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Global Atlantic Financial Group life insurance review 2019
Katia Iervasi is a writer from sunny Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls New York home. With a journalistic eye for detail, she navigates insurance, mortgages and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
What types of life insurance does Global Atlantic offer?
Global Atlantic sells both term and permanent policies, and specializes in indexed variable life insurance.
The simplest and cheapest policy, term life provides coverage for a set period of time — in this case, 10, 20 or 30 years. Global Atlantic also offers an annual renewable term life policy. The premium stays the same for the 10-, 20- and 30-year terms, while the year-on-year rate typically increases with the annual renewable term policy. All term policies can be converted to permanent life insurance.
Global Atlantic has one universal life policy: Lifetime Assure UL.
This policy provides lifetime coverage and death benefits, and becomes a cash asset over time. Universal life payments are flexible, rather than set at a dollar amount, which is ideal for those who foresee income fluctuations or can’t commit to paying the same amount every month.
The cash value of the policy can also be tapped into during your lifetime, with interest.
This provider has three indexed universal life insurance policies for individuals: Lifetime Foundation Elite, Lifetime Provider and Lifetime Builder Elite.
Like the universal life policies, these are financial assets that offer lifelong protection. The main difference is that the cash accumulation portion of your policy is tied to an index, like the S&P 500, which may boost its cash value.
Global Atlantic also has an indexed life insurance policy for couples. Survivorship Builder insures two people on one policy. The death benefit is paid out after the second person passes away.
Also known as funeral insurance, this whole life policy is available through funeral homes, and sold when you make funeral plans. When you die, your policy will pay out the benefit to the funeral home so they can carry out the wishes laid out in your contract.
Global Atlantic has another funeral planning product called TrustGuard Gold. Designed for those who want to set aside funds for their final expenses and leave a legacy, it combines whole life coverage with a Funeral Expense Trust or Estate Planning Trust. If you’re interested in this, you’ll need to speak to an insurance agent.
Eligible applicants between 18 and 60 years old can get up to $1,000,000 in coverage without a medical exam. The Fast Lane underwriting program is available on all individual products except Accordia Life’s Survivorship Builder.
What riders can I add to my life insurance policy?
Depending on your policy, you may be able to customize your coverage with the following riders:
Wellness for Life Rider
Accelerated Access Rider
Overloan Protection Rider
Primary Insured Rider
Additional Insured Rider
Children’s Insurance Rider
Accidental Death Benefit Rider
Terminal Illness Accelerated Death Benefit Rider
Return of Premium Rider
Waiver of Monthly Deductions Rider
Waiver of Premium Rider
Waiver of Surrender Charge due to Confinement Rider
Guaranteed Purchase Option Rider
These riders only apply to the Survivorship Builder policy:
Policy Split Rider
First to Die Rider
Survivor Insured Rider
Estate Protection Rider
What is the Global Atlantic Wellness for Life rider?
Available on permanent policies, the goal of this rider is to reward those who maintain healthy lifestyles. Add it to your policy and you’ll score a discount for visiting the doctor once every two years. If you get a clean bill of health and you’ve stayed within your weight range as determined by your policy, you’ll earn a further discount on your premium. This feature also grants you access to the Ask Mayo Clinic 24-hour nurse line.
How can I get the lowest rate?
The rate you’re offered reflects your age, health, lifestyle, occupation and hobbies, as well as the length and amount of coverage. To protect themselves, insurers reserve their best rates for the least risky applicants.
At Global Atlantic, underwriters consider the following factors:
Tobacco use. To reach the Premier or Preferred rate classes, you must be a non-smoker — though up to four celebratory cigars are allowed per month.
Age. Young, healthy applicants usually pay lower premiums.
Driving record. For the best rates, your recent record must be free of moving violations, DUIs and reckless driving.
Criminal history. Global Atlantic won’t accept applicants who are on probation, parole or currently serving time in prison.
Health. The insurer assesses your cholesterol, blood pressure, BMI and family medical history, and typically charges higher rates when there’s a history of cardiovascular disease, cancer, melanoma, strokes or diabetes.
