Fidelity Life is a fantastic carrier and we included it our review of the best no exam life insurance companies. In the following Fidelity Life review, we will discuss the company history, its ratings and its awesome life insurance policies. Is Fidelity Life right for you?
Review of Fidelity Life Insurance Company
About Fidelity Life
Founded in 1896 as the Mystic Workers of the World, Fidelity Life has gone through many changes through the years (not least the name!). Originally, it was a fraternal benefit society that had an aim of protecting the finances of the middle class. After launching in the Northern states as well as the Midwest, they enjoyed a strong start and had $100 million of life insurance in force by 1915.
For over fifty years from 1953, they were actually a mutual legal reserve company but then reverted back to an independent company in 2005. Nowadays, they are seen all across the US (except New York and Wyoming) and have around $26 billion worth of life insurance for millions of Americans. As we will see today, they have a number of life insurance policy types depending on your needs but first let’s look into their official ratings!
Fidelity Life Official Ratings
When looking into life insurance companies, a good starting point for their reliability is A.M. Best because they have been rating insurance companies for many years. When reviewing, they assess the financial capability of the company and how strong they are to pay all claims and keep policyholders protected.
At the beginning of 2017, Fidelity Life were awarded a rating of ‘Excellent’ (A-) which is fantastic news. As of April 2020, Fidelity Life continues to maintain an A- rating from A.M. Best.
With such a good rating, you can be sure that they will pay claims and overcome any difficulties seen within the economy. Ultimately, this backs up their long history and the rating has steadily risen over the years. Furthermore, we can also see the ‘Long-Term Issuer Credit Rating’ which had a similar rating of ‘a-’. Not only can you be confident of their financial position now, it is set to stay this way for some time to come.
After the finances, we need some way of assessing how you will be treated as a customer. Regardless of how good a company’s products may be, poor customer service could leave you feeling disappointed so we are going to use the Better Business Bureau (BBB). Once again, they are a trusted agency with years of experience when it comes to rating insurance companies. Considering they take a number of different issues into account when rating – including the complaint history, how well they honor commitments, and their business practices – this is a great way to learn more.
Immediately, we can see that Fidelity Life has been given an ‘A+’ rating which, as you can probably tell, is a strong one. As the BBB use a grading system, A+ tells us that they scored over 97 out of 100 and therefore earned the highest rating possible. With this in mind, they are a trustworthy company, they interact with customers when required, and they have a solid financial backing to pay all claims. Now, we can look ahead to the products without too much concern!
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.
Fidelity Life Review Conclusion
Fidelity Life offers a great product line for anyone seeking life insurance without having to go the traditional route. While it may not be for everyone, Fidelity has a wide array of simplified issue policies.
At InsuranceBrokersUSA, we are a life insurance broker that works with many top rated life insurance companies. Our goal is to align each client with the company that best fits your need, goals and objectives. If you are interested in learning more about Fidelity Life or any of the many other life insurance companies we represent, please give us a call today for a free life insurance consultation.