Fidelity Life insurance review 2024
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At a glance
Bankrate's take
Policyholders seeking no-medical-exam life insurance or ample rider options, as well as those over 50 in need of term or whole life coverage, might consider Fidelity Life as their company of choice.
- Strong focus on no-medical-exam policies, especially for individuals over 50
- Variety of term and permanent life insurance options with simplified underwriting
- Financial strength rating of A- (Excellent) from AM Best
- Policies are not available in certain states, including Wyoming and New York
Fidelity Life insurance
Based on Bankrate’s Fidelity Life insurance review, the company’s insurance offerings appear robust when benchmarked against the broader market. One standout feature is its focus on no-medical-exam policies, which could align with the needs of those seeking a swift and hassle-free underwriting process. This commitment to accessibility is further evidenced by its RAPIDecision policies, which streamline approval with a concise health questionnaire. Furthermore, its inclusive approach makes the company a notable option for older adults, emphasizing its versatility in serving various demographic needs.
Diving deeper, Fidelity Life operates primarily through digital channels, leveraging the efficiency of online systems. However, licensed agents are reachable by phone during business hours for those who prefer it.
Fidelity Life offers a few different types of life insurance, including term, guaranteed issue and whole:
- Term: Term policies may be best for people who need coverage for a specific period of time. For instance, parents may want to look into purchasing a term life policy that provides coverage while their children are young. This way, if the policyholder passes away during the term, they leave their beneficiary (their spouse, perhaps) some financial security to take care of their surviving children.
When doing our Fidelity term life insurance review, we found that Fidelity offers two term life policies. The first is called RAPIDecision Life, which is available for people between the ages of 18 to 65, with term lengths between 10 and 30 years and coverage ranging from $50,000 to $2 million. The other policy is called RAPIDecision Senior Life Term and is available to people between the ages of 50 and 70 with the same term length options. Fidelity Life’s senior term policies offer coverage ranging from $10,000 to $150,000. Both of these term life policies use simplified underwriting and don’t require a medical exam. - Permanent: Permanent life insurance is an overarching term that encompasses whole and universal life policies. Unlike term life, permanent life insurance is intended to cover you for your entire life as long as premiums are paid. Permanent life insurance is usually more expensive than term, but this type of policy often carries a cash value that has the potential to grow over time. Permanent life insurance may be best for people who have lifelong insurance needs.
- Whole: Fidelity Life offers two types of permanent coverage. The RAPIDecision Senior Whole Life policy is available to people between the ages of 50 to 85, providing between $10,000 to $150,000 in coverage. This policy may build cash value and has fixed premiums for your lifetime.
You could also purchase a RAPIDecision Final Expense policy, which can help cover funeral expenses and other end-of-life costs. It’s available for people between the ages of 50 and 85 and provides coverage of $5,000 to $40,000.
- Whole: Fidelity Life offers two types of permanent coverage. The RAPIDecision Senior Whole Life policy is available to people between the ages of 50 to 85, providing between $10,000 to $150,000 in coverage. This policy may build cash value and has fixed premiums for your lifetime.
- Guaranteed: Guaranteed issue life insurance is another type of whole life insurance. However, the cash value that a guaranteed issue policy may accumulate is usually much smaller than other permanent life policies. Guaranteed issue coverage does not require a medical exam, so it can be a good option for people who have pre-existing health conditions that make it difficult to qualify for standard coverage.
Fidelity Life offers one guaranteed issue policy, RAPIDecision Guaranteed Issue. It’s available for people between the ages of 50 and 85 and provides up to $25,000 in coverage.
Pros and cons of Fidelity Life insurance
When considering Fidelity Life for your insurance needs, it's important to weigh the advantages and disadvantages. Here’s a quick overview to help you make an informed decision:
Pros
- Instant-decision applications ensure swift feedback.
- Offers a variety of no-medical-exam policies tailored for individuals over 50.
- Fidelity Life provides a broad range of policy options to cater to varied needs.
Cons
- Term policies cannot be transitioned to permanent or whole life policies.
- Simplified-issue policies may carry a higher cost compared to fully underwritten ones.
- Policies are not available in specific locations, such as Wyoming and New York.
