Sara Routhier, Managing Editor of Features and Outreach, 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 worl...

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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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The Brief

  • Accordia Life offers three different IUL policies
  • Nationwide offers a wide range of life insurance products
  • Both companies have a good rating with A.M. Best
  • Nationwide has a better complaint index score from the NAIC

Choosing the right life insurance is no small task. You have to figure out what type of insurance you need, whether it is permanent life insurance or term life insurance, and the best company to suit these needs.

You need to choose which benefits you want to include to protect your family’s financial well-being and have many discussions about a time in life most people don’t want to think about.

Determining which provider is right for you is just another hurdle in this long process. Comparing two large life insurance providers, Accordia Life vs. Nationwide, shows the strengths of both companies.

Interested in getting rates on life insurance? Enter your ZIP code above, and we will help you continue your search with quotes from companies in your area.

Accordia Life vs. Nationwide Review

Not all insurance companies are created equal. In the lineup of Accordia Life vs. Nationwide insurance, Nationwide does come out of the comparison with a few more points in its favor.

While both companies have a stable outlook financially, according to A.M. Best, and good overall scores from the rating company, A and A+ respectively, they do have their differences.

The largest difference is their customer complaint index score, as issued by the National Association of Insurance Commissioners.

This complaint index compares the number of complaints lodged against a company to the value of premiums in the market, which allows the NAIC to judge large and small companies against one another equally.

Currently, Accordia Life has a score of 4.56, while Nationwide holds a score of 0.05. For reference, an average score would be one.

This disparity would suggest that Accordia Life customers are unsatisfied at a higher rate with the services provided by Accordia than Nationwide customers.

Another large difference between Nationwide and Accordia Life is the scope of products that they offer.

Accordia Life specializes in IUL insurance policies or index universal life insurance policies.

Nationwide also offers this policy type, but it offers other common types of life insurance as well, including term and whole life insurance.

In short, if you are looking for an IUL policy, both companies will have options for you. However, the higher rate of satisfaction from Nationwide’s customers may make it a more comfortable option.

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What do you need to know about Accordia?

Accordia Life, also called Accordia Life and Annuity Company, is Global Atlantic Financial’s life insurance branch. It is a young company founded back in 2004 by members of Goldman Sachs.

Despite its short existence, Accordia Life currently holds an A.M. Best rating of A, which is very good and means it has a stable outlook.

This outlook is a key component for many prospective customers, especially when purchasing life insurance.

At this time, Accordia Life specializes in IUL policies. Index universal life insurance policies are growing in popularity, as they give customers the ability to grow their cash value over time.

What do you need to know about Nationwide?

Founded in 1926, Nationwide Life insurance is a long-standing name in life insurance. This longevity gives the company a leg-up in an industry so very focused on financial stability.

Its A.M. Best rating of A+, the second-highest rating available from the company, backs this perception of stability with facts and figures.

Nationwide has a broad range of insurance policies available to its customers. It provides everything from term and permanent life insurance policies to pet insurance.

In addition to insurance, it also provides Nationwide retirement services to assist individuals in their later years.

Nationwide also puts a lot of emphasis on its long-term care policies and riders. These are of particular importance to those who know they will need care in their later years.

What are Accordia’s coverage options?

What coverage options are available? Nationwide and Accordia offer very different things to their customers. Accordia specializes in IUL policies, while Nationwide offers a fuller range of products.

Index Universal Life Insurance

Accordia Life specializes in IUL insurance policies. These are universal life insurance policies tied to the rise and fall of a specific index market rate.

Accordia offers three IUL policies:

  • Lifetime Foundation ELITE
  • Lifetime Builder ELITE
  • Global Accumulator

This relationship does not require you to invest your cash value in the market but will allow your cash value to grow as the market rate increases in value over time.

Preneed Coverage (Final Expense Coverage)

This particular coverage is unique because it allows you to set aside money for any end-of-life services you require. These include a funeral, cremation, memorial services, etc.

This plan also allows you to plan the event with a local company. This can be a good way to ensure your last wishes are honored, and your family is not forced to pay for anything themselves.

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What are Nationwide’s coverage options?

Term Life insurance

These include the options for the following riders:

  • Accelerated death benefit
  • Children’s term insurance rider
  • Premium waiver rider

This particular term policy doesn’t change your premiums as time goes on.

Whole Life

Whole life insurance provides coverage throughout your life, as the name implies.

