fbpx

Fidelity Life Insurance Review

see how Fidelity Life Association compares

1 Minute Review

Fidelity Life has been serving customers for over 100 years, during which they’ve developed a deep knowledge of the life insurance industry. It tailors products to different customer needs and offers a streamlined and fast application process that can be completed online.

Best For

  • Those who like a quick, easy online application

Pros

  • Guaranteed acceptance and no medical exams
  • Coverage options to select the right death benefit for your family
  • Policies available for older individuals

Cons

  • Maximum benefit of $1 million that won’t serve high net-worth individuals
  • Products not available in every state
  • No agents on the ground to help with questions
Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.

Life insurance protects people whose lives would be thrown into financial chaos due to the death of the insured. It pays beneficiaries a death benefit when the person who owns the policy dies. That money can be used to pay off debts or help with living expenses. 

The insurer you choose could have a big impact on the lives of those around you. It’s not a choice to rush into, and you’re smart to research your decision. To find out more about Fidelity Life, read on for our review.

Who’s Fidelity Life Insurance For?

Fidelity Life has put together a policy for everybody, from a younger person to an older retiree. Its policies have common characteristics, however, which make the company a good fit overall for these types of consumers:

  • People who don’t have the time or want to go through a medical exam
  • Someone who needs coverage quickly
  • People who want a fast application and approval process

Fidelity Life Insurance Products

Fidelity Life’s wide range of products can be confusing, but each serves a different type of consumer.

If you’re younger and want minimum protection without hassle, the RAPIDecision Express product would work for you. Older retirees who wish to add to their nest egg and receive coverage should look at RAPIDecision Senior Whole Life. If you’re unsure which product is best for your needs, its online quote tool will guide you. 

Here are the options you’ll have to pick from:

  • RAPIDecision Life: Fidelity Life’s standard policy has a fast application and approval process of just 24–48 hours and requires no medical exams. It’s a hybrid policy that combines a death benefit and an accidental death benefit. If you’re willing to submit to a medical exam, Fidelity Life could adjust this coverage blend. Benefit amounts go up to $1 million.
  • RAPIDecision Express: Need life insurance in a hurry? Using its Rapid App, you can submit a streamlined application and receive coverage in days. They have no waiting periods or delays, exams or tests. If you’re between the ages of 18-65, this term life product will cover you up to $250,000. You can choose a level death benefit term of 10, 15, 20 or 30 years. During this term, your premiums won’t increase.
  • RAPIDecision Senior Life: This product helps people ages 50–70 still obtain coverage of $10,000 to $150,000. To be approved, you have to answer health-related questions on the application but don’t have to submit to a medical exam. You’ll receive partial coverage immediately, but full coverage doesn’t kick in until year 4. Premiums won’t increase, but the policy’s death benefit is reduced when you hit certain yearly milestones.  
  • RAPIDecision Senior Whole Life: This product is the same as the above RAPIDecision® Senior Life Term except that it accumulates cash value throughout the policy’s term. People up to age 85 can purchase this product and use it as a savings vehicle. At the policy’s end, you’ll receive money back. 
  • Permanent whole life insurance: With coverage of $5,000 to $35,000, this product is designed to help policyholders pay for end-of-life medical bills, funeral costs and any outstanding credit card debt. Coverage begins immediately after approval and will stay the same throughout the policy’s life.
  • RAPIDecision Guaranteed Issue: This is a permanent whole life policy only sold to people ages 50–85. All applicants within that age range are guaranteed approval. It doesn’t require a medical exam or that applicants answer any questions. The maximum benefit is only $20,000, but it builds cash value over time.

Focus on Term Life: Fidelity Term Life Options

A term life insurance policy expires when the term ends. Typical terms can be 10, 15, 20, 30 or more years, but the policy isn’t renewable at that expiration date. Premiums paid only purchase coverage during the term, and you don’t get any money back or make any money off the policy.

Fidelity sells several term life products. RAPIDecision Life and RAPIDecision Express are both term life products geared to younger individuals who want to apply online, get a quote and buy their policy quickly. RAPIDecision Senior Life is a term life policy for seniors ages 50–85. It’ll pay out the full death benefit after the 3rd year you’ve owned the policy. It reduces the death benefit by 50% in years 11, 21, and 31, depending on your term. 

