Fidelity Life Insurance Review

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The Details

The Good

No medical exams for permanent policies. Fidelity Life’s whole life, guaranteed issue, and final expense policies require no medical exam. If you need guaranteed coverage without the hassle of scheduling a physician visit, Fidelity Life could be the carrier for you.

Standalone death benefit policy available. If all you need is accidental death protection, Fidelity Life offers a quick accidental death benefit product with no medical exam requirement.

30-day trial available. Fidelity Life customers get a 30-day trial period. If you’re not satisfied with your policy for whatever reason you can cancel it and get your premiums back.

The Bad

Expensive rates. Fidelity Life advertises low prices, but any promising numbers you see on their site are for healthy, young people applying for low coverage amounts and short term lengths. Expect to pay much higher than the industry average if you’re older or have a pre-existing health condition.

Low coverage amounts. With Fidelity Life, you only have a maximum of $1 million in coverage, which is less than you’d get from other life insurance carriers. That means, for the most part, Fidelity Life’s benefits are only able to cover final expenses, medical bills, and other debts.

Term life not convertible. Fidelity Life’s term life policies are not convertible to permanent ones. If you want more insurance after the term ends, you’ll have to reapply – and that means higher premiums.

Whole life limited to ages 50 and older. Younger shoppers interested in whole life insurance are out of luck here. All of Fidelity Life’s permanent policies are aimed towards the 50-and-older set.

Misleading quote tool. It’s difficult to get a clear picture of what your monthly premiums will be with Fidelity Life’s online quote tool. You can’t select the state you live in, and terms and rates are all over the place. You’re likely better off calling an agent or their customer hotline.

The Breakdown

Rates for life insurance depend on many factors. Your age, gender, the state you live in, and health background, including tobacco use and other pre-existing health conditions, can all impact your premiums.

Frustratingly, Fidelity Life’s online quote tool is pretty obtuse. It only reveals certain rates and products for certain age groups. And you can’t select the state you live in or your desired term length, both of which would affect your monthly premiums. We tried to make our sample rates as consistent as the quote tool would allow.

With the exception of the 50s and 60s age groups, these groups are all applying for 20-year, $500,000 RAPIDecision Life policies. The sample rates reflect a single male, employed full-time, and in “good” health:

The 50s age group is the rate for a 20-year, $100,000 policy, while the 60s range is for $20,000 of coverage for a 10-year term.

Based on these quotes, we’d hardly call Fidelity Life’s prices competitive when compared to carriers that offer similar benefit amounts. In fact, these rates are extremely high. 

For comparison, AIG offers an average rate of $24.74 for a healthy male in his 20s for a $500,000, 20-year policy. You’re likely not going to save money in the long-run with a term life policy from Fidelity Life.

A life insurance policy needs to last a few decades so it can cover any possible debts and expenses such as a mortgage or college costs. To find out whether a life insurance business will last that long we turn to financial analysis agencies. 

Only one credit rating company, A.M. Best, has rated Fidelity Life. Otherwise, it might help to know that Fidelity Life has been around since the late 1800s and they have $32 billion worth of life insurance policies currently active.

Here’s the breakdown:

• A.M. Best: A-

• Moody’s: N/A

• Standard & Poor’s: N/A

A.M. Best , the credit rating firm that focuses specifically on the insurance industry, gives Fidelity Life an A- score, which is considered an “excellent” rating by the company. That basically means Fidelity has the strength and ability to fulfill financial obligations to its customers and their beneficiaries. In other words, Fidelity Life’s financial outlook is stable.

Besides financial rating institutes, we also look at what regular customers and third-party review sites think about life insurance carriers. 

Overall, for Fidelity Life, sentiment leans toward the positive. Both the Better Business Bureau and Consumers Advocate give the company high ratings. But according to the National Association of Insurance Commissioners (NAIC), there are more complaints than the average for a company its size. 

Here’s how it shakes out:

• BBB: A+

• Consumers Advocate: 4.5 / 5

• Consumer Affairs: N/A

• NAIC complaint index: 2.21

The Better Business Bureau grades companies on the truth of their advertising and customer complaints. Fidelity Life gets an A+. The customer reviews available mention difficulty with billing, rude customer service, and receiving too many spam messages.

