy comes with seven different crediting strategies and an income-tax-free death benefit.

This particular policy also comes with the free-rider Wellness for Life. This rider provides additional discounts to your policy over time.

Lifetime Builder ELITE

The Lifetime Builder policy was designed to be more customizable.

This policy comes with options for adjusting your death benefit, higher cash accumulation potential, and access to your cash during your lifetime under certain circumstances.

Lifetime Builder has an additional benefit for those eager to increase their cash value, called downside protection.

This feature protects your cash value from unexpected downturns in the market index you choose to link to your policy.

Like the Lifetime Foundation policy, the Builder policy also comes with an income-tax-free death benefit and the free Wellness for Life rider.

Global Accumulator

The Global Accumulator plan is designed with even more options than its counterparts.

This plan comes with six interest crediting options, two SMART buy-up options to help you maximize your cash value, and the same income-tax-free death benefit.

Like its counterparts, the Global Accumulator policy includes the Wellness for Life rider to help you earn discounts and the option for additional riders for your policy.

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What life insurance policies are offered by Mutual Of Omaha?

Mutual of Omaha life insurance offers all of the basic life insurance policies like term life insurance, whole life insurance, and universal life insurance.

Each type is designed to fit different customer needs and provide different levels of coverage.

Term Life Insurance

Mutual of Omaha offers 10, 15, 20, and 30-year terms. These policies are available, depending on eligibility, for individuals aged 18 to 80. The policies are listed as being $100,00 plus.

To give customers additional flexibility, Mutual of Omaha offers the option to convert term cover into a cash value plan, which may be more beneficial if individual circumstances change.

Guaranteed Whole Life Insurance

This policy type comes in handy for those concerned that they will not be approved for traditional whole life insurance.

Mutual of Omaha’s guaranteed coverage ranges from $2,000 to $25,000 ($5,000 to $25,000 for Washington state customers) and is available for customers from 45-85 (50-75 for customers in New York).

This policy is designed to provide benefits regardless of a customer’s health or age and maintains the same rates from when the policy is approved to the time it is claimed.

Universal Life Insurance

The universal life insurance policies offered by Mutual of Omaha are designed to be flexible and provide their customers as many benefits as possible.

To do so, they have created three IUL policies with different benefits and earning potentials that share some common threads.

Each policy provides permanent coverage and many tax advantages to the policyholder and beneficiaries.

For example, income-tax-free death benefits, policy loans, and other withdrawals, and the option for tax-deferred cash value accumulations are included.

These policies also allow you flexible premiums so that you can customize your policy even after you have signed up for it.

Life Protection Advantage

Life Protection Advantage is a permanent life insurance policy that is indexed, also called an IUL. These insurance policies tie your cash value on the policy to the performance of a specific market index.

The policy is guaranteed through at least the age of 85, with options to extend it beyond, and comes with downside protection.

This protection acts as a buffer in the event that your market index suffers a terrible loss.

Income Advantage

Income Advantage is an IUL designed to have more earning potential than the Life Protection Advantage policy and includes downside protection.

In addition to increased earnings, Income Advantage comes with all the existing benefits of being a universal life insurance policy mentioned above.

AccumUL Answers

This policy is an IUL, so it both offers permanent coverage and earns cash value annually. AccumUL Answers is designed to have a higher income potential than both Life Protection Advantage and Income Advantage.

Which company has better rates?

Life insurance rates are hugely dependant on individual circumstances, so it can be difficult to say if one particular company has better rates than another, as quick-quote tools and vague references can be misleading.

That being said, different types of insurance themselves can be more or less budget-friendly.

Universal life and whole life insurance policies are generally considered one of the more expensive life insurance types, based on their nature of having cash values and more extensive terms and coverage.

The most affordable life insurance is generally term life insurance. This type of insurance is designed to provide more basic coverage with a set term for the payout to be collected and no additional cash value.

Because of this lean design, term policies can be affordable, but they aren’t a great fit for everyone.

At this time, Mutual of Omaha offers term life insurance policies while Accordia Life does not.

That being said, if you are interested in getting a life insurance policy with either company or both, it’s best to get a quote that is specific to your circumstances.

This is the only way to get a confident answer to the question of which company is more affordable for you.

Customer Satisfaction and Reviews

A company’s reputation can be a huge part of why customers choose to trust them.

To that end, we’ve compiled the most pertinent information about both companies to see how they stack up in the industry and how customers receive them.

Mutual of Omaha is currently holding an A+ rating from A.M. Best, with a stable outlook for its future.

According to the National Association of Insurance Commissioners (NAIC), Mutual of Omaha also boasts a fantastic complaint index score of 0.59, well below average for a company of its size.

Accordia Life currently sits at an A.M. Best rating of A, with a stable outlook. This is a very positive rating that lends confidence to prospective customers that Accordia will be around to fund their policies in years to come.

Unfortunately, their NAIC complaint index score is not quite as glowing. Currently, they sit at a 4.56, which is incredibly high given their size and age.

The vast majority of their complaints are categorized to be about life insurance policies.

While these complaints may seem rather off-putting, it is important to note that the number of complaints registered with the NAIC did go down between 2018 and 2019 by nearly half.

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Accordia Life vs Mutual of Omaha Review

Both Accordia Life and Mutual of Omaha have their good points. When it comes to choosing between them, the biggest aspects that separate them are their policies and their different reputations amongst consumers.

Mutual of Omaha provides a much wider array of policy types, making it easier for consumers to find what they need. They also have a much lower complaint index score, which in this context is a good thing.

However, if you are looking for a company with a singular focus on IUL policies, Accordia Life may be an attractive option for you.

In the end, it is going to come down to what aspects of the business are most important to you.

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