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MoneyGeek’s Take: Is Fidelity Life Right for You?

Fidelity Life offers a range of term life policies ideal for younger adults looking for temporary coverage. However, if you are looking for the best whole life insurance, this provider has limited options. You might want to explore other insurers, like MassMutual.

Fidelity Life has various policies geared toward seniors, including some that do not require medical underwriting. This makes it a good choice for seniors looking for permanent life insurance, short-term policies or final expense coverage.

You can learn more about Fidelity Life policies in our in-depth review, which will give you the information you need to make an informed decision on the best policy for your situation.

At a Glance: Fidelity Life Life Insurance

Fidelity

pros

Online quote feature

Wide variety of policy options

Offers some plans with immediate coverage and no medical exam requirement

cons

Higher than average NAIC complaint index

Low coverage caps for some policies

Term policies are not convertible to whole life policies

COMPANY HIGHLIGHTS

Fidelity Life was founded in 1896 and offers a variety of term life insurance, final expense and whole life insurance options in most states. Fidelity Life offers term life insurance policies with terms ranging from 10 to 30 years.

For both term, whole and final expense policies, there are options for plans that do not require a medical exam and offer immediate coverage. Although policyholders get flexible coverage options with this provider, it is worth noting that Fidelity Life has a higher-than-average NAIC complaint index of 2.01.

Life insurance policies offered by Fidelity Life include:

  • RAPIDecision Life
  • RAPIDecision Senior Life
  • RAPIDecision Senior Whole Life
  • RAPIDecision Final Expense
  • RAPIDecision Guaranteed Issue Life
  • Accidental Death Insurance

Fidelity Life life insurance policies offer coverage of up to $2,000,000, depending on the type of policy you choose. Term policies for seniors are available for those between 50 and 70 years of age.

Fidelity Life also offers a final expense plan with affordable premiums and no requirement for a medical exam for those who want coverage for final expenses. If you are not eligible for any other policy due to health reasons, Fidelity Life has a plan that offers coverage of up to $25,000 for end-of-life expenses.

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Key Takeaways

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Fidelity Life term life insurance policies are available for terms ranging from 10 to 30 years.

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Coverage limits for term life policies are capped at $2,000,000.

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Fidelity Life's whole life policy offers coverage of up to $150,000.

Fidelity Life Policy Options Explained

Based on a LIMRA 2022 Insurance Barometer Study, life insurance increases the feeling of financial security, with 68% of those who are insured reporting feeling secure, while only 47% of non-insureds feel the same way. Finding a policy that suits your financial situation is the best way to secure the future of your dependents. Fidelity Life insurance offers term, whole and final expense insurance.

Term Life Insurance Options From Fidelity Life

Term policies are typically cheaper than whole life or permanent policies. You can choose from term limits ranging from 10 to 30 years, depending on your needs and financial situation.

Fidelity Life offers the following term insurance plans.

  • coupleS icon

    RAPIDecision Life

    This is a term life policy available in 10- to 30-year terms. This policy offers coverage of up to $2,000,000. You do not need to wait for a medical exam for your coverage to take effect since you have up to six months to take your medical exam.

    This policy offers a blend of all-cause and accidental death coverage until after you undergo full medical underwriting, where the policy will move to 100% all-cause. For those who fail their medical exam, the blended coverage will remain in place so they will not be denied coverage.

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    RAPIDecision Senior Life

    This term policy is available in 10- to 30-year terms and offers coverage of up to $150,000. Fidelity Life recommends this policy for those between 50 and 70 who are in good health. You will not be required to undergo a medical exam, but you will need to provide your health information to qualify.

    With this policy, partial coverage starts immediately, and full coverage takes effect in the fourth year. Premiums are fixed for the length of the policy, and you have the option to renew annually on expiration until you reach the age of 95.

Fidelity Life term policies are a good option if you are young and in relatively good health. Term life insurance policies allow you to pick a term length that suits your needs and choose a coverage level based on the premium that fits your budget.

Whole Life Insurance Options From Fidelity Life

Fidelity Life offers one type of whole life policy. Whole life policies offer permanent coverage for the duration of your life. This policy type costs more than term policies, but it can accrue cash value and offers a guaranteed death benefit.

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    RAPIDecision Senior Whole Life

    This is a whole life policy that offers coverage amounts ranging from $10,000 and $150,000 based on age. This policy is recommended for people who are between the ages of 50 and 85 and want a permanent life insurance policy that accrues cash value and offers final expense coverage.

    Premiums for this policy type are fixed, and partial coverage begins immediately. Full death benefits are paid upon death after year three. Medical exams are not required, but you will need to provide information about your health.

