At this time, people begin to realize the need and importance of life insurance in protecting their loved ones after they die. However, many life insurance companies even make them confused to get the best one. Accordia life insurance reviews are what you need right now pretty your step to ensure their future lives are not further delayed.
Accordia life insurance is the subsidiary company of Global Atlantic (Global Atlantic Financial Group Limited. The parent company is established in 2004 by Goldman Sachs and becomes an independent company in 2013. Accordia life insurance holds an A rating with A.M. Best. Besides offering life insurance, the company also provides an annuity to the members.
Accordia Life Insurance Product Offered In 2023
Accordia life insurance is a newcomer to the marketplace of life insurance and annuities. It is less than 20 years old as the company is the result of the Global Atlantic separation in 2013. Accordia life insurance reviews offer some products such as life insurance, annuities, and financial planning & retirement. This company does not provide whole life insurance but it highlights Universal Life insurance as the main product. Meanwhile, the term life insurance is sold sparsely.
The term life insurance policies of Accordia provide some limited annual payments from 10, 20, and 30-years. It comes as a different company from the by giving the low coverage of $50,000. Most life insurance companies give the minimum coverage of $100,000 of the term life insurance. On the other hand, the most popular Accordia product is the Universal Life insurance but is different from the whole life insurance.
More about Accordia Term Life Insurance
Term life insurance from Accordia has the same premium level and the death benefits based on the initial selected term. For example, people who buy the term life insurance with 10 years premium payment keep similar for the 10-year contract. Your mentioned beneficiaries will get the death benefits also remain the same.
Accordia’s term life insurance policy gives the most significant benefits to its policyholders. It gives lowers costs than other permanent coverage without any cash value or investment component. The policyholders just pay for “pure coverage” and nothing else. Accordia life insurance reviews reveal the term life insurance policy with a minimum face amount of $50,000 is available for four categories. It is for the term life policy from 10-years contract for aged 10-75.
The term life insurance policy for 20 years annual installments are offered for people aged 18-65. Meanwhile, the aged between 18 and 55 years old are offered a 30-years yearly payments term life insurance policy. People aged 18 – 75 get an annual renewable term (ART) and the aged 75 -95 may convert to Universal Life insurance.
Although the policyholder can cover other products, it is the worst choice. It is because you will cost more though your health deteriorates. Accordia term life insurance policy provides optional riders such as waiver of premium and premium plus. There are also accidental death benefits, children’s insurance, additional insured, and terminal illness.
Universal Life Insurance As The Most Popular Policy In Accordia
Accordia Universal Life insurance or UL becomes the best choice if you want to purchase permanent life insurance. This most popular product is the type of permanent coverage but the company claim it is different from whole life insurance. Universal Life insurance coverage offers a minimum interest rate every year, guaranteed death benefit, and cash value accumulation.
Universal Life insurance is flexible to adjust premium or death benefits as you see fit. Accordia gives Universal Life insurance a policy to accumulate cash in the account and can be accessed through withdrawal or a loan. Hence, the company gives a minimum guaranteed interest rate of 3% per year. It is higher than other insurance companies which only offer 2% to the customers.
Accordia’s UL insurance provides a minimum face amount of $250,000 with issued age between 0 and 85 years old. There are three death benefit options to meet your needs and will be paid to the beneficiaries:
- The death benefit payment equals the purchased face value.
- Besides equaling the acquired face value, it adds cash value accumulation.
- The death benefit is the same as the cash accumulation, face value, and cumulative premiums. It is as well available with the death benefit return for the premium life insurance rider.
Two Different Types Of Accordia Life Insurance
Based on Accordia life insurance reviews, Universal Life coverage offers two different types. They are permanent and two distinct indexed policies of Accordia Universal Life insurance. The permanent life insurance type offers permanent coverage, versatility, and cash value accumulation. The benefits are available when they pay the premium and adjust their coverage. Other benefits of Universal Life insurance to the customers are the tax-deferred cash value accumulation. It gives flexibility on how much their premium payments and when will be paid.
Accordia life insurance provides Indexed Universal Life (IUL) is a permanent policy with guaranteed death benefit and cash value accumulation. The benefits are equivalent benefits of traditional Universal Life. However, both keep having a prominent difference in how earned interest is calculated. Traditional Universal Life credits a minimum interest rate every year. Meanwhile, the Indexed Universal Life policy interest rate is based on the upward movement of the stock market.
IUL has higher growth potential as the policyholder can utilize market movements without getting the risk of a downside market. Alongside that, it can growth grow its cash value at a much higher rate for its customers. Hence, IUL has a lot of risks related to the IUL policies. One of them is the policyholders allows to invest the cash value of their policy in the markets.