RAPIDecision Final Expense, while not called a term life policy, doesn’t build cash value over time. Its sole purpose is to pay out a smaller amount meant to cover the expenses associated with the end of life. 

Whatever your life insurance goals, Fidelity Life will have a term life product for you. 

Available Discounts and Tips on Getting the Best Rates 

Fidelity Life bases its premiums on age, gender as well as the answers to your health questionnaire. It’s solely a life insurance company, so you’ll receive no discounts for purchasing a bundled auto or home policy.

Younger applicants pay less premiums because they have a lower risk of death and will pay into the policy longer. Leading a healthy lifestyle, quitting smoking, exercising and lowering your blood pressure also helps you get a better rate if you choose to have a medical exam done. 

Another way to lower premiums is to select a lower benefit. However, this could leave you underinsured. At a minimum, your payout should cover all outstanding debts. To learn more, read How Much Life Insurance Do I Need?  

Fidelity Life Insurance Coverage Selections

A rider attaches to your main policy for an additional fee. It can add a few dollars or cents per month to your premium in exchange for more coverage. Fidelity Life offers the following coverage selections:

  • Guaranteed insurability: This rider would allow you to buy additional life insurance without going through underwriting or answering any health questions. 
  • Child protection: This rider would provide a small death benefit if your child died during the policy’s term. Often cheaper than buying your child an individual life insurance policy, it would help you pay medical bills and funeral expenses.
  • Accidental death: While life insurance protects your family from an untimely death, an accidental death rider provides for the devastation caused by an unexpected death. Additional coverage of $100,000 to $300,000 is available and will pay out if you should die within 90 days of an accident.
  • Inflation premium: This rider keeps your coverage current with inflation by increasing the amount of the policy each year during years 2–6 of the policy’s life.
  • Return of premium : Only available as a rider on the RAPIDecision term product, this rider guarantees a return of a percentage of the premiums you’ve paid. It’s sold in 15-, 20- or 30-year terms, and you could get back up to 100% of your premiums by the policy’s end.

Pricing and Value

Pricing a life insurance policy isn’t as simple as slapping a sticker on an item and putting it on a shelf. Life insurance underwriters compare your age, gender and health to statistics about people in a similar bracket to pick a price. The only way to find out what you’ll pay for life insurance with a company is to apply.

While you can find cheap life insurance companies willing to sell policies for under $20 per month, they might not be there for your loved ones if you pass on. You want to find a company that is both reliable and has reasonable premiums, and Fidelity Life fits that bill. The company has been around since 1896 — it’s financially solid and has a good reputation.

Customer Service

Fidelity Life has a customer portal on its website so that you don’t have to call for the small stuff. You can change your primary contact information, review your policy’s details, view payment history or make a one-time payment and update payment information.

You’ll find many important life insurance forms, such as changing a beneficiary, available to download online. Some forms must be sent in via mail, to 

Fidelity Life Association 

8700 W. Bryn Mawr Avenue Suite 900S 

Chicago, IL  60631 

If you need to speak to a representative, you can call 1-800-369-3990 between 8 a.m. to 5 p.m. CST, Monday through Friday. Email contact is  service@fidelitylife.com. With multiple contact options, you’ll find a strong attention to customer service.

Claims Support

Claims must be filed by fax or mail using the downloaded form on Fidelity Life’s website. There’s a different form for each state, so make sure you select the correct one. Once complete, it must be notarized before you send it in.

It can take several months to process a life insurance claim. You can speed along the process by submitting the correct forms, fully completing all the requested information, and responding quickly to any requests from the claims department.

Fidelity Life: Stability that Meets Modern Needs

Buying life insurance doesn’t have to be an intimidating process. Online tools and accessible customer support help Fidelity Life’s customers make the best decision. If you buy a policy through Fidelity Life, you’ll have the security of knowing you’re purchasing from a strong, financially-solid company with has kept pace with the modern consumer’s demands.   

Still have questions? Read this article to learn more about How to Buy Life Insurance.