Fidelity Life offers term life insurance and senior-focused permanent life insurance. It's a very convenient option, though its policies pale in comparison to larger insurance companies.
Business Insider compared Fidelity Life, which is unaffiliated with Fidelity the bank, to the best life insurance companies and found it to be an above-average offering for older applicants with convenient sign-up features. However, younger applicants looking for large death benefits and cash value growth should look elsewhere.
Fidelity Life Insurance Overview
Fidelity Life Insurance options are fast and affordable, and it's possible to get coverage that begins within days.
The main coverages offered by Fidelity Life include term life insurance, final expense insurance, and permanent life insurance geared toward older applicants. These policies don't have very high death benefits compared to many of its competitors, but many of them also don't require medical exams.
Fidelity Life's RAPIDecision term life insurance has a unique underwriting process. Applicants can get coverage immediately and then take a medical exam within six months of applying. Healthy applicants may not have to take a medical exam at all. This feature is great for people who want traditional term life insurance and the lower rates that come with it but don't want to wait months for coverage.
The biggest downside to Fidelity Life's policies is that they're relatively expensive across all ages compared to industry averages.
Fidelity Life Insurance Pros and Cons
Fidelity Life Insurance Pros
- No exam life insurance available
- Online quotes available
- Expedited underwriting
Fidelity Life Insurance Cons
- Limited maximum coverage for term life insurance
- No term life conversion available
- Senior term life death benefits are graded
- Higher premiums than industry average
Fidelity Life Insurance Plans and Coverage
Fidelity Life Term Life Insurance
Term life insurance offers a death benefit if the policyholder dies within a specific time frame, usually between 10 to 30 years. Because the death benefit is not guaranteed, term life insurance is often the cheapest life insurance option a provider offers.
Fidelity Life offers two term life insurance products: RAPIDecision Term Life and RAPIDecision Senior Term. As the names suggest, the former is for younger customers, and the latter is geared toward older applicants. Term options range from 10 to 30 years, and Fidelity Life offers online quotes and applications.
It's worth noting that Fidelity Life does not allow policyholders to convert their term life policy to a permanent policy.
RAPIDecision® Life
RAPIDecision Life is available for applicants from 18 to 65, offering terms of 10, 15, 20, and 30 years with death benefits that range from $50,000 to $2 million.
Fidelity Life offers a unique underwriting process that emphasizes convenience. It allows applicants to get a decision immediately and then take a medical exam instead of waiting for exam results before getting approved. This offers instant decisions and same-day coverage.
In some instances, Fidelity Life may waive the medical exam if the applicant is healthy.
RAPIDecision® Senior Life Term
RAPIDecision Senior Life Term is available for applicants from 50 to 70 years old, with terms of 10, 20, or 30 years and death benefits from $10,000 to $150,000. Policies are renewable until age 95.
This policy does not usually require a medical exam, just a health questionnaire. However, it is generally for people in good health.
Death benefits are graded, meaning you'll only receive partial coverage on the day of approval and benefits gradually increase as your policy ages. Policyholders gain access to their full death benefits starting in year four of the policy's life.
Fidelity Life Final Expense Insurance
Final expense insurance, also known as burial insurance, is a type of permanent life insurance that offers low death benefits to older adults. The death benefits are generally used to cover funeral costs and other end-of-life expenses.
Fidelity Life offers two burial insurance policies: RAPIDecision Final Expense and RAPIDecision Guaranteed Issue.
RAPIDecision Final Expense
Offered to applicants between the ages of 50 and 85, RAPIDecision Final expense offers benefits from $5,000 to $40,000. Applicants are approved within days with no medical exam required and full benefits are available immediately.
RAPIDecision Guaranteed Issue
This final expense coverage is also for applicants ages 50 to 85, but coverage maxes out at $25,000.
The main difference between the Final Expense and Guaranteed Issue policies is that Guaranteed Issue policies don't reject applications. The product is designed for people who wouldn't qualify with traditional underwriting or even a health questionnaire.