Indexed Universal Life Insurance Offers 4 Types for Its Policyholders
Accordia Indexed Universal Life insurance provides four types of coverage such as below:
- Lifetime Builder Elite
It is covered with the ultimate in choice and flexibility for a most aggressive cash growth potential. The lifetime builder elite offers coverage with 3 benefit options, 3 policy loan options, and 6 indexed cash accumulation credits.
- Lifetime Foundation Elite
It is built for the conservative one by offering secure coverage and life insurance as long as the policyholder pays the minimum payment. The lifetime foundation elite is available the policy for the policyholders up to the age of 40 or 90 years. But, it is determined in the underwriting process.
Accordia Indexed Universal Life insurance keeps keeping the policy in force by providing the guaranteed minimum required payments. The premium rate may change after the period and that’s why the policyholder should never pay the minimum amount on universal life policies.
- Lifetime Provider
Accordia life insurance reviews explain the coverage offers flexibility to adjust the life insurance rate according to the policyholder’s need and goal. Even though, it has higher cash value growth potential than the traditional Universal Life.
- Survivorship Builder
It is also known as a second-to-die as it offers one policy for two policyholders and the death benefits are paid based on the insured’s death. This policy is purposed for the clients with wealth-building or estate planning.
Accordia Universal Life Insurance For Rider Optional
Universal Life insurance as well provides death benefits for the riders. It includes wellness for life, overloan protection, and accelerated access rider. Waiver of surrender charge due to confinement and terminal illness (accelerated death benefits) will be gotten by the rider. Those entered into the Universal Life policy automatically.
These riders are optional for an accidental death benefit, primary insured, additional insured, and children’s insurance. The others are waiver of monthly deduction, waiver of specified premium, and guaranteed purchase option.
Accordia provides wellness for life riders only on the permanent policies. It asks for the rider to give an additional discount to save more on life insurance costs. The offer is useful when the policyholder must visit the doctor every other year for a wellness check. The insured get exclusive service as a 24-hour only nurse called “Ask Mayo clinic. It becomes a win-win solution for the insured and Accordia.
Accordia Life Insurance Rate comparing By the Age, Gender, and Coverage
Accordia life insurance reviews compare this company with other major insurers in the marketplace. It takes the sample of 20 yearly premium payments both for females and males.
Female in 20-years term with the premium rate of $100,000 gets $17.73 for the age 25, $20.16 for the age 35, $32.04 for the age 45, and $67.05 for the age 55.
Females in a 20-years term with $250, 000 will receive $23.40 for the age 25, $30.15 for the age 35, $62.33 for the age 45, and $149.85 for the age 55.
Females in a 20-years term with $500, 000 will receive $35.55 for the age 25, $45.00 for the age 35, $95.85 for the age 45, and $247.05 for the age 55.
Male in 20-years term with the premium rate of $100,000 will get $22.14 for the age 25, $24.03 for the age 35, $39.06 for the age 45, and $95.58 for the age 55.
Male in 20-years term with the premium rate of $250,000 will get $33.30 for the age 25, $39.60 for the age 35, $78.53 for the age 45, and $220.95 for the age 55.
Male in 20-years term with the premium rate of $500,000 will get $45.45 for the age 25, $60.30 for the age 35, $123.75 for the age 45, and $380.70 for the age 55.
Meanwhile, Accordia life insurance reviews offer average monthly Universal Life rates by age and gender such as below:
- The average monthly female rates for the age 25 is $10.95, $18.10 for the age 30, $11.87 (35 years old), $14.33 (40 years old), $25.10 (50 years old), $46.88 (55 years old), $41.08 (60 years old), and $69.78 (65 years old).
- The average monthly male rate include $12.28 (25 years old), $12.67 (30 years old), $13.26 (35 years old), $16.73 (40 years old), $17.04 (45 years old), $34.29 (50 years old), $59.10 (55 and 60 years old), and $117.40 ( 65 years old).
Address And Customer Service Of Accordia Life Insurance
Well, the Accordia insurance is addressed at 215 10th Street Suite 1100 and Des Moines, IA 50309-3616. It provides customer service to call at (877) 462-8992. Besides that, the applicants can visit the official website of Accordia.
The Bottom Line
Accordia life insurance is the subsidiary of Global Atlantic Financial Group Limited of Global Atlantic. It is established in 2013 after separating from the parent company and offers a lot of products. The life insurer provides term and universal life insurance while making one of them the main product. Upon the most Accordia life insurance reviews, it highlights universal life policy as the most popular product. A detailed review of the insurer above is expected to give a good reference for you to get the best life insurance policy. Protecting lovely people like spouses, kids, and grandchildren after death is possible along with Accordia. Good luck!