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Most people will agree that planning for your financial future is one of the most daunting and difficult tasks to do. Investing in your financial future is difficult because it is a significant investment that will shape the future of your loved ones. The problem isn’t in the investment itself, but in choosing the right products that will ensure financial security for your family. Life insurance is one of the best ways to financially secure your loved ones, as the funds can be used to pay off debts and for ongoing living expenses.
However, there are so many different life insurance companies in the United States that it is difficult to find one that is right for you. We have reviewed some of the biggest insurance companies in America, so that people can make informed decisions when buying life insurance. The company we are focusing on today is Fidelity Life, which is among a select group of insurance companies that were founded before the 19th century.
Fidelity Life is a respected name in the life insurance industry and is regarded highly due to its excellent record of paying out claims to policyholders. If you are considering buying life insurance policies from Fidelity Life, check out our insurance review first.
Our Rating – 4.5/5 Stars- Good Life Protections Fidelity Life Insurance Review
|A.M Best||Fitch||Moody’s||Standard & Poor’s||Comdex||J.D. Power & Associates|
Company History Fidelity Life Insurance Review Part 1
Fidelity Life founded in 1896 and was originally called the Mystic Workers of the World, which offer insurance coverage to active workforce members. It was a fraternal benefit society and was tremendously successful in its early days. The company managed to surpass the 50,000-membership mark in less than 20 years, with over a $100 million in coverage.
The company changed its name to Fidelity Life in 1930, and acquired even more success during the second World War. Fidelity Life changed its business model after the war, and it was in the 1950s where it converted into a mutual legal reserve. That was how the company continued to operate and achieve growth in the next 50 years.
Fidelity Life converted back to an independent insurance company in 2005, and is heavily focused in the current life insurance market. The company reorganized into a stock held life insurance company under the direction and supervision of the Members Mutual Holding Company in 2007. The company has remained like that for over a decade now, and has continued to expand in the life insurance industry with outstanding insurance sales.
Company Overview- Fidelity Life Insurance Review Part 2
Fidelity Life is an extremely strong insurance company, and holds licenses to conduct business across the United States, except for Wyoming and New York. The company has headquarters in Chicago, Illinois, and continues to be one of the biggest insurance companies in that state. Fidelity Life, changed their business model from a mutual company to a stock insurer, and is a subsidiary of Lifestory Interactive with Mutual Holding Company being the parent company of the insurer.
There are other insurance companies that have posted stronger numbers, but the most impressive thing about Fidelity Life is that it has maintained a strong capital position for a long time. The insurance carrier has more than $421 million in total assets, and has over $134 million in statutory capital and surplus as well. That allowed Fidelity to rake in nearly $70 million in net life insurance premiums, and had more than $28 billion in total life insurance force.
Our Fidelity Life Insurance Reviews of- Financial Stability and Customer Service Ratings
One of the first things you should look at when doing business with a life insurance company is its financial stability and customer service ratings. Fidelity Life is one of the oldest life insurance companies in the United States and has been around in the industry for more than a century. The company has been awarded the “A-” grade from A.M. Best, which is among the top four independent insurance rating agencies in the United States. This essentially means that the company is financially strong.
Fidelity Life has excellent ratings for customer service as well, and is among a select group of companies that offer no exam life insurance. The company has continued to increase its sales and has placed itself at the top of the list for the best no exam life insurance carriers today. Fidelity Life has over 120 years of experience as a life insurance carrier and has a great track record in paying out claims to policyholders.
Good Life Protections Fidelity Life Insurance reviews of-Company Products and Features
|Types of Life Insurance Available||Term,Whole, Hybrid, Rapid Decision|
|Annual Premium||Quotes will vary|
|Important Coverage Options|
|NAIC Customer Complaint Ratio||2015 – 2017 Average: 0.45|
Well below average (National Medium 1.00)
Fidelity Life Insurance Products- In Depth Reviews
Fidelity Life insurance company has made a name for itself as being among the best life insurance carriers in the industry. It has continued to evolve and innovate its products and used cutting-edge technology to introduce different types of insurance products in the industry. We are going to review all major insurance products offered by Fidelity Life, which includes:
- Term Life Insurance
- Whole Life Insurance
- Accidental Life Insurance
There are different coverage options offered with each life insurance product, so always check out them out thoroughly before buying a policy.
Fidelity Term Life Insurance
Fidelity Life offers several unique options under its term life insurance product. These include:
- RAPIDecision℠ Life
- RAPIDecision℠ Express
- RAPIDecision℠ Senior Life Term
The Rapid Decision product coverages are one of a kind and are the fastest insurance products in the market, which are only offered by Fidelity Life. The insurance company has taken advantage of technology, and created a product that requires reduced underwriting, and the policy is approved and issued within a matter of days!
That makes a significant difference for someone that wants coverage quickly, because most fully underwritten products take around 4 to 6 weeks before they are activated. However, the Rapid Decision Line only requires a couple of business days to activate.
