Buying life insurance is already not the easiest task to do but it doesn’t become easier with all the options out there. Don’t worry because we are here to help you and to make life insurance simple! Accordia Life Insurance Company is one of the many life insurance companies in the marketplace. With so many choices it can be harder to know which company is going to be the best. Our mission is to make life insurance simple and to do that we make our reviews 100% unbiased and purely filled with information. In this article, we will be discussing how Accordia Life Insurance is Global Atlantic Financial Group Limited, as promised our review of them, and then we will discuss their products with highlights. Here are some keypoints if you don’t feel like reading the entire post:
- If you looked up Accordia Life Insurance Company you probably realized that there is no longer any sign of their existence. Don’t worry they are still around, they are just part of a larger company now called Global Atlantic Financial Group Limited.
- Accordia Life has seen their own success and has grown to nearly $8 billion in assets but with their parent company, they have more than $45 billion in total.
- According to both A.M Best Company and Standard & Poor’s, they have rated the company an “A-“.
- The company offers three life insurance product, term life, universal life, and index universal life insurance.
- Few of the pros that coincide with Accordia and the first one being their rating, they have a pretty amazing rating which we talked about how important it is to have a good rating. They also have a good variety of life insurance products which are ideal for individuals trying to make some investments with their life insurance or for those who only need life insurance for a short-term need.
- The first con is that they haven’t been on the market long enough which is not a deal breaker but it is important to keep in mind that there are carriers who have been around as long as USA and Accordia Life is literally a baby compared to those companies. Another con is that they don’t offer a traditional whole life insurance policy for those who do not seek to make investments or simply want to have a regular permanent life policy. Lastly, they are only one company among many others.
About Accordia Life Insurance Company
If you looked up Accordia Life Insurance Company you probably realized that there is no longer any sign of their existence. Don’t worry they are still around, they are just part of a larger company now called Global Atlantic Financial Group Limited. Despite their new name, they do offer life insurance products under the brand, Accordia Life. The company has been around since 2004 when they were still under the Goldman name.
Accordia Life Insurance Company Review 2017
If you haven’t seen much of Accordia Life Insurance Company or Global Atlantic Financial Group that’s because they are new to the marketplace. Like we mentioned before they combined companies, but the parent company, Global Atlantic has about $40 billion in assets. This is important to look at because you want to be sure that the company you are thinking about working with has enough in the bank to actually pay out your policy when your family needs it. The company offers three life insurance product, term life, universal life, and index universal life insurance. According to both A.M Best Company and Standard & Poor’s, they have rated the company an “A-“.
Why you should read a company’s rating
Do your very best to find out as much as you can about the possible company you are going to be working with for your own benefit. Obviously, you care because you are here reading this review, but you shouldn’t overlook a company’s rating. A company’s rating will give you a glimpse of their financial health. The company you are planning on working with should have a high rating because like we said earlier you want to be paying for something that will pay out when you need it to. Not only that but it gives you the reassurance you need about the company but gives you a pulse of whether or not the carrier is being run well.
You would be surprised how many times this has happened to people where the company just disappears and you don’t want your policy and money you have been paying to disappear, that would suck! A bad financial grade shows you the consumer that the company’s finances are weak and a lot of claims can wipe them out. The rating agencies who make these ratings do this because they believe it is your right as a consumer to view the financial health before committing. So take a minute and read a company’s rating because you have the right to know what you are going to be paying for.
Accordia Life Insurance Company Products
Accordia Life offers two major life insurance products that can really appeal to anyone, permanent life, and term life insurance.
Term Life Insurance
- A term is a temporary plan that covers you for certain time frames depending on your needs.
- Since a term policy consists of being covered short time you have the choice of a 10, 20, or 30-year policy.
- These policies offer a guaranteed level premium which means your monthly payments are locked in for the entire period.
- Most popular policy on the market due to its affordability.
- There is no cash value accumulation.
- Dollar for dollar this is the most financially suitable options for middle-income Americans.
- You can choose term durations from annually renewable up to 30-years.
- Coverage minimum is $50,000.
- All their term plans are convertible so at the end of the term or prior you can transform your plan into one of the permanent plans without proof of insurability.
- The riders available are; Accidental Death Rider, Children’s Insurance Rider, and Waiver of Premium Rider.
Universal Life Insurance
- Universal life is a type of permanent life insurance coverage that stands out due to its flexibility in comparison to whole life.
- Choose how much and when to pay your premiums, hence the flexibility.
- There are flexible payout options to beneficiaries.
- This product builds cash value that can be accessible for lifetime needs.
- Your death benefit is income tax-free.
- There is a guaranteed minimum interest rate.
Index Universal Life Insurance
- Index Universal life is a variation of a Universal Life Plan that also covers you for life, offers flexibility with your policy, and investment options.
- You can have flexible coverage throughout your life.
- You get protection from negative market returns.
- There are three types of index universal policies, Lifetime Foundation, Lifetime Provider, and Lifetime Builder.
- Lifetime Foundation– designed to provide lifelong protection as long as you make the minimum required premium.
- Lifetime Provider- this policy can provide an affordable approach for protecting what is important to you.
- Lifetime Builder- you can select different death benefit options along with how your cash value gets invested.
- This product has a guaranteed minimum interest rate and a fixed rate crediting option.
- Cash value growth is tax deferred.
- There is greater growth potential over the life of the policy than a traditional universal life insurance policy.
Wellness for Life Rider
There is a pretty interesting rider that Accordia Life offers and it’s called the Wellness for Life Rider. It basically means that if you opt to visit a doctor every year and your medical exams come up clean and healthy then you will be given a discount if you buy this rider. Accordia Life rewards those who are healthy and live a healthy life. The Wellness for Life program even rewards you for staying fit which is pretty fantastic!
Pros of Accordia Life Insurance Company
There are a couple of pros that coincide with Accordia and the first one is their rating, they have a pretty amazing rating which we talked about how important it is to have a good rating. They also have a good variety of life insurance products which is perfect for those who are trying to make some investments with their life insurance or for those who only need life insurance for a short-term need.
Cons of Accordia Life Insurance Company
Just like there are a few pros of Accordia there a couple of cons as well. The first con is that they haven’t been on the market long enough which is not a deal breaker but it is important to keep in mind that there are other companies who have been around for over 150 years and Accordia Life is tiny in comparison to the giants. Another con is that if you are looking for a whole life policy for estate planning or for steady cash value build up you won’t find it with them.
Work with us!
Now that you know everything about Accordia life and are ready to make a decision we still always recommend that you shop around with all the available options on the market. Here at InsureChance, we work with over 60 top rated life insurers to help you get the best rate and the best part is our service is absolutely Free to you. If you’re ready to shop simply use one of our state of the art comparison tools or just call us at 888.492.1967!
