≡ Menu

≡ Menu

Fidelity Life Insurance Review

Fidelity Life Insurance review

In our opinion, Fidelity Life insurance is a fantastic carrier, which is why we have included it in our review of the best no exam life insurance companies. But just because they are a great company doesn’t mean that they’re going to be the best company for you!

So, before you make any decisions, let’s take a look at  Fidelity’s history, its ratings, and its impressive life insurance policies. Then you can decide whether or not you want to give them a try.

Compare over 50 top life insurance companies instantly.
Simply select two companies and click COMPARE.

About Fidelity Life Insurance

Fidelity Life was founded in 1896 under the name Mystic Workers of the World. Originally, it was a fraternal benefit society with the goal of protecting the finances of the middle class. After its launch in the Northern states and the Midwest, the company enjoyed a strong start, with $100 million of life insurance in force by 1915.

In 1953, Fidelity Life became a mutual legal reserve company for over fifty years, before reverting back to an independent company in 2005. Today, Fidelity Life is present throughout the United States, with the exception of New York and Wyoming, and provides around $26 billion worth of life insurance to millions of Americans. As we will explore in this review, they offer various life insurance policy types to suit your needs. But first, let’s take a look at their official ratings!

Fidelity Life Official Ratings

When researching life insurance companies, it’s important to start with a reliable source, and A.M. Best has been rating insurance companies for many years. By assessing the financial capability of a company and its ability to pay claims, policyholders can be protected in the long run. Fidelity Life received an ‘Excellent’ (A-) rating at the beginning of 2017, and as of April 2020, they continue to maintain an A- rating from A.M. Best.

This high rating is a testament to their financial strength, which has steadily risen over the years. In addition, Fidelity Life’s ‘Long-Term Issuer Credit Rating’ received a similar rating of ‘a-‘. This not only indicates their current financial position, but also suggests that they will maintain this position for the foreseeable future.

Beyond financial stability, good customer service is essential for a satisfying experience. The Better Business Bureau (BBB) is a trusted agency with years of experience rating insurance companies. By considering a number of different issues, including complaint history, commitment honoring, and business practices, they provide a great way to learn more.

Fidelity Life received an ‘A+’ rating from the BBB, the highest possible rating, indicating that they scored over 97 out of 100. This high rating confirms that they are a trustworthy company that interacts well with customers and has a solid financial backing to pay all claims. With this information, we can now examine their products with confidence.

Fidelity Life Insurance Policies

Overall, Fidelity Life offers a wide array of products and they all center around their ‘RapidDecision’ series, which includes term life and permanent life insurance options.

To make things easier, you will see the options below along with a brief summary of each. From here, you should see whether any suit your needs both now and for the future.

RapidDecision Life – First up, this is somewhat of a combination between the accidental death benefit rider we see for other policies and a level premium term life policy. After answering some simple questions about your health, you should hear back within two days and the death benefit will be in place for the beneficiary.

Although the policy likes to make the application process easy so you can have it in place within a matter of days, you will have an opportunity to take a medical examination up to six months after the installation and this could see certain parts of your coverage change and increase at no cost to yourself. If your health is better than first thought, benefits will be seen but poorer health will not lead to any changes.

RapidDecision Express – Without having to talk to anyone during the application process, this is one of the quickest application processes in the industry thanks to their ‘Rapid App’ system. Rather than undergoing the usual waiting period, you will have the policy in days after answering 9 simple questions relating to health and lifestyle, in addition to the company taking a look at the MIB, Rx database and MVR database checks. Again, it is a simplified issue term life insurance policy and the death benefit will remain the same for the term duration. After this, the premiums are also guaranteed for 10, 15, 20, or 30 years.

RapidDecision Senior Life – Designed for the older applicant, there are two options here depending on whether you need term life or whole life insurance. For the term life option, it is available for all those between 50 and 70 and you could receive face amounts of up to $150,000. Depending on your age, the length will be 10, 20, or 30 years and the death benefit cuts in half once the term is over.

For the more permanent life insurance option, it is available to you if you are between 50 and 85 and the face amounts are the same. At the age of 121, the policy will mature and the full death benefit is available from the start of year three.

Although it does not currently make our top 10 best final expense and burial insurance companies list, the below final expense and guaranteed issue policies are great options for covering final expenses and burial costs.

RapidDecision Final Expense – If you’re looking to protect your family by providing funeral costs, medical bills, and any other expenses that arise towards the end of life, this is a great option. Available with coverage up to $35,000 and for those aged between 50 and 85, there is no medical examination necessary but just a few questions. After it has been approved, the coverage will stay in place assuming that the premiums are paid.

RapidDecision Guaranteed Issue – In the penultimate Fidelity Life policy, we have a guaranteed option where coverage can reach $20,000. As long as you are between 50 and 85, there is no medical exam nor any health questions so therefore no underwriting process. As a whole life option, there will be an opportunity to grow the cash value component and the full death benefit is available in the fourth year.

RapidDecision Accidental Death Benefit – Finally, this policy is exactly as advertised in that you can have a death benefit ready in case of accidental death. Coverage available between 20 and 59, it is limited to $250,000 and a minimum of $50,000 but it gives peace of mind for dangerous industries. However, there are some exceptions including war, suicide, and deaths relating to drugs or alcohol. It even has a return of premium option for those that want their money back upon expiration.

Fidelity Life Insurance Riders

All things considered, Fidelity Life is a strong insurance company and they have many different products as you can see. In addition to the base products, there will be opportunities to add life insurance riders.

Dependent Child Rider: additional coverage for each of your kids up to $25,000.

Accidental Death Benefit Rider: From $25,000 to $250,000 additional death benefit payout if death is due to an accidental death.

Final thoughts…

Based on the information presented in this review, Fidelity Life appears to be a reliable and trustworthy life insurance company with a long history and strong financial standing. Their A- rating from A.M. Best and A+ rating from the Better Business Bureau indicate that they have a solid track record of paying claims and providing excellent customer service. Additionally, Fidelity Life offers a variety of life insurance policies to meet different needs.

However, it’s important to remember that everyone’s situation is unique and what works for one person may not work for another. It’s always a good idea to do some shopping around and compare policies and prices from different companies to find the best fit for your individual needs. While Fidelity Life may be a great option, it’s important to explore all your options before making a final decision. By doing your research and working with a trusted insurance agent, you can find the right life insurance policy to protect you and your loved ones.

0 comments… add one

Leave a Comment