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Global Atlantic Financial Group (Formerly Accordia) Life Insurance Review

Feb. 13, 2018
Insurance, Life Insurance
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at a glance

  • Offers term, universal and indexed universal life insurance.
  • Offers whole life insurance for funeral expenses.
  • Large number of complaints to state regulators.

 

Shopping for life insurance during the pandemic? Be aware that insurers may have changed their products and policy applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

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.

» MORE: Compare life insurance quotes

Global Atlantic life insurance

2.5 NerdWallet rating

Global Atlantic earned 2.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings from A.M. Best.

Consumer complaints: Worse than the median

Both Accordia and Forethought drew more than the median number of complaints to state regulators in 2017 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 was 6.7. Forethought’s score was 1.64.

» MORE: The best life insurance companies

Global Atlantic life insurance options

Term life: Global Atlantic offers terms of 10, 20 and 30 years, as well as annual renewable term life insurance. 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.

More about Global Atlantic

Types of life insurance soldOther products & services
  • Term life.
  • Universal life.
  • Indexed universal life.
  • Survivorship life.
  • Whole life for funeral expenses.
  • Annuities.
  • Financial planning.
  • Methodology: Life insurance ratings

    NerdWallet’s life insurance ratings are based on weighted averages of complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and financial strength ratings from A.M. Best, which indicate a company’s ability to pay future claims. To calculate each insurer’s rating, we adjusted the NAIC and A.M. Best scores to a curved 5-point scale.

    These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.

    Methodology: Insurer complaints

    NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.