Fidelity Life insurance review 2023

Based on Bankrate’s Fidelity Life insurance review, the company’s insurance offerings appear robust when benchmarked against the broader market. One standout feature is its focus on no-medical-exam policies, which could align with the needs of those seeking a swift and hassle-free underwriting process. This commitment to accessibility is further evidenced by its RAPIDecision policies, which streamline approval with a concise health questionnaire. Furthermore, its inclusive approach makes the company a notable option for older adults, emphasizing its versatility in serving various demographic needs.

Diving deeper, Fidelity Life operates primarily through digital channels, leveraging the efficiency of online systems. However, licensed agents are reachable by phone during business hours for those who prefer it.

Fidelity Life offers a few different types of life insurance, including term, guaranteed issue and whole:

• Term: Term policies may be best for people who need coverage for a specific period of time. For instance, parents may want to look into purchasing a term life policy that provides coverage while their children are young. This way, if the policyholder passes away during the term, they leave their beneficiary (their spouse, perhaps) some financial security to take care of their surviving children.
  
  Fidelity Life offers two term life policies. The first is called RAPIDecision Life, which is available for people between the ages of 18 to 65, with term lengths between 10 and 30 years and coverage ranging from $50,000 to $2 million. The other policy is called RAPIDecision Senior Life Term and is available to people between the ages of 50 and 70 with the same term length options. Fidelity Life’s senior term policies offer coverage ranging from $10,000 to $150,000. Both of these term life policies use simplified underwriting and don’t require a medical exam.
• Permanent: Permanent life insurance is an overarching term that encompasses whole and universal life policies. Unlike term life, permanent life insurance is intended to cover you for your entire life, as long as premiums are paid. Permanent life insurance is usually more expensive than term, but this type of policy often carries a cash value that has the potential to grow over time. Permanent life insurance may be best for people who want lifelong coverage with no worry of policy expiration.
  • Whole: Fidelity Life offers two types of permanent coverage. The RAPIDecision Senior Whole Life policy is available to people between the ages of 50 to 85, providing between $10,000 to $150,000 in coverage. This policy may build cash value and has fixed premiums for your lifetime.
    
    You could also purchase a RAPIDecision Final Expense policy, which can help cover funeral expenses and other end-of-life costs. It’s available for people between the ages of 50 to 85 and provides between $5,000 to $35,000 in coverage.
• Guaranteed: Guaranteed issue life insurance is another type of whole life insurance. However, the cash value that a guaranteed issue policy may accumulate is usually much smaller than other permanent life policies. Guaranteed issue coverage does not require a medical exam, so it can be a good option for people who have pre-existing health conditions that make it difficult to qualify for standard coverage.
  
  There is one guaranteed issue policy from Fidelity Life, called RAPIDecision Guaranteed Issue. It’s available for people between the ages of 50 to 85 and provides up to $25,000 in coverage.

Pros and cons of Fidelity Life insurance

Fidelity Life insurance endorsements

Although adding an endorsement, or rider, to your policy will likely increase the cost of your life insurance, doing so can help tailor your policy to meet your specific needs. One of the biggest perks of Fidelity Life is the diverse selection of life insurance endorsements the company offers, including:

• Accidental death benefit rider: Fidelity Life’s accidental death benefit rider is available to those 20 to 65 years old and could provide $50,000 to $300,000 in coverage. This rider can be added to term and whole life policies and may provide an extra payout if you pass away due to a covered accident (or within 90 days of a covered accident).
• Family accidental death benefit rider: While this endorsement only applies to Fidelity’s standalone accidental death benefit policy, this endorsement can extend coverage to your spouse or unmarried children under 23 years old.
• Terminal illness rider: A terminal illness rider allows you to access a portion of your death benefits while you are still alive if you are diagnosed with a terminal illness. Fidelity states that this rider may come with your life insurance policy at no additional cost.
• Child rider: You can add this rider to your term policy to carry $5,000 to $25,000 in life insurance coverage for your child (as long as they are between 15 days and 18 years old).
• Inflation rider: Fidelity’s inflation rider is another endorsement that applies to the company’s standalone accidental death benefit policy. This option will increase your death benefits by 25 percent by the sixth year you’ve held your policy to help keep up with inflation.
• Return of premium insurance rider: If you add this endorsement to your accidental death benefit policy, you may be refunded a portion of the premium you paid if you outlive your policy or voluntarily cancel it before the end of your term.

