Fidelity Life Insurance Review

#7 in Life Insurance

Background-Fidelity Life Insurance

Established in 1896, Fidelity Life has been providing life insurance policies geared toward the average Middle American consumer for over 100 years. To that end the company strives to offer affordable and valuable life insurance products with an eye on the financial constraints many middle class American families are under. Fidelity Life's RAPIDecision line of policies include term and whole life offering that are designed for quickest possible approval.

Fidelity Life provides an online quote tool where you can get a quote in approximately 2 minutes, and some policies can be approved in as little as 24 hours. What's more, many of the company's policies do not require a medical exam, relying on the customer's answers to medical questions and information from database sources. Fidelity Life is licensed to do business in all states with the exception of Wyoming and New York.

Company Reputation

Fidelity Life Association has a solid financial reputation and has been doing business for over 100 years. The company carries a Better Business Bureau accreditation of A+. As of 2015 Fidelity Life had $421.2M in assets and $28.6B in life insurance policies.

Fidelity Life Association’s Financial Strength Ratings: 

Standard and Poor’s

n/a

Moody’s Rating

n/a

A.M. Best FSR

A-

Fitch Ratings

n/a

Policies

Fidelity Life Insurance offers a mix of term and whole plans aimed to benefit your everyday middle American family. The company emphasizes speed of approval and is able to serve up some of the fastest policies in the industry. The quickest is the Fidelity's RAPIDecision Life, which is essentially a hybrid of level term life and accidental death benefit policies. With RAPIDecision Life you can get covered for amounts up to $1,000,000 in as little as 24-48 hours. With this plan, though, you will need to undergo a health examination within 6 months. Depending on the result, Fidelity Life may adjust the blend of coverage but your benefits will not change for the term you've selected. Other policies offered by Fidelity Life include:

RAPIDecision Express

 

Issue Age

18-65

Terms

10, 15, 20 or 30 years

Coverage Limits

$50,000-$250,000

Guaranteed level premiums

Yes, for initial term

Guaranteed renewal rates

Yes

Guaranteed Renewability

Yes, until age 95

Medical Exam

Not required

 

RAPIDecision Senior Life

TERM

Issue Age

50-70

Terms

10, 20 or 30 years

Coverage Limits

$10,000 to $250,000

Guaranteed level premiums

Yes, for life of policy

Renewability

Death benefit reduces by 50% at the end of level term

Medical Exam

Not required

RAPIDecision Senior Life

WHOLE

Issue Age

50-85

Terms

Not applicable, full death benefit paid after year 3 regardless of age or cause.

Coverage Limits

$10,000 to $250,000

Guaranteed level premiums

Yes, for life

Renewability

Not applicable, continue to pay premium for life, full death benefit paid after year 3 regardless of age or cause. Policy matures at age 121.

Medical Exam

Will occasionally be required to clarify items in medical history.

Additional Features

Fidelity Life can offer the following add-on features to your plan depending on your chosen policy:

Accidental Death Benefit
Waiver of Premium
Return of Premium
Dependent Child
College Fund Benefit Rider-
Inflation Rider

Help and Support

Fidelity Life customer service representatives can be reached by phone during hours of operation from 8:00am to 5:00pm Central Time. The company is also reachable by email and by written correspondence. 

Online Presence

Fidelity Life offers an easy-to-use online tool that can provide you with quotes in minutes. The company also offers a FAQ, Glossary of terms, and downloadable forms sections. There's some information aimed at educating the consumer on the subject of life insurance but it is limited.

Fidelity Life Insurance – Final Thoughts

Fidelity Life is a good choice for life insurance if you are looking to get an uncomplicated policy fast. It is also a particularly good choice for seniors as many of the company's policies are geared toward those over 50 and do not require medical exams. Fidelity Life's offerings are stripped down and easy to understand compared to the sometimes confusing and intricate arrays of policies, and policy options offered by some of the bigger names in life insurance. With its emphasis on simplicity and utility, Fidelity Life is well situated in the next generation or life insurance providers.

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