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Fidelity Life Insurance Review

fidelity life insurance review

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

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Planning for your financial future can include making investments that grow and compound over time. This process also includes ensuring that your loved ones are financially secure when the unexpected happens.

Most people don’t like to dwell on it. But life insurance is essential to provide the funds for ongoing living expenses or to pay off debt.

It is 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 certainly a financially strong provider with a positive client reputation.

Fidelity Life Insurance Company

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. It 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 and in 1915, they had roughly $100 million of active life insurance. Just 14 years later, the company grew its assets by another 100 percent. This was all during the worst period of time in the 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 is licensed in 48 states (excluding New York and Wyoming). They have policies valued at more than $26 billion in death benefits.

Who Owns Fidelity Life?

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.

Because of the way it is organized, Fidelity Life has much greater operational flexibility. They also have 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.

Company Ratings

One of the indicators of the strength of Fidelity Life is its high rating.

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.

Fidelity Life Insurance Products

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. It pays a death benefit regardless of the cause of death (with just a few exceptions). The other portion of the plan is one that pays an additional amount of death benefit in the case of accidental death.

Within the first six months, you can go through a paramedical exam. Fidelity Life might choose to adjust the coverage blend and increase your needed coverage at no additional premium cost to you going forward.

Of course, they would only do that if your health stayed good. Or if it actually improved from the time the original application was submitted.

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 a 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.

RapiDecision Senior Life Term

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.

RapiDecision Senior Life Whole

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.

Fidelity Life Insurance Rates

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.

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, but we also make it quick and convenient.

Is Fidelity Life Insurance Best for You?

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.

If Fidelity doesn’t work for you, we have other reviews to see, like Protective.

Our toll-free number is 800-712-8519.

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.

Picture of Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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