Bankrate’s comprehensive review of Fidelity Life is designed to help provide clarity on coverage, customer satisfaction and the company’s values, but determining if the carrier fits your individualized needs could take some additional comparison. While you’re comparing life insurance quotes, you may also be interested in requesting quotes from the companies below:

Fidelity Life vs. Haven Life

Fidelity Life Insurance and Haven Life both leverage online platforms to cater to modern insurance seekers. Fidelity boasts a diverse array of policy options, particularly serving those above 50, whereas Haven Life primarily offers term life insurance. Backed by the Massachusetts Mutual Life Insurance Company and holding an A++ (Superior) rating from AM Best, Haven Life streamlines its application process, frequently eliminating the need for a medical exam and providing substantial coverage up to $3 million. In contrast, while Fidelity appeals to a broader age group with multiple policy types, those strictly seeking term insurance with a hassle-free online experience might gravitate toward Haven Life.

Learn more: Haven Life Insurance review

Fidelity Life vs. Mutual of Omaha

Fidelity Life provides policies directly to its consumers, contrasting with Mutual of Omaha, which operates predominantly through independent agents and brokers. Established in 1909, Mutual of Omaha is nationally recognized and possesses an A+ (Superior) rating from AM Best. It offers a comprehensive range of life insurance products, as well as additional financial solutions like annuities. The company stands out for its longstanding history and diverse offerings. Fidelity Life, on the other hand, is potentially more budget-friendly for straightforward term coverage and allows direct purchases without an agent's intervention. However, Mutual of Omaha remains a reliable choice for individuals who value agent interactions and a wide array of policies.

Learn more: Mutual of Omaha Insurance review

Fidelity Life vs. John Hancock

With over 155 years in the insurance domain, John Hancock Life Insurance Company boasts an A+ (Superior) rating from AM Best. It provides a gamut of life insurance products, including term, whole, universal and variable life. Its strength lies in its diverse riders and policy customization options. In contrast, while John Hancock relies on brokers and agents for sales, Fidelity Life offers a direct-buy approach. For individuals prioritizing affordable and hassle-free term life insurance, Fidelity Life might be a good choice. However, those valuing extensive coverage flexibility and agent assistance might lean toward John Hancock.

Learn more: John Hancock Insurance review

Bankrate's insurance editorial team recognizes the significance of choosing the right life insurance company. Our mission is to provide a foundation for readers who want to make informed decisions about their insurance needs, and when it comes to Fidelity Life, a few aspects stand out.

Fidelity Life especially shines in its offerings tailored to older adults. Its RAPIDecision programs, which mostly emphasize no-medical-exam policies and determine coverage based on health questionnaires, cater to those seeking simplicity and convenience. This can be particularly enticing for those hesitant about medical evaluations. However, while its specialized policies are an asset, the company's customer service has had its challenges, as indicated by its National Association of Insurance Commissioners (NAIC) Complaint Index. To fully assess if Fidelity Life is a good fit for you, talk with an agent and secure a personalized quote.

Other Fidelity Life tools and benefits

The name says it all for Fidelity Life — its primary focus is life insurance policies. While many insurance companies branch out into diverse arenas like auto, renters or umbrella insurance, Fidelity Life remains dedicated to its core offering. Here are a couple of additional tools and resources it provides to enhance the experience of its policyholders:

• Life Insurance 101: The world of life insurance can sometimes be intricate and perplexing, especially for newcomers. Fidelity Life's "Life Insurance 101" is a treasure trove of knowledge for those who want to better understand how life insurance works. It features articles discussing life insurance fundamentals, policy management and more.
• Online customer accounts center: This is a centralized portal where Fidelity Life policyholders can manage their accounts. If you want to modify your policy or speak with customer service, this digital hub is designed for people who want to manage everything online.

Frequently asked questions about Fidelity Life