As we break into 2017, we’re exploring more and more of the best life insurance companies available to aid consumers in finding the appropriate carrier for their specific need. As we all know, there is no such thing as a one sized fits all when it comes to personal finance and insurance.
Below is our Accordia Life Insurance Company review, one of a company who is much lesser known, as they are newer to the marketplace. As with all of our company reviews, this is our own opinion and we suggest you fully research any carrier you intend to purchase a life insurance policy from.
Let’s take a closer look at Accordia Life.
Our Complete Accordia Life Insurance Company Review for 2017
To get a proper history of Accordia Life, one must first understand a brief history of their parent company, Global Atlantic Financial Group Limited.
Global Atlantic was born of Goldman Sachs in 2004, and grew to host life insurance, annuities and reinsurance arms within its multi-faceted financial company. In addition to Accordia, it is also the parent to Forethought and the Commonwealth Re.
The company opted for its independence by disbanding from Goldman Sachs in 2013. In the same year, it acquired the well known Aviva USA Life, which Accorida is essentially founded from. Global Atlantic is now greater than $40 billion in total assets.
Accordia Life has seen its own success, and has grown to nearly $8 billion in assets, with the parent company, Global Atlantic, having more than $45 billion in total. With “A-” ratings from both A.M. Best and Standard & Poor’s, it exemplifies a positive outlook standing strong and stable, and is significantly larger than several major life insurance companies who are more well known and established.
It also holds an “A3” from Moody’s, however, which is only the seventh highest grade from the credit rating agency (applies only to First Allmerica in this instance).
According to Accordia, their mission is:
… to be a leading retirement, life and reinsurance company, delivering long-term value for our customers and stakeholders. We are committed to addressing our customers’ financial protection needs through a broad range of innovative products that are built on our unique heritage and expertise in risk and investment management.
Products Offered By Accordia
Accordia utilizes term, universal, and indexed universal types of policies. While their term products aren’t super competitive with some of the established term giants, their strength lies in the universal products, namely the indexed option.
Term life insurance is the simplest type of life insurance, where you pay a monthly premium in exchange for a specified death benefit. There is no cash growth, and cost per thousand is the cheapest when compared to other types of coverage.
With their term product, you can choose:
- Any range of duration from annually renewable up to 30 years in length
- Coverage can be offered as low as $50,000 (most companies have a minimum of $100,000)
- All term products are convertible to permanent choices.
Universal & Indexed Universal
In looking at their more premiere products, the universal and indexed universal options, they are good options for permanent coverage. The Lifetime Assure Universal Life, for example, is one of these, and is their simplest universal product, aiming to have two things: versatility and cash accumulation.
They all include 11 different rider options, of which the Wellness For Life Rider and Overloan Protection Rider are unique to Accordia Life.
- The Wellness For Life Rider is valuable for those who live a healthy life by providing extra policy benefits, like reducing costs, which, in turn, increase cash in the long run.
- The Overloan Protection Rider is an extra cushion to keep a policy from going under if too much cash has been accessed.
Accordia has four individual kinds of IUL’s currently available.
- The Lifetime Foundation IUL is unique in that it can adjust it’s death benefit according to the explicit needs of the insured. Early years can mean more coverage, while future years focuses less on death benefit and more on the cash growth.
- The next available is their Lifetime Builder IUL, which is for those looking for more opportunities for cash growth. This policy allows greater flexibility to earn interest through several models of crediting utilizing indices such as the S&P 500.
- The Accordia Life Provider IUL offers flexibility by giving consumers the flexibility to modify their premium payments as life changes happen.
- Finally, there is the Survivorship Builder IUL, which is an IUL covering two lives, not just one. This allows for the risk to be spread over two individuals lifespans as opposed to one. This is a common product used for more advanced scenarios, like tax planning and estate planning.
No matter your needs long term, one of these products could fit your goals and needs.
However, if you are looking for solutions to meet your IUL needs, Accordia could be on your list to consider. When speaking with us about these types of policies, feel free to request an illustration so we can show you what you might be able to expect in the long run. An IUL is a permanent product, and should take careful consideration before purchase.
As always, be sure to compare all your options before making a decision, especially one with such a long term focus.
|Company Name (and Subsidiaries)||Global Atlantic Financial Group Limited (Parent)|
Accordia Life And Annuity Company
First Allmerica Financial Life Insurance Company (NY)
|Company Ratings||A.M. Best (A-)|
Moody’s Investors Services (A3)
Standard & Poor’s (A-)
|Headquarters (Address, Phone, Web)||215 10th Street Ste. 1100|
Des Moines IA, 50309
(855) 887-4487 (option 5)
|Policy Types Available||Term|