Occupation. Firemen, loggers, war journalists and people with other dangerous jobs may pay higher premiums. However, if you’re a pilot, some states offer an Aviation Exclusion Rider.
Hazardous lifestyle. Do you drive race cars or count skydiving, scuba diving and rock climbing among your hobbies? You may be charged higher rates.
Alcohol and drugs. To enter the highest rate classes, you must have no history of alcohol or drug abuse or treatment within the past 10 years.
Pros and cons of Global Atlantic life insurance
Long list of riders. You can dress up your policy with a range of riders, including Global Atlantic’s exclusive Wellness for Life rider.
Life Credits on permanent policies. If you’re under 80 and meet the health requirements, the underwriters will automatically apply credits to your account. These credits may nudge you toward a higher rate class.
Fast Lane underwriting. Eligible applicants can accelerate the process by skipping the full medical exam. They’ll still need to schedule a Tele-med phone interview.
Multiple ways to pay. Choose to pay your premiums via Bill Pay, checks or credit cards.
Financial strength. Global Atlantic holds an A (Excellent) rating with A.M. Best, which points to its ability to pay out claims.
Can’t apply online. You’ll need to call or visit a local office to apply for life insurance.
Outdated claims process. You can’t file a claim online.
No live chat. Global Atlantic doesn’t offer real-time help on its site.
Limited whole life policies. There’s only one whole life policy on offer, and its purely for covering funeral expenses.
Compare life insurance companies like Global Atlantic Financial Group
Global Atlantic reviews and complaints
Global Atlantic Financial group isn’t accredited with the Better Business Bureau, but it does have an A+ rating for its operations and customer service. The BBB has recorded just three complaints in the past three years and customers have awarded the company a three-star rating.
Its subsidiaries aren’t BBB-accredited, either. On its own, Accordia Life Insurance & Annuity Co has a C rating with the BBB. Customers filed 37 complaints over the past three years, most of which related to problems with the product, service, billing and collection.
Like its parent company, Forethought Life Insurance Company has earned three stars from customers and an A+ BBB rating.
How do I sign up?
To get a quote or apply for a policy, call 877-462-8992.
Alternatively, you can call a local life insurance agent. Global Atlantic has offices in Iowa, Georgia, Indiana, Pennsylvania, Massachusetts, New York, Connecticut and Texas.
I’ve signed up. What happens next?
The approval process typically takes three to four weeks, which factors in time for a full paramedical exam.
If you’re eligible for Global Atlantic’s accelerated underwriting program, Fast Lane, the total turnaround time after the phone interview is one to two business days.
More about Global Atlantic
Global Atlantic is a multiline insurer that was founded by Goldman Sachs in 2004 before breaking away to become an independent company in 2013. Since then, it’s acquired several subsidiaries. These include Accordia Life & Annuity Co, which issues its term, universal and indexed universal life insurance, while Forethought Life Insurance Company writes its whole life policies for funeral expenses.
Aside from life insurance, Global Atlantic sells annuities and offers retirement and financial planning. It has over $40 billion in assets and holds an A (Excellent) rating with A.M. Best.
If you have complex needs or you’re in the market for a permanent policy, it may be worth checking out Global Atlantic. Along with a range of riders, it offers four indexed universal life policies and funeral planning products that can ease the burden on your family when you’re gone.
Fax. Need to fax over documents? The number is 800-262-6876.
Email. Send a message to email@example.com
Office visit. Global Atlantic has life insurance agents at its offices in Iowa, Georgia, Indiana, Pennsylvania, Massachusetts, New York, Connecticut and Texas.
Mail. Address mail to: Accordia Life P.O. Box 305030 Nashville, TN 37230
For overnight mail, the address is: Accordia Life 100 Centerview Drive, Suite 100 Nashville, TN 37214
You’ll need to call customer service at 877-462-8992. To be transferred to the claims department, press option 2, then option 3.
The life insurance policies are issued by its subsidiaries: Accordia Life and Annuity Company and Forethought Life Insurance Company.
Yes. You can update your beneficiary at any time by submitting the Change of Beneficiary form, which you’ll find online.
Along with life insurance, Global Atlantic offers annuities and retirement and financial planning.
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