Universal life is the policy type that most often ends up in front of a settlement broker, and the reason is structural rather than emotional. A universal life contract is a bucket of money paying a rising monthly charge. When the charge grows faster than the money, the policy starts running out of room, and the owner is forced into a decision they never planned on.
If the carrier is Global Atlantic, that decision comes with an extra layer: figuring out which company actually administers the contract. This page walks through the servicing history, the mechanics of cost of insurance, and the one document that decides almost everything. It is education only. Pine Lake Life Solutions does not purchase policies, is not affiliated with Global Atlantic or its insurance subsidiaries, and does not give legal, tax or investment advice.
In This Article
- Accordia Life, Not Global Atlantic, Is Probably the Name on the Contract
- Why Universal Life Is the Policy Type Most Often Sold
- Cost of Insurance: How a Universal Life Policy Runs Out of Room
- The In-Force Illustration Is the Document That Decides Everything
- The Block Conversion of 2016 and Why Your Records Deserve a Second Look
- Change of Ownership and the Paper Trail a Settlement Requires
- A Free Policy Review Is the Only Thing Pine Lake Asks For
- Frequently Asked Questions
Accordia Life, Not Global Atlantic, Is Probably the Name on the Contract
Global Atlantic is a holding structure, not a single insurer. Individual universal life policies under that umbrella are commonly issued by Accordia Life and Annuity Company, NAIC number 62200, based in Des Moines, Iowa. An Illinois Department of Insurance market conduct examination report on Accordia, closed by the Department on August 3, 2021, describes the company as offering “traditional life insurance products, including individual, company-owned and bank-owned indexed universal life, universal life, and term life products.”
The same report sets out the ownership chain: Accordia was formerly Presidential Life Insurance Company – USA, re-domesticated from Delaware to Iowa effective July 22, 2013, with Commonwealth Annuity and Life Insurance Company acquiring all of its common stock from Athene Holding Ltd. on September 30, 2013. Global Atlantic’s own history page adds that the group began in 2004 as Goldman Sachs Reinsurance Group, separated as an independent company in 2013, and that KKR moved from majority owner in 2021 to 100 percent owner in 2024.
When you call, ask for the Accordia service file and confirm the issuing company printed on page one of your contract.
Why Universal Life Is the Policy Type Most Often Sold
Whole life has a guaranteed cash value and a guaranteed premium. Term has neither cash value nor an open-ended obligation. Universal life sits in the middle, and that middle is where the problems live.
A universal life policy is flexible by design. You can pay more, pay less, or skip a payment, and the account value absorbs the difference. The trouble is that flexibility is symmetrical. Every month the carrier deducts a cost of insurance charge and expense charges from the account value. Those charges are based on the amount of coverage at risk and the insured’s attained age, so they rise every year, often steeply after age seventy-five.
A policy funded in the 1990s at an assumed crediting rate that never materialized can be healthy for thirty years and then deteriorate quickly, with no warning in the contract. That is why universal life owners so often discover the problem through a premium notice rather than a deliberate review.
Cost of Insurance: How a Universal Life Policy Runs Out of Room
Three variables determine how long a universal life policy survives, and only one of them is under your control.
- Account value. What is actually in the policy today, after loans and surrender charges.
- Monthly deductions. Cost of insurance plus per-policy and per-thousand expense charges, which rise with attained age.
- Credited interest. What the carrier actually credits, which on older contracts is frequently the guaranteed minimum rather than the illustrated rate.
When deductions exceed credits, the account value falls. When it hits zero, the grace period starts, and after that the policy lapses and the death benefit is gone. Owners who paid faithfully for decades often assume that history protects them. It does not.
Some contracts also carry a no-lapse guarantee that keeps coverage in force even when the account value is exhausted, provided a cumulative premium test has been met. Whether yours has one is a contract question.
| Illustration scenario to request | What it answers |
|---|---|
| Current premium, current charges | How long coverage lasts if nothing changes |
| Current premium, guaranteed charges | The worst case the contract permits |
| Zero future premium | How long the account value alone carries the policy |
| Premium to endow or carry to age 100 | What it would cost to keep the policy for life |
| Minimum premium to avoid lapse for 5 years | The cheapest way to buy decision time |
The In-Force Illustration Is the Document That Decides Everything
An in-force illustration is a projection the carrier runs on your actual policy, using your actual values, showing how long the coverage lasts under a given premium pattern. It is the single most useful document you can request, and it costs nothing.
Order more than one scenario, because the question the service center answers by default is rarely yours.
Two cautions specific to universal life. First, ask that the illustration be run at current charges and guaranteed charges. The gap between the two is the risk you are actually carrying. Second, ask for the current cost of insurance scale and whether it has been increased on your product series. Carriers across the industry raised cost of insurance rates on older universal life blocks during the last decade, and owners generally learned about it after the fact.
