If you’re looking for a life insurance company with impressive financial strength, multiple policies, a variety of riders and useful online resources, you may be interested in Fidelity Life insurance policies.
Fidelity Life, which began selling insurance policies 1896, might be a great choice for customers looking for a well-established life insurance provider. However, be advised that Fidelity Life has a higher than average National Association of Insurance Commissioners (NAIC) complaint index, so before you purchase a policy, you may want to analyze the pros and cons.
Fidelity Life insurance
If you’re in the market for life insurance, Fidelity Life probably has a policy that will suit your needs. The company is known for its RAPIDecision policies, which offer coverage on the same day you apply or within a few days after. After getting a quote online, an agent can finalize your coverage and approve your policy within minutes. Fidelity Life policies can start as low as $15 a month.
Fidelity Life insurance gives you up to six months to complete a medical exam for its term life policies, and if you’re healthy, the company may waive your medical exam altogether.
Types of life insurance policies offered
- RAPIDecision Life: Fidelity Life’s RAPIDecision Life is a term life insurance policy available for 10, 15, 20 or 30 years. Premiums stay the same for the duration of the policy term and offer coverage up to $1 million. A 10-year term life insurance policy from Fidelity Life starts at $18.49 per month for coverage up to $250,0000.
- RAPIDecision Senior Life: If you’re between 50-70 years old, Fidelity Life’s RAPIDecision Senior Life insurance might be a good option for you. It’s a term life policy that offers coverage for $10,000 to $150,000, with a term period of 10, 20, or 30 years. Policies expire at age 80 or after the term period is up, and your premium stays the same.
- RAPIDecision Final Expense: Fidelity Life’s RAPIDecision Final Expense insurance can be used to cover end-of-life expenses, like final medical bills and funeral costs. This policy offers coverage for $5,000 to $35,000 with level premiums and no medical exam.
- RAPIDecision Guaranteed Issue: People between the ages of 50-85 who have some pre-existing health conditions could benefit from RAPIDecision Guaranteed Issue. You could get up to $25,000 in guaranteed coverage with level premiums without having to meet any health qualifications.
- RAPIDecision Senior Whole Life: RAPIDecision Senior Whole Life is a type of permanent life insurance that is designed for people between the ages of 50-85. You could get coverage from $10,000 to $150,000 and there is a cash value component. This type of policy doesn’t require a full medical exam, but it does require a short health questionnaire.
Where does Fidelity Life operate?
Fidelity Life operates in 48 states and the District of Columbia. The company does not provide policies to residents of Wyoming and New York. Some policy offerings may not be available in all states. Check with your insurance agent to see what limitations may apply to you.
Fidelity Life ratings, reviews, customer satisfaction and complaints
Fidelity Life insurance reviews show excellent financial strength, with an A- (Excellent) rating from AM Best. In terms of customer service, Fidelity Life’s NAIC Complaint Index score may raise some red flags. Its complaint score of 2.84 means the company receives nearly three times as many complaints compared to the insurance industry average of 1.0.
Fidelity Life does not offer an app on the App Store or Google Play.
Reasons why Fidelity Life is a good option
There are a few reasons why Fidelity Life may be a good option for some policyholders. The biggest upside is the fact that you could get same-day coverage with no waiting period. With most life insurance companies, you have to wait at least several weeks between the time you apply and the date your coverage starts.
Fidelity Life also offers a wide range of coverage options for both older and younger people. The company has several policies that are available for people up to age 85, which is uncommon for life insurance. You also have up to six months after buying a term policy to take a medical exam, which is an uncommon option among insurance providers.
One of the most notable downsides to Fidelity Life is that the customer service may be lacking. The NAIC Complaint Index ratings suggest that Fidelity Life may not have the most satisfactory agents or claims handling process. If you care about getting high-quality service, you might want to consider another provider.
Additional policies offered Fidelity Life
Fidelity Life offers a standalone accident death benefit policy, which provides a payout to your beneficiaries if your death is the result of a covered accident. You could buy coverage between 20-59 years old, with coverage ranging from $50,000 to $300,000.
Additionally, Fidelity Life also offers several different riders, including:
- Accidental death benefit rider
- Family Accidental Death Benefit Rider
- Terminal Illness Rider
- Child Rider
- Inflation Rider
- Return of Premium Insurance Rider
Frequently asked questions
What is the best life insurance company?
The best life insurance company is different for everyone. It depends on where you live, what you’re looking for, what type of coverage you need and how much you can afford to pay. Your best option is to shop around and evaluate multiple different providers to see which one meets all of your needs.
How much does life insurance cost?
The cost of life insurance varies based on a number of factors. Some of these factors include your age, your current health condition, the type of policy you have, the amount of coverage you have and where you live. Some companies, like Fidelity Life, allow you to get an instant rate estimate online by providing some basic information.
What does life insurance cover?
Different life insurance policies cover different things, but it’s mainly used to financially support your loved ones after you pass away. Whole life insurance policies that have a cash value component can be used as supplemental income during retirement. Some policies, like final expense insurance, are used to cover end-of-life expenses, like a funeral.