Fidelity Life Insurance Review 2020

Last modified: November 22, 2020
  • Claims 8
  • Buying 8
  • Coverage Variety 7
  • Value For Money 7.5
  • Value For Money 7.5
  • OVERALL RATING 7.6
  • Financial Strength A+ (AM Best)
  • BBB Rating A+
  • Coverages 3/5
  • Flexibility No policy customization
  • Discounts 4/5
  • Support Email, Phone
  • User Ratings Trustpilot 4.3
  • Availability All states, except New York and Wyoming
  • Pricing Expensive

About the Company

Fidelity Life Insurance company has been in business since 1896 and was among the first companies to offer life insurance policies to women. 

The company has adapted numerous technological innovations throughout the years, for instance, going paperless and utilizing automated processes to streamline their application processes. It is also among the first few insurance companies to use e-signatures and automated underwriting engines. 

The company partnered with MassMutual to provide its clients with permanent life insurance. They also have a nationwide network of advisors. Currently, this life insurance company owns more than $407 million of assets and $32 billion life insurance policies in force. 

If you are wondering if this insurance company is right for you, go through Fidelity life insurance reviews to help you make the decision. 

Let’s get started. 

How We Reviewed 

This review is based on multiple factors to help you make the right decision. We analyzed the company’s website for coverage types, as well as the amount of information available for the clients. The website is user-friendly and includes all the relevant information needed for existing and prospective clients. 

We checked the financial strength ratings, as well as the customer reviews found on rating platforms.  We analyzed the discounts and determined how they impacted the overall cost of the policy. 

These major factors were evaluated to determine the overall Fidelity Life Insurance rating to help you decide whether this insurance company is the right choice for you. 

Where Is It Available?

Fidelity Life is available in nearly all states (except for Wyoming and New York), including the District of Columbia. The policy options and discounts might vary from state to state. The Fidelity Life Insurance headquarters are in Chicago. 

Life Insurance Coverage Options

Fidelity Life Insurance provides several insurance coverage options, with a fast application process and no medical examination requirement. The options include:

Term Life Insurance 

Term life insurance is a fixed coverage amount for a specified time. It includes:

  • RAPIDecision LifeFidelity Life’s RAPIDecision provides coverage up to $1 million and level premiums. Medical examinations are optional. 
  • RAPIDecision Express – this plan offers level premiums for 10, 15, 20, and 30 years with no medical exam requirements. 
  • RAPIDecision Senior Life TermFidelity Life Insurance for Seniors offers level premiums for 10, 20, and 30 years for the policyholders who are between the ages of 50 and 70. It may require occasional medical examinations. 

Whole Life Insurance 

This coverage is targeted for policyholders who are 50 years and up. It gives financial protection and lifetime coverage to the beneficiaries. It features coverage for the life of policy and level premiums. The products include: 

  • RAPIDecision Guaranteed Issue 
  • RAPIDecision Senior Whole Life 
  • RAPIDecision Final Expense 

Accidental Death Benefit Coverage 

This new policy is offered to policyholders between the ages of 20 and 59 years, with coverage from $100,000 to $150,000. It provides full benefits until 70 years of age, after which the value is reduced by 50% and expires at 80 years of age. 

Aside from the basic policy coverages, Fidelity Life Insurance also offers riders with permanent policies, including:

  • Accidental death benefit
  • Dependant children 
  • Return of premium life insurance 
  • Accelerated death benefit
  • College fund benefit 
  • Inflation rider
  • Child term rider
  • A long-term care insurance rider
  • Policy-split option rider

Fidelity Life Insurance Pricing 

The life insurance cost typically differs from state to state, based on various factors. Fidelity Life Insurance pricing is slightly higher than the average priced coverage by other providers. The rates are also affected by the coverage options selected by the policyholder. Moreover, the health and lifestyle of the client also affect the overall cost, along with the discounts and offers they are eligible for. 

Let’s have a look at the average monthly life insurance at different coverage levels for $250,000 in Term Life for 10 years term with Fidelity Life Insurance:

Age Male Female
25 $19 $17
35 $20 $18
45 $35 $27
55 $78 $55
65 $217 $125

 

For a more precise idea of the overall cost, it is best to get a Fidelity Life quote from their agent which would take into consideration your particular circumstances. 

Fidelity Life Insurance Discounts

This insurance provider offers the following standard discounts:

  • Clean driving record discount 
  • Family history discounts for fewer deaths from diabetes, cancer, or coronary artery disease before the age of 60. 
  • Safety discount 
  • Non-smoking discount 
  • Clean criminal record discount 
  • Healthy lifestyle discount 
  • No substance use discount 
  • Lower risk occupation discount 

Generally, all life insurance companies offer good discounts for policyholders with a healthy lifestyle. 

Customer Satisfaction and Financial Strength Review

This insurance provider had fewer than the expected number of complaints to the state regulators for the company of its size according to 3 years’ worth of data.  

It ranked above average for customer satisfaction on J.D Power. Customers feel the agents are helpful and efficient, and their claims are handled quickly. 

S&P and AM Best Fidelity Life Insurance rating is an A+, mostly for offering comprehensive coverage options and a range of discounts. This shows that Fidelity Life Insurance ranking for customer satisfaction is higher than many of its competitors.

