Fidelity Life Insuance Review

Planning for your financial future can include making investments that grow and compound over time. This process, however, can also include ensuring that those who you love and care about are financially secure – even in the event of the unexpected. While most people don’t like to dwell on it, providing the funds that are needed for ongoing living expenses and/or the payoff of debt can be essential. This can be accomplished with life insurance.

Before you go out and purchase a life insurance policy, though, it is important to keep a few key components in mind. These include making sure that you are going forward with the proper type of coverage, as well as ensuring that you will have the right amount.

In addition, it can also be highly beneficial to review the insurance company you are considering getting the policy through in order to determine whether or not it is strong and stable financially, and that is has a good and positive reputation for paying out is policyholder claims. One insurer who meets these criteria is Fidelity Life.

The History of Fidelity Life Company

fidelity life logo white background

Fidelity Life Association has been in the business of providing financial security to its customers and their loved ones since 1896. Initially named Mystic Workers of the World, this fraternal benefit society was designed to offer financial protection for the growing middle class of the Midwest and Northern U.S. states.

As Middle America grew, so did Fidelity Life. By 1915, the company has life insurance in force of roughly $100 million – and, just 14 years later, the company increased its assets by almost 100 percent (during the worst decade in United States financial history).

In 1930, the company changed its name to Fidelity Life Association – although its mission remained the same. And, over time, the company continued to grow and expand exponentially. It did so by continuing to sell its products to those in need, as well as by way of various mergers and acquisitions.

Fidelity Life Insurance Association Review

Today, Fidelity Life is considered to be a very well capitalized life insurance company that is licensed to do business in 48 of the 50 U.S. states. (All except for New York and Wyoming). Fidelity Life has in excess of $26 billion of life insurance in force.

Fidelity is organized as a stock life insurance company, and it is a wholly owned subsidiary of Lifestory Interactive with Members Mutual Holding Company as Fidelity Life’s ultimate parent company.

Due to the way in which it is organized, Fidelity Life has much greater operation flexibility, as well as access to needed capital. In fact, Fidelity Life has a risk-based capital ratio that places it in the top 10% of the U.S. life insurance industry.

With the addition of Efinancial by Fidelity Life’s parent company in 2009, consumers are able to purchase life insurance directly online. Products are also offered via a very select line of independent distributors.

Insurer Ratings and Better Business Bureau Grade

Due in large part to its strong and stable financial footing, Fidelity Life has earned high ratings from the insurer ratings agencies. This includes an A- (Excellent) from A.M. Best Company. In addition, Fidelity Life Association has been an accredited business of the Better Business Bureau (BBB) since January 1, 2014. The company has been given a grade of A+ by the Better Business Bureau, which is on an overall grade scale of A+ to F.

Over the past three years, Fidelity Life Association has closed out a total of 31 customer complaints, of which nine have been closed out within the past 12 months. Of the 31 complaints, 13 had to do with problems with the company’s products and/or services, another ten had to do with billing and/or collection issues, six were related to advertising and/or sales issues, and the remaining two had to do with delivery issues.

Life Insurance Products Offered By Fidelity Life

Fidelity Life Association offers a wide variety of different life insurance products to choose from. This can be helpful for its customers in matching up coverage with their anticipated current and future life insurance needs.

There are numerous offerings, including:

RapiDecision Life – The RapiDecision Life option is reasonably priced for affordability. This level premium term life insurance coverage is available in benefit amounts of up to $1 million. By just answering a few health-related questions, this coverage may be approved in as little as 24 to 48 hours.

This plan is a blend of two types of coverage at first. One portion is a level premium term life policy that will pay out a death benefit for any cause of death (with just a few exceptions). Another portion of the coverage is an accidental death benefit that pays out an additional death benefit in the case of an accidental death.

Within the first six months, by undergoing a paramedical exam, Fidelity Life may adjust this blend of life insurance coverage where a percentage of all causes coverage will increase at no additional premium cost going forward. This would occur if the health of the insured was as good or better than he or she had reported on the application for coverage. If, however, it is discovered that the health of the insured is worse than he or she knew it to be when the initial application was completed, then the policy benefits as initially issued would not change for the term of policy years that was selected.

RapiDecision Express – Due to web-based technology and underwriting innovation, Fidelity Life Insurance is able to offer a fast purchase experience with the RapiDecision Express plan. Here, coverage may be approved within just days – so the insured can have protection right away. There are no medical exams to contend with as a component of approval.

This policy offers a level death benefit term plan up to age 95. The guaranteed level premium periods include ten, fifteen, twenty, and thirty years. Once the level premium period has elapsed, the premium rates will go up each year through the insured’s age 94.

