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Global Atlantic Financial Group (Formerly Accordia) Life Insurance Review 2019

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.

Overview

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: The best life insurance companies

NerdWallet does not score Global Atlantic for our life insurance company rankings because customer satisfaction ratings for the company are unavailable. Global Atlantic is not included in the annual J.D. Power U.S. Life Insurance Study, a customer satisfaction survey.

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 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 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.
  • 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.