Accordia Life Insurance Company: Rates and Review

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…

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Reviewed by

Rachael Brennan

Licensed Insurance Agent

UPDATED: Feb 25, 2022

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Here's the Scoop

  • The Accordia Life insurance company doesn’t offer whole life insurance policies
  • The Accordia Life insurance company has a wide array of riders available
  • Life insurance rates will differ between individual applicants

Life insurance is a wonderful financial tool that can help you provide financial support for your loved ones after you pass away. You can even gift your life insurance death benefit to a favorite charity. The Accordia Life insurance company can help you grow the value of your policy beyond your originally purchased death benefit so that you can leave behind a legacy.

If you want to learn some great tips before you buy life insurance, as well as more information about Accordia’s insurance products, keep reading this detailed review.

As you discover more about the Accordia insurance company, you can enter your ZIP code to receive free life insurance quotes right away.

Table of Contents

What is the Accordia insurance company?

The Accordia Life and Annuity Company is a Global Atlantic Financial Group Limited subsidiary that specializes in universal life insurance products. The Accordia Life insurance company’s address is 215 10th St. Ste 1100, Des Moines, Iowa. The company was incorporated in 2013, and the Accordia Life insurance company’s phone number is 855-887-4487.

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Is the Accordia insurance company highly rated?

The Accordia Life insurance company was awarded an A rating by A.M. Best, which indicates that Accordia is a financially secure company.

However, Accordia has an F rating from the Better Business Bureau. The BBB notes that Accordia earned this rating because the company failed to respond to more than four filed complaints. Such an abysmal rating doesn’t inspire confidence in the quality of the company’s customer service. In addition, Accordia Life’s company reviews on the BBB repeatedly cite instances of delayed claim payments.

What life insurance products does Accordia Life offer?

Since Accordia specializes in universal life insurance, you won’t find much variety, but the company does have four products to offer. These products include:

  • The Lifetime Foundation ELITE
  • The Lifetime Builder ELITE
  • The Global Accumulator
  • Preneed Life Insurance

Each policy has its own unique features that set it apart. Let’s look at these policies closer so you can decide whether Accordia can help you with your life insurance needs.

Lifetime Foundation ELITE

An indexed universal life policy, the Lifetime Foundation ELITE plan comes with a guaranteed death benefit for a certain period. This period can range from 20 to 40 years, and your age and health influence the period length at the time of your purchase. Bear in mind that the policy will remain active for as long as you keep making payments.

Once the death benefit period ends, your beneficiaries will no longer be eligible for a payment; however, they will be entitled to any cash value accumulated within the policy.

Lifetime Builder ELITE

Unlike the Lifetime Foundation ELITE plan, you have options when structuring your death benefit with Lifetime Builder ELITE. Your first option is to pay higher initial rates until the cash value accumulates to such a degree that you can use it to make payments or decrease the policy rate to be paid over time.

Your second option is to pay a higher rate for the life of the policy to maximize your policy’s cash value. The third and final option is to pay higher rates and purchase an additional return of premium death benefit rider. With this option, the total payout of your policy would equal the base death benefit and the cumulative sum of any premiums with 4% interest.

The Global Accumulator

If you want to build up cash value, the Global Accumulator may be a good fit for you. Indexed universal life policies are typically at the mercy of the stock market, but protections for your policy’s value are available with the Global Accumulator. Another benefit of this policy is the Wellness for Life rider.

If you purchase this rider, you can earn a discount on your rates by having a yearly check-up with your doctor and keeping your weight within a range determined at the time of your policy’s purchase.

Preneed Life Insurance

This plan is the most basic of Accordia Life’s policies, as its function is to simply help cover funeral expenses. Still, this plan is intriguing, as applicants are not required to undergo a medical exam.

Does Accordia Life insurance company offer riders?

Accordia may have limited life insurance products, but its array of riders is impressive. If you purchase a life insurance policy from Accordia, you’ll gain access to riders like:

  • The accelerated access rider
  • The overloan protection rider
  • The primary insured rider
  • The additional insured rider
  • The children’s insurance rider
  • The accidental death benefit rider
  • The terminal illness accelerated death benefit rider
  • The return of premium rider
  • The waiver of monthly deductions rider
  • The waiver of premium rider

Now, remember, most insurance riders aren’t free. Sometimes a company may offer a free rider on a particular policy, but that isn’t usually the case. So before you decide to add riders to your policy, verify whether there will be an extra charge for doing so.

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How much does life insurance cost?

Life insurance rates can vary from person to person because life insurance companies rely on an underwriting process that determine the risk level of each person who applies for a policy.

For example, if a healthy 20-year-old and a 70-year-old smoker both applied for a 30-year term policy, the 20-year-old would likely be offered a lower rate. This is because the chances of that individual dying due to natural causes or disease during the policy period would be hypothetically lower than the 70-year-old smoker’s chances.

If you would like an idea of what you might pay for a term policy, you can use this chart of term life insurance samples by age to help you estimate your life insurance budget:

20-Year Term Life Insurance Rates by Age

Age and gender Good health Average health
20, female $19 $25
20, male $24 $30
30, female $19 $26
30, male $24 $31
40, female $30 $39
40, male $35 $47
50, female $64 $84
50, male $82 $113
60, female $160 $218
60, male $217 $303
70, female $625 $756
70, male $891 $1,066
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Don’t forget to request quotes from at least three different life insurance companies so you can determine which companies offer the most coverage at the lowest rate.

What You Need to Know About the Accordia Life Insurance Company

Accordia Life’s insurance company ratings from A.M. Best and the BBB present a mixed picture of this company. While it may be financially sound, customer service at this company could be improved. Accordia Life also doesn’t offer much variety in its life insurance products, but the company has quite a few riders that you can use to customize your policy.

If, after reading this Accordia Life insurance company review, you’re not certain that Accordia is the company for you, you can enter your ZIP code to start comparing free life insurance quotes from other companies near you.