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Fidelity Life insurance review 2023
Get quick approvals on life insurance, but the policy lineup is limited.
finder.com's rating: 3.5 / 5
★★★★★
- 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.
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18 to 60
Issue Age
$25,000 to $1,000,000
Coverage
Depends on policy
Medical Exam Required
Details
| Policies | Term, Whole, Senior, Final-expense |
|---|---|
| Coverage maximum | $1,000,000 |
| Term lengths | 10, 20, or 30 years |
| Medical exam required | Depends on policy |
| Available states | All 50 states |
| Issue age | 20 - 85 years old |
Pros
- Competitive pricing
- Quick and simple to apply
- 30-day free look
- Specialists can help with payouts
Cons
- No variable or universal policies
- Limited whole life policies
- Term can’t convert to permanent
- Not ideal for pre-existing conditions
| Riders |
No info available |
|---|
Review by
Julia Cameron
julia.cameron@findercrew.comJulia Cameron is a freelance journalist and editor, specializing in personal finance, mergers and acquisitions and immigration law. Her writing and analysis has been featured in TechRadar, MSN, Harper's Bazaar, Time and other top media. She holds a BA in English literature from the University of Central Florida.
Expert review
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.
Fidelity life insurance rates
We pulled 2021 sample quotes from Fidelity Life’s online quote tool for a $500,000, 20-year term life policy for a healthy man and woman. Fidelity Life’s rates are mostly higher compared to the average cost of life insurance for a policy of this size and term length. However, rates for 60-year-olds trend less than average.
| Age | Man | Woman |
|---|---|---|
| 20 | $24.30 | $22.95 |
| 25 | $25.20 | $23.40 |
| 30 | $25.20 | $23.40 |
| 35 | $28.80 | $24.30 |
| 40 | $38.70 | $33.75 |
| 45 | $62.10 | $47.25 |
| 50 | $96.75 | $69.30 |
| 55 | $151.20 | $108.90 |
| 60 | $232.20 | $156.15 |
What affects my rate with Fidelity?
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 to get a quote from Fidelity life insurance
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 for Fidelity life insurance. 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.
What types of life insurance coverage does Fidelity offer?
Fidelity offers a mix of term and permanent policies, though you’ll need to take a medical exam in most cases.
- Term life insurance. Choose between a policy with instant approvals, or go through traditional underwriting to get a policy lasting 10, 15, 20 or 30 years. The insurer also has a term life policy specifically for seniors aged 50 to 70, and it doesn’t require you to take a medical exam — but you can expect higher premiums.
- Whole life insurance. Fidelity Life’s whole life plans are designed for those ages 50 and older. They provide lifetime coverage and feature level premiums, and there’s also a guaranteed issue policy on offer — which means your coverage will go into effect that same day.
- Accidental death benefit coverage. This relatively new policy is open to those aged 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 Fidelity life insurance policy?
Fidelity Life’s insurance policy riders allow you to tailor coverage to align with your lifestyle and financial goals, including:
- Accelerated death benefit rider. Provides early payout if you’re diagnosed with a terminal illness.
- Accidental death benefit rider. Extends your benefits to include an additional death benefit payout if you die as the result of an accident.
- Child rider. Provides additional coverage for children up to age 18.
- Cost-of-living rider. This rider increases our benefit due to the change in the cost of living over time.
- Critical illness rider. Pays out a lump sum benefit if you suffer a critical illness, such as a stroke.
- Estate protection rider. Offers an additional benefit if both insureds die during a specific time frame during the policy.
- Family income benefit rider. Offers an additional monthly benefit paid out to beneficiaries on top of the death benefit.
- Guaranteed insurability rider. Allows you to purchase additional life insurance at specified dates without having to take a medical exam.
- Return-of-premium rider. Allows you to receive a percentage of your premium back, scaling to 100% by the time your policy expires.
- Spouse rider. Provides additional coverage for your spouse without having to purchase a separate policy.
Fidelity life insurance reviews and complaints
Fidelity Life is accredited by the Better Business Bureau (BBB), and has an A+ rating for the way it interacts with customers. The BBB has recorded 23 complaints over the last three years, all of which were addressed by the company. Customers award the insurer 1 out of 5 stars based on 14 reviews, with some complaining about billing and payment issues and others mentioning the personalized service they received from agents.
Over on TrustPilot, Fidelity Life has 4.4 stars from 450 reviews. The majority of reviews are positive, and hone in on the insurer’s accelerated underwriting, low prices and customer service.
| AM Best financial rating |
A- |
| BBB accredited | Yes |
| BBB rating | A+ 1/5 out of 12 customer reviews |
| Trustpilot score | 4.3/5 out of 428 customer reviews |
| Customer reviews verified as of | 05 August 2021 |
Find term and permanent policies from life insurance companies like Fidelity
Frequently asked questions about Fidelity life insurance
How do I file a claim with Fidelity life insurance?
You’ll need to download the claims form for your state and mail it in. Here are the steps:
- Go to Fidelity Life’s site and click Customer Center in the top header.
- Click Customer Account Forms in the navigation menu to the right of the page.
- Scroll to the bottom of the page and click Claim Form Here.
- Select and print out your state’s form.
- Complete your form. You’ll need the policy number, and details about the policyholder’s death.
- Send the completed claims form along with a certified copy of the death certificate to Fidelity Life Association, 8700 West Bryn Mawr Avenue, Suite 900S, Chicago, IL 60631.
Does Fidelity have an account management app?
Yes. The Fidelity Life Adviser Mobile app is designed to help you easily manage applications and your overall account. Download it for free from your favorite app store.
How do I update my beneficiaries and other account details?
Unlike other insurers that allow you to change your beneficiaries online, Fidelity Life requires you to complete and send forms. But you can find these forms through Fidelity’s “Customer Account Forms” page online — where you’ll also find claim forms.
Does Fidelity Life offer universal life insurance policies?
No. Fidelity’s permanent life insurance include whole life insurance plans only.
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.
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.
