Important in everyone’s financial portfolio, life insurance helps to protect loved ones from having to foot the bill for final expenses and other expenses that come along with the unexpected occurs. Life insurance helps to keep your loved ones safe from financial hardship during an emotionally difficult time.
When purchasing a life insurance policy, it’s important to acquire the proper amount of coverage so that your loved ones have enough money to survive on for a bit once you’ve passed. It’s also important to purchase that life insurance policy through a financially stable company. Relatively new to the insurance industry, Accordia Life and Annuity provides both protection and investment products for their consumers.
The History of Accordia Life Insurance Company
Based in Des Moines, Iowa, Global Atlantic Financial Group Limited (Global Atlantic) gained the Aviva USA life insurance division, now known as Accordia Life in 2013. The company’s reputation is centered around its seasoned insurance professionals, proven products designs, and expertise in risk management. The company started with over 200 proficient licensed agents.
The parent company to Accordia Life is Global Atlantic, which is a large reinsurance and multi-line insurance company. Known as an innovative provider of insurance products, Global Atlantic has over $30 billion in assets.
The primary life insurance products offered by Accordia include term life insurance, universal life insurance, and indexed universal life insurance. With these options, policyholders are able to plan for both their short and long-term needs.
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Accordia Life Insurance Company Ratings
Accordia Life has received an “A-”, which is an excellent rating from A.M. Best. This means that Accordia Life is considered to be a financially strong and stable life insurance company. Accordia has not been accredited by the Better Business Bureau (BBB) and it has not been assigned a letter grade either. However, there have been 40 complaints filed with the BBB over the past 3 years, and all 40 complaints have since been closed.
The financial strength of an insurance company is important because it demonstrates the company’s ability to pay its policyholders claims. This is particularly important when selecting a life insurance company due to the fact that claims might not occur until decades after the policy is purchased.
Accordia Life Insurance Products
There are several types of life insurance policies to choose from for Accordia applicants. This allows the consumer to design the coverage that best suits their needs, while also allowing them to adjust their coverage as their needs change. The following are some of the products offered by Accordia Life:
Term Life Insurance
This life insurance product provides a death benefit only, with no cash value feature. This allows for the term policy to be quite affordable. Accordia’s Term Life Insurance is great when you require a larger amount of coverage and need an affordable rate.
Term life insurance, often regarded as temporary coverage, is available in 10, 20, or 30-year terms. The premium for this coverage remains level for the policy’s term, and then the insured will need to either re-qualify for the policy of it will simply expire. In some instances, term life insurance can be converted into a more permanent mode of coverage such as universal life insurance.
Universal Life Insurance (UL)
This life insurance policy offers permanent life insurance coverage, which means that besides death benefit coverage, a cash value component is also included. The cash value component has the ability to grow tax-deferred, which means that no taxes will be due on any gains. Your funds in this account are able to grow and compound significantly over time.
UL insurance coverage is more flexible than whole life insurance. The policyholder has the ability to choose how much of their monthly payment goes towards the death benefit and how much goes toward the cash value, within specified parameters. Additionally, the premium due date may be adjustable depending on the policyholder’s needs.
The company also has numerous riders available that can be added to an existing universal life insurance policy. The riders available include:
- Return of Premium
- Accelerated Access to the death benefit
- Terminal Illness Accelerated Death Benefit
- Primary Insured
- Accidental Death Benefit
- Children’s Insurance
- Waiver of Premium
- Waiver of Monthly Deductions
- Overloan Protection
Indexed Universal Life (IUL) Insurance
IUL is another type of permanent life insurance protection provided by Accordia. With this form of universal life insurance, the cash value grows based on the performance of the selected market index, such as the S&P 500. In the event that the market performance declines, the policyholder is still able to grow their funds because the principal in the cash value account is protected.
Accordia should be a consideration if you are looking for a company to start a LIRP (Life Insurance Retirement Plan). A LIRP is an IRA or 401k alternative that can help save hundreds of thousands in tax dollars for our average client.
Accordia Life Insurance Company has several options for indexed universal life insurance such as the Lifetime Builder IUL, the Accordia Life Provider IUL, and the Survivorship Builder IUL.
Shopping for Life Insurance Quotes
When searching for the best life insurance quotes, it is smart to work with either an insurance agency or a company that has connections with multiple life insurance carriers. This goes for health and auto insurances as well. In this manner, you have the ability to compare policies, premium quotes, and benefits, and then from the point decide which policy best works for you.
If you are looking for life insurance coverage, as well as quotes, we can assist you. We happen to work with the best life insurance companies in the industry today. We certainly understand that locating the best policy for your specific needs is often confusing. With so many variables to cope with, you want to make sure that you are receiving the optimal coverage for your family’s requirements.
The Bottom Line
Even though Accordia is relatively new with only a few years on the market, don’t let this mislead you. If you are considering purchasing an indexed universal life insurance policy, Accordia Life strongly needs to be considered. As always, seek the wisdom of trusted and reputable insurance agencies or agents so that you are able to locate the best life insurance policy for you and your family’s needs.