Life insurance is a valuable tool for many individuals and families who have a desire to protect their loved ones’ financial lives. With the help of a life insurance policy, individuals can safely transfer the risk of financial loss due to death to an insurance company in exchange for a premium paid each month or each year.
Life insurance benefits are paid income tax-free, which ultimately leverages premium dollars by a significant amount over time.
Life insurance policies come in many forms, including term insurance (or temporary insurance) and permanent insurance (or long-term insurance). Both types of policies have unique benefits and features, but it is also necessary to review the downsides before deciding.
The cost of life insurance and the coverage it provides depends on the company providing the insurance, the age of the person getting coverage, and the amount of insurance needed.
Fidelity Life Insurance Overview
Founded in 1896 as Mystic Workers of the World, Fidelity Life has been offering a variety of life insurance products to American consumers for more than a century. The company, based in Chicago, Illinois, provides access to term and permanent life insurance options with minimal underwriting requirements.
In addition, Fidelity Life offers an accidental death benefit policy to interested individuals. Fidelity Life stands out as an insurance provider because it only focuses on individual life insurance products, not investment or financial planning solutions.
Fidelity Life offers coverage to consumers in all 50 states and Washington D.C. besides Wyoming and New York, and it holds more than $26 billion in life insurance policies.
Fidelity Life offers term insurance quotes online with the help of its parent company, EFinancial. Through the online platform, individuals can see the estimated cost range for term life policies of $100,000. The total cost of the final term life insurance policy approved by the company will depend on the applicant’s age, gender, smoker status, and general health. The premium also depends on the state in which the insured lives.
For a 35-year-old, non-smoking male in need of a $100,000 10-year term policy, the premium ranges from $15 to $21. A woman with the same insurance needs and health profile would pay between $14 and $18 per month.
A 60-year-old, non-smoking man would pay between $76 and $259 per month for the same $100,000 coverage while a 60-year-old woman would pay between $52 and $223 per month.
Higher coverage amounts and longer insurance terms will increase the price of the policy. Fidelity Life has a lower cost for term insurance than some of its competitors, but the ranges for premium payments are much wider than comparable insurance providers.
Coverage & Most Popular Policy
The most popular policy available from Fidelity Life is its RAPIDecision Life—a term insurance policy with a level premium that offers coverage up to $1 million. This type of policy can be applied for online or over the phone, and approval can come in as few as 24 to 48 hours for those with a strong medical history.
In addition to this type of coverage, Fidelity Life also offers the following:
- RAPIDecision Express – a term insurance policy with coverage from $50,000 to $250,000 for those between the ages of 18 and 65.
- RAPIDecision Senior Life – a term or permanent insurance policy up to $150,000 for those between the ages of 50 and 85. Note: you can see comparable senior life insurance policies here.
- RAPIDecision Final Expense – a permanent whole life insurance policy for up to $35,000 in coverage with no medical exam required. This is available for those ages 50 to 85.
- RAPIDecision Guaranteed Issue – a permanent whole life insurance policy for up to $20,000 with no medical underwriting that starts with a smaller death benefit and increases over time. This is available for those between the ages of 50 and 85.
Requirements to Get Insured
For some policies available through Fidelity Life, individuals must submit a full application that includes details about their age, gender, smoker status, medical history, income, and financial circumstances.
These applications, which are mostly for larger amounts of coverage, also require medical underwriting, including an exam. However, Fidelity Life also offers life insurance options with no health questions and no medical exam, or few health questions and no exam.
This flexibility makes Fidelity Life insurance products more valuable to individuals interested in coverage.
Fidelity Life insurance products are available in all states except Wyoming and New York. There are no other availability restrictions with the exception of medical underwriting requirements and age requirements for certain policy types.
Fidelity Life has an A+ rating with the Better Business Bureau and the company has been accredited with the organization since 2014. The financial strength of the company is also high, with an A- (Excellent) rating from A.M. Best. The company has few customer reviews online.
Individuals interested in coverage from Fidelity Life may have the best opportunity to connect with someone by calling the customer service line between 8 a.m. and 5 p.m. (CST) Monday through Friday. The call hours are more restrictive than other insurance companies, but Fidelity Life also offers an e-mail option for new and existing customers.
Fidelity Life is one of the nation’s oldest insurance providers and it also offers the most flexibility and coverage options to its customers. Fidelity Life may have lower premiums on some of its term products than comparable life insurance companies as well as faster turnaround time on approval; however, the policy options that require medical underwriting may cost more than other insurance providers depending on the health history of the insured.