Fidelity Life Insurance Review 2024

Founded in 1896, Fidelity Life Association is a life insurer based in Illinois. The company offers term products and a range of permanent options aimed at older customers. It is owned by Vericity, which also owns eFinancial, an insurance agency that sells Fidelity Life products.

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Fidelity Life insurance rating

Fidelity Life earned 2.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

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Fidelity Life insurance policies

Term life insurance. The company’s term life insurance is available to applicants ages 18 to 65 and offers coverage amounts from $50,000 to $2 million in terms of 10, 15, 20 and 30 years. If you live outside of California, Florida, New York, Montana or Wyoming, you may be able to purchase a policy online.

Senior life insurance. Fidelity Life also sells several types of life insurance for seniors. These products are meant for people ages 50 and over and include:

• Senior term life with coverage amounts ranging from $10,000 to $150,000 and term lengths of 10, 20 and 30 years. This policy is for seniors ages 50 to 70 and doesn’t require a medical exam to qualify for coverage.

• Whole life insurance for people up to age 85 who need between $10,000 and $150,000 of coverage. There’s no medical exam required, but you’ll need to answer some health questions and the company will look at publicly available data (like your car registration) to determine eligibility.

• Final expense life insurance policies with relatively low coverage amounts — $5,000 to $40,000 — for people up to age 85. You’re required to fill out a medical questionnaire, but there’s no exam.

• Guaranteed issue life insurance that tops out at $25,000. For guaranteed issue policies, Fidelity Life doesn’t ask any medical questions and, as long as you’re between 50 and 85 years old, you’re guaranteed to get approved.

Fidelity life insurance riders

Depending on the policy, you might be able to customize your coverage with life insurance riders, such as the ones below:

• Accelerated death benefit rider, which allows you to access some of your life insurance value before you die if you’re diagnosed with a terminal illness or have a short time to live.

• Child life insurance rider, which adds a relatively small amount of coverage for your children until your policy expires or they turn 23.

• Accidental death rider, which increases the payout of your life insurance policy if you die in a covered accident. Details vary by insurer, but these riders usually cover accidents involving cars or heavy machinery, for example.

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Fidelity Life insurance rates

Below are monthly rates for a 20-year, $500,000 term life insurance policy from Fidelity Life. These are sample rates for a nonsmoking man and woman in excellent health — the final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.

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Fidelity Life customer complaints

Over three years, Fidelity Life has drawn far more than the expected number of complaints to state regulators for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.

More about Fidelity Life insurance

Fidelity Life also offers stand-alone accidental death coverage, which is basically a life insurance policy that pays out if you die in a covered type of accident only. Riders for this product can extend its coverage to your family, increase your benefit value to offset the impact of inflation or return part of your premium if your coverage term ends before you die.

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