RapiDecision Senior Life – The RapiDecision Senior Life can be purchased as term or whole life coverage. These plans are available to those who are between the ages of 50 and 85. There is no medical exam necessary for policy approval. Rather, there are just a few questions related to the applicant’s health.

On the RapidDecision Senior Life Term option, coverage is available for applicants who are age 50 to 70 in face amounts of $10,000 up to $150,000, with term lengths of 10, 20, and 30 years, depending on the applicant’s age.

The RapiDecision Senior Life Whole Life policy offers guaranteed level premiums for the lifetime of the plan. Coverage is available for ages 50 to 85, in face amounts of between $10,000 to $150,000, also based on the age of the insured at the time of the policy application. This policy will mature at the insured’s age 121, and the full amount of the stated death benefit will be paid upon death for any cause after year three.

RapiDecision Final Expense – The RapiDecision Final Expense policy provides protection for individuals who are between the ages of 50 and 85 at the time of application. These policies provide coverage of $5,000 to $35,000 which is usually used by beneficiaries for paying the insured’s funeral and other final expenses.

Qualifying for this policy will not require the applicant to undergo a medical examination. Rather, approval will depend upon the answers to several health-related questions on the application for coverage, as well as results from database sources. It is important to note that, while this plan may cover individuals who have some types of health-related issues, it may not be suitable for those who have serious health or other risk issues, and/or those who have a limited life expectancy.

RapiDecision Guaranteed Issue – The RapiDecision Guaranteed Issue is a permanent whole life insurance policy that has coverage available of up to $20,000. Those who are between the ages of 50 and 85 may apply. This policy will not require taking a medical examination in order to be approved, nor are there any health questions on the application to answer. Therefore, this policy requires no underwriting, and all applicants who are within the age requirements can be approved.

As permanent whole life insurance coverage, the RapiDecision Guaranteed Issue option can also provide the opportunity for the accumulation of cash value. This cash is allowed to grow on a tax-deferred basis, which means that there is no tax due on the growth unless or until the policyholder withdraws it. (Cash may be either borrowed or withdrawn for any reason, such as paying off debts, supplementing retirement income, or even taking a nice vacation).

There is a reduced death benefit if the insured dies within the first three years of coverage with this policy. Full coverage will, therefore, begin in year four. The premium that is due on this plan will remain the same throughout the entire lifetime of the policy – regardless of the insured’s increasing age or health condition.

Accidental Death Benefit – Fidelity Life Insurance also offers an accidental death benefit plan. This product covers the insured in the case of death that results from an accident and provided that death occurs within 90 days of such an accident. Coverage is available to applicants who are age 20 to 59, with limits of between $100,000 and $150,000.

Other Products and Services Available

At this time, Fidelity Life Insurance has a primary focus on offering life insurance coverage protection. Therefore, there are no other products and services that are available via this insurance provider.

How to Get the Best Premium Rates on Life Insurance Coverage Through Fidelity

For anyone who has someone depending on their income and/or a loved one who stands to inherit a financial burden in the event of death, life insurance is a necessary financial product. If you are seeking the very best premium rates on life insurance coverage through Fidelity Life Insurance – or through any insurer – then it can be helpful to work in conjunction with an independent life insurance agency or broker.

In doing so, you will be able to directly compare multiple life insurance policies, companies, and premium costs – and from there you can determine which one will be the best for you and for your budget.

If you are currently in the market for life insurance coverage, we can help. We are an independent life insurance brokerage, and we work with many of the top life insurance carriers who are in the marketplace today. We can assist you with obtaining all of the key details that you will need for making a well-informed insurance purchasing decision – and we can do so for you very quickly, easily, and conveniently, without the need to meet in person with a life insurance agent. When you are ready to begin this simple process, all you need to do is just simply take a moment to fill out the quote form on this page.

After you have reviewed our website, if you find that you still have any additional questions or concerns regarding life insurance coverage, please feel free to reach out to us directly via phone. Our experts are here to walk you through any situation. We can be contacted toll-free by dialing 888-552-6159.

We understand that the purchase of a life insurance policy can be somewhat confusing. There are a lot of different variables that you can choose from – and you want to make sure that you are heading in the right direction as far as the type and the amount of coverage you are purchasing. There is good news, though, in that this process can be made so much easier when you have an experienced ally on your side. So, contact us today – we’re here to help.

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Doug Mitchell

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Comments (2)

  1. I Liran

    I am interested in the Non-medical term Health Insurance with Fidelity. Can you email me some rates
    for 65 year old non-smoker good health.

    1. Doug Mitchell says:

      I just emailed all non-medical term quotes to you. Let me know if you have questions at 1-800-712-8519.

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