While our pursuit of reviewing every life insurance company in the U.S. may be a bit over zealous, it wont stop us from taking some time out to provide a Fidelity Security Life Insurance Company review. The company definitely serves a niche with its different types of life insurance policies and may be just the right choice for you.
About Fidelity Security Life Insurance Company
With headquarters in Kansas City, Fidelity Security Life (FSL) has been in business for over 40 years and, according to their own material and mottos, they like to take advantage of new opportunities by embracing Midwestern values.
From the Missouri Department of Insurance, Fidelity Security received a charter back in 1969 and they haven’t looked back since. In fact, they offer policies that match the needs of the policyholder as well as the agent.
In terms of finances, 2016 was a positive year for the company and they reported admitted assets of just over $900 million. Compared to the year before, this was a modest increase of around $4 million but an increase nonetheless. In the same year, their net income reached $18 million after an total income figure of $161 million.
Fidelity Security Life Insurance Company Ratings
A.M. Best – Although there aren’t too many agencies with ratings for Fidelity Security Life, we can always rely on A.M. Best to assess the finances of insurance companies and provide us with a rating. Just recently, this rating was reassessed and FSL received an ‘A’ or ‘Excellent’. Considering we always recommend choosing an insurance company with a rating within the ‘A’ bracket, this is good news for us all and it means we can trust their finances moving forward.
For the future, A.M. Best has also provided a rating of ‘Stable’ which means their finances aren’t likely to change dramatically in the near future. Additionally, it should mean they’ll be able to survive any external financial fluctuations that occur in the years ahead.
BBB – If you’ve read one of our life insurance reviews before, you’ll know that the BBB is another agency we can rely on for every insurance provider. Rating companies on a number of different criterion, they assess everything from customer complaints to business activity and the responsibility of actions within the market. With BBB, we have a scale between 0-100 and all companies are given a score on this scale. For FSL, ‘A+’ is the rating and this means they scored above 97 and have the best rating available.
Products offered by Fidelity Security Life Insurance Company
Overall, Fidelity Security actually has several types of insurance policies available depending on what you need. As always, we’re going to focus on the life insurance policies but there are others worth a mention too.
The focus of this section of our review is life insurance. In total, there are five policies from which to choose depending on where you are in life and what your needs are likely to be in the coming years.
When making the big decision on what type of product to get, it is important to familiarize yourself with the benefits of term life vs whole life insurance.
Level term life insurance is great for a specific period of time. It has a lower price tag and is the easiest policy to understand.
Term Life Insurance
This term life policy is available for ages 18 to 64 and is renewable to age 75. The death benefit is level until age 64, at which time it drops by 50% at age 65 and another 50% at age 70, with coverage ending at age 75.
Available face amounts range from $5,000 to $250,000.
- $5,000 – $10,000 are guaranteed issue life insurance plans.
- $25,000 to $50,000 plans are simplified issue life insurance.
- And the plans ranging from $75,000 to $250,000 are fully underwritten.
If you go for the larger face amounts, other riders will become available including
If you’re a parent or grandparent, perhaps you’d be interested in life insurance for children such as the Juvenile Life policy. With coverage of either $10,000 or $20,000, guaranteed purchase options will begin at 25 years of age and the permanent life insurance will be paid up at 65. At the time of application, the child must be between six months and 21 years of age.
Young Adult Whole Life
Per child, benefit amounts can reach $5,000, $10,000, $15,000, or $20,000 and the cash value will start to build after five years. As we saw with the previous option, only a parent/grandparent can apply and the child must be aged between six months and 21 years. For the premiums, they increase until the age of 20 before leveling for life; only one health question is required for underwriting.
Senior Whole Life
With level premiums based on the age of the insured when issued, coverage will range between $2,000 and $20,000 and twice the face amount will be paid in the result of an accidental death. As long as you’re between 45 and 75, you’ll have access to this policy which is guaranteed acceptance insurance.
Waiver of Premium protection, and a cash value component are included. Since the policy requires no medical examination, the full face amount will not be available until the beginning of the third year.
