Fidelity Life Insuance Review

Published: October 17th, 2017 | Last updated: March 5th, 2018

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 when the unexpected happens. 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.

In the process of searching for life insurance to purchase, there are some key components to keep in mind. Two of those key components are making sure you chose the proper type of coverage, and choosing the right amount of coverage for your families needs.

It is also very important to make sure the insurance company you choose to buy from is not only stable but strong financially. As a policyholder, you want to know that the company has a great reputation for paying claims. Fidelity Life is a company that is strong financially and has a positive client reputation. 

Fidelity Life Insurance – Company History

fidelity life logo white background

Fidelity Life has been providing financial security to its customers and their loved ones since 1896. Initially, it was named Mystic Workers of the World, and was a society of fraternal benefit, designed to offer financial protection to the increasing number of middle-class population in the Midwest and Northern U.S.

Fidelity Life continued to grow as Middle America did. In 1915, they had roughly $100 million of active life insurance – and, just 14 years later, the company grew their assets by another 100 percent. This was all during the worst period of time in United States financial history.

In 1930, they changed the name to Fidelity Life Association – although its mission remained the same. And, over time, the company continued growing and expanding 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

Fidelity Life is capitalized very well today, and it is licensed in 48 states. (All except for New York and Wyoming). Fidelity Life has life insurance policies valued at more than $26 billion in death benefits.

Organized as a stock life insurance company, Fidelity is a wholly owned subsidiary of Lifestory Interactive, and Members Mutual Holding Company is 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 capital ratio that is risk-based and it is in the top 10% of the life insurance industry in the U.S. 

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

One of the indicators of the strength of Fidelity Life is the high rating it has from the agencies who rate insurance companies. Fidelity has an A (Excellent) rating from A.M. Best Company, and for several years they have been accredited in the Better Business Bureau (BBB). In fact, they have been graded A+ by the Better Business Bureau.

Over the years, Fidelity Life Association has closed out a relatively small number of customer complaints. Of those complaints, several were about problems with their products, many others were related to billing and/or collections issues, a few were related to advertising and/or sales concerns, and a very small few had to do with delivery issues. The fact that there are a small number of complaints and Fidelity addresses them means that overall they are very good at following through, which means you can count on them to take care of your family. 

Life Insurance Products Offered By Fidelity Life

Fidelity Life offers a large selection of different life insurance options to consider, which is very 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 – 48 hours.

This plan is a blend, at first, of two different types of coverage. One portion of the plan is a level premium term type of policy that pays a death benefit regardless of the cause of death (with just a few exceptions). The other portion of the plan is a type of coverage that pays an additional amount of death benefit in the case of an accidental death.

Within the first six months, you can go through a paramedical exam, and Fidelity Life might choose to adjust the coverage blend to where some percentage of the all causes coverage might be increased at no additional premium cost to you going forward. Of course they would only do that if your health stayed good or actually improved from the time the original application was submitted. 

Within the first six months, by undergoing a paramedical exam, Fidelity Life can 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. The good thing is if the exam reveals that your health is actually worse than you thought it was when the initial application was completed, the policy benefits will not change – they will remain the same for the term of the policy.

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 people between the ages of 50-85. A medical exam is not necessary for approval. Rather, there are just a few questions related to the applicant’s health.

On the RapidDecision Senior Life Term option, coverage is offered to 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 offered to ages 50 to 85, in face amounts of between $10,000 to $150,000, also based on the age of the insured individual at the moment the policy application is submitted. 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 ages 50 and 85 when applying. 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. One important fact to note is 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 policy that has up to $20,000 of coverage available. Anyone between the age of 50-85 may apply. This policy will not require taking a medical examination in order to be approved, and there are no health questions to answer. Therefore, this policy requires no underwriting, and any applicants within the age requirements may be approved.

As permanent whole life insurance coverage, the RapiDecision Guaranteed Issue option can also provide the opportunity to accumulate cash value. This cash is allowed to grow tax-deferred, which means tax will not be charged on the growth until the policyholder withdraws it. (Cash may be borrowed or withdrawn for any reason, like paying off debts, supplementing income in retirement, or even going on a vacation).

With this policy, if the insured dies within three years of the beginning of coverage, then there will be a reduced death benefit. 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 – even as the insured grows older and even if their health condition changes. 

Accidental Death Benefit – Fidelity Life Insurance also offers an accidental death benefit plan. This product covers the insured in the case of death from an accident if the death occurs within 90 days of the accident. Coverage is offered 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 shopping for the very best premiums on life insurance through Fidelity Life Insurance – or through any insurer – it can be helpful to let an independent life insurance agency or broker help you. 

An independent agency or broker can help you directly compare several life insurance companies, policies, and premium costs. Their objective is to help you determine which option is the best fit for your family and your budget. 

If you are currently in the market for life insurance coverage, we are an independent life insurance brokerage that can help you. Since we work with many of the top life insurance carriers on the market, we can simplify the process of getting all the details needed to make a well-informed decision. We not only simplify the process, we make it quick and convenient. You don’t even have to meet an agent in person. Simply fill out the quote form on this page and we’ll take it from there.

If you happen to still have questions or concerns before submitting the form, feel free to connect with us by phone and one of our experts will be happy to help in any way we can. Our toll-free number is 888-552-6159.

Purchasing life insurance can be confusing and maybe even frustrating. There are so many variables to consider, and it is such an important financial decision to make for the future. Don’t be discouraged. We can help. Let our experience work for you. Contact us today. 

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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:

      Sylvester,
      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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