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Accordia Life Insurance Company Review

Accordia Life Insurance Company
Insurance Quotes 2 Day Team

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

 5 minute read

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.

Accordia Life Insurance Company Ratings

AM Best logo

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.

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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

shopping for life insurance

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.

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Frequently Asked Questions

Is Accordia Life a good company for life insurance?

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.

What life insurance products does Accordia Life offer?

There are several types of life insurance policies to choose from for Accordia Life 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. They include term, universal, and indexed universal life insurance policies.

Should I buy life insurance with Accordia Life?

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.  Ogletree Financial Services 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.

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Doug Mitchell, CLU Independant Advisor
Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent almost 30 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance and home and auto insurance. Doug is a Top of the Table Million Dollar Round Table member (MDRT).  MDRT is a global, independent association of the world's leading life insurance advisors.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table. He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award. Later in his career with New York Life he was an Executive Council Member. Doug currently serves as President of Ogletree Financial, a managing general agency serving life insurance agents and clients in all parts of the United States. Today, Doug’s main focus is servicing 1000s of policyholders and growing the agency through the reach of  insurancequotes2day.com.