Critical Period Mortgage Life
Following the death of a mortgage holder, this insurance provides certain benefits during the ‘critical period’ which allows all family members time to make important decisions regarding finances until they’re ready. Despite coverage terminating at 70 years of age, healthy benefits will be available after death including up to $100,000 for all accidental deaths between the ages of 18 and 65. In joint coverage, the policy is first to die life insurance; coverage is available up to the age of 69.
Disability Income Insurance
Disability income insurance provides income replacement. There are two primary types of income replacement, short term disability insurance and long term disability insurance.
Individual short term disability insurance provides income relief quickly so you can avoid tapping into emergency funds. Normally, you will receive your benefit amount within 7-30 days, but you can adjust the elimination period out further for lower premiums.
Individual long term disability insurance provides extended income replacement protection for 2, 5 and 10 years, or to age 65, or to age 67. Benefits are received after the elimination period, which can be anywhere from 30 days to 730 days.
When looking into disability insurance it is important to be consider all your options. Please check out our article covering the best disability insurance companies for more.
In this section, there are five main policies on offer including Hearing, Lasik, Retail Prescription Drug, Vision Care (Indemnity), and Dental (Indemnity). Covering a range of needs, the Retail Prescription Drug policy, for example, allows access to over 55,000 pharmacies across the country with quotes for groups available for up to 50,000 people which could be important for companies. Elsewhere, the Hearing policy provides funds for a hearing device and an examination every two years (under $150). Often, the policies will be group or employer-based.
If you’re interested in supplemental health insurance, FSL has four different policies including Cancer, Self-Funded Excess Loss Medical, Hospital Indemnity, and Vision Care (PPO). If we take a look at the Cancer policy, you’ll be covered against all expenses that arise as a direct result of the illness. Depending on what package you choose, you can receive hospital refinement benefits of up to $300 per day.
With the Hospital Indemnity policy, daily benefits are available for up to one or two years (you can choose) and it comes into action whenever you’re restricted to the hospital due to an injury or sickness. In addition to the policy itself, you can choose to add extra coverage for Increased Accident, Cancer, Intensive Care, Nurse-at-Home, Common Accident, Accidental Emergency Room, and more.
Now, we head into the three major types of accident policies available with Fidelity Security; AD&D, Travel Accident, and Three-Way Accident.
Accidental Death & Dismemberment – With coverage ranging between $20,000 and $500,000, this particular plan will cover the loss of limbs, eyes, ears, speech, and even hearing. Depending on the extent of the injury, the insured will be paid 25%, 50%, or even 100% of the principal sum. Furthermore, a number of riders are also available to enhance the coverage and add to the protection.
Travel Accident – If injuries are suffered when traveling in a private or commercial motor vehicle, this Travel Accident policy will pay an amount depending on the injuries themselves. For example, up to $200,000 will be paid for death on public transport such as trains and planes. On the other hand, up to $100,000 is available after death in a private motor vehicle and this includes cars, motor homes, and motorcycles. Although insurance centers around death, $125 a day will be paid for hospitalization from an associated injury and this can be paid for up to two years.
Three-Way Accident – Finally, for the accident category of policies, there are three plans available and each cover three different benefits; Hospital Indemnity, Monthly Disability, and AD&D. Depending on the coverage chosen, benefits will be available and you can also choose to add a spouse to the coverage. If you choose Three-Way Accident coverage, the policy is guaranteed issue which means you don’t need to worry about proving your insurability at any point.
If you’re looking to start preparing for retirement, the annuity from Fidelity Security could be what you’re looking for and it offers numerous benefits. As a fixed guaranteed rate annuity, you can choose between single premium, flexible premium, disability benefit, accidental death benefit, nursing home benefit, and other modifications specific to meet your needs. Whether you’re purchasing on behalf of a group or for yourself, FSL can help.
When you first click onto the website of Fidelity Security, you’ll notice that it’s rather basic and traditional compared to other companies but this causes the customer service side of their business no harm whatsoever. Currently, they have two addresses with their headquarters happy to receive mail in Kansas City as well as a home office in New York. Finally, you can also leave an email at a specialized address.
With this in mind, the routes of contact are fairly traditional but Fidelity Security is known for positive customer service and very few complaints so this is important to keep in mind when choosing a provider.
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