Fidelity Life Insurance Review 2021

Fidelity Life Association was founded in 1896 and is a life insurance company based in Illinois. Vericity owns it, as well as eFinancial which is an insurance agency that sells Fidelity Life Products. It offers both term and permanent products that are geared towards seniors.

Fidelity Life received 2 stars out 5 for overall performance. Our editorial team determines NerdWallet’s ratings. The scoring formula considers data from the National Association of Insurance Commissioners as well as financial strength ratings.

Fidelity Life policies

Fidelity Life offers several life insurance products under the RAPIDecision brand. The standard product range of Fidelity Life is available to people aged 18-65 and includes:

Fidelity Life also sells several types of life insurance for seniors. These products are for seniors over 50 years old and include:

  • Term life insurance policies for those over 70 who need $10,000 to $150,000 coverage with terms between 10 to 30 years.
  • Whole life insurance policies for people up to age 85 who need between $10,000 and $150,000 of coverage. You don’t need to take a medical exam, but you will need to answer certain health questions. The company will also look at public data (like your vehicle registration) to determine whether you are eligible.
  • Final expense life insurance policies with relatively low coverage amounts for people up to age 85. Fidelity offers a standard final expense policy with coverage amounts of $5,000 to $35,000 and a guaranteed issue life insurance policy that tops out at $25,000. Standard policies require you to complete a medical questionnaire but not an exam. Your health will determine your price and approval. Fidelity Life does not ask for any medical questions. You are guaranteed approval for guaranteed issue policies as long as your age is between 50-85. You will pay more for guaranteed issue and your coverage will be less the first few years.

Fidelity Life offers life insurance products with optional riders.

  • If you are diagnosed with a terminal disease or have a limited time to live, you can get an acceleration benefit that allows you to access part of your life insurance before you die.
  • You can add a small amount of coverage to your children’s life until the policy expires, or when they turn 23.
  • Accidental death increases your payout if you are killed in an accident. These riders cover accidents involving cars, heavy machinery, and other similar situations. Details may vary from insurer to insurer. If you are involved in high-risk activities like skydiving or breaking the law, your coverage will not cover you.

Customer complaints about Fidelity Life

According to NerdWallet analysis of data provided by the National Association of Insurance Commissioners, Fidelity Life received far more complaints than expected over three years.

Learn more about Fidelity life insurance

Fidelity Life also offers standalone accidental death coverage. This is basically a policy that covers you if you are killed in an accident. This product has riders that can increase coverage for your family, offset inflation and return part of your premium if you are unable to continue your coverage.

Guide to buying life insurance

Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Make sure that you are getting the coverage you need from the insurance companies you are considering.

Compare rates to ensure that they are comparable in terms of coverage and time. You should also ensure that the policy’s medical requirements are in line with your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you’re comparing aligns with that.

The price of a product may not be the most important factor in your purchase decision. Take a look at the number and quality of complaints received by each company.