The Fidelity Life Association

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Few companies predate the 1900’s, but Fidelity Life is one of those companies.

In the modern day life insurance market, Fidelity is one of the best life insurance companies within the U.S. for more than one product, and they have remained among the leading insurers for decades.

Our Fidelity Life review will show you why you might consider them for life insurance coverage as much as many of you already do for your investments.

They meet several needs where other carriers don’t, and affordable pricing helps make the purchase an excellent value.

Our Fidelity Life Association Review

Fidelity Life logo

Originally a fraternal benefit society called Mystic Workers of the World, Fidelity Life was founded in 1896 offering coverage primarily to active workforce members.

In less than twenty years, membership in the organization had surpassed 50,000 and the company had more than $100 million of coverage in place. By 1930, it assumed the name it has today.

The 1950’s marked an integral time period for Fidelity Life as it transitioned its business model to a mutual legal reserve, which it continued to operate and grow under for the next fifty years.

In 2005, it reorganized back to an independent one focusing heavily on keeping current in the ever changing markets of life insurance.

2007 was another landmark year, as Fidelity Life converted to a stock held life insurance company under the supervision and direction of the Members Mutual Holding Company, where it remains today.

More recently, in 2009, the parent company of Fidelity Life, Members Mutual Holding Company, acquired Efinancial, which allowed further expansion and distribution channels to aid in continued growth of life insurance sales.

Fidelity’s Ratings and Financials

Fidelity Life Association has been awarded the grade of an “A-” from the most trusted independent rating agency, A.M. Best meaning it is financially strong and sound, with a positive outlook in the coming years.

It continues to increase its sales and has placed itself among of the strongest no exam life insurance carriers today.

The latest numbers reflect over $420M in total assets, including a surplus of greater than $130M,  and nearly $29B of life insurance in force. Currently, Fidelity operates all across the nation, though Wyoming and New York are exceptions.

To gain its significant market share, Fidelity Life has continued its innovation in the life insurance niche, offering many different types of products. It offers a full line, including:

  1. Term Life Insurance
  2. Whole Life Insurance
  3. Accidental Life Insurance

Term Life From Fidelity

To meet your term insurance needs, Fidelity has a few options:

  1. RAPIDecision℠ Life
  2. RAPIDecision℠ Express
  3. RAPIDecision℠ Senior Life Term

The Rapid Decision line is one of the industries first and fastest products of its kind.

The company has utilized the online decision making of today’s consumers to implement a strategy which aids both the carrier and the consumer by reducing underwriting and increasing the speed at which a life insurance policy can be approved and issued.

Where some fully underwritten products can take 4-6 weeks to go through, the Rapid Decision line can take just a few business days instead.

Let’s first take a look at the RAPIDecision℠ Life product. It’s unique in the way it allows you to gain near immediate coverage. With issue sometimes being 48 hours or less, you can be approved for what is essentially a life insurance policy mixed with accidental death benefits, too.

While you can achieve a full term life benefit with no exam, some applicants are required to finish the underwriting process within 6 months of signing up.

NOTE: The amount of term you are originally approved for can only increase after the exam, not decrease.

The  RAPIDecision℠ Express is similar to the RAPIDecision℠ Life, though it aims to provide the same, seamless and efficient processing with just a term life policy.

Here are some of the main features:

  • 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 main difference here is it being a straight term insurance payout, not initially mixed with accidental.

Finally, targeting the needs of life insurance for senior citizens, is the RAPIDecision℠ Senior Life Term, which is a modified death benefit term policy.

Here are a few of the key features on how it works:

  • Available for applicants aged 50 to 70
  • Death benefits as high as $150,00, but no less than $10,000
  • Up to 30 years in coverage, depending on the age of the applicant
  • The coverage is cut in half after the initial term period is over

For any senior looking for a fast and easy coverage option, this may be it, though one needs to understand it doesn’t pay the full benefit until at least three years have passed since the contract went in force, or active.

Permanent Coverage Options

For those who require it, permanent policies are available, and there are also both guaranteed issue products as well as a final expense products, both which offer lower amount of coverage targeting those who are 50 years of age or older. Here are those options:

  1. RAPIDecision℠ Senior Whole Life
  2. RAPIDecision℠ Final Expense
  3. RAPIDecision℠ Guaranteed Issue

There are some basic differences between them. While the final expense product does have medical questions, for example, the guaranteed issue product is one which you cannot be turned down for.

But let’s break them down one-by-one.

The simplest of the bunch, the RAPIDecision℠ Senior Whole Life is the most basic, permanent policy offered by Fidelity. If you are healthy and in search of a whole life insurance product, this one may fit the bill.

Here are some of the main highlights:

  • 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

While occasional medicals are required, most applicants can get issued coverage without. However, because there is no medical underwriting of such, expect a full benefit only after the policy has been active for a duration of 3 years or more.

The RAPIDecision℠ Final Expense, however, is an option you have of getting a full, immediate payout, while still reaping the convenience of fast approvals.

With much of the same features as the RAPIDecision℠ Senior Whole Life, it is limited to a maximum of just $35,000. Compared to other final expense companies, this actually is a decent coverage amount, however.

Last, the RAPIDecision℠ Guaranteed Issue is there for those who need minimal coverage, and have health concerns limiting them from the two permanent options above.

Fortunately, there are no health questions, and no exams, so you can’t be turned down as long as you meet minimum applicant requirements, like age and benefit need (maximum of $20,000).

Fidelity Life Associations’s Accidental Policies

Another option, though not as commonly purchased as a straight life insurance product, Fidelity has one of the best accidental policies on the market.

The RAPIDecision℠ Accidental Death Benefit is a way for you to secure a payout for your family should you die in an accident. It’s important to note, the death must be as a result of an accident, or it will not pay any benefits to your beneficiaries.

Here are basic features of how it operates:

  • 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

Final Thoughts

While embracing the shifting buying patterns of consumers, Fidelity Life Association is positioning itself at the head of the industry and setting examples for simplicity and convenience for its consumers, which many companies have yet to do.

They challenge some of the top carriers who approved without a medical, but still fall slightly behind Haven Life, who is our top pick for the year.

This cutting edge style of business is the direction the industry is moving, and companies who do not follow suit will be lost in Fidelity’s wake.

Fast, convenient processes and relatively affordable premiums, when compared to the marketplace, make Fidelity Life Association an intelligent purchase if the product fits your needs.

The brand image remains strong, and the continued financial strength of the carrier means you can continue to trust them with your insurance.

The Fidelity Life Association

Phone
(800) 369-3990
Address
8700 W. Bryn Mawr Ave. Ste. 900S
Chicago, IL 60631

Company Name (and subsidiaries)

  • Legal Reserve Life Insurance Company (Parent)

Author:

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Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.