Consumers Advocate , which focuses on a company’s reputation, policies, and stability, gives Fidelity Life an “excellent” 4.5 out of 5.

Consumer Affairs lets customers directly review and rate companies, but there is no page for Fidelity Life available.

The National Association of Insurance Commissioners (NAIC) tracks complaints submitted to state insurance departments. Based on their complaint index, Fidelity life has a score of 2.21, which means they’ve received a higher number of complaints than usual. A score of 1 represents the baseline average, and a zero means there weren’t enough customer complaints to count.

Fidelity Life has multiple term life and whole life insurance products available, including several final expense policies and a standalone accidental death benefit policy.  

Some products, like RAPIDecision Express term life, require no medical exam and include a speedy underwriting process, so policies will activate a lot quicker. However, its coverage amounts are a lot lower than other life insurance policies. 

If you’re unsatisfied with a Fidelity Life policy, you can cancel it and receive any paid premiums or fees back after a 30-day trial period.

The focus of this review is Fidelity Life’s main term life product, RAPIDecision Life.

Term Life Insurance

Term life insurance is the most affordable type of life insurance. As its name suggests, coverage lasts a certain term, or duration, and once that time is up then the policy ends. Premiums are fixed, or level, throughout the term period and won’t increase unless you renew after the end of the term.  

None of Fidelity Life’s term life policies can convert to a permanent plan. That’s a major detractor considering most carriers allow some kind of policy conversion. When your term ends, coverage ends. 

However, you can renew your policy every year up to age 95, or choose a different life insurance product. Keep this in mind if you were planning on converting to a whole life policy at some point.

RAPIDecision Life

Fidelity Life’s main term life product is pretty straightforward. It provides coverage amounts between $50,000 and $1 million for people between the ages of 18 and 65. 

Thanks to a fast underwriting process, Fidelity Life says you can have coverage within days based on the information you provide in the application process.

You will likely have to complete a medical exam for this policy, based on your answers to questions in the application. You will have six months to schedule and undergo the exam.

Available riders

• Accelerated death benefit. This rider lets you access some of your death benefit if you're diagnosed with a life-threatening affliction. It can be added to a term life policy at no additional cost.

• Accidental death benefit. This rider provides additional coverage, between $50,000 and $250,000, if you die in a car crash or similar event. It’s available for people ages 20 to 65.

• Child protection rider . An additional benefit with a range of $5,000 to $25,000 that covers children between the ages of 15 days to 18 years old. Convertible to a permanent plan within 30 days of the child’s 23rd birthday or the rider’s expiration date. Coverage ends on their 23rd birthday or the rider’s end, whichever comes first.

Temporary coverage

Initial coverage from day one is “blended”, or part all-cause, part accidental death coverage. You will have six months before the full policy kicks in.

RAPIDecision Express

There’s no medical exam required for this product, so expect a quick underwriting process if you’re between the ages of 18 and 65. The catch, however, is the lower amount of benefits — just a small range, from $25,000 to $100,000. 

Coverage can begin as soon as one day after application.

Available Riders

• Accelerated death benefit. This rider lets you access some of your death benefit if you're diagnosed with a life-threatening affliction. It can be added to a term life policy at no additional cost.

• Accidental death benefit. This rider provides additional coverage, between $50,000 and $250,000, if you die in a car crash or similar event. It’s available for people ages 20 to 65.

• Child protection rider . An additional benefit with a range of $5,000 to $25,000 that covers children between the ages of 15 days to 18 years old. Convertible to a permanent plan within 30 days of the child’s 23rd birthday or the rider’s expiration date. Coverage ends on their 23rd birthday or the rider’s end, whichever comes first.

RAPIDecision Senior Life Term

This policy is meant to pay off debt or medical bills, or cover final expenses. Applicants ages 50 to 70 can apply for coverage amounts between $10,000 and $150,000 for 10-, 20-, or 30-year term lengths.

There is no medical exam required unless there’s something in your medical history that needs clarifying. Otherwise, you simply need to answer questions about your health.

The benefit amount and policy expiration will vary depending on the term length you choose.

Temporary coverage

Partial coverage is provided immediately. Full coverage starts in year four of the selected term.

Permanent life Insurance

Fidelity Life’s permanent life insurance options are simplified issue products, meaning they don’t require a medical exam to apply. If you’ve had trouble applying for life insurance before, or have underlying health issues, these could be great options for you. Just be ready for a higher premium than you’d pay with term life. 

