Fidelity Life Association Insurance Company Review

by Jeff Rose on July 22, 2012 · 0 comments

fidelity life insurance company reviewLife insurance can be a very important item to carry.

Most people obviously do not like to think about their own mortality.

But an even scarier thought is the possibility that others who depend on them will not be able to meet their basic needs if the worst happens.

Life insurance provides financial security to survivors so that they will be able to continue providing for themselves—for example, paying the mortgage or finishing college.

There are a number of different life insurance options available. The various types of life insurance include whole life, universal life, variable universal life, and term life. Term life maintains a fixed premium for a short period of time, after which the policy may be renewed at a higher premium. This is in contrast to the other types of insurance, which carry a fixed premium for the policyholder’s entire lifetime.

Term life insurance is intended for customers looking to provide financial security for their dependents in the event of premature death. Term is the oldest form of life insurance. The other types were developed for policyholders who did not like the idea of paying a premium for decades never to receive anything in return.

History and Financial Strength of Fidelity Life Insurance Company

Fidelity Life Association was established back in 1896. It began as a fraternal benefit society, with the name Mystic Workers of the World, and with the primary mission of offering a more reasonable type of life insurance product to workers in the Northern states and in the Midwest who had traditionally been offered insurance through more traditional Eastern life insurers. The company was and still is, headquartered in Des Plains, Illinois.

As the middle section of the United States began to grow, so did Fidelity Life. By the year 1908, the company had more than 50,000 policy holders, and by 1915, it had more than $100 million of life insurance in force.

Throughout the late 1920 – even though the country was facing some extremely difficult financial times – Fidelity Life increased its assets by almost 100 percent. This period also saw the company’s official name change to Fidelity Life.

In 2007, Fidelity Life became a stock insurance company, giving the company more flexibility of operation, as well as more access to capital. It also provided better means to affiliate with other mutual insurers.

Soon afterward, in 2009, the company acquired EFinancial, a distribution and distribution support company, which focuses on changing the life insurance sales process with highly innovative processes and products.

Fast forward to today, when Fidelity Life holds in excess of $25.6 billion of life insurance force. The company continues to grow and serve customers. Today, Fidelity Life is still known for offering affordable life insurance products to a growing middle-class customer. The company continues to strive towards its main mission of providing coverage to this niche market.

Those who represent this firm will assess their customers’ needs, and then compare prices, features, and the financial strength – even of their competitors – in order to provide their clients with the very best coverage for their specific needs.

Customers of Fidelity Life have access to Customer Service representatives in many ways. They can be contacted via phone during business hours, which are between 8:00 a.m. and 5:00 p.m. Central Time Monday through Friday. Alternatively, reps can also be emailed.

Also, for quick answers to questions, customers may also email reps through the company’s website for questions that concern issues such as billing and payment information, claims submission, and / or policy change or new coverage.

Fidelity Life is considered to be financially strong and stable and has a good reputation for paying out its policyholder claims. The company has been given a rating of an A- by A.M. Best – which is the leading provider of insurer ratings – as of June 11, 2015.

This rating was provided, given the company’s financials (all as of 2014), which include total assets of $411.0 billion, statutory capital and surplus of $134.7 billion, net life insurance premiums of $59.9 billion, and face amount of life insurance in force of $28.4 billion.

Fidelity Life is also accredited with the Better Business Bureau (BBB). The company has been given a grade of A+ (on a scale of A+ through F). Throughout the past three years, 48 complaints have been filed and closed, and 12 of those have occurred within the past 12 months. The majority of these have focused on issues with the company’s product / service.

Products Offered By Fidelity Life Insurance

Fidelity Life Insurance offers a variety of life insurance and worksite benefits to its customers. On the individual life insurance product side, Fidelity provides the following choices:

LifeStory Term Coverage

Fidelity Life’s LifeStory Term insurance coverage is a unique product that offers a guaranteed level term of either ten years, 15 years, 20 years, or 30 years. The maximum amount of coverage for this product is $1 million, depending on the age of the individual at the time of application. This product is available for those who are between the age of 18 and 65.

Hybrid Life

Fidelity Life’s Hybrid Life product is a high face amount plan that is available within 24 to 48 hours after application. The initial coverage is a combination of all-cause and accidental death life insurance. With medical underwriting following the issuance of this policy, the insured can increase his or her all-cause coverage component, and either eliminate or reduce their accident-only limit. The insured has the choice of either deferring the medical examination for up to six months or choosing not to undergo the medical exam at all and just keeping the blended policy in force as it is issued.

Rapid Decision Express

The Rapid Decision Express policy is a level death benefit term life policy that goes to age 95. This policy can also be issued relatively quickly due to no medical examination requirement, as well as Fidelity’s “Rapid App” application process.

Rapid Decision Senior Life Term and Whole Life

Fidelity also offers some other flexible life insurance coverage options for those who are between the ages of 50 and 85. These plans can provide life insurance protection of up to $150,000. These plans include the following:

  • Rapid Decision Final Expense – The Rapid Decision Final Expense plan offers life insurance protection for those who are between the ages of 50 and 85 years old. Having this type of coverage can help in lessening the burden of paying for a decedent’s final expenses. Today, the cost of a funeral can easily exceed $10,000 – this is especially the case when you factor in the price of a burial plot, headstone, transportation, and the memorial service itself. The approval for this product are based on health questions from the application, and there is no medical examination that is required for the application process. This permanent whole life policy is available for coverage amounts of up to $35,000.
  • Rapid Decision Guaranteed Issue – The Rapid Decision Guarantee Issue plan is also available for those who are between the ages of 50 and 85 years of age. This too can help in paying for final expenses. There are no medical questions to answer on the application for this particular product. The face amount of coverage can go up to $20,000, and the full amount of the death benefit will be paid out after the insured has had the policy for a period of at least three years.

