Fidelity & Guaranty Life Insurance: Same Or Different?

F&G Life Insurance, formerly known as Fidelity & Guaranty Life Insurance Company, is a public company that offers life insurance and annuity products. The company was founded in 1959 and has been providing financial protection for its customers and their loved ones through various insurance products. On the other hand, Fidelity Life Insurance is a separate and unrelated company that also offers life insurance policies. While both companies share the word Fidelity in their names, they are distinct entities with different histories and offerings. This paragraph introduces the topic by providing an overview of F&G Life Insurance, its history, and the distinction between F&G Life Insurance and Fidelity Life Insurance, setting the stage for further exploration and comparison of their respective insurance offerings.

F&G and Fidelity & Guaranty Life Insurance Company: the same company?

F&G and Fidelity & Guaranty Life Insurance Company are the same company. F&G is the marketing name for Fidelity & Guaranty Life Insurance Company, which issues insurance in the United States outside of New York. The company was founded in 1959 and is headquartered in Des Moines, Iowa. It provides annuities, life insurance, and pension buyout services.

Fidelity & Guaranty Life Insurance Company has a long history of mergers, acquisitions, and name changes. It was originally a subsidiary of United States Fidelity and Guaranty Company ("USF&G Company"), a Maryland-domiciled property and casualty insurer. Over the years, it has been acquired by various companies, including St. Paul Travelers, Old Mutual, and Harbinger Group. In 2019, the company rebranded from Fidelity & Guaranty Life Insurance Company to F&G to distinguish itself from other companies with "Fidelity" in their names.

F&G offers a range of life insurance products, including term, whole life, and universal life insurance. It also provides annuities, which are products that help individuals accumulate wealth for retirement or other financial goals. The company has over 1,000,000 customers and is committed to serving consumers seeking safety, protection, accumulation, and income features from their insurance and annuity products.

F&G's history and rebrand

F&G, formerly known as Fidelity & Guaranty Life Insurance Company, has been in the insurance business since 1959. The company was founded to provide individual life insurance and annuity products.

Over the years, F&G has undergone several changes and acquisitions. Until 1995, the company was a wholly-owned subsidiary of United States Fidelity and Guaranty Company, a Maryland-domiciled property and casualty insurer. Following a series of mergers and acquisitions, the company changed hands several times. In 2001, it was acquired by Old Mutual plc, a London-based financial services company, and became a subsidiary of OMUSLH, a Delaware holding company. In 2011, Old Mutual sold its life and annuity business to the Harbinger Group, and the company name was changed back to Fidelity & Guaranty Life Insurance Company.

In 2013, the company moved its headquarters to Des Moines, Iowa, and launched an initial public offering. In 2015, Fidelity announced an agreement to sell the company to the Chinese insurance firm Anbang Insurance, but the deal was terminated, and the company was eventually sold to CF Corp (rebranded as FGL Holdings) in 2017.

In 2019, FGL Holdings rebranded Fidelity & Guaranty Life Insurance Company as F&G to distinguish it from other companies with similar names. That same year, F&G became a subsidiary of Fidelity National Financial, and in 2022, the company returned to public trading following a 15% stock issuance.

Today, F&G offers life insurance and annuity products to nearly 700,000 people across the United States, helping them secure their financial future and protect their loved ones. The company collaborates with financial advisors and agents to find the best products for its customers' needs.

F&G's financial products

F&G, formerly known as Fidelity & Guaranty Life Insurance Company, is a public company that provides annuities, life insurance, and pension buyout services. The company has been in operation since 1959 and currently serves nearly 700,000 people across the United States.

F&G offers a range of financial products to meet the diverse needs of its customers. Here is an overview of their financial offerings:

Life Insurance

F&G offers various life insurance policies, including term, whole life, and universal life insurance. Term insurance covers individuals for a specific period, providing a death benefit if they pass away before a certain age or within a set number of years. Whole life insurance is a type of permanent insurance that covers individuals for their lifetime as long as premiums are paid. Universal life insurance is also a form of permanent insurance but offers more flexibility in terms of premium payments and coverage amounts. It also includes a cash value component that can be used for retirement savings.

Annuities

F&G provides annuities, which are income-generating products that offer financial protection and stability. They have a range of annuity products, including multi-year guarantee annuities, fixed indexed annuities, and traditional fixed annuities. Annuities can help individuals participate in the market indirectly and create a predictable income stream.

Pension Buyout Services

In addition to life insurance and annuities, F&G also offers pension buyout services. This service allows individuals to transfer their defined pension obligations to F&G through a pension risk transfer (PRT) transaction. This option provides individuals with the security and income they need for their retirement.

F&G collaborates with financial advisors and agents to ensure their customers make informed decisions about their financial future. The company strives to improve the financial lives of its policyholders and provide positive experiences through convenient processes, such as virtual applications and exam-free underwriting.

F&G's customer service

F&G, formerly known as Fidelity & Guaranty Life Insurance Company, is a public company headquartered in Des Moines, Iowa. It was founded in 1959 and has been providing annuities and life insurance to nearly 700,000 people across the United States.

F&G offers a range of life insurance policies, including term, whole life, and universal life insurance. Each type of insurance has unique features and benefits that cater to different needs. For example, term insurance covers an individual for a specific period and provides a death benefit if they die within that term, making it a more affordable option. On the other hand, whole life insurance is a permanent policy that covers an individual for their entire life, as long as premiums are paid. Universal life insurance is also permanent but offers more flexibility in terms of premium payments and coverage adjustments.

In addition to life insurance, F&G also specializes in annuities, which can provide a predictable income and help individuals indirectly participate in the market without the downside risks.

However, there have been several negative reviews regarding customer service and issues with withdrawals. Some customers have complained about difficulties in withdrawing their money, experiencing problems such as unnecessary paperwork and long waiting times. There have also been concerns about unexpected fees, rude behaviour from customer service representatives, and a lack of direct communication with higher-ups in the company.

It is always recommended to do thorough research and consider a variety of sources and reviews before making any decisions regarding insurance policies.

F&G's financial strength ratings

F&G, formerly known as Fidelity & Guaranty Life Insurance Company, has received strong financial strength ratings from several prominent credit rating agencies. These ratings provide an assessment of the company's financial stability and ability to meet its obligations to policyholders. Here is an overview of F&G's financial strength ratings as of 2024:

• AM Best: Rated F&G with an "A" Outlook, indicating a stable financial outlook for the company.
• S&P Global: Assigned an "A-" Outlook rating, reflecting a strong capacity to meet financial commitments.
• Fitch Ratings: Granted an "A-" Outlook rating, suggesting a positive assessment of F&G's financial health.
• Moody's Ratings: Rated F&G with an "A3" Outlook, which represents a high-quality investment-grade rating.

These ratings from leading credit rating agencies provide valuable insights into F&G's financial strength and stability. It is important to note that credit ratings are subject to change over time, and investors should refer to the latest ratings available when making financial decisions.

F&G, a well-known name in the life insurance industry, has demonstrated its financial robustness through these ratings. The company's financial strength ratings play a crucial role in assuring customers that F&G has the capacity to honour its commitments and provide reliable insurance coverage over the long term.

Frequently asked questions