Life insurance is a key product in many peoples’ overall financial plans. One reason for this is because the proceeds that are received from a life insurance policy can be used by the beneficiary (or beneficiaries) for any need that they see fit, including the payoff of debt and funeral expenses, the ongoing payment of everyday living expenses, and even to invest for the future.
When searching for the best life insurance policy, there is no one-size-fits-all coverage. Therefore, it is important to determine your specific needs – for both now and in the future. That way, you will be more assured of choosing the right type and amount of protection.
Before making a commitment to purchase a life insurance policy, it is also important to ensure that the insurance company that you’re considering the purchase through is strong and stable financially, and that it has a good, positive reputation for paying out its claims. One insurer that meets these criteria is Fidelity Life Insurance Company.
The History of Fidelity Life Insurance Company
Fidelity Life has been in the business of offering protection to its customers and their loved ones since 1896. Both in the beginning, and now, this insurer has had a focus on assisting everyday middle Americans with getting the peace of mind that comes along with insurance ownership.
By utilizing this approach, Fidelity’s customers can put the pieces in place for fulfilling their basic needs for financial protection in order to:
- Maintain the family’s standard of living
- Pay ongoing debt – even in the event of the unexpected
- Fund the future education of children and / or grandchildren
- Pay for final expenses – without having to dip into savings or other assets that are already earmarked for other needs
- Leave their family with a financial legacy
Initially, the company had the name of Mystic Workers of the World, and it was set up as a fraternal benefit society. Throughout the years, the company grew and expanded, and by the year 1915, it had more than $100 million of life insurance in force. It was in 1930 that the company’s name was changed to Fidelity Life Association.
In the mid-1950s, Fidelity converted to a mutual legal reserve life insurance company, and around that same time became affiliated with a series of life insurance organizations via fee-for-management agreements.
Fidelity Life Insurance Company Review
Today, Fidelity Life is considered to be a very well-capitalized insurer, and it is licenses to do business in all of the U.S. states, other than New York and Wyoming. Fidelity Life has also changed over from a mutual to a stock insurer, and it is currently a subsidiary of Lifestory Interactive with Members Mutual Holding Company as the insurer’s ultimate parent company.
Fidelity Life continues to maintain a strong capital position. For year-end 2015, the insurer held in excess of $4521 million in total assets, with nearly $134 million in statutory capital and surplus. For that same year, Fidelity took in more than $69 million in net life insurance premium, and it had more than $28 billion of life insurance in force. The company is headquartered in Chicago, Illinois.
Insurer Ratings and Better Business Bureau (BBB) Grade
Due in large part to its strong financial foundation, as well as its payout of policyholder claims in a timely manner, Fidelity Life Insurance Company has earned high marks from the insurer rating agencies – which includes an A- (Excellent) by A.M. Best Company.
In addition, Fidelity Life has been an accredited company through the Better Business Bureau (BBB) since January 1, 2014. The company has been given a grade of A+ by the BBB (which is on an overall grade scale of A+ to F).
Over the past three years, Fidelity has closed out 37 total customer complaints – with ten closed within the past 12 months. Of the 37 customer complaints, 16 had to do with problems with the company’s products and / or services, 10 dealt with billing and / or collection issues, 9 were in regard to advertising and / or sales issues, and the remaining two had to do with delivery issues.
Life Insurance Products Offered by Fidelity Life Insurance Company
Fidelity Life Insurance Company offers a long list of life insurance products, which can be beneficial for the company’s clients, who can pick and choose the plan that works best for them – and can also change or revise coverage if and when necessary.
The insurer offers the following types of individual life insurance coverage:
- RAPIDecision Life – RAPIDecision Life is considered to be a reasonably priced plan in order to ensure affordability. This level premium term life insurance coverage can be purchased with a face amount of up to $1 million. There is no medical exam required for approval, and applicants are oftentimes get a decision regarding coverage within 24 to 48 hours. With this policy, initially the coverage is a blend of both term and permanent insurance protection. One portion will consist of level premium term life insurance, which will pay out a death benefit for any cause of death to the insured (other than those causes that are specifically excluded in the policy). Another portion of the coverage is an accidental death benefit, which will pay out an additional amount of benefit should the insured die due to an accident. By undergoing a medical exam within six months of owning this policy, the blend of coverage in this policy may be adjusted by Fidelity Life Insurance Company. For example, if the insured is actually in better health than initially anticipated, then coverage will increase at no cost to the policyholder. Conversely, if the insured’s health is not as good as initially anticipated, then the policy benefits as they were originally issued will not change for the term of years that is selected by the purchaser. (Note that there may be certain cases where coverage can be issued with 100 percent level premium term life insurance, with no additional medical underwriting required).
