Fidelity Life insurance review

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Fidelity Life has been selling life insurance policies since 1896. As of 2020, the company has an impressive $421 million in assets and has an A- rating from AM Best, indicating excellent financial strength.

Fidelity Life, which is not associated with Fidelity Investments, offers multiple policies and a variety of riders. In this article, we’re going to look at the life insurance policies available through Fidelity Life, and explain who should consider a policy from this company.

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 will finalize your coverage and approve your policy within minutes.

Fidelity Life insurance gives you up to six months to complete a medical exam, and if you’re young and healthy, the company may waive your medical exam altogether.

Types of life insurance policies offered

Here are the types of life insurance policies available from Fidelity Life.

Term life insurance

  • 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 $250,000. A 10-year term life insurance policy from Fidelity Life starts at $13.27 per month according to its website.
  • RAPIDecision® Express: The RAPIDecision® Express policy is a type of term life insurance that requires no medical exam, no health history questionnaire and no waiting period. It’s ideal for people between 18-65 who want coverage that is not medically underwritten. You can get coverage for $25,000 to $100,000, with a term period of 10-30 years.
  • 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 will never change.

Permanent life insurance

  • 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 can benefit from RAPIDecision® Guaranteed Issue. You can get up to $25,000 in guaranteed coverage with level premiums, and best of all, you don’t have 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 can 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.

Endorsements

  • Accidental Death Benefit Coverage: Fidelity Life offers a standalone policy for accidental death benefit coverage. This product will provide a payout to your beneficiaries if your death is the result of a covered accident. You can buy coverage between 20-59 years old, with coverage ranging from $50,000 to $300,000.

Fidelity Life ratings, reviews, customer satisfaction and complaints

Organization Fidelity Life Rating
AM Best A- (Excellent)
Better Business Bureau (BBB) A+
NAIC Complaint Index 1.43 (above average)

Fidelity Life insurance reviews show excellent financial strength, with an A- rating from AM Best. The company has an outstanding A+ rating from the BBB, but only a one-star rating based on 11 customer reviews. Many customers complained about spam phone calls, poor customer service, and spotty claims handling. These issues are also reflected in Fidelity Life’s NAIC Complaint Index score of 1.43, which is considered above average for the insurance industry.

Reasons why Fidelity Life is a great option

There are a few reasons why Fidelity Life is a great option. The biggest upside is the fact that you can 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 also offers a wide range of coverage options, for both older and younger people. Fidelity Life 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 policy to take a medical exam, which is pretty much unheard of and is a convenient option for many people.

The biggest downside to Fidelity Life is that the customer service is somewhat lacking. The BBB and NAIC Complaint Index ratings suggest that Fidelity Life doesn’t have the friendliest agents or the best 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 doesn’t offer any policies besides life insurance.

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, how much you can afford to pay, and much more. 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, where you live, and your credit score. 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.