    This whole life policy allows you to borrow against the accrued cash value of your policy to meet your financial needs. The cash value will be paid to you in case you opt to lapse your policy.

Fidelity Life’s whole life policy is recommended for those over 50 with lifelong dependents who want coverage with a guaranteed death benefit and final expenses coverage. Whole life insurance policies accrue cash value that policyholders can borrow against, so they are a good option if you want a policy that allows you to save.

Final Expense Insurance Options From Fidelity Life

Final expense policies are geared towards seniors and offer a guaranteed payout to help your beneficiaries cover final expenses like funeral expenses and medical bills.

Fidelity Life offers the following final expense policies.

  • seniors icon

    RAPIDecision Final Expense

    This policy offers $5,000 to $35,000 in coverage, depending on your needs. Premiums are fixed for the lifetime of the policy, and full coverage typically begins immediately.

    There is no medical exam required for this policy, but you will be required to answer some health questions during the application process. This type of policy functions as a type of whole life policy and allows the accumulation of cash value.

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    RAPIDecision Guaranteed Issue Life

    This policy offers a death benefit of up to $25,000. Premiums are fixed for the level of the policy, and you can accumulate cash value. You do not need to take a medical exam for approval, and once approved, your coverage will take effect immediately. However, for the first three years, the policy offers a reduced death benefit, with full death benefits taking effect from year four.

Final expense policies from Fidelity Life are a good option for seniors who want to ease the burden of final expenses for their beneficiaries. They offer varying levels of coverage based on your needs and do not require a medical exam for approval.

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Fidelity Life’s Life Insurance Riders

Life insurance riders are optional benefits that you can add to your standard life insurance coverage at a cost. They help you customize your life insurance coverage to suit your needs, and Fidelity Life insurance offers the following options.

Rider
Description

Accidental Death Benefit Rider

This rider extends your benefits to include coverage if you die due to a covered accident.
In this case, your beneficiaries will be paid a lump sum based on the coverage of your
rider. This can range from $50,000 and $300,000 plus the coverage amount of your policy.

Family Accidental Death Benefit Rider

This rider extends your benefit to include coverage in case your spouse or children die in
an accident. It is only available if you have the Fidelity Life Insurance Accidental Death
Benefit policy.

Terminal Illness Rider

This rider allows you early access to your death benefit in the event you are diagnosed
with a terminal illness. This means you will receive part of your policy while you are
alive.

Child Rider

A child rider provides a death benefit if your child (under 18 years) passes away
while your policy is in effect. Coverage can range from $5,000 to $25,000.

Inflation Rider

This rider increases the payable death benefits of your life insurance policy by 25%,
starting from the second to the sixth year. It helps your policy maintain value over time.

Return of Premium Rider

This rider allows your policy to accrue cash value after the fifth year. If your accidental
death benefit expires, you will be refunded a percentage of your total premiums paid.

How to Get Fidelity Life Life Insurance

Fidelity Life insurance has a fast application process that can be done online. You can also get in touch with one of their agents for help with your application.

How to Buy Life Insurance From Fidelity Life

1

Do Your Research

Fidelity Life offers various life insurance options, so it is important to compare plan benefits and coverages to find the best option for your needs. Consider whether a term or whole life policy will serve you better based on your situation.

2

Compare Quotes

Premiums for life insurance products vary widely depending on age, health and other factors. It pays to compare quotes to ensure that you get the best rates for your profile. Keep in mind that coverage level impacts the premium and death benefit while comparing quotes.

3

Health Check

Fidelity Life has policy options that do not require a medical exam, but remember that such policies may have low coverage caps. Discuss with your agent the best type of policy for you based on your health and age to get the right policy.

4

Approval

Fidelity Life approves most policies in a day, subject to medical underwriting where applicable. Once your policy is approved, you can set up automatic payments to ensure that your premiums stay current and your policy does not lapse.

What to Do if Fidelity Life Insurance Denies You Coverage

Fidelity Life insurance may decline applications due to various underwriting factors. You still have other coverage options available to you that you can explore using these steps:

1

Contact Your Broker

It is important to find out from your broker the reason your policy was declined. This will help you understand what options are available to you or things you can fix.

2

Lifestyle Changes

High-risk lifestyle factors like smoking, alcohol abuse and others decrease your insurability. This means that sometimes an insurer will postpone approval of your application until you make changes like quitting smoking or drinking or maintaining a healthy weight.

3

Explore Other Options

There are life insurance options that do not require you to pass a medical exam to qualify. These include final expense insurance and accidental death insurance. Prices for such policies can be high, and coverage is limited.

Frequently Asked Questions About Fidelity Life Life Insurance

MoneyGeek answered commonly asked questions to help you learn more about Fidelity Life insurance.

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