Fidelity Life Review – Best for Seniors (Not So Great for the Rest of Us)
What is Fidelity Life?
How does Fidelity Life work?
How much does Fidelity Life cost?
|Mutual of Omaha||$22.15|
Average monthly term life insurance rates
|Term length||$500,000||$750,000||$1 million||$2 million|
Fidelity Life features
Term life insurance
- RapiDecision Life: Coverage from $50,000 to $1 million for ages 18-65. A medical exam may be required, based on answers to questions on the application.
- RapiDecision Express: Coverage from $25,000 to $100,000 for ages 18-65. No medical exam required.
- RapiDecision Senior Life TTerm: Coverage from $10,000 to $150,000 meant to pay off debt or medical bills, or cover final expenses, for ages 50-70. No medical exam required unless your medical history needs clarifying.
Whole life insurance
Final expense insurance
- RapiDecision Final Expense: Coverage from $5,000 to $35,000. Answer a few questions about your health and coverage can begin immediately.
- RapiDecision Guaranteed Issue Life: This policy is also for funeral and other expenses upon death. Coverage up to $25,000. The death benefit is reduced in the first three years, but becomes full in year four.
Accidental death benefit
- Child term: From $5,000 to $25,000 in term life insurance for the death of children from ages 15 days to 18 years. Coverage ends at age 23 or when the policy term ends, whichever comes first. It can be converted to a permanent plan within 30 days of the expiration date.
- Accelerated death benefit: This death benefit rider allows some policy benefits to be accessed early if you’re diagnosed with a terminal illness. This can be added to a term policy for free.
- Accidental death benefit: This is a rider and is separate from the standalone policy listed earlier. Additional coverage of $50,000 to $250,000 if you die in a car crash or similar event. Available for ages 20-65.
Who is Fidelity Life best for?
People 50 or older in need of whole life
People who don’t want to take a medical exam
People who don’t need much coverage
People who want final expense insurance
People who only want an accidental death benefit policy
Who shouldn’t use Fidelity Life?
People under 50 needing whole life
People who want high coverage amounts
The young or healthy
Pros & cons
- No medical exams. Its whole life and guaranteed policies don’t require medical exams, especially for people 50 and older. This can be beneficial if you’ve been turned down by other insurers for medical issues.
- Accidental death benefit policy. This standalone policy can pay your family up to $250,000 if you die in an accident.
- Free 30-day trial. Try out your coverage for 30 days and if you’re not satisfied you can cancel and get your premiums back.
- Expensive. Fidelity Life’s rates are higher than the industry standard, especially for older people or those with chronic health conditions.
- Whole life for 50 and older. Younger shoppers can’t buy whole life insurance from Fidelity Life.
- Low coverage amounts. Almost all of its policies only pay what amounts to the final expenses of life, including burial and debts, with a max payout of $150,000.
Fidelity Life vs. competitors
|Insurer||J.D. Power rating||A.M. Best rating|
|Mutual of Omaha||4/5||Cell|
Fidelity Life vs. Mutual of Omaha
Fidelity Life vs. State Farm
Why buy permanent life insurance if I’m young?
What is universal life insurance?
How much life insurance should I buy?
Will my credit be checked?
The bottom line
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