Accidental Death Benefit

The Accidental Death Benefit can be an important coverage to own. This can increase the amount of coverage that is paid out if an insured is injured or dies as the result of certain covered injuries.

Worksite and Sponsored Benefits

Fidelity Life also provides worksite and sponsored benefits. These benefits provide employees and their spouses with term life insurance coverage through age 120 on a guaranteed level premium basis. These plans can typically be purchased for as little as $3 per week – and the premium is guaranteed not to change. This coverage is available to employees, as well as to their spouses and to their children (the children are covered by a term insurance rider).

The maximum amount of coverage for the employee – which is based on case underwriting guidelines – can be as high as $250,000. The employee’s spouse is then eligible for up to 50 percent of the amount of whatever the employee is eligible to purchase. With this plan, the employee’s spouse is still allowed to purchase the coverage, even if the employee does not participate in a plan.

The issue age on worksite coverage ranges from 16 to 70. There is also a wide variety of different riders available so that employees and participants may “customize” their coverage. These riders may include the following:

  • Accidental Death Benefit
  • Dependent Child Benefit
  • Waiver of Premium and Accidental Death Benefit for Long Term Care

In addition to these individual and worksite products, Fidelity also provides other selections that offer applicants the ability to qualify for coverage without the need to take a medical examination. It is important to note that all of the above products are not available in all states.

Amount of Coverage Fidelity Life Offers

fidelity life rapid decision termIf you’re 45 years of age or younger, you can qualify for up $250,00 on a 30 year term.

A 55 year-old can can get up to $200,000 of coverage on a 20 year term policy.  T

hey will even write up to $50,000 if you are 70 and under for 10 years.

As mentioned above, they do not require a medical exam but they do ask some basic health questions and also request your medical records to make sure you’re not hiding anything.

Fidelity offers a number of supplemental products with the Rapid Decision Term policy. Return of Premium and Waiver of Premium riders can be added to the policy, as well as Dependent Child and Accidental Death.

The standard policy includes an Accelerated Death Benefit, which pays a portion of the settlement while the policyholder is still alive. This is done under certain circumstances, such as a diagnosis of terminal illness or a need for long-term care. The Acclerated Death Benefit is a relatively new insurance product designed to help the policyholder stay ahead of medical bills. The benefit can be paid in installments or a lump sum, with the beneficiary receiving the balance of the insurance payout after the policyholder’s death.

Graded Benefit Term and Whole Life

If you don’t qualify for the Rapid Decision Term product, they also offer additional products that may get you coverage.   These are their graded benefit term and whole life products.  With these products you’ll have some basic questions to answer to determine if our eligible.

The graded death benefit means that you don’t get the full death benefit if something happens to you in the first three years of taking out the policy.  Your beneficiaries would just receive your premiums paid in plus interest.  After the full three years has passed, then the full face value applies.

If you want to avoid a medical exam in getting your life insurance, Fidelity Life is a solid option. Just keep in mind that it will always cost more to bypass the exam.   Use the quoter below to get a a free quote on underwritten term life insurance.  You’ll need to call our office at 888-836-7071 to get a quote on Fidelity Life and other no medical exam life insurance companies.

I highly recommend you try getting quotes from all the best life insurance companies by using the form on this page to get a set of quotes for standard life insurance.  If you can get approved for a standard policy, you will definitely save money over the no exam options.

How and Where to Obtain the Best Premium Quotes on Life Insurance Coverage

If you are searching for the best premium quotes on Fidelity Life Insurance coverage – or on any life insurance product – the best strategy for doing so is by working with an agency that has access to many life insurers. This is because you will be able to compare in a more unbiased manner the policies, premium quotes and benefits of multiple insurance companies – and then you will be able to make a determination regarding which of these will be best for you, your coverage needs, and budget.

When you are ready to start comparing coverage, we can help. We work with the majority of the top life insurance carriers in today’s marketplace, and we can assist you with obtaining all of the important information that you will require for making a well-informed purchasing decision. We can do so for you very quickly and conveniently – all from your home or office computer – and without ever needing to meet in person with an insurance agent. Ready to move forward? If so, just fill out and submit the form on this page.

If you should find that you have any further questions that you need to be answered regarding Fidelity Life Insurance – or if you even have questions about life insurance coverage in general – please feel free to contact us for further information. Our experts are here and ready to answer your questions. We can be reached via phone, toll-free, by calling 888-836-7071.

We completely understand that purchasing life insurance can sometimes feel quite daunting. There are many variables that need to be considered – and you want to be sure that you’re making all the right choices. The good news is that you have an ally on your side. We will walk you through all of the details – including how to compare quotes, and determining which of the many carriers in the marketplace will be the very best one to cover your particular needs. So, contact us today – we’re here to help.

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