- RAPIDecision Express – The RAPIDecision Express also offers the ability to obtain coverage approval within a short period of time. This plan is for those between the ages of 18 and 65, and it provides coverage amounts of between $50,000 and $250,000.
- RAPIDecision Senior Life Insurance – For those who are in the senior market, the RAPIDecision Senior Life is available for applicants between the ages of 50 and 85. This life insurance protection comes in either term or whole life, and provides coverage of up to $150,000. With a term policy, insured can be covered for lengths of 10, 20, or 30 years, depending on their age at the time of application. The full death benefit is paid out upon death of the insured, for any cause, after year three through the end of the term period. With the whole live version of the RAPIDecision Senior Life Insurance policy, the premium is locked in and will not increase over time – regardless of the insured’s increasing age and / or declining health. This plan will also build up cash value on a tax deferred basis. This policy matures at age 121.
- RAPIDecision Final Expense Life Insurance – With the RAPIDecision Final Expense plan, coverage of up to $35,000 is available to applicants who are between the ages of 50 and 85. Because there is no medical exam required in order to be approved for this policy, those who are various health issues may still qualify for coverage. Final expense life insurance can help families and other loved ones to pay the high cost of a funeral and other related expenses of the insured.
- RAPIDecision Guaranteed Issue Coverage – Fidelity Life also offers a guaranteed issue policy. With the RAPIDecision Guaranteed Issue policy, the insured will be covered with a whole life insurance policy, with a death benefit of up to $20,000. This policy does not require a medical exam or answers to any health questions. Therefore, as long as an applicant is within the age requirement of 50 to 85, he or she will be approved. Because this policy is whole life coverage, not only will the insured be covered by a death benefit, but the plan will also allow tax deferred build up of the cash value component. In addition, premiums and coverage amount are guaranteed to stay level throughout the life of the policy. The full amount of the death benefit will be paid out starting in year four, and a reduced death benefit will be paid out if the insured passes away during years one through three.
- Accidental Death Benefit Coverage – For as little as $10 per month, individuals can have coverage that is needed in order to protect their families with accidental death benefit insurance. This policy provides coverage in case of the insured’s death that is the result of an accident – provided that he or she passes away within 90 days of the incident. This coverage is available to those applicants who are age 20 through age 59, with coverage limits of between $50,000 and $250,000. Full benefits will be paid until the insured’s age 70, after which they are reduced to 50 percent of the face amount, until the policy expires at the insured’s age 80. (There are certain exclusions in this type of coverage, such as death by suicide, alcohol or drug related accidents, military service, and war).
It is important to note that, while Fidelity Life Insurance Company offers a wide range of life insurance coverage, not all of the above-mentioned policies are available in all states. It is recommended that potential applicants talk with an independent insurance advisor in order to determine which plans are available, and which may be right for them.
Other Products and Services
At this time, Fidelity Life Insurance Company maintains a focus on offering a variety of affordable life insurance coverage options. Therefore, the company does not currently offer any other insurance or financial products.
How to Get the Best Premium Rates on Life Insurance Coverage
If you are seeking the best premium rates on life insurance coverage from Fidelity Life Insurance Company – or from any insurer – it is typically recommended that you work in conjunction with an independent insurance agency or brokerage. This is because independent agencies have the ability to seek the best coverage and premium rates for you from multiple insurers. In doing so, you will then be able to compare, and then to decide which will be the best for you and your specific needs.
When you are ready to move forward, we can help. We are an independent insurance brokerage, and we work with many of the top life insurance carriers in the industry today. We can assist you with getting all of the pertinent information that you need in order to make a well-informed life insurance buying decision. We can do this for you very quickly, easily, and conveniently – all from your own computer – and without you having to meet in person with an insurance agent. If you are ready to begin the process, then all you need to do is just simply take a moment to fill out the quote form on this page.
Should you find that you still have any additional questions or concerns prior to moving forward with the purchase of a life insurance policy, please feel free to reach out to us directly via phone. We can easily be reached, toll-free, by dialing 888-836-7071.
We understand that the purchase of the right life insurance coverage can seem a bit overwhelming. There are many different variables that you need to consider, and you want to be sure that you are choosing the best type and amount of coverage, as well as going with the best company.
But the good news is that working with an expert on your side can make this entire process seamless – and you’ll have the peace of mind in knowing that those who you love and care about are protected. So, contact us today – we’re here to help.