The purchase of life insurance is an important piece of nearly anyone's overall financial portfolio. One reason for this is because this essential financial tool can help to protect the ones you love from having to spend other assets on things such as final expenses, paying off debt, and / or living expenses in the case of the unexpected. The proceeds from a life insurance policy can also help to keep those you care about from falling into drastic financial hardship and from having to change their lives at a time that is already emotionally difficult for them.
At the time you are purchasing a life insurance policy, there are several key factors to keep in mind. One, certainly, is to ensure that you obtain the proper amount of coverage so that your survivors will have enough money to go on. Another is to be mindful of purchasing coverage through one of the most financially stable life insurance companies.
This is because you will want to know that the underlying insurer is strong and stable financially and that it will be there in the future, if and when a claim needs to be made. With that in mind, it is important to do some research on the insurer that you are considering before moving forward.
One insurance carrier that is somewhat new to the industry is Accordia Life and Annuity Company. This company, a subsidiary of Global Atlantic, provides both protection and income products to its customers.
History of Accordia Life Insurance Company
Accordia Life and Annuity Company is based in Des Moines, Iowa. It began in 2013 when Global Atlantic Financial Group Limited (Global Atlantic) acquired the Aviva USA life division, which it then incorporated as Accordia Life.
The company is built upon a foundation of risk management expertise, seasoned industry professionals, and proven product designs. It began with more than 200 agents who were already well-versed in the life insurance business.
Accordia Life's parent company, Global Atlantic, is a large multi-line insurance and reinsurance company. This firm was founded at Goldman Sachs more than a decade ago, and then it branched off in 2013.
In just the past decade, Global Atlantic has become known in the insurance and financial industry as an innovative provider of insurance products, as it has grown to more than $30 billion in assets. One reason for this company's success is due to its long-term focus on its policyholders, as well as its emphasis on teamwork that is driven by its experienced leadership from the top.
Reviewing Accordia Life Insurance Company
The products that are offered by Accordia Life and Annuity Company are well designed, and they are focused on meeting the protection, wealth transfer, and small business needs of customers across the country.
The primary products that are provided by Accordia include term insurance, as well as universal life and indexed universal life insurance coverage. These offerings can help its policyholders to plan for both short and long-term needs.
Accordia Life Insurance Company Ratings and Better Business Bureau Grade
Considered to be a strong and stable company from a financial standpoint, Accordia is rated as an A- from A.M. Best. This is rated as “Excellent” and is 4th out of a possible total 16 overall ratings.
Accordia Life Insurance Company is not an accredited company by the Better Business Bureau, nor has it been assigned a letter grade by the BBB. There have, however, been 40 complaints filed with the BBB about Accordia over the past three years, and all 40 have been closed.
Of these 40 complaints that were filed, 18 centered on the company's billing / collection issues, 17 centered on problems with the company's product and / or services, four had to do with advertising and / or sales issues, and one focused on other issues. There are also three negative reviews posted by customers about Accordia Life Insurance Company on the Better Business Bureau's website.
Life Insurance Products Offered By Accordia
Accordia Life offers several types of life insurance protection to its customers. Doing so allows for its policyholders to design the coverage that works the best for them, as well as to revise coverage as their needs change over time.
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Coverage that is provided via Accordia includes:
Term Life Insurance
One of the primary products that is offered through Accordia is term life insurance coverage. This product provides pure death benefit protection only, without any cash value or savings component. Because of this, term can be quite affordable – and a good way for those who need a large amount of coverage such as a $1 million dollar life insurance policy to obtain it at a lower rate. This is especially the case for those who are young and in good health at the time of application.
Term life insurance is often thought of as being temporary coverage because it is purchased for a certain length of time such as for ten years, 20 years, or 30 years. There is also a 1-year annual renewable term life option. Typically, the premium rate for this coverage will remain level within the policy's “term” and then the policyholder will either need to re-qualify for coverage or the policy will simply expire.
In some cases, a term life insurance policy will provide the option to convert over into a permanent form of coverage such as a universal life insurance policy. This way, the insured will not need to worry about the policy expiring at any certain time in the future (unless they stop paying the policy's premium).
Universal Life Insurance
Accordia Life also offers universal life insurance coverage. This is a form of permanent life insurance protection, so in addition to death benefit coverage, there is also a cash value component in these policies.
The cash in the policy is allowed to grow on a tax-deferred basis. This means that the policyholder will not need to pay taxes on the gain or growth of the funds in this account unless or until the time of withdrawal. This can allow these funds to grow and compound exponentially over time.
Universal life insurance coverage is thought to be a more flexible form of permanent life insurance than whole life insurance. This is because the policyholder may choose (within certain parameters) how much of their premium dollars will go into the cash value, and how much will go towards the death benefit of the policy. They may also be able to change their premium due date, based on their needs.
Accordia Life Insurance Company offers some different riders that can be added to their universal life insurance policies. These include the following:
- Accelerated Access Rider
- Wellness for Life Rider
- Return of Premium Rider
- Terminal Illness Accelerated Death Benefit Rider
- Accidental Death Benefit Rider
- Children's Insurance Rider
- Primary Insured Rider
- Overloan Protection Rider
- Waiver of Premium Rider
- Waiver of Monthly Deductions Rider
Indexed Universal Life (IUL) Insurance
Another form of permanent life insurance coverage that is offered by Accordia is indexed universal life. With this type of universal life, the growth in the cash value component is based on the performance of an underlying market index such as the S&P 500.
While the policyholder has the opportunity to grow his or her funds significantly based upon market performance if the market should decline, the principal in the account is protected.
There are several options for indexed universal life insurance that can be chosen through Accordia Life Insurance Company. These include the:
- Lifetime Builder IUL
- Survivorship Builder IUL
- Accordia Life Provider IUL
Where to Get the Best Life Insurance Quotes
When looking for the best life insurance quotes, it is typically wise to work with either a company or an agency that has access to more than just one single life insurance carrier, this is true not only for life insurance but for auto and health insurance as well. That way, you will be able to compare policies, benefits, and premium quotes, and from there you can determine which will work the best for you.
If you are seeking life insurance protection – along with policy quotes – we can help. We work with many of the best life insurance companies in the market today, and we can assist you with obtaining all of the important details that you require. To get started, all you have to do is fill out the quote form on this page.
Should you still have any additional questions regarding Accordia Life Insurance Company – or, if you just have a question about life insurance in general – our experts are here. We can be reached directly via phone, toll-free, by dialing 888-836-7071.
We understand that finding the best life insurance policy for your specific needs can sometimes feel overwhelming. There are many variables to contend with – and you want to ensure that you are getting the right coverage for your specific requirements. But now you have an ally on your side. So, contact us today – we are here to help.