Fidelity Life Insurance Review 2024
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Fidelity Life
on Nerdwallet
Financial strength rating
Online purchase
NAIC complaints
Policies offered
on Nerdwallet
Fidelity Life
Financial strength rating
Online purchase
NAIC complaints
Policies offered
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.
» MORE: High-risk life insurance
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.
Age | Monthly rate - man | Monthly rate - woman |
|---|---|---|
20 | $34.37 | $26.97 |
30 | $35.24 | $28.71 |
40 | $51.33 | $43.50 |
50 | $117.45 | $91.79 |
Source: Direct from insurer. Rates reflect the super preferred class and were generated on 11/12/2024. | ||
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.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
For more guidance, see our life insurance buying guide.
Methodology
Life insurance ratings methodology
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
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