Fidelity Life insurance review 2020
This provider focused on life insurance only, offers a streamlined application, competitive pricing and help with claims.
finder.com’s rating: 4.5 / 5.0
Get a quote if…
- You want a trial period to ensure you’re happy with the policy.
Pick something else if…
- You have a pre-existing condition or want a universal policy.
18 to 60
$25,000 to $1,000,000
Depends on policy
Medical Exam Required
|Free Quote||Online, Phone|
|Insurance Products||Term, Whole, Senior, Final-expense|
|Issue Age||18 to 60|
|Coverage Amount||$25,000 to $1,000,000|
|Term Lengths||10, 20, or 30 years|
|Medical Exam Required||Depends on policy|
|Ratings, Accreditation and Memberships||A.M. Best: A- (Excellent)|
|State Availability||All 50 states|
|Policy Riders Offered||Yes|
Julia Cameron is a writer and editor who has experience in finance, mergers and acquisitions, content marketing and immigration law. She has a passion for interior design and an affinity for Old Florida, where she lives with her family.
While Fidelity Life offers competitive rates and a speedy underwriting process, it has its limitations. Its term life policies aren’t convertible, and whole life is the only permanent policy available — but it’s only open to people from age 50. Fidelity Life is strict when it comes to pre-existing health conditions too, so if you have a health issue working against you, you might be better off with another provider.
What types of coverage does Fidelity Life offer?
Life insurance is a fundamental part of any strong financial strategy. To best suit your needs, Fidelity Life offers a variety of policies, most featuring a streamlined application process and requiring no medical exam.
But if it’s variable or universal life insurance policies you’re after, you’ll have to look elsewhere.
Term life insurance
Term life plans provide a fixed amount of coverage for a set period of time. And Fidelity Life’s modern underwriting allows applicants to get coverage within days of their application.
- RAPIDecision Life. Level premiums and up to $1 million of coverage. Medical exams are optional, and you could see coverage within 48 hours.
- RAPIDecision Express. Level premiums in terms of 10, 15, 20 and 30 years. Quick application and approval, with no medical exam required.
- RAPIDecision Senior Life Term. Level premiums in terms of 10, 20 and 30 years for policyholders ages 50 to 70. Potentially requires occasional medical exams.
Whole life insurance
Fidelity Life’s whole life plans for those ages 50 and older provide lifetime coverage and financial protection to your beneficiaries. They feature level premiums and coverage for the life of the policy, though full coverage generally starts in year four.
Guaranteed death benefit payouts are standard, but these plans also offer the potential for cash value accumulation. You can borrow from this cash value without affecting payouts as long as you repay the balance on schedule.
- RAPIDecision Guaranteed Issue. Permanent whole life coverage of up to $20,000, with guaranteed approval for those ages 50 to 85, no medical exam required.
- RAPIDecision Senior Whole Life. Level premiums on permanent whole life coverage of $10,000 to $150,000, for those ages 50 to 85. Requires occasional medical exams.
- RAPIDecision Final Expense. Level premiums on permanent whole life coverage of $5,000 to $35,000 for those ages 50 to 85. Requires no medical exam, and covers credit card debt, medical costs, funeral expenses and more.
Accidental death benefit coverage
Fidelity Life’s new standalone Accidental Death Benefit is available from ages 20 to 59 with coverage from $100,000 to $150,000. It pays out full benefits until the age of 70, when the face value decreases by 50% and ultimately expires at age 80.
What riders can I add to my life insurance policy?
Fidelity Life’s insurance policies offer comprehensive coverage at competitive prices, but it’s not uncommon to come across gaps in coverage.
Policy riders allow you to tailor coverage to align with your lifestyle and financial goals, including:
- Accidental death benefit. Extends your benefits to include an additional death benefit payout if you die as the result of an accident.
- Dependent children. Provides additional coverage for children up to age 18.
- Return of premium. Allows you to receive a percentage of your premium back, scaling to 100% by the time your policy expires.
- Accelerated death benefit. Provides early payout if you’re diagnosed with a terminal illness.
- College fund benefit. Offers an additional 10% in coverage for each dependent between ages 15 and 22 on the accidental death of the insured.
- Inflation rider. Increases the face value of the policy between years two and six to combat inflation.
