Fidelity Life life insurance review: Higher rates, fewer riders
Fidelity Life has no-medical-exam policies for people age 50 to 85, but rates can be higher without full underwriting.
By
Logan SachonLogan SachonSenior Managing Editor, Life Insurance & ResearchLogan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
4.3
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A-
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
NA
The bottom line
Fidelity Life’s term and whole products for people age 50 to 85 don't require a medical exam, which can be convenient but ultimately more expensive than fully underwritten policies.
But for people age 18 to 49 looking for term insurance, Fidelity doesn’t include two riders that most other insurers offer for free: the accelerated death benefit rider and the option to convert to a permanent policy. These omissions are good reasons for most people to shop elsewhere.
Note: Fidelity Life products are not available through the Policygenius marketplace.
Pros
Instant-decision applications
Several no-med policy options for people over 50
Cons
Accelerated death benefit rider is not available for non-senior term policies
Term policies are not convertible to permanent policies
Simplified issue policies are generally more expensive than fully underwritten policies
Basic coverages offered
Term life insurance: Fidelity Life has two term life insurance policies: RAPIDecision Life and RAPIDecision Senior Term Life. The former is available to people age 18 to 65 for terms of 10 to 30 years and for amounts from $50,000 to $2 million. The latter is available to people age 50 to 70 for terms of 10, 20, and 30 years for amounts from $10,000 to $150,000. Neither require a medical exam initially, though the regular RAPIDecision Life policy may require a medical exam within the first six months of the policy being active. Unlike most term life insurance policies, Fidelity Life's are not convertible to permanent policies.
Whole life insurance: RAPIDecision Senior Whole Life is Fidelity Life’s whole life policy for people age 50 to 85 for coverage amounts from $10,000 to $150,000.
Final expense insurance: Fidelity life has two final expense policies for people age 50 to 85: RAPIDecision Final Expense, a simplified issue policy available for amounts up to $35,000, and RAPIDecision Guaranteed Issue, a guaranteed issue policy available in amounts up to $25,000.
Additional coverages offered
Accelerated death benefit rider: The ADB rider provides a portion of the death benefit if you’re diagnosed with a terminal illness. (Only available on the RAPIDecision Senior Life term or RAPIDecision Senior Whole Life products.)
Child rider: Available for an additional cost on the RAPIDecision Term policy, the child rider provides coverage for the insured’s children for up to $25,000 each.
Ratings methodology
Customer experience
4.2/5
Our customer experience scale uses data from the National Association of Insurance Commissioners (NAIC) complaint index. Fidelity Life has a score of 1.64, which means it receives more complaints than expected for a company of its size. (The expected number would be 1.0.)
Transparency
4.6/5
Our transparency rating scale measures how easily shoppers and policyholders can find information about an insurer on its website. Fidelity Life gets points for having clear contact information, a support hub, and easy-to-access information about its insurance products, but loses points for not having its rates clearly posted outside of its quoting tool.
Financial strength
3.2/5
Our financial strength rating is a weighted combination of three industry-leading metrics to measure a company’s financial health: A.M. Best, Standard & Poor’s, and Moody’s. Fidelity Life has an A- rating from A.M. Best and is not rated by Standard & Poor’s or Moody’s.
Note: Fidelity Life does not have a price rating, as we were unable to obtain a quote for a 20-year term policy with $1 million coverage on its website (the sample policy we use in our price rating scale).
Fidelity Life’s term life products are not convertible to a permanent policy, which makes them rare in the industry where most term life policies are convertible.
Additionally, Fidelity Life is unique in not offering the accelerated death benefit rider on its basic term policy: it’s only available on RAPIDecision Senior Life Term or RAPIDecision Senior Whole Life products.
Who should consider a different life insurance company?
Most people will find their best rates at a company other than Fidelity Life. And for people considering the company's RAPIDecision Life plan, the fact that it does not come with an accelerated death benefit rider or a conversion option could be a dealbreaker. For other options, see our picks for the best life insurance companies.
Fidelity Life life insurance rates
Fidelity Life does not publish its term life insurance rates.
Fidelity Life’s history, reputation, and social responsibility
Fidelity Life was founded in 1896 in Illinois as Mystic Workers of the World, a fraternal benefit society. In 1930, it became the Fidelity Life Association, and in 1953 it became a mutual company.
It converted to a stock company in 2007, with Members Mutual Holding Company as its parent company. In 2019, Vericity Inc. became the stock holding company for Members Mutual Holding Company and held an IPO. [1]
In 2009, Fidelity Life acquired eFinancial, an insurance sales company. Today, people calling Fidelity Life regarding life insurance are directed to the eFinancial sales center. [2]
Fidelity Life in the news
In September 2022, A.M. Best affirmed its A- rating of Fidelity Life. (Yahoo!Finance)
In November 2021, Fidelity Life was named a top place to work in Chicago. (Chicago Tribune)
Fidelity Life has an A- rating from A.M. Best, which scores companies for their financial stability.
Is Fidelity Life associated with Fidelity Investments?
No, Fidelity Life is not associated with Fidelity Investments.
Who owns Fidelity Life Insurance Company?
Fidelity Life is owned by Vericity Inc., formerly Members Mutual Holding Company.
How do I contact Fidelity Life?
To contact Fidelity Life, including the claims support team, call 800-396-3990 or visit the Fidelity Life website.
References
Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.
Logan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
