Accordia Life Insurance Company Review- All you Need to Know
Who is Accordia Life Insurance Company anyways? The good news is that we plan on answering that for you in depth. Good Life Protections enjoys bringing you the information on all life insurance companies to that you have the necessary information to make an informed decision about your life insurance purchase.
In our Accordia Life Insurance Company review, we will give you the behind the scenes look at everything you need to know. We will even try and throw useful information into the mix that maybe you aren’t supposed to know.
No need to thank us. It’s what we do. Your welcome.
We understand the importance of life insurance and the warm fuzzy feeling the client gets when they are protected by a company they can trust and that supports strong financial ratings. That’s the entire reason we enjoy providing the information. We want that decision always to be as easy possible and hassle-free.
Let’s jump into the History of Accordia Life Insurance Company.
About Accordia Life Insurance Company and The History Behind Accordia Life.
Accordia Life is relatively new players in the life insurance industry. It began its history only about 5 years ago. Originally, Global Atlantic Financial Group (Global Atlantic) acquired Aviva USA and they then incorporated as Accordia Life.
This happens all the time with life insurance companies by the way. It doesn’t necessarily make them any weaker of pose any issues on financial stability. Accordia Life and Annuity Company is based in Des Moines, Iowa.
Global Atlantic (Accordia’s Parent Company) is a relatively large insurance agency that offers several lines of insurance to consumers. They also provide reinsurance which we will cover later in the article. Goldman Sachs originally founded Global Atlantic roughly 15 years ago before it branched away.
According to Global Atlantics website, they strive to be a top player in the industry for retirement solutions, life insurance, and reinsurance. They want and take pride in delivering long-term value and always want to strive to provide excellent service through the means of risk management and advanced investment strategies.
Here’s a timeline on Global Atlantics Birth and Entry into the Life Insurance Industry
As of August 24th, 2017, an article was published by Global Atlantic stating that they are the fastest growing company in the annuity industry in the last 5 years. They broke the 1 billion mark in 2012 with 1.3 billion dollars in sales and continues to grow.
As of this time in 2017, they experienced growth at a staggering 63%. Never a bad thing to have a life insurance company doing these kinds of numbers. It demonstrates that offer some unique products and have an excellent customer service system. This doesn’t mean that they are the best option for you.
Don’t worry. We will cover all that information for you as well.
Accordia Life is currently sitting on a hefty 8 billion in total assets, and Global Atlantic is sitting at 45 billion in total assets.
Let’s jump into the actual review.
Accordia Life Insurance Company Review- Good Life Protections View of Accordia Life.
As all of you know who frequent our reviews or are articles, we like to get straight into the financial ratings of a company right off the bat. It’s an essential factor to consider when deciding whether to purchase life insurance from that specific company or not to.
Accordia Life Insurance Company is currently boasting the following financial ratings
|A.M. Best||Standard & Poor’s||Moody’s|
What products does Accordia Life Insurance Offer? What are we looking at here?After browsing the website and using our good old-fashioned brain power, we put together this list of products Accordia currently offers.
Accordia Life’s Term Life Insurance is nothing special or out of the ordinary. In all honesty, it’s not even competitive with the other giants in the industry.
Keep in mind that term merely is protection for a specific duration of years. It holds no cash value and is not considered permanent life insurance. Here’s a look at the term life product they offer.
Term Life options ranging from a yearly (annual renewable term) and up to 30 years.
Lowest Coverage Options- 50,000.00– This is a bit uncommon- Some no exam life insurance companies will offer coverage this low but not many. Most other large reputable companies make the minimum 100,000.00 in coverage.
Term Life Insurance Products are all considered Convertible.
*Convertible Life insurance just means, you can move your term coverage over to permanent coverage without evidence of insurability. Once you have converted your policy you then enter the world of cash value and having coverage guaranteed for life if you pay your premiums accordingly.
Upon investigating a bit further into Accordia’s Life Term Life Insurance, we realized that they don’t seem to offer any riders or additions to the term products which was an extreme disappointment in our eyes.
We believe riders can make or a break a term life insurance policy. Riders allow you to customize a policy to fit your individual family’s needs.
However, the story continues. Let’s cover the permanent insurance.
