Fidelity Life Association is an innovative company that offers a diverse line of products. For more on this excellent life insurance provider please read our review.
If you are considering Fidelity Life Association Insurance Company as your life insurance provider then the following review of Fidelity Life should help you make your decision. We will discuss the pros and cons of purchasing life insurance from Fidelity Life.
About Fidelity Life
Fidelity Life Association Insurance Company is a stock subsidiary of a mutual holding company. The organization has been operating for more than a century; its longevity proves consistent delivery. Fidelity Life Association Insurance Company is licensed in 48 out of 50 states (all but Wyoming and New York) as well as the District of Columbia and several territories.1
As of August 2019, one of the top rating agencies, A.M. Best, has given Fidelity Life a security rating of A-, or “excellent”. The rating is based on a combination of factors such as balance sheets, operations, business profile and the company’s ability to meet ongoing financial obligations to its policyholders.
Pros of Fidelity Life
Use of Technology
Fidelity Life Association Insurance Company is one of the few insurance providers that have leveraged the benefits of technology to speed up the underwriting process, creating truly innovative accelerated underwriting. Using Fidelity Life’s digital tool, approval for life insurance happens at a much more rapid pace. Customers seeking insurance will not be required to give any kind of exam or oral questionnaire.
Longevity and Reputation
Founded in 1896, Fidelity Life has been around for more than a hundred years, and it continues to prove itself as a top competitor dedicated to innovation and meeting customer’s needs. The company currently has over $141 billion of life insurance in force.2
Fidelity Life offers many different life insurance policies, each with flexible options to fit the policyholder’s individual needs. The policy that is right for you will depend on a combination of factors including: age, health, and desired coverage. Prices for each policy may vary.
Fidelity Life RAPIDecision Life Policies
As the name insinuates, this is a quick and easy coverage plan. Using the Rapid App application, you will get covered in no time. Fidelity Life offers five policies in the Rapid Decision family:
This policy offered through Fidelity Life is a hybrid policy that allows eligible clients to be covered in as little as 24 to 48 hours depending on your answers to the application’s health questions. The hybrid part of the policy is that the coverage is one part level term life insurance and one part accidental death insurance. You then have six months to take your life insurance medical exam in order to be covered 100%. In some cases the policy will be issued at 100% level term with no requirement for further medical underwriting.
This fast and easy no exam required policy provides a level death benefit to age 95. Rapid Decision Express (RDS) is truly an innovative approach to accelerated underwriting. Some of the key features of Rapid Decision Express are:
- Simplified Issue Level Term Life Insurance
- Face amounts $25,000-$250,000 depending on age
- 10, 15, 20 and 30 year terms available depending on age
- Renewable term to age 95
- Accelerated Death Benefit available beginning year 3
RAPIDecision Senior Life Term & Whole Life
Life insurance for seniors that fit the age requirements from 50-85. Both term life and whole life policies are available. Each policy provides partial coverage immediately with fill coverage in year 4.
- Senior Life Term
- Level Term for 10, 20 or 30 years based on age
- $10,000 to $150,000 face amounts available based on age
- Senior Whole Life
- Cash value whole life insurance
- $10,000 – $150,000 face amounts available based on age
RAPIDecision Final Expense
- Permanent whole life final expense insurance.
- Ages 50 – 85
- Face amounts $5,000 – $35,000
- No paramedical exam required
- Some health questions and database background check
- Coverage begins immediately upon approval
RAPIDecision Guaranteed Issue
For individuals 50-85, this guaranteed issue life insurance policy covers all post-mortem expenses, no medical test or health questions required. The first three years are a reduced benefit plan, but the full whole life coverage of $20,000 is available after that.
RAPIDecision Accidental Death Benefit
This is a flexible plan with pricing dependent on how much coverage you desire. Designed to protect your family and investments in the event of an accidental death, this plan can be as affordable as $10 a month. Accidental deaths are traumatic and unexpected; this coverage plan provides your family with a cushion to fall on in such a devastating time. Accidental death insurance is not for everyone but it can be a valuable tool for those who cannot otherwise qualify for life insurance or need to supplement existing coverage.
Cons to Fidelity Life
One of Many
It’s really tough to come up with any real negatives when it comes to Fidelity Life Insurance Company, if we were forced to come up with a possible disadvantage it would simply be that Fidelity is just one company of many. Meaning that until we look at your specific situation and compare what Fidelity can offer you with what might be available elsewhere we simply won’t know if Fidelity Life Insurance Company is the best option for you.
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