As usual for most whole life products, Fidelity Life’s whole life policies build cash value over time.

RAPIDecision Final Expense Details

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This policy is meant for burial costs and paying off any outstanding debts or medical bills. People aged 50 to 85 are eligible for coverage amounts between $5,000 to $35,000.

To apply you need to answer some questions related to your health. Full coverage begins immediately after approval.

Available riders

• Accelerated death benefit. You can access some of your death benefit with this rider if you're diagnosed with a life-threatening affliction. It can be added to a term life policy at no additional cost.

RAPIDecision Guaranteed Issue Details

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Another policy meant to relieve debt, funeral, or medical costs. Applicants between the ages of 50 and 85 are guaranteed to be approved for this policy.

There’s no medical exam and no health questions to answer, so if you have serious health issues this could be the product for you.

Coverage starts immediately, with amounts up to $25,000.

One major caveat: Fidelity Life’s RAPIDecision Guaranteed Issue policy provides only a reduced death benefit in the first three years. Full death benefits kick in at year four.

Available riders

• Accelerated death benefit. Access some of your death benefit if you're diagnosed with a life-threatening affliction, for no additional cost.

RAPIDecision Senior Whole Life Details

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This is a standard whole life policy that pays out a death benefit. People ages 50 to 85-years-old are eligible for coverage amounts between $10,000 and $150,000.

There’s no medical exam required for this product, but there are still health questions. A medical exam could be required depending on your answers. If you have serious health conditions, you may want to go for the Guaranteed Issue option above.

Partial coverage begins immediately after approval, although full death benefits kick in after year three.

Standalone Accidental Death Benefit Details

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Fidelity Life offers a unique standalone accidental death benefit policy. It pays out a benefit to survivors in the event of an accidental death. It also includes a few rider options.

There’s no medical exam required, with coverage that ranges from $50,000 to $300,000 for people ages 20 to 59.

While this may sound tempting since there’s no medical exam requirement, know that this product does not replace a traditional life insurance policy, which covers more situations. Plus, Fidelity Life’s policies already cover accidental death, in addition to illness and other circumstances.

Only consider this product if you want to supplement an existing life insurance policy, or if you want an additional payout for an accident.

Available riders

• Family accidental death benefit. This extends your accidental death benefit policy to your spouse and children. There’s no medical exam required for your family.
• Inflation rider. This lets you pay a little extra in premiums to add more to your death benefit each year. You can increase your policy worth by a total of 25 percent.
• Return of premium rider. With this rider, your policy starts to build cash value after the fifth year. If your policy expires or you cancel it, you will be refunded a portion of your paid premiums.

Your application with Fidelity Life will differ depending on the product.

One constant is the frustratingly limited online quote tool, which doesn’t allow you to select the state you live in or your desired coverage amount. You should probably contact an agent instead of relying on their site’s quote tool.

Application process

This depends on the product. You can apply for some of the simplified issue policies online within minutes, but others will require answering health-related questionnaires and scheduling medical exams.

The RAPIDecision Life term life policy will require a medical exam and a questionnaire.

Turnaround time

Fidelity Life says a decision only takes a few days. Still, if you have any issues related to your health, expect to wait anywhere from one week to a month before a decision is reached.

Policy delivery

Policies are delivered electronically and through the mail.

More Info

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State availability

Fidelity Life is available in every state except for Wyoming and New York. It is also available in the District of Columbia.

Change method

You can request most changes, including name, address, and beneficiary, using Fidelity Life’s online customer service. To cancel a policy, you need to mail a written request.

To change payment options, you either need to use the online customer portal or submit a form.

Payment methods

You can handle billing in a variety of ways:

• Autopay. Set up automatic payments from a checking account or credit card either online or by phone.
• Phone. Use a credit card or checking account to pay over the phone.
• Mail. Pay bills the old-fashioned way.

Fidelity Life accepts American Express, Discover, MasterCard, and Visa credit cards.

Digital tools

Besides the online quote tool, you’ll find a coverage calculator on the Fidelity Life website.

Claims documentation

Beneficiaries can start a claim online or by calling Fidelity Life. You will need:

• A certified death certificate
• State-specific claim form
• Name, phone, and address of beneficiary
• Policy number

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