Fidelity Life Whole Life Insurance
Whole life insurance is a type of permanent life insurance that offers level premiums throughout the policy's life and guaranteed death benefits. It also builds cash value.
Fidelity Life's whole life insurance policy is called RAPIDecision Senior Whole Life. Available to individuals ages 50 to 85, this policy offers death benefits of $10,000 to $150,000, though this varies based on age. Death benefits are graded, so you'll only get full coverage after three years.
Premiums for this type of life insurance are guaranteed, and a medical exam is not required. The policy matures when the insured reaches the age of 121.
Additional Coverage Options from Fidelity Life
Fidelity Life offers several insurance riders and additional coverage options you can use to tailor your policy. Note that not all of these riders are available for all applicants and that you'll have to apply to see which ones you can purchase as part of your plan.
- Accidental death benefit rider: Pays out an additional death benefit if the insured dies in an accident or from injuries sustained from an accident within 90 days.
- Child insurance policy rider: Can pay for a child's funeral expenses or time off of work for the insured in the event of this tragedy.
- Family accidental death benefit rider: Optional coverage expands an accidental death benefit so it covers additional family members.
- Inflation rider: Ensures the death benefit for an accidental death policy keeps up with inflation.
- Return of premium rider: This rider enables you to get back some of your premium costs when your policy's term ends.
- Terminal illness and accelerated death benefit: Accesses part of your death benefit early if you're diagnosed with a terminal illness.
Fidelity Life Insurance Cost
Because Fidelity Life makes it easy to get life insurance quotes online, the company is more transparent than some others when it comes to pricing. In fact, Fidelity Life publishes many of its average premiums directly on its website.
To get a better idea of how much Fidelity Life insurance costs, we obtained quotes for a 20-year RAPIDecision Term Life policy with a $500,000 death benefit for a non-smoking applicant in excellent health and compared it to the average cost of the same policy, according to Policygenius.
| Age | Sex | Fidelity Life Quotes | Average Cost |
| 20 | Female | $26.97 | $23 |
| 20 | Male | $34.37 | $30 |
| 30 | Female | $27.84 | $23 |
| 30 | Male | $34.80 | $29 |
| 40 | Female | $40.02 | $35 |
| 40 | Male | $46.55 | $43 |
| 50 | Female | $83.96 | $78 |
| 50 | Male | $106.14 | $102 |
| 60 | Female | $334.95 | $194 |
| 60 | Male | $448.49 | $269 |
As you can see, premiums for Fidelity Life are higher than the industry average for every age group, especially among older individuals.
How to File a Claim With Fidelity Life Insurance
Fidelity Life lists different claim forms for most states on its website, and each claim form has unique contact information and details on how to submit a claim. Ultimately, this means you'll head to this part of their site, select the state you live in, print out the claim form, and send it in using the physical address listed on the form.
Each claim form lists contact information and a phone number, but you can also reach Fidelity Life for help with claims at 800.369.3990 Monday through Friday from 8 a.m. to 5 p.m. CST. You can also reach Fidelity Life via email at service@fidelitylife.com.
While Fidelity Life has an A+ rating with the Better Business Bureau (BBB), most of the company's complaints on the platform center around its claims process. Some past customers say that Fidelity Life lost their claims forms, while others say it canceled their policy but continued billing.
With this in mind, it's important to make sure you submit everything you need to file a claim upfront with Fidelity Life, and that you take detailed notes and retain copies of all information you have sent and received. To successfully submit a claim, you'll need to send in a completed claim form for your state and a certified death certificate (not a copy) by mail.
Fidelity Life Insurance Customer Reviews and Ratings
Fidelity Life has mostly positive reviews online, receiving an average of 4.6 stars on Trustpilot. Many reviewers spoke highly of the signup and approval process, reporting quick processing times and knowledgeable agents.
Fidelity Life's reviews on its Better Business Bureau page are more mixed, averaging 3.29 stars. Once again, reviews spoke highly of the approval process. Customers also spoke highly of the claims process. However, customers reported difficulty canceling their policies, citing unresponsive agents and issues paying out cash value.
