This provider focused on life insurance only offers a streamlined application, competitive pricing and help with claims.
After comparing policies and reading through reviews, life insurance can feel like a frustrating tradeoff between good coverage and reasonable pricing. But if you’re thinking options are limited today, imagine what it must’ve been like over a century ago.
Founded more than a century ago, Fidelity Life aims to make life insurance more affordable, especially for those ages 50 or older who might not want to subject themselves to an extensive medical exam.
We explore policy options, what to expect and potential drawbacks to Fidelity Life.
|Terms available||10, 20 and 30|
|Payment methods||EFT, credit card, debit card|
|Medical exam required||Yes, depending on policy|
|Temporary underwriting coverage||N/A|
- Competitive pricing.
- Quick and simple to apply.
- 30-day free look.
- Specialists can help with payouts.
- No variable or universal policies.
- Limited whole life policies.
- Term can’t convert to permanent.
- Not ideal for pre-existing conditions.
A.M. Best is the leading provider of financial ratings for the insurance industry, awarding Fidelity Life an A- Excellent rating. This is a decent indicator that the company is capable of paying its claims and fulfilling its debt obligations.
What is Fidelity Life known for?
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.
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.
What 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.
Level premiums and up to $1 million of coverage. Medical exams are optional, and you could see coverage within 48 hours.
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’s not covered in my 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.
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.
Increases the face value of the policy between years two and six to combat inflation.
How can I get the best rates at 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.
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.
1. Go to Fidelity Life’s site and click Customer Center in the top header.
2. Click Customer Account Forms in the navigation menu to the right of the page.
3.Scroll to the bottom of the page and click Claim Form Here.
4. Select and print out your state’s form.
5. To complete your form, you’ll need:
- Your Fidelity Life policy number.
- The deceased’s full name and personal details.
- Marriage, birth and divorce information for beneficiaries, if necessary.
- Any other supporting information requested.
Send your completed claim form to:
Fidelity Life Association
8700 West Bryn Mawr Avenue, Suite 900S
Chicago, IL 60631
What other services does Fidelity Life offer?
Fidelity Life focuses only on helping Americans get the protection for their loved ones that comes with life insurance. In 2009, it acquired Efinancial, a direct-to-consumer term life insurance broker.
Fidelity Life is a provider committed to providing Americans with affordable life insurance that doesn’t compromise coverage.
But as with any significant financial decision, you can better find a policy that matches your needs by comparing your life insurance options.