The Block Conversion of 2016 and Why Your Records Deserve a Second Look
The Aviva USA life insurance business that became Accordia’s block did not move cleanly. Athene Holding acquired Aviva USA in 2013 and sold most of the United States life business to Global Atlantic. Per Athene’s filings with the Securities and Exchange Commission, Athene continued to administer that life insurance business during a transition period, with the final affected policies transferred to Accordia in early 2016, and the transition finalized in January of that year.
The conversion generated a well-documented volume of policyholder complaints. Athene’s filings disclose that from 2015 to 2018 the company and certain insurance subsidiaries experienced increased complaints related to the conversion and administration of that block, and that regulators including the New York State Department of Financial Services, the California Department of Insurance and the Texas Department of Insurance indicated they planned market conduct examinations or enforcement proceedings.
The Illinois market conduct examination of Accordia cited the company under 50 Illinois Administrative Code 1406.90(a) for failing “to have business practices in place to ensure accurate maintenance of policies during the conversion process of life insurance policies,” and separately cited a 22 percent error rate on providing annual statements, 24 errors in a 111-file sample drawn from a population of 9,697. None of that tells you anything is wrong with your specific policy. It does tell you to verify values in writing rather than assume.
Change of Ownership and the Paper Trail a Settlement Requires
If a settlement is ever going to happen, it happens through the carrier’s change of ownership process, not through a handshake. Global Atlantic publishes life insurance service forms including a form to transfer the ownership of a policy and a form to assign the rights and privileges of a policy.
Expect the servicing company to require the owner of record’s signature exactly as recorded, release of any existing collateral assignment, and in many cases a notarized or witnessed signature. Nothing is final until the service center acknowledges the change in writing. Global Atlantic’s contact page lists a Traditional Life Insurance service line at (877) 462-8992; verify the current number on the carrier’s own site before calling.
Build the paper trail early. Owners who wait routinely lose weeks to a stale owner-of-record entry.
A Free Policy Review Is the Only Thing Pine Lake Asks For
Pine Lake Life Solutions does not purchase policies. We are not affiliated with Global Atlantic, Accordia, Commonwealth Annuity, Forethought or KKR, and no carrier endorses us. What we offer is a free, no-obligation review: we read the contract, help you identify the servicing entity, and explain what the illustration is actually telling you.
We do not guarantee that any policy qualifies for anything, and we do not quote values in advance. Eligibility for a life settlement depends on the insured’s age and health, the policy type, the face amount and your state’s rules, and those are facts nobody can assess from a web page. Decisions about taxes, estate planning and Medicaid should go through your own licensed professionals.
On financial strength: AM Best announced on October 23, 2025 that it affirmed a Financial Strength Rating of A (Excellent) and Long-Term Issuer Credit Rating of “a+” for Accordia Life and Annuity Company and Forethought Life Insurance Company, with a stable outlook. Ratings change; confirm the current rating with AM Best.
Frequently Asked Questions
Which company services a Global Atlantic universal life policy?
Individual universal life under the Global Atlantic umbrella is commonly issued by Accordia Life and Annuity Company of Des Moines, Iowa, NAIC number 62200. The issuing company is printed on the first page of the contract, and that is the name to use when you call or write. Global Atlantic’s contact page lists a Traditional Life Insurance service line at (877) 462-8992, which you should confirm on the carrier’s site.
What is an in-force illustration and how do I get one?
It is a projection the carrier runs on your actual policy showing how long the death benefit lasts under a stated premium pattern. You request it from the servicing company at no cost, and you should ask for it at both current and guaranteed charges. Request it in writing so you have a dated record of what you asked for and what came back.
Can a universal life policy lapse even though I paid every premium billed?
Yes. Universal life bills a planned premium, not a required one, and the contract stays in force only while the account value covers the monthly deductions. If credited interest came in below the original illustration or cost of insurance charges rose, the account value can be exhausted despite a perfect payment history. That is the most common reason older universal life policies fail.
Does selling a universal life policy create a tax bill?
It can. The tax treatment of settlement proceeds involves cost basis, the amount received, and whether any portion is treated as ordinary income or capital gain, and outstanding policy loans complicate it further. Pine Lake does not provide tax advice. Ask your own tax professional and request the carrier’s recorded cost basis in writing before you make any decision.
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Related Reading
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- How To Read In Force Illustration
- How Long Policy Survive Without Premiums
- Carrier Change Of Ownership Requirements
- How Do Life Settlements Work
- Sell My Transamerica Universal Life Policy
Pine Lake Life Solutions does not purchase life insurance policies and does not provide legal, tax, or investment advice. Information provided is for educational purposes only. Eligibility for any option, including life settlements, is not guaranteed and depends on individual circumstances, policy terms, underwriting, and market conditions. Consult independent legal, tax, or financial professionals before making decisions regarding a life insurance policy.