  • Whole Life 100: This option keeps your premiums the same until you reach the age of 100. Once you turn 100, all premiums stop.
  • 20-Pay Whole Life: This payment option keeps your premiums steady until you’ve paid the policy after 20 years.

This makes it more expensive than term insurance, and because of that, Nationwide has two ways to pay for this policy.

Universal Life Insurance

Nationwide offers several different universal policies, including a long-term care policy, flexible universal policy, and variable universal policy.

Universal Life Long-Term Care

This policy, called the Nationwide YourLife CareMatters policy, is specifically designed for those looking for ways to afford long-term care.

This means you can use it while you’re still living, as well as provide your loved ones with a death benefit after you pass.

Flexible Universal Life Insurance

Flexible universal life insurance policies are named for all the options that they provide. Nationwide has six flexible policies, three of which are specifically for New York residents.

National Policies

  • Survivorship IUL
  • IUL Accumulator II
  • IUL Protector II

New York Policies

  • Nationwide YourLife IUL Accumulator
  • Nationwide No-Laps Guaranteed UL II
  • Nationwide YourLife IUL Protector

Flexible premiums, death benefits, and coverage can all be negotiated within the realm of your approval.

Variable Universal Policies

Nationwide offers variable universal policies, also called VUL. These policies are similar to IUL, except with these policies, you are actually investing your cash value, and you’re in control of the ways it is invested.

Nationwide has two main variable policies:

  • Nationwide VUL Accumulator
  • Nationwide VUL Protector

This type of policy is definitely geared for those who are stock-market savvy, but it gives the policyholder a great opportunity to make the most of their funds.

Which company is more affordable?

Deciding which company is more affordable will depend on individual circumstances and what type of insurance you’re interested in.

That being said, the only types of plans that Accordia Life and Nationwide have in common are their IUL policies. Comparing these policies is difficult because the rates that are provided are going to vary widely from person to person.

The best way to compare the IUL policies’ rates will be to get a quote from each company.

Another thing to consider, because the policies in question are designed to earn more cash value over time, is their interest crediting rates. That is the rate at which they will earn you money based on the index rate you choose.

Not all IUL plans are created equal, and while each will often have a cap of how much your cash value can increase over time, that cap varies from company to company.

Take the time to evaluate each policy and available riders and add-ons to ensure you are getting the most of your money if you choose to invest in this specific type of insurance.

How does customer satisfaction compare?

The best way to judge an insurance company’s reputation with its customers is to take a look at the NAIC complaint index that we have referenced earlier in this article.

If a company has consistent negative feedback, it could indicate that you should look elsewhere.

That is, unfortunately, the case for Accordia Life. Its current complaint index score sits at 4.56, more than four times the average score of one.

As mentioned before, this score is very high, especially when you compare it to Nationwide, which sits at 0.05.

Some things to note about Accordia’s score is that it is based on complaints in 2019, and goes back to 2017, it would seem that the complaints were at their highest then, with a recorded 277.

Since then, the number of complaints has begun to decrease. The biggest decrease, 215 to 118, occurred from 2018 to 2019.

This could suggest a positive trend, that there were issues that Accordia has since tried to remedy, but only time will tell if this is truly the case.

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Which company is right for me?

Making a decision between Accordia Life vs. Nationwide life insurance comes down to two key points; what type of insurance you’re looking for, and how much stock you put in other customer’s opinions.

To the first point, if you’re looking for an indexed universal life insurance policy, both Nationwide and Accordia Life offer one. However, Accordia specializes in this insurance type.

If you are looking for a different permanent life insurance policy or term life insurance, Nationwide offers these options, and Accordia does not.

Let’s say you want an IUL policy, both Nationwide and Accordia Life provide these, and that brings us to the second point.

How much stock should you put in the opinion of other customers? Looking back at the customer complaint index, it is clear that Nationwide has a better reputation amongst its customers.

If you decide to base your decision more on customer complaints, Nationwide’s better complaint index score would make it the logical choice.

In the end, if you’re in the market for life insurance, it’s important not to make your decision after reading any one article or getting any single quote.

According to the Insurance Information Institute, shopping around is the best way to ensure you are getting the most affordable life insurance.

To start shopping around for other life insurance companies in your area, enter your ZIP code below. We’ll pull up local rates and help you continue your search for the best life insurance policy for you.