Fidelity Life is a US-based life insurance provider that offers a streamlined application process and no-medical insurance options. Term life, whole life and accidental death benefit policies are available as are a number of optional riders including return of premium, inflation adjustment, college fund savings and coverage for dependent children.
But can you get Fidelity Life Insurance coverage if you live in Canada? Are there any good alternative life insurance providers for Canadian residents?
Is Fidelity Life Insurance available in Canada?
Unfortunately, no. Fidelity Life operates in the United States and does not have a branch in Canada. To take out a Fidelity Life Insurance policy, you must be a citizen or resident of the US. While a foreigner living in the US might be able to get coverage, you’re out of luck if you live in Canada. As of the time of writing, Fidelity Life has not announced any plans to begin offering services in Canada.
Are there any alternatives to Fidelity Life Insurance in Canada?
Yes. There are a number of life insurance providers in Canada that offer diverse coverage options, competitive rates and convenient, streamlined applications. Check out the companies below and read our reviews to learn more.
Fidelity Life has been insuring customers against the unexpected for over 100 years. It offers term life and permanent life insurance policies as well as coverage for final expenses (funeral costs) and accidental death. Optional riders are available to cover costs associated with the accidental death of family members, policy holders’ children passing away, terminal illness expenses and inflation.
Customers can also choose to purchase a return of premium rider to get back some of what they paid if they didn’t use any benefits before the policy expired or was cancelled.
As of September 28, 2023, Fidelity Life is accredited with the Better Business Bureau (BBB) and has an A+ rating. However, its customer reviews are mixed, with an average score of 3.03 out of 5 stars based on 35 reviews. Trustpilot paints a different picture, with an average of 4.6 out of 5 stars based on over 1,100 customer reviews.
Pros and cons of Fidelity Life Insurance
Pros
No-medical policies available. The applications for simplified issue and guaranteed issue life insurance asks customers to provide medical and health information but does not require them to get a medical exam.
Award-winning customer service. For multiple years, Newsweek has recognized Fidelity Life as part of a list of companies that provide the best customer service in America.
Quick and easy application process. Fidelity Life was one of the first US life insurance providers to use automated underwriting engines and e-signatures. It has a streamlined application process that uses predictive analytics to allow eligible customers to bypass the medical exam requirement.
Cons
No convertible term life insurance. Term life policies do not convert, leaving customers to pay increasing premiums if they renew.
No universal or participating life insurance. Customers looking for a policy with a more sophisticated or customizable investment component will need to look elsewhere.
Points to consider when choosing a life insurance policy
There isn’t a single life insurance policy that’s right for everyone. It may seem overwhelming to narrow down your options, but it can help to ask yourself the following questions:
Why do I want life insurance?
What is your primary motivating factor in taking out a life insurance policy? What type of coverage would make your premiums worth paying? You can better decide what type of policy you need by identifying whether you want coverage mostly for loved ones should you pass away, for handling end-of-life expenses should you get diagnosed with a terminal illness or for some other reason.
What type of coverage can I realistically get?
Factors such as getting older, having a pre-existing medical condition, smoking and drinking excessively can impact how much coverage you’re eligible for and the price of your premiums. Some of these factors may be unchangeable, but you may be able to qualify for better coverage if you make changes where possible. For example, insurers are often willing to reassess and lower your premiums if you go a length of time – say, 12 months – without smoking (although you may have to take another medical test).
How much am I willing to pay?
It’s important to balance the level of coverage you receive with the affordability of your premiums. Prioritize the reasons why you want life insurance, and let this be an indicator of which features you can give up if necessary and which are nonnegotiable. Identify circumstances in your life (if any) where life insurance could be useful, especially circumstances where your physical well-being may be vulnerable.
For example, if you have a lot of debt that’ll pass on to others if you die, you might want to get enough coverage to discharge all your debts. Similarly, if you’re at risk of developing a terminal illness, you might want coverage that pays for end-of-life expenses.
Frequently asked questions about Fidelity Life Insurance
Fidelity Life is owned by Vericity, a Delaware corporation that also owns eFinancial.
The right type of life insurance for you depends on your personal needs. Term life insurance might be worth considering if you have a mortgage or if you’re also saving to reach other financial goals. Permanent life insurance may be worth considering if you’re an older Canadian with minimal debt and high assets/income.
The cost of a life insurance policy varies depending on a wide range of factors, such as your age, health status, occupation, lifestyle and more. You’ll need to get a quote from an insurer directly to find out how much you’ll have to pay for coverage.
Apply for online term life insurance with Nowly and enjoy low premiums, special health benefits and a money back guarantee – with no need for a medical exam.
Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products, online shopping and streaming. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games with her friends and family.
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