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Fidelity Life insurance review 2023

Updated Jan 24, 2023
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Bottom Line

Individuals looking for no medical exam life insurance with plenty of rider options, or people over 50 looking for term and whole life insurance, might consider Fidelity Life as their company of choice.

Pros
  • Many riders available

  • Offers multiple no-medical exam policies

Cons
  • Not rated in the 2022 J.D. Power U.S. Individual Life Insurance Study

  • Whole life insurance is only available for seniors

Fidelity Life insurance

Bankrate’s insurance editorial team conducted an extensive study of major life insurance carriers and based on our assessment, Fidelity Life could be optimal for those looking to purchase a life insurance policy without taking a medical exam. Fidelity Life’s RAPIDecision policies only require a short health questionnaire, so you can get coverage with no waiting period. Additionally, the company has available policies aimed specifically for older adults, making it a contender as one of the best life insurance companies for people over 50.

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Fidelity Life operates entirely online and over the phone, focusing on providing affordable life insurance with simplified underwriting practices. It offers a few different types of life insurance, including term, guaranteed issue and whole:

  • Term: Term policies may be best for people needing 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 18-65, with term lengths between 10 and 30 years and coverage ranging from $50,000–$2 million. The other policy is called RAPIDecision Senior Life Term, which is available for people between the ages of 50 and 70 and has the same term length options. Fidelity Life’s senior term policies offer coverage ranging from $10,000–$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 for people between the ages of 50–85, providing between $10,000–$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 50–85 and provides between $5,000–$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 50–85 and provides up to $25,000 in coverage.

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 20–65 years old and can provide $50,000–$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 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–$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 your benefits 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.

Fidelity Life tools and benefits

In addition to traditional life insurance, Fidelity Life also offers accidental death insurance. This policy provides a death benefit if the policyholder’s death is deemed accidental. Fidelity’s accidental death insurance is available for people between the ages of 20–59, with coverage rating from $50,000–$300,000. A medical exam is not required.

Fidelity Life customer satisfaction

Finding the best life insurance policy isn’t just about cheap premiums — it’s also important to ensure that the company meets your customer service expectations. J.D. Power did not include Fidelity Life in its 2022 life insurance study, so to evaluate customer satisfaction, Bankrate’s insurance editorial team analyzed the National Association of Insurance Commissioners (NAIC) Complaint Index Report.

To help you interpret Fidelity Life’s NAIC complaint index score, first, know that the NAIC compiles customer complaints it receives about an insurance company. It then issues the company an overall complaint index score and a score for each product line it sells. If a company has an average number of complaints for a carrier of its size, it will have a complaint index score of 1.0. A score higher than this means that the company gets more complaints than average, and a score lower than 1.0 indicates fewer complaints.

Fidelity Life has an overall NAIC complaint index score of 1.64, and an individual life complaint index score of 2.74. A score of 2.74 indicates that, on average, Fidelity Life gets almost three times the amount of customer complaints about its individual life insurance compared to equal-sized companies. 

Additionally, Fidelity Life has a financial strength rating of A- (Excellent) from AM Best. Although excellent financial strength may not be a direct indicator of a company’s customer service, it does mean that, historically, the company had the means to pay out claims when necessary — an important consideration when choosing a life insurance company.

How to file a claim with Fidelity Life

When you purchase a Fidelity Life insurance policy, it may be a good idea to let your beneficiary know how to file a claim after you pass. Preparing this information ahead of time may reduce some stress in what is likely to be an emotional time. To file a life insurance claim, your beneficiary will need to provide your name, policy number, date of birth, date of death and the cause of your death. They will also need to provide a certified death certificate.

When your beneficiary is ready, they can file a claim with Fidelity Life by:

Your beneficiary can then mail this information (and any other requested documentation) to Fidelity’s customer support team. For the company’s claims mailing address, please contact the company directly at 1-800-369-3990.

Fidelity Life availability

Fidelity Life insurance is licensed in almost every state, along with Washington, D.C. and Guam. The only states the company is not licensed in are New York and Wyoming. However, just because a company is licensed in a state does not mean they are actively writing policies there. To confirm that Fidelity Life is available where you live, please reach out to a Fidelity Life agent.

Fidelity Life corporate sustainability

Fidelity Life implements corporate sustainability efforts and giving back to the community in several ways. The company partners with a variety of organizations, including the Greater Chicago Food Bank, Insurance Industry Charitable Foundation and the National Multiple Sclerosis Society. Fidelity Life agents and employees volunteer regularly with these charities and others.

Other Fidelity Life perks worth considering

To accompany its life and accidental death insurance policies, Fidelity Life also offers:

  • Life Insurance 101: Life insurance can be complicated. Those new to life insurance (or would like to learn more) may find this informational repository helpful. Here, you’ll find dozens of articles that cover many topics, including life insurance basics and policy management.
  • Online customer accounts center: Fidelity Life policyholders can make changes to their account or chat with a customer service representative through the company’s online customer accounts center.

Fidelity Life corporate sustainability

Fidelity Life is committed to corporate sustainability and giving back to the community. The company partners with a variety of organizations, including the Greater Chicago Food Bank, Insurance Industry Charitable Foundation and the National Multiple Sclerosis Society. Fidelity Life agents and employees volunteer regularly with these charities and others.

Bankrate’s comprehensive review of Fidelity Life helps 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

Haven Life offers two policies, Haven Term and Haven Simple. The company operates online and offers relatively high coverage limits compared to some competitors.

Learn more: Haven Life Insurance review

Fidelity Life vs. Mutual of Omaha

Based on our research, Mutual of Omaha is a highly-rated life insurance provider that sells term, universal and guaranteed issue policies.

Learn more: Mutual of Omaha Insurance review

Fidelity Life vs. John Hancock

John Hancock offers several types of life insurance, as well as a unique wellness program, called Vitality, which provides savings for health-related products.

Learn more: John Hancock Insurance review

Is Fidelity Life a good insurance company?

Bankrate’s insurance editorial team prides itself on the knowledge we’ve gained through our nearly 50 years of combined insurance industry experience. We know firsthand that finding the right life insurance company isn’t a decision to take lightly, so we conduct extensive insurance carrier reviews to help our readers make educated decisions about their coverage needs.

Fidelity Life might be a good insurance company, but it depends on your circumstances. The carrier might be an excellent option for older adults since it has term and whole life policies specifically tailored for seniors. Additionally, because many of Fidelity Life’s RAPIDecision programs rely solely on a health questionnaire, the company may be a contender for those who want no-medical exam life insurance. However, the company’s customer service may be lacking, at least when measured against its NAIC complaint index score. To find out if Fidelity is the best life insurance company for you, it may be a good idea to speak with an agent and request a quote.

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