Fidelity Life Insurance

Reviewer: Aaron Creighton | December 3, 2018 | Life Insurance Buyers Guide

Fidelity Life has been serving middle class Americans since 1896. They’re a well respected financial company that consistently scores high in consumer reviews. Fidelity Life offers term life insurance policies, often with no physical exam required.

Fidelity Life Insurance  

4.9 Overall Score

★★★★★

Fidelity Life Insurance ranks highest in customer satisfaction and customer service.

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PROS

✓ History of serving middle America

✓ Strong reputation among insurance providers

✓ Affordable policies for all

✓ RAPIDecision policies available with no physical exam required

CONS

✕ No opportunity to compare quotes from other companies directly

Summary

Fidelity Life is one of the few companies in the industry that focuses on assisting working Americans experience the peace-of-mind that comes with life insurance ownership. As the company has grown, they have kept their focus on providing reliable, affordable policies with strong value.

History

Fidelity Life Insurance Company was initially founded in 1896. The company was originally named Mystic Workers of the World, a fraternal benefit society that was designed for providing financial protection for the growing middle class of the Midwest and the Northern States.

By 1915, the company reached $100 million in life insurance policies issued, and in 1929, during the U.S. Great Recession, the company doubled their assets. The next year, the company changed its name to Fidelity Life Association, and has continued to grow under Fidelity Life every since.

In the early 1950s, Fidelity became a mutual legal reserve life insurance company, and soon afterward, it became affiliated with a series of life insurance organizations via fee-for-management agreements.

Roughly a half-century later, in 2005, the company once again became independent, focusing on middle Americans and helping its customers to grow and protect their wealth and their loved ones.

In 2009, Fidelity Life Insurance Company’s parent company added customer-oriented capabilities when it acquired Efinancial – a direct to consumer sales entity. This, too, helped to signify Fidelity’s focus on the financial security of Americans.

Today

Today, Fidelity Life Insurance Company is a well respected insurance company. Fidelity can sell insurance in every state — with the exception of New York and Wyoming. The company is headquartered in Des Plains, Illinois. Customer service representatives of Fidelity can be reached via phone between the hours of 8:00 a.m. and 5:00 p.m. Central Time on Monday through Friday, or at any time via email.

The approach used by Fidelity in fulfilling its customers’ basic needs includes offering assistance with maintaining a family’s standard of living, mortgage protection, gifting, helping a family to pay ongoing family debts, funding the future education of children and/or grandchildren, paying for final expenses, and leaving the family a financial legacy.

Ratings From Consumer Reviews

Fidelity has been given a rating of A- (Excellent) by A.M. Best Company, the leading provider of news, ratings, and financial data for insurance companies. (This rating was reaffirmed on December 19, 2018 ).

Additionally, Fidelity LIfe has been accredited via the BBB (The Better Business Bureau), and received an A- rating by the bureau.

RAPIDecision Policies

One of the best features that Fidelity Life Insurance has to offer is its offering of RAPIDecision policies.

These policies offer a fast, easy way to get coverage. Here are some examples:

RAPIDDecision Express

This policy requires no exam and is designed to be approved quickly.

It offers a level death benefit up to age 95 and uses Fidelity’s innovative technology to accelerate the underwriting process. The terms available are 10, 15, 20 and 30 years, dependant on your age.

RAPIDecision Life

This option allows you to receive coverage in as little as one to two days after you answer the health questions on the application.

This policy has a hybrid approach, offering one part accidental death insurance and one part level term life insurance. Although an exam is required, you have six months to take it, after which your coverage will extend to 100%.

RAPIDecision Guaranteed Issue

If you’re between ages 50 and 85, this can be a great policy, offering coverage for any post-mortem expenses with no health test or questionnaire needed.
Since this is considered a guaranteed acceptance life insurance policy, you’ll get a reduced benefit plan in the first three years, followed by the full $20,000 whole life coverage.

RAPIDecision Accidental Death

The accidental death benefit plan has a variety of pricing options depending on your desired coverage level. If you don’t qualify for regular life insurance, or have an existing plan that you need to supplement, this is a valuable option.

It can cost as little as $10 a month, making this an extremely affordable choice for most people. The accidental death plan is a great way to make sure your family or business will be protected in the event of an unexpected tragedy.

Final Thoughts

Life insurance is a big decision, and the more research you do, the easier it will be to make the right choice. Be sure to check with the policy provider and request more information before signing your name on any policy. It’s important to do your homework.

Other Top Home Security Picks for 2019

If you’re not sure about Fidelity Life Insurance, check out our Life Insurance Buyers Guide, or view our other top picks for life insurance.

 

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