The RAPIDecision℠ Life
This term life insurance product is unique, and offers you with immediate coverage. The coverage is issued within 48 hours or sometimes even less than that. The life insurance policy comes with accidental death benefits, and you get full-term life benefit without an exam. Some applicants may be required to complete the underwriting process within 6 months of signing for the policy.
· The RAPIDecision℠ Express
This term life insurance product offers you with the same efficient and seamless processing for term life coverage. The main features of this product include:
- Level Death Benefit up to the age of 95
- Level Premiums in 10-year, 15-year, 20-year, and 30-year durations
- Additional Riders like the Accidental Death or Children’s Term
The only difference with this product is that it isn’t mixed with accidental life insurance and offers a straight term insurance payout.
· The RAPIDecision℠ Senior Life Term
This term life insurance product is for senior citizens, and is essentially a modified death benefit term policy. Some of the key features of the insurance policy includes the following:
- Available for applicants aged 50 to 70
- Death benefits as high as $150,00, and a minimum of $10,000
- Up to 30 years in coverage, depending on applicant age
- The coverage is reduced in half after initial term period is over
Any senior citizens that want easy and fast coverage can choose this term life insurance product from Fidelity Life. However, they should know that the policy doesn’t pay the full benefit until 3 years have passed after the policy was activated.
Permanent Life Insurance Coverage Options
Fidelity Life offers an extensive range of permanent life insurance coverage options. There are guaranteed issued policies, and final expense policies, which offer low coverage amounts to applicants that are 50 years or older. The permanent life insurance coverage options include:
- RAPIDecision℠ Senior Whole Life
- RAPIDecision℠ Final Expense
- RAPIDecision℠ Guaranteed Issue
Each permanent life insurance product is different than the other products. If you buy a guaranteed issue product you can’t be denied coverage, and you don’t need to answer any medical questions for the final expense product.
· The RAPIDecision℠ Senior Whole Life
This permanent life insurance product is the simplest policy offered by Fidelity Life. Applicants that are heathy and want to buy a whole life insurance policy can easily opt for this product. The main features offered to applicants in this coverage are:
- Available for anyone between the ages 50-85
- Level death benefit and level premiums up to age 121
- $10,000 – $150,000 in coverage available
Applicants don’t need to get a medical to qualify for coverage, but some cases may require medicals. There isn’t any medical underwriting, and full benefit is only paid out when the policy has been active for more than 3 years.
· The RAPIDecision℠ Final Expense
This permanent life insurance product offers you with an immediate and full payout, and you get to take advantage of fast approval and greater convenience. The maximum coverage limit is $35,000, which is a generous amount for final expense.
· The RAPIDecision℠ Guaranteed Issue
This permanent life insurance product is ideal for people that want minimal coverage quickly. Anyone that has health concerns that has stopped them from acquiring coverage can choose this product. It doesn’t require any exams or health questions, and applicants can’t be turned down if they meet minimum requirements.
Fidelity Life Accidental Policies
Fidelity Life has one of the best accidental death policies in the insurance market, which is known as the RAPIDecision℠ Accidental Death Benefit product. It offers you with a guaranteed payout to the beneficiaries if the policyholder dies in an accident. The death must be from an accident, because if the policyholder dies from natural causes the policy won’t pay out any benefits.
Here are the main features of the RAPIDecision℠ Accidental Death Benefit product:
- Applicant ages must be between 20 and 59
- More cost effective, per thousand than term
- Up to $250,000 in coverage
- Available riders for family, and even inflation
Fidelity Life insurance company offers an extensive range of insurance products, with some outstanding features, but there are certain areas that the insurance carrier lacks. The most glaring misses is that the insurance provider doesn’t offer any variable or universal life products.
Other Products Offered
Fidelity Life offers great insurance products, but at this moment in time, the insurance carrier isn’t offering any other products. Most insurance companies offer investment or financial products, but this is one area that the company lacks in right now.
Company Summary- Fidelity Life Insurance Reviews Part 4
|Company Name||Company Ratings||Headquarters||Policy Types Available|
|Members Mutual Holding Company|
Fidelity Life Association
|A.M. Best (A–)|
Moody’s Investors Services (N/A)
Standard & Poor’s (N/A)
|8700 W. Bryn Mawr Ave.|
Chicago, Illinois 60631
The Bottom Line
We wanted to bring you the most in depth Fidelity Life Insurance review you could find?
Fidelity Life insurance company offers a unique term life insurance product, which is great for people who want coverage fast with no exam and no health questions. It offers simplified underwriting and greater convenient for people looking for insurance products. However, it still lags behind when it comes to diversity in its products. The company has a strong brand image and impressive financial strength, which means that you will not have to worry about the company not paying out policy benefits.
There are other insurance companies that offer great products as well, so always research and compare policies from different carriers before deciding to commit and buying an insurance product.
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