Fidelity Life insurance riders
Fidelity Life offers a variety of riders that can enhance your life insurance policy to suit your specific needs. While adding a rider typically increases your policy's cost, it offers personalized coverage benefits. Here are some key riders offered by Fidelity Life:
- Accidental death benefit rider: Available for individuals aged 20 to 65, this rider can add $50,000 to $300,000 of coverage to term and whole life policies. It may provide an additional payout in the event of passing away due to, or within 90 days following, a covered accident.
- Family accidental death benefit rider: Applicable to Fidelity’s accidental death benefit policy, this rider can extend coverage to include your spouse and unmarried children under 23 years of age.
- Terminal illness rider: This rider allows early access to a portion of your policy's death benefits if diagnosed with a terminal illness. Often included at no extra cost, it can provide financial relief when it's most needed.
- Child rider: For term policies, you can add coverage ranging from $5,000 to $25,000 for your child, provided they are between 15 days and 18 years old. This rider is designed to offer additional security for your family.
- Inflation rider: Specifically for the standalone accidental death benefit policy, this rider aims to adjust your death benefits to match inflation, potentially increasing the benefit by 25 percent by the sixth policy year.
- Return of premium insurance rider: When added to an accidental death benefit policy, this rider might allow for a refund of a portion of the premiums paid if the policy is outlived or voluntarily canceled.
These riders are subject to certain conditions and availability may vary. It's important to consult with a Fidelity Life representative to understand how these riders can fit into your life insurance planning.
Fidelity Life customer satisfaction
Finding the best life insurance policy isn’t just about cheap premiums — it’s also important to ensure that the company meets your customer service expectations. However, when conducting our Fidelity Insurance review, we noticed that J.D. Power did not include Fidelity Life in its 2023 life insurance studies, so to evaluate customer satisfaction, Bankrate’s insurance editorial team analyzed the company’s NAIC Complaint Index (more on that below).
Additionally, Fidelity Life has a financial strength rating of A- (Excellent) from AM Best. Although excellent financial strength may not be a direct indicator of a company’s customer service, it does mean that, historically, the company had the means to pay out claims when necessary — an important consideration when choosing a life insurance company.
Fidelity Life insurance customer complaints
The NAIC provides an invaluable tool for consumers when evaluating insurance companies: the complaint index. This rating offers insights into the number of complaints a company receives relative to its size. Each product type, such as life insurance or auto insurance, has its own industry baseline, set at 1.00. A rating below this baseline suggests that the company receives fewer complaints than expected for its size, signaling positive customer experiences. Conversely, a rating above the baseline indicates that the company may be receiving a higher-than-average number of complaints, indicating that perhaps its customers are not as satisfied with their experience.
As of 2023, Fidelity Life has an overall NAIC Complaint Index of 2.46 for its individual life insurance product. A score of 2.46 indicates that, on average, Fidelity Life receives more than twice the number of customer complaints compared to similar-sized companies. If you know people who have worked with the company, you may want to talk with them to learn more about their experience to see if it's right for you.
The takeaway from these ratings? You may want to do your own research and speak to other policyholders to see what their experience has been with the company's customer representatives.
Compare life insurance providers quickly and easily
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Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
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Compare Fidelity Life with other insurers
Bankrate’s comprehensive Fidelity Life Insurance review is designed to help provide clarity on coverage, customer satisfaction and the company’s values, but determining if the carrier fits your individualized needs could take some additional comparison. While you’re comparing life insurance quotes, you may also be interested in requesting quotes from the companies below:
Fidelity Life vs. Ethos
Fidelity Life Insurance and Ethos both leverage online platforms to cater to modern insurance seekers. A fairly new company, Ethos collaborates with life insurance companies like Ameritas Life Insurance Corporation, Mutual of Omaha and TruStage to provide both whole life and term policies. Both Fidelity and Ethos also offer a range of no-medical exam policies. However, because Ethos uses other insurers to help underwrite and place their policies, it may be harder to find answers to some policy questions on their website, such as riders offered.
Learn more: Ethos Insurance review
Fidelity Life vs. Mutual of Omaha
Fidelity Life provides policies directly to its consumers, contrasting with Mutual of Omaha, which operates predominantly through independent agents and brokers. Established in 1909, Mutual of Omaha is nationally recognized and possesses an A+ (Superior) rating from AM Best. It offers a comprehensive range of life insurance products, as well as additional financial solutions like annuities. The company stands out for its longstanding history and diverse offerings. Fidelity Life, on the other hand, is potentially more budget-friendly for straightforward term coverage and allows direct purchases without an agent's intervention. However, Mutual of Omaha remains a reliable choice for individuals who value agent interactions and a wide array of policies.