Accordia Life Insurance Universal Life and Indexed Universal Life Insurance Products.
Lifetime Assure Universal Life- These products according to Accordia’s breakdown states that it’s aiming for cash value build up or cash accumulation in addition to leaving the doors open or being highly versatile.
Remember how we said Accordia doesn’t offer any riders for the Term life insurance?
The completely different story for the Universal and Permanent products with Accordia.
They offer 11 total riders for these products. The two that are slowly on display for viewers to see include the
Wellness For Life Rider- This rider almost acts just like the work program sponsored programs that give you discounts for being diligent about healthcare. If you visit your doctor at least once per year and you’re within the correct height and weight range, they will give you a discount on your life insurance coverage.
As Accordia Life likes to say “It’s that Simple”
They claim the rider works as follows. The rider is only available when you first purchase the life insurance policy, and it cost a onetime 100.00-dollar fee.
They state that you will receive your first “reward” or discount simply by just seeing your doctor. If you continue this trend and remain healthy and within the correct height and weight ratio, they will keep giving the discount.
The next big rider that Accordia offers is known as the Overloan protection rider. This will act like overdraft protection with your local bank. If you borrow against the policy, it will begin protecting the policy and the cash values, so you don’t dip to low.
Let’s move into the Next Big Product
Accordia Life Insurance Indexed Universal Life Policies- The Bread and Butter of Accordia
In our opinion, this is the product that makes Accordia life insurance somewhat competitive and worth putting into conversations against other companies. If you are primarily looking for whole life or term life insurance, your most likely better off elsewhere but this product is pretty good. Let’s look at a little deeper.
Accordia offers a total of 4 Indexed (IUL’s) to all of you
Let’s break down all 4.
Survivorship Builder IUL- This IUL acts just like a survivorship policy with any other company. It covers 2 lives total. They do this by placing the risk over both lifespans instead of the typical scenario, just one.
You most likely don’t ever need to consider this form of the policy unless you some other complex issues going on with your financials. Items like advanced planning, estate planning strategies and tax planning can make sense to consider a policy like this.
Accordia Life Provider IUL- The Life Provider IUL is an option that acts like many other Universal Life products. It’s going to offer flexibility with changing premiums and modifying the death benefit or “face amount” of the policy just in case your needs or budgets changes down the line. Overall, we like this product they offer.
Lifetime Builder IUL- The Lifetime builder is the chance for the policy to act as a strong performing IUL with many other companies as well.
Indexed Universal life is also invested in diverse and spread portfolios that are indexed through many companies and risk pools. Most common practice and use for the IULS with all life insurance companies is indexing them within the S&P 500.
Lifetime Foundation IUL- This policy is also fully flexible. The death benefit can be changed throughout the life of the policy, and the cash value can be adjusted (the way it’s invested) to target cash value accumulation throughout the life of the policy. We also like this option with Accordia. It seems strong overall in many categories.
How to Reach Accordia Life if you Need to contact them?
Sometimes, you come across our review’s looking for nothing more than some simple forms for your policy or the company contact information. If that’s the case with you, we want to make sure we bring that you as well.
How to get in Touch with Accordia Life
· Accordia Life Customer Service Number Phone Number- 866-645-2449
· Accordia Life Contact Information
· 10 West Market Street, Suite 2300
· Indianapolis Indiana.
|Accordia Life Customer Service Number Phone Number||Accordia Life Contact Information|
10 West Market Street, Suite 2300 Indianapolis Indiana
Our Final Thoughts on Accordia Life? Not Great and Not Bad. The Middle of The Group Company
Accordia life is right in the middle of the pack. They are new to the life insurance industry and have gone through some changes but overall, we can’t ding them either.
What’s more important is that you always consider all options and work with an agency and agent that has many options to present you. It’s imperative to ensure you ultimately achieve the lowest price and best life insurance policy for you and your family.
Always feel free to let Good Life Protection help. It’s what we do. We work with over 60 of the most trusted life insurance carriers in the industry, and we are ready to help you too so what are you waiting for?
Leave a comment below or be sure to fill out the rate form on the right to see what prices you may be looking at for your life insurance with all the top names in the industry.
As always, thanks for reading. We appreciate you.
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.