How do I get a low rate from Fidelity Life?
With so many factors at play, it can be tough to determine what you’ll pay for life insurance. Quote tools can be helpful, but they don’t always explain what determines your rate.
Fidelity Life offers three rate classes that start with the best-rate Tier 1. In general, living a healthy lifestyle is the best way to a lower life insurance rate, including:
- No tobacco use within the past two years and no recreational cannabis use period.
- A family history with one or fewer deaths from coronary artery disease, cancer or diabetes prior to the age of 60.
- A clean criminal record — no felonies, misdemeanors or probation — for past five years.
- No alcohol or substance abuse in the past five years.
- Overall cholesterol level below 240 with a 6.0 HDL ratio.
- A clean driving record — no DWIs, DUIs, suspensions and other convictions — in past five years.
- Blood pressure level of 140/90 or better.
- Lower-risk occupation or hobbies for the past two years and foreseeable future.
Pros and cons of Fidelity Life
Fidelity Life has a reputation for providing accessible policies. But the company isn’t without potential drawbacks.
- Competitive pricing. Fidelity Life’s competitive rates on term life plans start at $10 a month.
- Quick and simple to apply. Fidelity Life’s modern approach to underwriting forgoes mandatory medical exams, speeding up the process.
- 30-day free look. Believing in the complete satisfaction of its customers, Fidelity Life offers a 30-day trial in which you can cancel coverage if you’re not happy.
- Specialists can help with payouts. Among its unique benefits, Fidelity Life provides expert help to your survivors, guiding the claims process through a single point of contact.
- No variable or universal policies. If you’re looking for variable interest or a focus on investments, you’ll have to go with another provider.
- Limited whole life policies. Fidelity Life limits its permanent policies to those ages 50 or older.
- Term can’t convert to permanent. Term life policies do not convert, leaving you to pay increasing premiums if you renew.
- Not ideal for pre-existing conditions. Fidelity Life is fairly strict regarding pre-existing conditions. If you have severe health issues, you may want to consider another provider.
Compare other life insurance companies
Fidelity Life reviews and complaints
Fidelity Life is accredited by the Better Business Bureau (BBB), boasting an impressive A+ rating. As of this writing, BBB’s site includes 25 customer complaints, but it appears that Fidelity’s made an effort to address each one of them, closing all of them in the past three years. You’ll find customers online who complain about issues with billing and payment, but they’re vastly outnumbered by positive reviews for agents and claims from satisfied customers.
How does Fidelity Life protect my data?
Fidelity Life collects your personal information to provide you with products and services. Your info could be shared with third parties that perform services on Fidelity Life’s behalf.
In order to protect your data, Fidelity Life maintains physical, electronic and procedural safeguards. Fidelity Life also requires third parties that have access to your data to implement these same safeguards.
How do I sign up?
Online, you can only get a quote for term life insurance. If you’d like to apply for a whole policy or get additional information, you can contact Fidelity Life at 866-912-7775.
- To get a quote for a term policy, from Fidelity Life’s homepage, click Get an insurance quote.
- Provide a little information, including nicotine use, gender, ZIP code and birthdate. Then click See my quote.
- The quote you are shown reflects the Life Story term product and is for a person in average to above average health.
- To get more information about the policy and get coverage, supply your name, email address and phone number and click Get coverage.
I’ve signed up. What happens next?
A licensed agent will contact you shortly to discuss your policy options. Or you can contact Fidelity Life at 866-912-7775.
More about Fidelity Life
Founded in 1896, Fidelity initially provided financial protection for Midwest’s growing middle class. Today, it operates in 48 states with a reputation for its unwavering commitment to accessible and affordable life insurance.
Boasting affordable pricing on a wide range of flexible policies, Fidelity puts a modern spin on its age-old business practices. It uses a digital approach to offer accelerated underwriting, allowing for quick approval rates and the option to forego a medical exam in specific situations.
While Fidelity Life is committed to offering competitive policies, it doesn’t cater to all types of policyholders. If you’re in the market for a permanent policy, compare your life insurance options.
How do I file a life insurance claim with Fidelity Life?
You aren’t able to start the claims process online. But you can search for your state’s claim form online before contacting an agent.
Frequently asked questions
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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