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.
Fidelity Life Hybrid Insurance
Fidelity has came out with a quick and simple way of getting approved for life insurance. Hybrid life is a new type of product that combines term life and accidental death life insurance. The hybrid product has a fast underwriting time of 24 – 48 hrs with no medical exam. Not all applicants will qualify for the hybrid product, but their restrictions are fairly loose. Once approved you get about one-third of your coverage amount as term insurance and the other two-thirds as accidental death only. This type of policy is great for someone who needs life insurance quick.
After you receive your policy you have up to 6 months to take a medical exam and go through traditional underwriting. If you pass, your whole policy will become regular term insurance. If you don’t qualify, you still get to keep the hybrid mix of term and accidental insurance.
Rapid Decision Term Life Insurance with Fidelity Life
Many companies offer term life insurance. Fidelity Life is one such company. In addition to offering the standard product, Fidelity Life offers an expedited application process. Fidelity Life Rapid Decision Term insurance can be obtained simply by answering a few health questions. In most cases, no medical testing is required. This allows for quick approval, and the coverage will be in effect in a matter of days.
Fidelity Life Rapid Decision Term insurance offers very long terms for guaranteed premiums. A premium can be locked in for as long as 30 years, and policies are convertible until the tenth year of enrollment or the policyholder’s 65th birthday, whichever comes first.
Amount of Coverage Fidelity Life Offers
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 855-457-6525 to get a quote on Fidelity Life and other no medical exam life insurance companies.