Learn more: Mutual of Omaha Insurance review
Fidelity Life vs. John Hancock
With over 155 years in the insurance domain, John Hancock boasts an A+ (Superior) rating from AM Best. It provides a gamut of life insurance products, including term, whole, universal and variable life. Its strength lies in its diverse riders and policy customization options. In contrast, while John Hancock relies on brokers and agents for sales, Fidelity Life offers a direct-buy approach. For individuals prioritizing affordable and hassle-free term life insurance, Fidelity Life might be a good choice. However, those valuing extensive coverage flexibility and agent assistance might lean toward John Hancock.
Learn more: John Hancock Insurance review
Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth Fidelity Life insurance review.
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Is Fidelity Life a good insurance company?
Bankrate's insurance editorial team recognizes the significance of choosing the right life insurance company. Our mission is to provide a foundation for readers who want to make informed decisions about their insurance needs, and when it comes to Fidelity Life, a few aspects stand out.
Fidelity Life especially shines in its offerings tailored to older adults. Its RAPIDecision programs, which mostly emphasize no-medical-exam policies and determine coverage based on health questionnaires, cater to those seeking simplicity and convenience. This can be particularly enticing for those hesitant about medical evaluations. However, while its specialized policies are an asset, the company's customer service has had its challenges, as indicated by its National Association of Insurance Commissioners (NAIC) Complaint Index. To fully assess if Fidelity Life is a good fit for you, talk with a licensed agent and secure a personalized quote.
What are real-life customers saying about Fidelity Life?
To provide a clearer picture of the customer experience with Fidelity Life, we've sourced real-life takes from Trustpilot. It's important to note that life insurance is a unique product where many policyholders do not interact with the claims process firsthand. As a result, reviews often focus more on the application process, customer service, and policy management rather than claims and payouts. This contributes to fewer in-depth testimonials in this sector, but the feedback on Trustpilot provides valuable insights into what to expect from Fidelity Life's services.
Trustpilot reviews
In our search for Fidelity Life reviews, we found that many customers expressed dissatisfaction with the company’s customer service, highlighting issues such as poor communication, difficulty reaching agents and unresolved account errors. One customer described their frustration with unresponsive agents and a prolonged issue with their account. Another new policyholder faced challenges in accessing their policy documents and dealing with nonchalant support, ultimately deciding to cancel their policy.
On the positive side, some customers report smooth and efficient processes. One policyholder appreciated the straightforward application process and quick approval despite health concerns, while another praised their agent's responsiveness and the ease of making policy changes.
*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.
Fidelity Life company details
If you need to get in contact with Fidelity Life, here are a few ways to do so:
- Customer service: 1-800-369-3990
- Website: fidelitylife.com
- Email address: service@fidelitylife.com
- Payment mailing address: Fidelity Life Association, 75 Remittance Drive, Suite 6431, Chicago, IL 60675-6431
- Claims: 1-800-369-3990 or fill out this form
State availability
Fidelity Life insurance is licensed in most states, excluding New York and Wyoming. However, a license doesn’t guarantee active policy offerings. Check with a Fidelity Life agent for local availability.
Fidelity Life tools and benefits
The name says it all for Fidelity Life — its primary focus is life insurance policies. While many insurance companies branch out into diverse arenas like auto, renters or umbrella insurance, Fidelity Life remains dedicated to its core offering. Here are a couple of additional tools and resources it provides to enhance the experience of its policyholders:
- Life Insurance 101: The world of life insurance can sometimes be intricate and perplexing, especially for newcomers. Fidelity Life's "Life Insurance 101" is a treasure trove of knowledge for those who want to better understand how life insurance works. It features articles discussing life insurance fundamentals, policy management and more.
- Online customer accounts center: This is a centralized portal where Fidelity Life policyholders can manage their accounts. If you want to modify your policy or speak with customer service, this digital hub is designed for people who want to manage everything online.
Frequently asked questions about Fidelity Life
