- Offers term, universal and indexed universal life insurance
- Offers whole life insurance for funeral expenses
Accordia Life and Annuity Co. and Forethought Life Insurance Co. are subsidiaries of Global Atlantic Financial Group Limited. Accordia issues term, indexed universal and universal life insurance. Forethought issues whole life insurance policies for funeral expenses. The products are all marketed under the Global Atlantic brand.
A.M. Best financial strength rating: A- (excellent)
Accordia Life’s and Forethought’s financial strength are “excellent,” according to ratings agency A.M. Best.
Financial strength is important because it indicates how well an insurer can pay claims. It’s especially important when choosing a life insurance company because claims might not be made until decades after a policy is purchased.
Consumer complaints: worse than the median
Both Accordia and Forethought drew greater than the median number of complaints to state regulators in 2016 for companies of their size, according to the latest data from the National Association of Insurance Commissioners.
The association assigns a complaint ratio score to insurance companies, based on the number of complaints to state insurance commissioners, adjusted for market share. The median score is 1. A score less than 1 means fewer complaints. Accordia’s score for individual life insurance in 2016 was 9.36. Forethought’s score was 2.1.
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life insurance options
Term life: Global Atlantic offers terms of 10, 20 and 30 years, as well as annual renewable term life. The annual price stays level during the 10-, 20- and 30-year terms. The price typically increases each year for annual renewable term. The term policies can be converted to permanent life insurance.
Indexed universal and universal life: Global Atlantic offers a universal life policy and three types of indexed universal life insurance policies for individuals. An indexed universal life survivorship policy is also available for couples. Survivorship life insurance insures two people on one policy. The death benefit is paid after the second person dies. A variety of additional features can be added to the permanent policies, including Wellness for Life, which gives a discount for visiting a doctor at least every other year and maintaining weight in a certain range. The feature also gives access to the Ask Mayo Clinic 24-hour nurse line for medical information.
Funeral planning: Global Life’s preneed life insurance is available through funeral homes. These whole life insurance policies are sold when funeral plans are made. After death, the policy pays the benefit to the funeral home to carry out the expressed wishes. The company’s other funeral planning product, TrustGuard Gold, combines a whole life insurance policy with a funeral expense trust or an estate planning trust. It’s available through insurance agents.