Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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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: Mar 26, 2021

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The Facts of Life

  • Banner is rated higher than Accordia Life
  • Accordia Life offers more permanent life insurance options
  • Banner has had far fewer complaints

While Accordia Life and Banner offer term life insurance, Accordia Life offers more permanent options than its competitor. Banner offers more term life options but only provides universal life coverage to customers.

Comparing Accordia Life vs. Banner will help you discover more about the details of these plans.

Banner is rated higher by trusted rating agencies and has received far fewer customer complaints. Despite not offering the same options as Accordia Life, the ratings and lack of complaints should be taken into consideration when comparing these two providers.

To compare companies other than Accordia Life and Banner, enter your ZIP code to find the best life insurance quotes in your area.

Accordia Life vs. Banner: How are they rated?

Accordia Life and Banner have been rated by some of the most trusted rating agencies in the industry. These ratings determine the financial stability of the companies. This informs customers of the likelihood that the company will be able to provide a payout when a claim is filed.

Accordia Life insurance has received an “A” by A.M. Best, an “A-” by S&P, an “A” by Fitch, and an “A3” by Moody’s.

These ratings are not at the top of each agency’s scale but are considered strong. The rating provided by S&P says that Accordia Life could have trouble providing a payout in certain circumstances.

Banner Life Insurance has received some of the best ratings in the industry. They received an “A+” by A.M. Best, an “AA-” by S&P, and an “AA-” by Fitch. The rating provided by A.M. Best is at the top of the scale. The ratings assigned by S&P and Fitch are the fourth-highest possible.

These ratings show that both companies are financially stable and should be able to provide a payout whenever a claim is filed.

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Accordia Life vs. Banner: Have complaints been made?

The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) allow customers of life insurance providers to list complaints on their websites.

These complaints allow potential customers to determine the quality of service they’ll receive and remain available for three years.

The BBB has received 45 complaints about Accordia Life over the past three years. However, the BBB has rated the provider an “A” based on its business practices and complaint history. Accordia Life has an NAIC complaint index of 3.66, much higher than the national average of 1.00.

Only four complaints have been made to the BBB about Banner Life. This number, combined with its business practices, has resulted in the provider being rated an “A+” by the BBB. The NAIC complaint index for Banner Life is a very low 0.09, signifying far fewer complaints than competitors.

Accordia Life vs. Banner: What policies are available?

Accordia Life and Banner offer term life and permanent life insurance options. However, Accordia Life offers more permanent life options. While Banner only offers universal life coverage, Accordia Life offers universal life, indexed universal life, and whole life insurance.

Accordia Life offers term life insurance coverage in 10, 15, 20, 25, and 30-year terms. This type of insurance starts at a $50,000 value, less than the lowest possible coverage by most competitors. This could be important for those looking for less coverage or lower monthly rates.

In terms of permanent options, Accordia Life offers whole life, universal life, and indexed universal life coverage.

The primary difference between these types of life insurance is that whole life has fixed premiums, universal life has flexible premiums, and indexed universal life features a cash value based on popular stock indexes.

Banner offers term life policies in 10, 15, 20, 25, 30, 35, and 40-year terms. This is a larger range of length options than Accordia Life and most competitors. However, the value of these coverages starts at $100,000.

While more than Accordia Life, this is the starting value for most life insurance providers.

Banner offers more term life options than Accordia Life, but they have fewer permanent life options. The only permanent life policy available is universal life, which starts at $50,000 and is available to those between the ages of 20 and 85 years of age.

Accordia Life vs. Banner: What riders are available?

Most life insurance providers offer various options that can be added to a policy. Commonly referred to as riders, these options are either automatically included or can be added for an additional premium. Accordia Life and Banner both offer multiple riders to customers.

Both companies include an accelerated death benefits rider with their universal life coverage. This is a common inclusion with permanent life insurance, allowing a policyholder access to their death benefit before death if they suffer from a critical, chronic, or terminal illness.

Other riders are available as options for an additional premium. Optional riders offered by Accordia Life include:

  • Primary insured
  • Additional insured
  • Guaranteed purchase options
  • Children’s insurance
  • Accidental death benefit
  • Waiver of monthly deduction
  • Waiver of a specified premium

Optional riders offered by Banner include:

  • Child protection
  • Disability waiver of premium

While both providers offer multiple optional riders, Accordia Life has more options than Banner.

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Accordia Life vs. Banner: What should you expect when applying for coverage?

Applying for Accordia Life insurance can be done by phone or through its website. Customers can also receive approval, make policy changes, and make payments through an online portal. Customers might be required to take a medical examination before approval but not before applying.

Banner allows customers to make changes to a policy and make payments online but must call to purchase a policy. Once a policy has been purchased, customers can access their account online by entering their Banner Life Insurance login.

Accordia Life vs. Banner: History

The Accordia Life and Annuity Company originated as Aviva USA and was owned by Athene. In 2013, the life insurance provider was purchased by Global Atlantic and turned into its life insurance subsidiary. Today, Global Atlantic has various subsidiaries that provide different types of insurance.

The Banner Life Insurance Company was founded in 1949 by Legal and General America. Headquartered in Frederick, MD, the company provides life insurance products to 49 states, while its sister company, William Penn, serves New York.

Accordia Life vs. Banner: The Bottom Line

When comparing Accordia Life vs. Banner, the decision will likely come down to the type of policy you desire. Banner offers a greater range of term life options, though Accordia Life has a lower starting value. For those looking at permanent options, Accordia Life offers a greater choice.

Regardless of the type of policy you choose, affordable Accordia Life insurance rates and affordable Banner Life insurance rates are possible.

Now that you’ve compared Accordia Life vs. Banner, enter your ZIP code to compare the top life insurance rates in your area.

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Accordia Life vs. Banner: Frequently Asked Questions

Here are some frequently asked questions about life insurance.

#1 – What are high-risk categories?

Policyholders in high-risk categories can expect to pay higher premiums. Some of these high-risk categories include smokers, diabetics, and overweight applicants.

#2 – Do Accordia Life or Banner have mobile applications?

Neither Accordia Life nor Banner have mobile apps but both have mobile-friendly websites. This allows customers to access their accounts from anywhere.

#3 – Does Accordia Life or Banner require medical examinations?

Accordia Life and Banner might require a medical examination depending on the policy chosen and your health.