Fidelity has been helping people with life insurance since 1896. It was founded as Mystic Workers of the World in Fulton, IL and had the goal of providing life insurance to the middle class workers of the Midwest. The name was changed to Fidelity in 1930. They were one of the first life insurance companies to sell life insurance to both men and women. In 2009 they acquired eFinancial. Today, Fidelity has $421 million dollars in total assets and over $32 billion in life insurance policies in force. In 2020, they were recognized by Newsweek as one of America’s best customer service companies.
- Pros and Cons of Fidelity Life Insurance
- Products Offered by Fidelity Life Insurance: 50/100
- Financial Strength Rating of Fidelity Life Insurance: 80/100
- Customer Satisfaction Rating of Fidelity Life Insurance: 90/100
- Consumer Complaints Rating of Fidelity Life Insurance: 100/100
- Digital Experience Rating of Fidelity Life Insurance: 90/100
Pros and Cons of Fidelity Life Insurance
|– Fidelity specializes in life insurance|
– Excellent customer service
– Several policies available
– Excellent financial strength
– Fewer complaints than most
|– Only one kind of whole life policy offered|
– They only offer life insurance, so you can’t add other policies
– They may employ aggressive sales tactics
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Products Offered by Fidelity Life Insurance
Fidelity only offers life insurance, so if you’re looking for an insurance company that can insure your home and car as well as your life, you’ll have to look elsewhere.
Term life insurance: Fidelity has three different term policies.
RAPIDecision Life, which is basic term insurance, available in terms of 10, 15, 20, and 30 years. You can get coverage between $50,000 and $1 million dollars. This insurance does require a medical exam.
Online quoting is pretty easy, although once when we tried it the system said we should talk to an agent. The second time it did return a quote, for a 40 year-old male with kids.
RAPIDecision Express offers between $25,000 and $100,000 and does not require a medical exam, although you will have to answer a few medical questions.
RAPIDecision Senior Life is designed for those between 50 and 70. You can get coverage between $10,000 and $150,000. It provides partial coverage immediately and full coverage after the fourth year. You still need to be in relatively good health to be approved.
They also have RAPIDecision Whole life insurance, which offers coverage in amounts of $10,000 and $150,000. This is insurance that lasts your entire life and has guaranteed level premiums. You won’t need a medical exam, and it does have a cash value account that you can draw from or borrow against, once it accumulates enough money. This is Fidelity’s only whole life insurance policy.
Final Expense Life Insurance: This offers between $5,000 and $35,000 in insurance and is meant to cover funeral and other final expenses. Learn more about final expense life insurance here.
Guaranteed Issue: This is policy provides $25,000 in final expense insurance without a medical exam or medical questions. Since it’s guaranteed issue, everyone who applies gets accepted. Typically, this makes it more expensive than other types of policies.
It seems they might offer Universal life, or at least they list it under “Permanent Life Insurance.” It advises you to talk to an agent to discuss it further. Universal life isn’t listed anywhere else, so it’s possible the agent you talk to will try to talk you into another policy.
Fidelity also offers a number of riders you can attach to your policy.
- Accidental death benefits. Learn more about accidental death life insurance
- Family accidental death benefit
- Terminal illness rider. Learn more about terminal illness rider
- Child rider. Learn more about life insurance for children
- Inflation rider
- Return of premium rider
Ed Slott – a renowned tax expert – on tax benefits of IUL policies
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Financial Strength Rating of Fidelity Life Insurance
A.M. Best rates Fidelity’s financial strength with an A-, or Excellent. This is important because you need to know your insurance company has the resources to pay claims and meet other financial obligations.
Customer Satisfaction Rating of Fidelity Life Insurance
Fidelity does not appear on J.D. Power’s Life Insurance study, so we’ll turn to the BBB. The BBB gives Fidelity an A+. They’ve been accredited since 2014. There are eleven one-star reviews on the BBB’s website. Many of them complain of aggressive sales tactics, a few report billing issues. Eleven is not a lot of complaints.
Consumer Complaints Rating of Fidelity Life Insurance
The NAIC, or the National Association of Insurance Commissioners, rates every insurance company according to an index. The median average is 1.0, meaning a company got about the number of complaints as you would expect. Fidelity got a score of 0.0, which means no complaints were filed.
Digital Experience Rating of Fidelity Life Insurance
It’s easy to get an online quote from Fidelity, and you can get a quote for any kind of insurance. They way it works is they give you a quote, using the information you give them and public databases such as the Motor Vehicle Registration to give you an estimate. You’ll have coverage right away, and you have six months to complete a medical exam (for policies that require it). Your premiums could go up if the medical exam reveals something you didn’t tell them.
A few people who complained on the BBB website said that as soon as they entered a phone number on the online quote form, an agent called them. This isn’t necessarily good or bad, but be prepared.
You can use their life insurance calculator to find out how much life insurance you need. Fidelity also prides themselves on being able to provide quotes and then coverage online by using a combination of underwriting and predictive analysis. This means coverage can start right away, but they might need to adjust your rates.
There is no online chat bot, nor is there a mobile app. The fact that there is no mobile app isn’t unusual for a company that deals almost exclusively in life insurance, but chat bots are convenient and becoming more common.
Yes. Guaranteed Universal Life Insurance (GUL) provides the same guaranteed and permanent coverage for less than half the cost of Whole Life Insurance premiums.
Fidelity is a financially sound company with excellent customer service. If you are interested in getting life insurance as quickly and as easily as possible, they might fit the bill. If you’re interested in universal life insurance, you’re out of luck, but for term insurance, Fidelity is a good choice.