Accordia Life vs. Haven Life: Best Life Insurance Company in 2021

To choose between Accordia Life vs. Haven Life insurance policies, you must decide what type of policy you want. Haven Life exclusively provides affordable term life insurance policies and has an A.M. Best rating of A+++. Accordia Life exclusively offers indexed universal life insurance policies, which is a type of permanent life insurance and therefore more expensive, and they have an A.M. Best rating of bbb.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Quick Facts

  • Accordia Life focuses on indexed universal life insurance policies
  • Haven Life exclusively offers term life insurance
  • Haven Life policies are the more affordable option

Choosing the right life insurance company takes time, and to help you make the right choice, we’re comparing Accordia Life vs. Haven Life.

Both companies offer life insurance but very different kinds; Haven Life offers term life insurance while Accordia Life offers Indexed Universal Life (IUL) insurance policies, which are permanent life insurance.

Keep reading to learn more about the types of coverage they offer and the most affordable options available.

Do you need to get a quote for a different type of life insurance? Enter your ZIP code above, and we will help you find the right provider for you.

Accordia Life vs. Haven Life Overview

Comparing According Life vs. Haven Life is like comparing apples to oranges because these two companies offer very different things.

Haven Life specializes in term life insurance, while Accordia Life specializes in Indexed Universal Life Insurance policies.

Both companies only offer one type of life insurance product, though they both also offer other financial services beyond life insurance.

This does make it easier to decide which company is right for you, as you only need to decide which type of life insurance you want.

If you are looking for Indexed Universal Life Insurance, Accordia Life will have what you need. If you want more affordable Term Life insurance, Haven Life will be a better fit.

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Who offers the most affordable coverage?

In general, term life insurance is more affordable than IUL policies, which means that Haven Life insurance will be more affordable than Accordia Life overall.

Here’s a look at Haven Life’s term life insurance policies. These quotes are based on a 30-year-old woman in excellent health.

Haven Life Average Monthly Life Insurance Rates by Coverage
$100,000 Policy Average Monthly Rates$200,000 Policy Average Monthly Rates$250,000 Policy Average Monthly Rates$500,000 Policy Average Monthly Rates
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Indexed universal life policies offered by Accordia Life will have varying monthly premiums based on individual circumstances.

However, because they build a cash value and last throughout the policyholder’s life, they come with higher premiums.

Accordia Life Basics

Accordia Life, also called Accordia Life and Annuity Company, is a branch of Global Atlantic. This financial group was founded in 2004, so they are a relatively young company.

Currently, they hold an A.M. Best rating of bbb, which is considered good. Accordia Life specializes in Indexed Universal Life insurance policies. These are permanent policies that gain cash value over time.

According to the National Association of Insurance Commissioners, Accordia Life’s customer complaint index currently sits at a 3.75.

The average is one, so this means they are getting a high amount of complaints.

Currently, Accordia Life insurance offers three Indexed Universal Life insurance policies:

  • Lifetime Foundation ELITE
  • Lifetime Builder ELITE
  • Global Accumulator

They also offer Preneed Insurance, which allows you to pre-plan and fund your final expenses.

This is technically a term life insurance policy. However, it is designed to specifically work with funeral companies to allow you to plan your funeral or alternative services before you pass.

According to the National Funeral Directors Association, the average funeral costs are over $7,500, so having a separate policy to pay for them can be a great benefit to your loved ones.

Haven Life Basics

Founded in 2014, Haven Life was designed to make life insurance shopping easier for the everyday person. To help improve their ability to serve their customers, Haven Life paired with MassMutual.

MassMutual currently holds an A.M. Best rating of A+++, the best rating available. MassMutual has been around since the 1800s and lends this dependability to all Haven Life insurance policies.

Currently, Haven Life offers three main term life insurance options:

  • Haven Term
  • Haven Simple
  • Haven Secure

The Haven Term policy offers more coverage, up to 3.5 million, and sometimes requires a medical exam. Haven Simple offers only up to $500,000 in coverage but has no medical exam required.

Haven Secure acts as an income replacement policy rather than a life insurance policy. It essentially creates a way for your family to replace your income for up to 30 years should you pass.

All three policies can be applied for online with decisions in as little as ten minutes from the time of application.

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What other products do they offer?

Though both companies offer some form of life insurance, they also offer other financial instruments. If you’re looking for life insurance and other services and want to work with the same company, knowing about these other products could be crucial.

Haven Life

Haven Life offers annuities as well as a salary protection program in addition to their life insurance options.

The Haven Life AgeUp program is an annuity designed to provide a wage to those who live beyond the age of 90. The program starts at $25 per month and provides up to $15,000 in coverage.

This program has a return of premium feature so that if you pass before beginning to use it, you can select a beneficiary to receive your paid premiums.

Haven Life also offers a salary protection program that can benefit those who lose their income. The program is offered through employers only, however, and is not available for individual purchase.

Accordia Life

Accordia Life offers annuities in addition to their IUL policies. Accordia Life offers variable annuities, fixed annuities, income annuities, and fixed indexed annuities.

Annuities are another great way to secure your financial future, and Accordia offers nine different annuity options.

Here’s a list of the products that they offer:

Fixed Annuities

  • ForeCare
  • SecureFore 3, 5, or 7

Variable Annuities

  • ForeInvestors Choice

Fixed Index Annuities

  • ForeAccumulation II
  • ForeIncome II
  • Income 150+ SE
  • Choice Accumulation II
  • Choice Income II

Income Annuities

  • ForeCertain

So, what’s the bottom line?

Which company is right for you?

In the end, it will depend on what you are looking for. If you are interested in affordable term life insurance policies, Haven Life insurance reviews show that they are a solid option.

They provide several term life insurance options, and their quick-quote tool makes it easy to get an idea of what you will pay.

However, if you need an Indexed Universal Life Insurance policy, Accordia Life specializes in these types of policies.

They offer three different types of policies so you can accrue cash value at a rate you are comfortable with, with varying caps.

They also offer a plethora of annuities, so if you want to diversify your portfolio, they will provide you with more options than Haven Life.

Once you know which type of life insurance you need, it’s easier to decide which company will fit your needs.

Maybe neither of these companies seems quite right for you. Enter your ZIP code below to find quotes from several companies that might better suit your needs.

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