Jeffrey Wade
Fidelity Life Insurance offers a range of life insurance policies, including term, whole, and final expense insurance. The company has a strong focus on providing no-medical-exam policies, especially for individuals over 50, and has several options for seniors. However, Fidelity Life has received a high number of customer complaints, and its term policies cannot be transitioned to permanent or whole life policies. So, is Fidelity Life Insurance legit?
| Characteristics | Values |
|---|---|
| Company Name | Fidelity Life Insurance Co. |
| Year Founded | 1896 |
| Headquarters | Chicago, Illinois |
| Parent Company | Vericity Inc. |
| Phone Number | 800-369-3990 |
| [email protected] | |
| Financial Strength Rating | A- (Excellent) |
| Customer Complaints | High number of complaints relative to company size |
| Policies Offered | Term, Permanent, No-Exam, Senior, Whole, Final Expense, Guaranteed Issue |
| Riders Offered | Accelerated Death Benefit, Child Life Insurance, Accidental Death, Accidental Death Benefit, Family Accidental Death Benefit, Terminal Illness, Inflation, Return of Premium Insurance |
| Policy Amounts | $5,000 to $2 million |
| Term Lengths | 10, 15, 20, 30 years |
| Age Range | 18 to 85 years |
| States Served | All except Wyoming and New York |
What You'll Learn
Fidelity Life Insurance offers a range of policies for seniors
For term life insurance, seniors can choose from coverage amounts ranging from $10,000 to $150,000, with terms of 10, 20, or 30 years. This policy is available to those aged 50 to 70 and does not require a medical exam for qualification.
Fidelity Life also offers whole life insurance for seniors, with coverage amounts up to $150,000. This policy is available to individuals up to 85 years old and does not require a medical exam. However, applicants will need to answer some health questions, and the company will review publicly available data to determine eligibility.
In addition to these, Fidelity Life provides final expense life insurance and guaranteed issue life insurance policies for seniors. The final expense policy offers coverage amounts from $5,000 to $40,000, while the guaranteed issue policy provides coverage up to $25,000. Both options are available for individuals up to 85 years old, with a medical questionnaire required but no exam.
The company also offers riders that can be added to the policies, such as the accelerated death benefit rider, child life insurance rider, and accidental death rider, providing additional benefits and customization to the policies.
While Fidelity Life Insurance provides a range of options for seniors, it is important to note that the company has received a high number of customer complaints, which may be a cause for concern.
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The company has received a high number of customer complaints
Fidelity Life Insurance has received a high number of customer complaints relative to its size, according to the National Association of Insurance Commissioners (NAIC). The NAIC calculates a complaint index for every insurance provider that measures how many complaints a company received based on its size. An index of 1.00 indicates that a company received an expected number of complaints relative to its size. An index below 1.00 is ideal as it indicates the company received fewer complaints than expected.
Fidelity Life's NAIC complaint index score averaged 1.8 over three years, ending in 2022, which is significantly higher than the baseline of 1.00. This indicates that the company received more complaints than expected for a company of its size.
The company's customer complaint index score was 2.46 for its individual life insurance product in 2023, more than double the average number of complaints compared to similar-sized companies.
Fidelity Life's customer complaint index score was also 1.64, according to Policygenius, which uses data from the NAIC. This score indicates that the company receives more complaints than expected for a company of its size.
Fidelity Life's high volume of customer complaints is a cause for concern and could indicate problems with customer satisfaction.
In addition to the NAIC data, real-life customer reviews on Trustpilot also indicate dissatisfaction with the company's customer service. Customers have reported issues with poor communication, difficulty reaching agents, and unresolved account errors.
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It has a financial strength rating of A-
Fidelity Life Insurance has a financial strength rating of A- (Excellent) from AM Best, an independent credit ratings agency that evaluates insurance providers. This rating indicates the company's ability to meet its financial obligations and pay future claims.
