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Global Atlantic Financial Group (Formerly Accordia) Life Insurance Review 2021

Jan. 4, 2021
Insurance, Life Insurance
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Global atlantic life insurance

  • Rated 2 stars out of 5 by NerdWallet.
  • Offers indexed universal life insurance and 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 indexed universal life insurance. Forethought issues whole life insurance policies for funeral expenses through funeral homes. The products are all marketed under the Global Atlantic brand.

» MORE: Compare life insurance quotes

Global Atlantic life insurance

2.0 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.

Global Atlantic life insurance policies

Indexed universal life: Global Atlantic offers three types of indexed universal life insurance policies: lifetime foundation elite, lifetime builder elite and global accumulator. Lifetime foundation guarantees a death benefit up to age 90 provided the minimum premiums have been paid. Lifetime builder elite gives you more choice, with three death benefit options and several cash accumulation strategies. And global accumulator provides indexed strategies for you to grow your funds for an additional fee.

A variety of additional options, known as riders, can be added to the 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. Other rider options include:

  • Accelerated access, which allows the insured to access part of their death benefits early if they are diagnosed with certain critical or chronic illnesses. This add-on doesn’t cost anything until benefits are received.
  • Children’s insurance, which provides coverage on a child 15 days to 17 years old until they are 25 years old, when the rider can be converted to a permanent policy.
  • Accidental death benefit, which provides coverage if the insured dies from an accident.
  • Terminal illness accelerated death benefit, which gives the insured early access to their death benefits if they have a life expectancy of 12 months or less.
  • Return of premium, which pays out premiums plus interest when the death benefit is paid.
  • Waiver of monthly deductions, which waives monthly fees if the policyholder becomes completely disabled for six months or more before the age of 65.
  • Waiver of premium, which credits a policy the monthly premium amount if the insured is totally disabled for at least six months before age 65.

Funeral planning: Global Life’s pre-need life insurance is available only 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.

Complaints about Global Atlantic Financial Group life insurance

Global Atlantic Financial group had far more than the expected number of complaints to state regulators for a company of its size for life insurance, according to three years’ worth of data from the National Association of Insurance Commissioners.

» MORE: The best life insurance companies

More about Global Atlantic life insurance

ProsCons
Offers many rider optionsOnly sells permanent life insurance
Has far more than the expected number of complaints for a company of its size

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.

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