Fidelity Life Insurance Review

Fidelity Life Association Ratings at a Glance

Fidelity Life has a long history and financial stability, offering products primarily geared toward seniors, including a guaranteed issue policy. Learn more in this Fidelity Life insurance review.

Fidelity Life offers term and whole life policies. It doesn’t offer universal life. Depending on your health and the plan you choose, your coverage could start the same day you apply. Here are Fidelity Life’s insurance products. 

Term Life Insurance

Term life insurance doesn’t have any cash value. It’s in effect for the term of the policy, and Fidelity Life offers terms of 10, 15, 20 and 30 years. Its term products are called RAPIDecision Life and RAPIDecision Senior Life. With RAPIDecision Life, you may need a medical exam, but you have up to 6 months after you apply to complete the exam. This policy is available for ages 18 to 70 and for up to $1 million in death benefits.

RAPIDecision Senior Life is available to people ages 50 to 70 with a death benefit of up to $150,000. Fidelity Life says applicants typically don’t need a medical exam, and the policy only provides partial coverage for the first 3 years. It has full coverage starting in year 4. Once the policy expires, you can renew up to age 95, but you’ll likely pay significantly higher premiums. 

Whole Life Insurance

Whole life insurance has the same premium for as long as you keep the policy. It also builds up cash value, which you can borrow against. You also receive the cash value if you surrender, or end, the policy. 

Fidelity Life offers 3 types of whole life policies. RAPIDecision Senior Whole Life is available to those ages 50 to 85. Coverage options range from $10,000 to $150,000, depending on your age. There is no medical exam, but you only have partial coverage for the first 2 years you have the policy. Full coverage starts year 3. 

RAPIDecision Final Expense is designed to cover end-of-life expenses like funeral costs. This policy is also available to those ages 50 to 85 with coverage amounts ranging from $5,000 to $35,000. No medical exam is required, but you do have to answer a few health questions. 

RAPIDecision Guaranteed Issue is also designed to cover end-of-life expenses. It’s available to applicants ages 50 to 85 and up to $25,000 in coverage is available. You don’t have to answer any health questions or have a medical exam to qualify. The death benefit is reduced during the first 3 policy years, and the full benefit is available starting in year 4. 

Accidental Death Policy

An accidental death policy pays benefits only if a death is accidental. It is guaranteed issue, which means you don’t need to answer any health questions to qualify. It may be a good fit if you want additional life coverage or if you don’t qualify for other life insurance products. It’s available to individuals ages 20 to 59 and coverage ranges from $50,000 to $300,000. 

Like most life insurance companies, Fidelity Life doesn’t have its prices publicly available. You can get a quote online, however, and if you need more information you can call and speak to an insurance agent. 

Fidelity Life’s customer service hours are limited. You can reach a representative from 8 a.m. to 5 p.m. CT Monday through Friday. That means if you’re not available during business hours, you’re going to have a challenging time reaching a representative. You can also email service@fidelitylife.com. 

• You can contact them by phone at 800-369-3990
• Or, you can contact them by email at service@fidelitylife.com

Fidelity Life does have claim forms on its website, but they’re difficult to find. It also has some educational blog posts on how life insurance claims and payouts work, but they’re also difficult to find. 

Life insurance riders add coverage to your policy. You pay an additional premium for riders. Fidelity Life offers several riders:

• Accidental death benefit — This rider provides an additional death benefit if a death was accidental. 
• Family accidental death benefit — This extends an accidental death benefit to cover a spouse and dependent children. 
• Accelerated benefit — This rider allows you to take out a percentage of your death benefit if you’re diagnosed with a terminal illness. 
• Inflation — This rider is available with Accidental Death Benefit policies, and it helps your benefits keep up with inflation. 
• Return of premium — This rider is also available with Accidental Death Benefit policies. If your policy expires or you choose to cancel it, you’ll get back part of the premiums you paid for the policy. 

Fidelity Life’s policies are primarily geared toward seniors. While it does offer policies with no medical exams required, those policies have limited benefits for the 1st few years of the policy. If you’re looking for life insurance and are age 50 or older and in less-than-perfect health, checking out Fidelity Life is worthwhile, but be sure to check out other companies that offer simplified and guaranteed issue life policies. 

Fidelity Life Insurance vs. Competitors

Fidelity Life has multiple policies that don’t offer the full benefit right away. The guaranteed issue life policy has a 3-year waiting period. Some of Fidelity Life’s competitors offer shorter waiting periods. Fidelity Life also has a limited range of policies and relatively few options for those younger than 50. Other insurance companies offer products for all ages and include options like universal life. 

Frequently Asked Questions