AM Best's ratings are important because they provide valuable insights into the financial stability and reliability of an insurance company. The A- rating suggests that Fidelity Life Insurance has a strong financial foundation and is likely to be capable of fulfilling its financial commitments over the long term.
It's worth noting that while an A- rating is generally positive, it is just on the border of what is typically recommended for insurance companies. Higher ratings, such as A or A+, indicate even stronger financial strength and may be preferred by some individuals when selecting an insurance provider.
In addition to its financial strength rating, Fidelity Life Insurance also has a range of policy options, including term, whole, and guaranteed life insurance. The company offers instant approval and no-medical-exam coverage for most applicants, making it a convenient choice for those seeking swift and accessible coverage. However, it's important to consider other factors as well, such as customer satisfaction and the number of consumer complaints, to get a comprehensive understanding of the company's reputation and reliability.
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Fidelity Life offers term, permanent and no-exam policies
Fidelity Life offers term life insurance, permanent life insurance, and no-medical-exam coverage. The company provides a range of term and permanent policies aimed at older customers.
Term Life Insurance
Fidelity Life's term life insurance is available to applicants aged 18 to 65, with coverage amounts ranging from $50,000 to $2 million and terms of 10, 15, 20, and 30 years. The monthly cost for a 20-year, $500,000 policy can be as low as $21.25. However, the final quote depends on factors like age, health, lifestyle, occupation, and driving record.
Senior Life Insurance
Fidelity Life offers several types of life insurance for seniors aged 50 and above. These include senior term life insurance with coverage amounts from $10,000 to $150,000 and term lengths of 10, 20, and 30 years. This policy does not require a medical exam. They also offer whole life insurance for individuals up to 85 years old, with coverage amounts up to $150,000, and final expense life insurance with coverage amounts from $5,000 to $40,000.
No-Exam Policies
Fidelity Life's no-medical-exam coverage is available for most applicants. All permanent policies and most term coverage options do not require a medical exam. Even if an exam is needed, temporary coverage can begin immediately.
Riders
Fidelity Life offers various riders to customize your coverage, such as the accelerated death benefit rider, child life insurance rider, and accidental death rider.
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The company is not affiliated with Fidelity Investments
Fidelity Life Insurance is not affiliated with Fidelity Investments. The life insurance company is owned by Vericity, which also owns eFinancial, an insurance agency that sells Fidelity Life products.
Fidelity Life Insurance is a life insurer based in Illinois that was founded in 1896. The company offers term products and permanent options aimed at older customers. While its no-exam life insurance policies may appeal to some shoppers, Fidelity Life has received a high number of consumer complaints.
The company's customer service has been a source of frustration for some customers, who have reported issues with poor communication, difficulty reaching agents, and unresolved account errors. However, some customers have praised the company for its smooth and efficient processes and responsive agents.
Fidelity Life's focus on no-medical-exam policies and its range of coverage options for seniors may make it a good choice for older adults seeking simplicity and convenience in their life insurance coverage.
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Frequently asked questions
Yes, Fidelity Life Insurance is a legitimate company offering life insurance policies. It has been in business for over a century and is licensed to provide life insurance in Washington, D.C., and all states except for Wyoming and New York.
Fidelity offers term life insurance, whole life insurance, final expense insurance, and guaranteed issue life insurance. Their term life insurance policies are available for 10, 15, 20, or 30 years, with coverage amounts ranging from $50,000 to $2 million. They also have senior life insurance options for individuals over 50.
Fidelity Life Insurance offers several riders, including the accelerated death benefit rider, the child life insurance rider, the accidental death rider, the family accidental death benefit rider, the inflation rider, and the return of premium insurance rider.
Customer feedback for Fidelity Life Insurance is mixed. While some customers report smooth and efficient processes, others have expressed dissatisfaction with the company's customer service, citing issues with communication, difficulty reaching agents, and unresolved account errors.
