Jeffrey Wade
Fidelity Life Insurance offers a range of insurance products, including term life insurance, permanent life insurance, and hybrid life insurance with long-term care. The company has a variety of coverage options, including for seniors, and stands out for its no-medical-exam policies and focus on accessibility. Fidelity Life is rated 2.5 out of 5 stars for overall performance, with reviews citing a high number of consumer complaints. The company is rated A+ by independent agencies for its financial strength, indicating its ability to pay out insurance policies and meet contract obligations.
| Characteristics | Values |
|---|---|
| Type of insurance | Term life insurance, permanent life insurance, long-term care insurance, hybrid life insurance |
| Target customers | Seniors, people who need coverage quickly |
| Features | No-medical-exam policies, online quote tool, various coverage options, affordable |
| Ratings | 2.5/5 stars (NerdWallet), A+ (Fidelity Investments Life Insurance Company) |
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What You'll Learn
Fidelity's insurance products
Fidelity offers a range of insurance products to cater to the diverse needs of its clients. One of its key offerings is term life insurance, which provides financial resources to the policyholder's family in the event of their death. This type of insurance covers a specified period, such as 10 or 20 years, and allows the policyholder to select the benefit amount. Term life insurance is generally considered the most affordable and straightforward type of life insurance.
Fidelity also offers whole life insurance, which provides coverage for the policyholder's entire lifetime. Whole life insurance often includes fixed premiums and accumulates cash value over time. Policyholders can borrow against or withdraw from the cash value, although this typically reduces the death benefit.
In addition to traditional life insurance, Fidelity provides hybrid life insurance options that include long-term care planning solutions. These plans are designed to address the financial and care needs associated with ageing and end-of-life care. Fidelity works with highly-rated insurance providers to offer these comprehensive solutions, ensuring that clients receive the best possible care.
Fidelity's insurance offerings are tailored to meet the specific needs of individuals and their families. The company provides an online quote tool that recommends policies, coverages, and costs based on factors such as age, gender, health, and location. This tool allows prospective customers to compare policies and rates without providing their contact information.
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Pros and cons of Fidelity Life Insurance
Fidelity Life Insurance offers term and whole life insurance policies. Term life insurance covers individuals for a specific amount of time, for a predetermined dollar amount. Whole life insurance is a permanent life insurance policy that covers your entire lifetime, often with fixed premiums and a cash value. Fidelity Life Insurance's policies are primarily designed for seniors. The company offers term products and a range of permanent options aimed at older customers.
Pros of Fidelity Life Insurance
- The company's website makes it easy to get information about the company's policies and to start an application online.
- The insurer's phone number is clearly listed at the top of the site, and a representative is easy to connect with.
- The company offers many coverage options for seniors, including final expense and guaranteed issue coverage. The guaranteed issue option might be a good choice if you have a pre-existing health condition or think you would have trouble qualifying after a medical exam.
- The RAPIDecision term life insurance policy offers coverage up to $2 million.
- You can get a free quote online without providing your contact information.
Cons of Fidelity Life Insurance
- The company draws a lot of complaints, receiving far more complaints than expected for a company of its size.
- Fidelity Life does not offer a mobile app.
- Universal life policies are not available.
- A longer term will result in higher premiums.
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Fidelity's financial strength ratings
Fidelity works with highly rated insurance providers and helps customers understand the different options available to meet their financial planning needs. The company offers long-term care planning solutions from these insurers, including hybrid life insurance, which combines life insurance with long-term care coverage. Fidelity's focus on no-medical-exam policies and RAPIDecision approval process streamlines the underwriting process, making it appealing to those seeking swift and accessible coverage.
Fidelity Life, a life insurer based in Illinois and owned by Vericity, has received mixed reviews. While it offers a range of coverage options, particularly for seniors, it has also drawn a high number of consumer complaints for a company of its size. According to NerdWallet, Fidelity Life earned 2.5 out of 5 stars for overall performance.
Fidelity National Financial, a separate entity, has received various financial strength ratings from different agencies. For example, it has received an "A" rating from Demotech, Inc. for its Financial Stability, and an "A-" rating from S&P Global and Moody's Investors Service. These ratings reflect the financial strength and stability of the company, indicating its ability to meet its insurance obligations.
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Fidelity's term life insurance
Fidelity Investments Life Insurance Company, which provides term life insurance, has an A+ rating as of February 8, 2023. This rating reflects the company's financial strength and ability to fulfil its insurance obligations. Fidelity has been offering life insurance since 1987, and its professionals work with clients to integrate insurance into their overall financial plans. The company also offers hybrid life insurance with long-term care coverage, providing a range of options to meet diverse financial needs.
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Fidelity's long-term care insurance
Fidelity offers various coverage options, including traditional long-term care policies, Medicaid, and hybrid policies. Hybrid policies combine life insurance with long-term care coverage, providing benefits for both scenarios. For example, if you need long-term care, you can use the death benefit amount to pay for your care, subject to a monthly maximum. Another type of hybrid policy is a long-term care annuity, which provides long-term care insurance at a multiple of the initial investment amount. This investment grows tax-free, and gains are received income tax-free if used for long-term care expenses.
When considering long-term care insurance, it's important to evaluate it as part of your overall financial plan. The costs of long-term care can place a significant strain on your finances, so it's crucial to balance what you can afford with the kind of care you expect and the risks you might face. Fidelity works with highly-rated insurance providers and professionals who can help you understand your options and decide what best fits your needs without pushing you to make a purchase.
To decide whether you need long-term care insurance and how much coverage you need, you should estimate the potential costs of long-term care. You can refer to resources like the 2024 Genworth Cost of Care Survey to estimate costs in your state. It's also important to consider when to buy long-term care insurance. Planning for potential care in your 40s or 50s is ideal, as the financial impact of a long-term care event may be easier to absorb at a younger age.
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Frequently asked questions
Fidelity offers two term life insurance policies. The rates depend on factors such as age, gender, employment status, general health, and location. A 30-minute medical exam is also required to determine eligibility and premium amounts.
Fidelity offers three whole life insurance policies. The rates are influenced by similar factors as the term life insurance policies.
Yes, Fidelity offers an online quote tool that provides recommended policies, coverages, and costs based on personal factors.
Estate taxes may apply to insurance proceeds, and certain products are issued by third-party companies unaffiliated with Fidelity Investments. It is recommended to review your coverage regularly and consult a financial advisor.
You can notify Fidelity of a claim by contacting the Fidelity Insurance Agency, Inc., or the issuing insurance company, which is listed in the policy documents.