The National Association of Insurance Commissioners' complaint index rates insurance companies based on how many complaints they receive against their share of the market. A 1.00 means that a company has an expected number of complaints based on its size. A lower score indicates fewer complaints than expected and a higher number indicates more complaints than expected. Fidelity Life scored 1.68, indicating that it has a higher number of complaints than expected.
Fidelity Life has an A- (Excellent) financial stability rating from AM Best, meaning that it's likely to be around to pay out death benefits.
Alternatives to Fidelity Life Insurance
Fidelity Life vs. Corebridge Direct
Corebridge Direct offers term, whole life, and indexed universal life insurance. It's also included in our guide to the best senior life insurance.
Corebridge Direct's term life insurance is very flexible, offering 18 term periods between 10 to 35 years. It offers up to $2 million in death benefits with an option to convert to a permanent life insurance policy. However, it requires a medical exam to qualify. That said, its premiums are much lower than Fidelity Life's.
Corebridge Direct offers simplified and guaranteed issue life insurance that is fairly comparable to Fidelity Life, with similar death benefits and age limits. It also offers similar rider options, though it has an additional nursing home benefits rider.
It's worth mentioning that Fidelity Life has far better reviews online on sites like Trustpilot and the Better Business Bureau.
Ultimately, Corebridge Direct offers more options for younger applicants at better prices. However, Fidelity Life will be the better bet if you're an older applicant looking for convenient sign-ups.
Read our Corebridge Direct life insurance review.
Fidelity Life vs. Bestow
Bestow Life is a term-only life insurance company known for offering policies with no medical exam requirements and instant decisions.
Coverage is available in amounts from $100,000 to $1.5 million, and terms can last from 10 to 30 years. However, it does not offer any additional riders, like accelerated death benefits.
Additionally, Bestow limits coverage for senior citizens as you can only buy a policy from Bestow if you're between 18 to 60 years old. Similarly, its policies are cheaper than Fidelity Life for younger applicants but its policies for older applicants are more expensive.
Ultimately, older applicants will have more options and better coverage from Fidelity Life. Younger applicants will find more favorable rates from Bestow, but is far from the best term life insurance company.
Read our Bestow life insurance review.
Fidelity Life Insurance FAQ
No, Fidelity Life is not owned by or affiliated with Fidelity Investments.
Yes, Fidelity Life offers some no-exam life insurance options, including guaranteed life insurance, final expense insurance, and senior whole life insurance.
Yes, you can cancel your Fidelity Life insurance policy. Be aware that customers reported some difficulty reaching an agent to cancel their policies.
No, Fidelity Life does not offer convertible term life insurance. Its term life insurance cannot be converted to a permanent life insurance policy.
Why You Should Trust Us: How We Reviewed Fidelity Life Insurance
Business Insider rates term and permanent life insurance separately. For companies that offer both types of policies, we'll average out the scores for both policies.
The breakdown for life insurance ratings are as follows:
| Term Life Insurance | Permanent Life Insurance |
| Policy options (30%) | Policy options (30%) |
| Cost (30%) | Cash value growth (20%) |
| Application Process (20%) | Customer service and ratings (20%) |
| Customer Service and Ratings (20%) | Average Premiums (20%) |
| Application process (10%) |
For many term life applicants, their priority is the cost of their policy, which is reflected in our methodology. Meanwhile, premiums for permanent life insurance policies are generally higher, so we lowered it's importance slightly in our consideration.
Similarly, term life applicants may want a more convenient application process, including online quotes, same-day approval, and no exams required. These features are deprioritized in permanent life insurance as they are far less common.
The biggest difference between the two methodologies is the addition of cash value growth in our permanent life insurance methodology, which is one of the biggest considerations in high-value permanent life insurance.
While all factors are reflected in our methodology as separate categories, the truth is that the quality of an insurance company comes down to how these categories interact with each other. For example, a term life policy may have a fast and convenient application process, but it may cost more due to the additional risk of less thorough underwriting. As such, we take a holistic look at life insurance companies.
Read more about how Business Insider rates life insurance.
