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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The Brief

  • Accordia Life offers indexed universal life policies and preneed insurance policies
  • State Farm offers most types of life insurance policies, including term and permanent policies
  • Both companies have a high rating from A.M. Best
  • State Farm has a better complaint index score from the NAIC

To help you narrow down your list of possible providers for your family and your needs, we’re comparing Accordia Life vs. State Farm life insurance options.

While both companies offer life insurance, they go about it in different ways.

Accordia Life specializes in index universal life insurance, while State Farm insurance takes a broader approach and offers both term, universal, and whole life insurance options.

Keep reading to learn more about each companies’ strengths and weaknesses to help you find the right provider.

Want to look at more rates before you make your decision? Enter your ZIP code above, and we will pull up local insurance providers to help you continue your search.

How do Accordia Life and State Farm compare?

Accordia Life and State Farm have many aspects in common. They are both providers of universal life insurance policies, and they both place a high value on their agent-to-customer relationships.

It is in the ways they are different, however, that will likely help you make your decision between the two.

The first major difference in these companies is in the coverage that they offer. Accordia life specializes in and only currently offers indexed universal life insurance policies and final expense insurance.

On the other hand, State Farm life insurance offers both of these policy types, and on top of that, whole and term life insurance policies as well.

The second major point of comparison between State Farm and Accordia is their overall size.

State Farm is an established company that has been around since 1922, and its wide array of services reflects the nearly 100 years of customer service.

State Farm currently offers options for investment, banking, and insurance. It provides car insurance, health insurance, pet insurance, and more.

For many customers, it is very convenient for one company and one or two agents to handle all of their financial business.

Accordia is much smaller in terms of the service list it has curated. Founded back in 2004, Accordia Life is part of the company Global Atlantic, which offers several types of annuities outside of life insurance.

The third and final difference between the two companies is their customer satisfaction.

To judge this, we use the complaint index score, created by the National Associate of Insurance Commissioners, and the financial score of the popular rating company, A.M. Best.

According to A.M. Best, both companies have a strong financial portfolio, with State Farm scoring the highest rank of A++ and Accordia Life holding a solid A. Both companies are believed to have a stable credit outlook.

A quick review of both companies shows that Accordia Life has a very high number of customer complaints, with a score of 4.56.

State Farm, on the other hand, has a current score of 0.24, which is well below the average of one.

In short, State Farm may be a better choice if you are interested in having a term or whole life insurance policy, or if you want to bundle your insurance with other services.

However, if you are more interested in working with a company specializing in IUL policies and annuities and are willing to dismiss the number of complaints filed in 2019, Accordia Life may have something to offer you.

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What coverage options are offered by Accordia Life?

While it was discussed briefly above, let’s do a more thorough review of the types of coverage offered by both Accordia Life and State Farm. For brevity’s sake, we’re going to focus on their life insurance policies only.

Index Universal Life Insurance

Accordia Life currently offers three IUL policies:

  • Lifetime Foundation ELITE
  • Lifetime Builder Elite
  • Global Accumulator

Each of these policies comes with unique features designed to increase the policy’s cash value more quickly. All three also come with the free-rider Wellness for Life.

This is a wellness program designed to help you earn discounts on your insurance and improve your quality of life over time.

Preneed Insurance

Preneed insurance, also called final expense insurance by many companies, is a specialized policy that allows you to fund and even plan your funeral ahead of time. This can be a great relief to your family in difficult times and is an essential type of coverage considering the average funeral in the US costs over $7,000, according to the National Funeral Directors Association.

What coverage options are offered by State Farm?

Term Life Insurance

Select Term: This policy lets you choose the length of term for your policy, with options to keep it after the term expires under raised premiums up until you hit the age of 95.

The select term also comes with a return of premium option on the 20 and 30-year policies. This benefit returns the money you have paid in premiums if you have not had to have the death benefit paid out in the life of the policy.

Instant Answer Term: This policy has a set coverage amount of $50,000 that lasts until the policyholder is 50, or for 10 years, whichever is longer.

Whole Life Insurance

Limited Pay Whole Life: Decide how long you want to pay premiums, 10, 15, or 20 years. This determines your monthly rate, and your coverage continues even after your premiums disappear.

Single-Premium Whole Life: One premium, one time.

Final Expense (10,000 Whole Life in NY): This insurance allows you to prepare your funeral expenses and plans and set these aside well ahead of when they are needed.

The premiums remain constant for easy budgeting.

Universal Life Insurance

Survivorship Universal Life Insurance: Ideal for parents leaving something behind for their child, this policy is designed to only be cashable at the passing of two policyholders.

Universal Life: This is an IUL policy, allowing you to increase your cash value over time with a tax-free death benefit.

Which company provides the most affordable coverage?

Life insurance policy rates vary not only between individuals but also depending on the type of insurance. For example, term life insurance is the most affordable insurance around, generally speaking.

If we are comparing the IUL policies that Accordia Life and State Farm offer, the best way to know who is more affordable is going to be to get a quote from each company and compare them.

However, because State Farm offers so many other insurance options, you may be able to bundle policies to get affordable State Farm life insurance rates.

Besides the convenience of viewing all your policies under one State Farm login online, this can save you money.

In the end, the best course of action remains to get your own quotes and decide based on the coverage and rates available.

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Accordia Life vs. State Farm: Which is right for me?

Both Accordia Life and State Farm have their appeal. State Farm is a large company with numerous services available, from insurance to banking.

However, providing so many options means that its agents have a lot of ground to cover, and this may mean you’re working with someone who is not an expert in every type of policy you hold.

Accordia Life has its entire focus on annuities and IUL policies. This specialization can be a comfort if you want to have an agent who is an expert in your policy.

However, Accordia’s number of complaints with the NAIC is a cause for concern and should be fully reviewed before you decide to work with the company.

Both companies promote the relationship between customer and agent, as shown by the “Jake from State Farm” commercials and the notes on Accordia’s website.

Both companies also have great financial reputations and solid outlooks from A.M. Best, which should instill confidence in any prospective client.

When it comes to deciding between the two, it will likely come down to what you, as the customer, are looking for.

State Farm is the only one of the two to offer term and whole life insurance policies. If you are looking for an IUL policy, both companies provide viable options.

Are you curious about other affordable insurance providers? Enter your ZIP code below, and we will pull up other life insurance companies near you for you to compare.