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Fidelity Life Insurance Review
By Cassidy Horton MONEY RESEARCH COLLECTIVE
Fidelity Life Insurance is a longstanding provider of life insurance in the United States. It offers a lineup of policy options, many of which cater to those who are 50 and up. Learn more about all the plans on offer, the company’s reputation, and how it stacks up to the competition.
Spoiler alert: While it can be an option worth considering for seniors having trouble finding affordable coverage, it didn’t quite make our list of the 9 best life insurance companies of 2022.
Table of contents
- Fidelity’s services
- Fidelity’s credentials
- Fidelity’s accessibility
- Fidelity’s customer satisfaction
- Fidelity vs. the competition
Fidelity Life Insurance overview
Fidelity Life has roots dating back to 1896 when the company was founded as Mystic Workers of the World—one of the first groups to sell life insurance to both men and women. It was renamed the Fidelity Life Association in 1930 and continued to grow. Then, in 2006, it became the first company to launch technology that connected the agent, the client, and the underwriter at the point of sale. Today, Fidelity Life is based in Chicago, Illinois, and has $419 million in total assets. The company attributes its longevity to a continued focus on innovation.
Fidelity Life’s services
Fidelity Life offers term, whole life, guaranteed issue, and accidental death policy options along with a lineup of insurance riders.
What it offers
Here’s a closer look at each of the company’s life insurance types.
RAPIDecision Term Life
RAPIDecision term life insurance policies are designed for people aged 18 to 65 who want $50,000 to $2 million of coverage for term lengths of 10, 15, 20, or 30 years. You can get coverage as soon as the same day. However, medical exams are often required within six months.
RAPIDecision Term Senior Life
RAPIDecision Senior Life Term insurance is for people from 50 to 70 years old who want $10,000 to $150,000 of coverage for 10, 20, or 30 years. This policy doesn’t typically require a medical exam but you’ll need to be in good health to qualify. While partial coverage starts immediately, you won’t be fully covered until year four. When your term ends, you can renew annually up to the age of 95.
RAPIDecision Final Expense Insurance
RAPIDecision Final Expense Insurance is for people between the ages of 50 and 85 who want $5,000 to $35,000 of permanent coverage to help with their final expenses (e.g. funeral and burial costs). You can get approved quickly, there’s no waiting period, and no medical exam is required. However, approval depends on info pulled from public database records and a health questionnaire.
RAPIDecision Guaranteed Issue Insurance
RAPIDecision Guaranteed Issue policy can provide up to $25,000 in coverage for individuals between the ages of 50 and 85. Partial benefits start right away while full benefits start at year four. A big perk of this policy is that there are no health requirements and approval doesn’t depend on information found in public databases.
Accidental Death Insurance
Accidental death insurance is a policy that pays out a death benefit if you die as a result of a covered type of accident (e.g. car accident, fall, firearm accident, etc.). Coverage is available in amounts from $50,000 up to $300,000 for individuals from 20 to 59 years old. A big advantage here is that the coverage is guaranteed as long as you fall within the approved age range. As a result, this can be a good option if you can’t get other coverage types due to health issues.
RAPIDecision Senior Whole Life
RAPIDecision Senior Whole Life is for people from 50 to 85 who want permanent life insurance in an amount between $10,000 and $150,000. This policy doesn’t require a medical exam and does have a cash value component. Partial coverage will start immediately but the full benefits won’t be available until the third year.
Riders
Fidelity Life also offers a lineup of riders that can be added to your life insurance policy. These include:
- Accidental death benefit (ADB): An additional benefit that’s paid out if a death is caused by a covered accident.
- Family accidental death benefit: Expand the ADB to cover your spouse and children.
- Terminal illness rider and accelerated death benefit: Receive a percentage of your death benefit early if you get diagnosed with a terminal illness.
- Child insurance policy rider: Add coverage for your children.
- Inflation: Help your death benefit keep pace with inflation.
- Return of premium rider: Get some of your money back if your policy expires before your death or if you cancel it.
[H4] Fidelity Life insurance coverage
| Life insurance type | Coverage | Term duration | Issue ages |
| RAPIDecision term | $50,000 to $2 million | 10, 15, 20, or 30 years | 18 to 65 years |
| RAPIDecision senior term | $10,000 to $150,000 | 10, 20, or 30 years | 50 to 70 years |
| RAPIDecision senior whole life | $10,000 to $150,000 | Permanent | 50 to 85 years |
| RAPIDecision final expense | $5,000 to $35,000 | Permanent | 50 to 85 years |
| RAPIDecision guaranteed issue | Up to $25,000 | Permanent | 50 to 85 years |
| Accidental death insurance | $50,000 to $300,000 | Permanent | 20 to 59 years |
What it doesn’t offer
Fidelity Life doesn’t offer whole life insurance for people under 50 years of age. It also doesn’t have any universal life options and doesn’t offer term-to-whole policy conversions.
Fidelity Life Insurance cost
Here’s a look at the cost quotes for Fidelity Life’s different policy types.
| Life insurance type | Coverage Amount | Term | Monthly Premium Quote |
| RAPIDecision term | $250K | 10 years | $18.49 |
| RAPIDecision term | $250K | 20 years | $22.84 |
| RAPIDecision term | $250K | 30 years | $28.71 |
| RAPIDecision senior term | $20K | 10 years | $41.39 |
| RAPIDecision senior term | $20K | 20 years | $48.63 |
| RAPIDecision senior term | $20K | 30 years | $63.86 |
| RAPIDecision senior whole life | NA | NA | NA |
| RAPIDecision final expense | $10K | NA | $34.90 |
| RAPIDecision guaranteed issue | $10K | NA | $48.11 |
| Accidental death insurance | $100K | NA | $20.36 |
Both longer terms and older age correlate with higher pricing. Additionally, the easier it is to get coverage, the more it costs. For example, approval for final expense coverage is based on public data and health questions while the guaranteed issue coverage is not. As a result, the guaranteed issue is more expensive.
