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Fidelity Life Association | Company Review

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Fidelity Life Association

Like most insurance products, life insurance is an important product to carry.  Despite the fact that most individuals don’t’ want to reflect on their own mortality, the more frightening realization is the scenario of what would happen to their loved ones financially if the worst were to happen.  Fidelity Life Insurance Company can provide you the peace of mind needed for the unexpected.

Life insurance products give families the financial security they will need once the head-of-household passes in order to cover expenses such as college tuition and possibly paying off a mortgage.  Among one of the leading innovative life insurance companies, Fidelity Life Association offers an expansive line of products.

In the following article, the pros and cons of buying a life insurance policy from Fidelity Life will be discussed.  If Fidelity Life Association is a company you are considering utilizing, then this review will help to make your decision easier.

Fidelity Life Association logo

The History of Fidelity Life

Operating for more than 100 years, Fidelity Life Association Insurance Company is part of a mutual holding company, functioning as a stock subsidiary.  The company is licensed to conduct business in every state except New York and Wyoming.  Fidelity’s endurance has proven a consistent delivery.

As recently as June 2017, Fidelity Life was awarded an “A-”, or excellent rating from one of leading rating agencies, A.M. Best.  This rating is based on numerous influential factors such as operations, balance sheets, the company’s ability to meet its policyholders’ claims, and the business profile.

Advantages of Fidelity Life  

  • Reputation and Longevity

Founded in 1896, the life insurance company continues to establish itself as a leading contender with an unwavering dedication to both the customer’s needs and innovation.  Fidelity Life Association presently has more than $26 billion life insurance policies in force.

  • Technological Advancements

Fidelity Life Association Insurance Company has created an innovative accelerated underwriting process by keeping up with the latest technological trends.  In fact, the company is one of the few providers that utilize the full scope of technological advances in order to speed up the process of underwriting.  Approval for life insurance is able to happen at a more rapid pace courtesy of Fidelity’s digital tool, and consumers will not have to undergo a medical questionnaire or examination.

Insurance Policies Offered by Fidelity Life

With multiple flexible options that fit most policyholder’s needs, Fidelity Life offers multiple life insurance plans.  Factors such as desired coverage, age, convertibility and health are used to determine the right policy for you.  Prices for the policies vary by provider.

Fidelity Life RAPIDecision® Policies

As the name suggests, these policies are quick and easy.  You will receive coverage in no time using the RAPIDecision® application.  There are five policies to choose from in the RAPIDecision® group:

  • RAPIDecision® Life

Depending on your answers to the health questions on the RAPIDecision® application, this hybrid policy offered by Fidelity Life provides coverage within 24-48 hours for eligible applicants.  What makes this policy a hybrid?  This policy’s coverage is part level term life insurance and part accidental death insurance.  While in some instances the RAPIDecision® Life insurance policy can be issued fully as level term insurance without the need for additional underwriting, other instances may require you to undergo a medical exam within 6 months in order to receive 100% coverage.

  • RAPIDecision® Express

This is a quick and easy life insurance policy with no required medical exam and a level death benefit until the age of 95.  RAPIDecision® Express (RDS) is a more modern approach to accelerated medical underwriting.  Below are a few of the primary components of the RDS policy:

  • Available as Simplified Issue Level Term Life Insurance
  • Coverage ranges from $25,000 to $250,000, depending on applicant’s age
  • Available as 10, 15, 20, and 30-year terms, depending on applicant’s age
  • Renewable until the age of 95
  • Accelerated Death Benefit is available during the policy’s 3rd year.
  • RAPIDecision® Senior Life Term & Whole Life

This option provides life insurance coverage for seniors ages 50-85.  Available as both term life and whole life, this policy yields partial coverage initially, with 100% coverage by the 4th year.

  • Senior Life Term provides $10,000-$150,000 in coverage for level terms of 10, 20, or 30-years, depending on age.
  • Senior Whole Life includes a cash value component and provides between $10,000 and $150,000 in coverage, depending on age.
  • RAPIDecision® Final Expense

This is a permanent whole life final expense insurance product for those ages 50-85.  It provides $5,000 to $35,000 in coverage, with no medical exam required.  Coverage for this policy begins immediately once approved.

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  • RAPIDecision® Accidental Death Benefit

This is a flexible policy with the premium being dependent on the amount of coverage desired.  Extremely affordable, starting around $10 per month, this policy is designed to preserve your investments, as well as your family in case of accidental death.  This is a great policy for those that are having a difficult time qualifying for life insurance, or for those that just need to supplement their current coverage.

  • RAPIDecision® Guaranteed Issue

Designed for consumers ages 50-85, this life insurance policy provides coverage for all final expenses.  There are no required health questions or medical exam.  During the first three years of the policy there will be a reduced benefit, however, the full whole life coverage will be available after that time.

Summary

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While there are no outright disadvantages to Fidelity Life, they are just one of many insurance providers.  Until a licensed life insurance agent is able to fully assess your specific situation, it’s difficult to know if Fidelity will be right for you.  As always, it’s best to compare different companies and the products that they provide.

If you’re wanting to avoid the typically required medical exam when purchasing life insurance, then Fidelity Life is the way to go.  Just remember that the cost will always be higher when omitting the medical exam.  Having options allows you to find the absolute best life insurance coverage at a rate that you can afford.

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Frequently Asked Questions

Is Fidelity Life a good insurance company?

As recently as June 2017, Fidelity Life was awarded an “A-”, or excellent rating from one of leading rating agencies, A.M. Best.  This rating is based on numerous influential factors such as operations, balance sheets, the company’s ability to meet its policyholders’ claims, and the business profile.

What insurance products does Fidelity Life offer?

Fidelity Life offers many life insurance products. They include whole life, term, final expense, accidental death, and guaranteed issue. Consult an independent life insurance agent to determine which product is best for you.

Are there any disadvantages to buying insurance from Fidelity Life?

While there are no outright disadvantages to Fidelity Life, they are just one of many insurance providers.  Until a licensed life insurance agent is able to fully assess your specific situation, it’s difficult to know if Fidelity will be right for you.  As always, it’s best to compare different companies and the products that they provide.

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