 It has also earned a higher than average rating on Trustpilot and ConsumerAffairs, with ratings of 4.3 stars and 3.9 stars respectively. 

This insurance company has been accredited by the Better Business Bureau. The BBB gave Fidelity Life Insurance an excellent A+ rating. Fidelity Life received 20 plus customer complaints, but the company’s representatives have made an effort to address them and have closed them all in the past 3 years. 

One of the most common Fidelity Life Insurance complaints included issues with payment and billing. Still, the negative reviews have been outnumbered by the number of positive reviews for claims and agents. 

Platform Rating
BBB  A+
ConsumerAffairs 3.9
Trustpilot 4.3

Customer Support 

The Fidelity Life customer service has an average rating. 

Fidelity Life Insurance has a customer online portal that eliminates the need to call the company for minor issues. There you can easily go through payment history, make payments, update payment information, review the details of your policy, and update your contact information. 

The primary life insurance forms (form for changing your beneficiary, for example) are available online to download. You can send the filled out forms to the company’s mailing address. 

There are several ways to contact the insurance company. Fidelity Life Insurance customer service number is 1-800-369-3990. You can get in touch with a representative between 8 a.m. to 5 p.m., Monday to Friday. You can also email them at service@fidelitylife.com

Ease of Buying and Claims Handling 

You can get a quote online from the Fidelity Life Insurance website. To purchase the policy or to get more information, you have to contact customer care. 

The process of getting a quote online is easy. All you have to do is:

  • Go to the website, and click on “Get an Insurance Quote.”
  • Fill in the required information, including birthdate, ZIP code, gender, and tobacco use. Click on “See my Quote.”
  • The quote you get is an estimate of the life term product and is for an individual with above-average health. 

You can get more information or buy the policy by adding in your phone number, email address, and name. When you click on “Get Coverage” after that an agent will get in touch with you to discuss your options. 

Fidelity Life Insurance claims can be filed through mail or fax after downloading the claim form from the website. The company has a separate form for every state, so ensure you get the right one. 

Before sending the completed form, you have to get it notarized. The company takes a few months to process the claim for life insurance. To speed up the process, make sure you are submitting the right information, the correct form, and all the required details. 

The information for your financial representative can be easily found online by using the representative locator tool. 

Comparison With Competitors 

To give you a better idea of this insurance provider, we compared Fidelity Life Insurance with some of its major competitors. Let’s have a look:

Globe Life Insurance vs Fidelity Life Insurance 

Globe Life Insurance claims to offer quick turnarounds and cheap coverage, but it has high monthly rates. The company has poor customer service and offers misleading information on the website. 

On the bright side, It has a short application process and doesn’t require a medical exam. 

Overall it looks like Fidelity Life Insurance is a much better option than Globe Life Insurance. 

State Farm Life Insurance vs Fidelity Life Insurance

State Farm is one of the leading insurance providers in the market, offering instant issue policies. It allows you to apply online and purchase the coverage without the need for any medical exam. You can also buy a policy from Fidelity Insurance without a need for a medical examination. 

State Farm has a higher customer satisfaction ranking. You can also get free online quotes for permanent or term life insurance coverage with State Farm. It has stronger ratings for both financial strength and customer satisfaction in comparison to Fidelity Insurance.

Allstate Life Insurance vs Fidelity Life Insurance

Allstate is another prominent insurance company, offering a range of insurance products, including life, home, and auto coverages. They have a strong financial rating, which means they can handle the customer claims efficiently.

The company is known for its extensive range of policy options and discounts. It is an ideal option for those looking for term life insurance for a specified period. The drawback is that Allstate doesn’t offer an option for an annual renewable term policy. You have to contact an agent for the arrangements.

Pros & Cons

The Pros

  • No requirement for medical exams to buy permanent policies
  • Offers a 30-day trial period
  • A unique accidental death benefit policy

The Cons

  • Relatively expensive
  • Coverage amounts are low
  • The quote tool is misleading

Final Verdict

Fidelity Life Insurance is a major insurance provider offering 3 kinds of insurance. Aside from term life coverage, this insurer also provides long-term and universal care policies through MassMutual. 

The company has earned itself strong financial ratings. The company is stable enough to handle customer claims. 

On the other hand, customer reviews are mixed. While most of the customers are satisfied with the services, some complain about the coverage amount being low. Fidelity Life is also expensive as compared to other life insurance companies. 

While the website has sufficient information online, including policy explanations, rider options, and pricing, the online quote tool is misleading. It offers a 30-day trial period, which allows you to give this company a try and opt-out if you aren’t satisfied. 

FAQs

At what age should you get life insurance?

Generally, you can get the best rates when you are in your 20s or 30s since there is less risk involved for the insurer when they are insuring a young individual in good health. However, high-quality and affordable coverage is available for all age groups.

How do I cancel my Fidelity Life Insurance policy?

You can cancel your policy by submitting a signed, dated, and written request to customer service. The policy packet must be destroyed or returned with a cancellation request. 

Can I borrow from my Fidelity Life Insurance policy?

Fidelity Life Insurance allows the clients to terminate the policy, borrow against the cash value, or withdraw the cash value entirely. 

Is Fidelity Life associated with Fidelity Investments?

Yes. The Fidelity Investments Life Insurance Company (FILI) issues Fidelity Life Insurance products. You can learn more about the products and discounts of this company through Fidelity Life Insurance reviews