Fidelity’s credentials
Is Fidelity Life an insurer you can trust? Here’s what you need to know.
Licenses and registrations
Fidelity Life is licensed to sell annuities, health insurance, and life insurance in 48 U.S. states (excluding Wyoming and New York). Coverage is also not available in Washington D.C.
Awards and certifications
Fidelity Life received an A- (Excellent) financial strength rating from AM Best, a global credit rating agency that specializes in the insurance industry. This rating means that the company currently has an excellent ability to meet its financial obligations (e.g. paying out claims).
The company has also been recognized on the Forbes List of America’s Best Insurance Companies of 2023 for having high levels of customer satisfaction and loyalty. It was one of 77 insurance companies included out of the 3,000 considered.
Regulatory or legal actions
No regulatory or legal actions were found involving Fidelity Life.
Fidelity’s accessibility
Who can get Fidelity Life insurance and how easy is the process?
Availability
Fidelity Life is available to residents of 48 U.S. states, excluding Wyoming and New York. It’s also not available in Washington D.C. You can get coverage online, over the phone, or through Fidelity Life’s national network of agents.
Contact information
Fidelity can be reached Monday through Friday by calling 1-800-369-3990. Business hours are 8 a.m. to 5 p.m. CT. If you prefer email, you can send a message to service@fidelitylife.com. Additionally, you can contact the company in writing by mailing a letter to:
Fidelity Life Association
P.O. Box 5030
Des Plaines, IL 60017
If you’d like to get in touch with a Fidelity life insurance agent near you, you can call 1-855-288-1964 or email sales@FidelityLife.com.
User experience
Fidelity Life’s website has thorough, well-organized information on all of its policies. However, when you go to request a quote, you may run into some limitations. After answering a few questions, the company will recommend policies with pricing based on preset coverage amounts. In some cases, you’ll be able to select a policy type to get a customized quote. In others, you’ll be directed to call customer service.
Limitations
Customer support is limited to daytime hours on weekdays. Additionally, there’s no live chat option.
Fidelity’s customer satisfaction
How satisfied are Fidelity Life’s customers? Here’s a peek at the company’s complaint records and third-party ratings.
Customer complaints
According to the National Association of Insurance Commissioners (NAIC), Fidelity Life had nine complaints in 2021 which was 1.64 times the number of complaints that are expected in the market. We also checked with the Better Business Bureau (BBB), and the insurer had 41 complaints closed in the last three years, 13 of which were closed in the last 12 months.
Third-Party ratings
As for third-party ratings, Fidelity Life currently has an A+ rating with the BBB and is accredited. Further, it has a 2.79/5 star rating after 29 reviews. This actually isn’t bad considering most people come to the BBB to file complaints. We also looked at the J.D. Power Individual Life Insurance Study in 2021 and 2022, but Fidelity Life wasn’t mentioned in either. On TrustPilot, the company fares better as it currently has a 4.5/5-star rating after 809 customer reviews.
Fidelity vs. the competition
How do Fidelity Life’s offerings compare to Lincoln Heritage, Mutual of Omaha, and MetLife? The company offers more policy types and higher death benefit amounts than the other companies. However, it has a lower AM Best Score than Mutual of Omaha and Met Life. Mutual of Omaha also offers universal life coverage, whereas Fidelity Life doesn’t.
| Fidelity Life | Lincoln Heritage | Mutual of Omaha | MetLife | |
| AM Best rating | A- | A- | A+ | A+ |
| Types of insurance | Term, Whole, Final expense, Accidental death | Final expense | Term, Whole, Universal, Accidental death | Term, Accidental Death and dismemberment |
| Coverage | Up to $2 million | Up to $20,000 | Up to $1 million | NA |
Fidelity Life Insurance FAQs
Still have questions? Learn more about Fidelity Life insurance below.
How we evaluated Fidelity Life Insurance
We started our evaluation of Fidelity Life Insurance by examining the company’s product lineup—researching the policy types, coverage amounts, costs, and policyholder requirements. From there, we checked its credentials including licenses, registrations, awards, and legal actions. Next, we explored how hard/easy it is to get coverage by looking into the service area, customer support channels, and website usability. We also wanted to know how the company fares in terms of customer satisfaction so checked its ratings and reviews with the NAIC, the BBB, JD Power and Associates, and TrustPilot. Lastly, we compared Fidelity’s offerings against several competitors including Lincoln Heritage, Mutual of Omaha, and Met Life.
Summary of Miami Herald’s Fidelity review
So, what’s the bottom line? Fidelity Life has a variety of life insurance policies that can be helpful— especially if you’re over 50 and have health issues that make life insurance harder to get. For those under 50, you’ll be limited to a term life policy or accidental death coverage.
A few other points to take away:
- Fidelity Life has been in business for over 125 years and made the Forbes list of the best insurers of 2023.
- It has a good financial strength rating and provides a decent online user experience.
- Many customers have left positive reviews on TrustPilot, but a fair amount have also filed complaints with the BBB and NAIC.
- Fidelity Life coverage is not available in Wyoming, New York, or Washington D.C.
Not quite the right fit? Don’t miss our list of the 9 best life insurance companies of 2022.
Cassidy Horton is a finance writer based in Seattle, Washington. With an MBA and a bachelor's in public relations, her work has been published over a thousand times by The Balance, Finder.com, Money Under 30, Clever Girl Finance, and many more. Cassidy is a self-confessed money nerd who’s passionate about helping people find financial freedom. Oh, and she really loves cats.