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Fidelity Life Final Expense Insurance Review


ConsumersAdvocate.org Rating: 3.8 / 5 (Very good)
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Founded in 1896, Fidelity Life offers a wide range of insurance policies including final expense, term, and whole life insurance. The company has more than $32 billion in life insurance policies in force. Fidelity Life is owned by Legal Reserve Life Insurance Company. The company is located in Chicago, Illinois.
 
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How Do We Rate Fidelity Life?

Breakdown

4.0/5
Policy Features
4.0/5
Qualifications
3.5/5
Financial Strength
3.8/5
Customer Experience

Our Overall Rating: 3.8 / 5 (Very good)

Fidelity Life is one of the oldest and most experienced life insurance companies in the US, dating back to 1896. The company offers a wide range of whole and term life insurance policies, including two kinds of final expense insurance.

Fidelity Life may be a very good choice for people who have been turned down for final expense insurance in the past. Anyone between the age of 50 and 85 can apply for final expense insurance from Fidelity Life and, under the company's Guaranteed Issue policy, they will not be turned down.

Fidelity Life does not offer policies with benefit limits that are as high as some companies, but with current funeral costs averaging around $10,000, their maximum benefit limit of $35,000 is likely to cover all expenses related to burial and memorial services with some funds left over to pay medical costs and other bills. Fidelity Life does not restrict how policy proceeds can be spent, which offers families greater flexibility to manage their loved ones' debts after they die.

Fidelity Life underwrites its own final expense policies, which can reduce the time between application and actual coverage. You can apply for a policy online to hasten the process. The company's website does a good job of helping consumers understand final expense insurance generally and the different options available.

Fidelity Life Policy Features

Policy Features - 4 / 5

Fidelity Life offers customers a choice of two whole life final expense insurance plans: RAPIDecision Guaranteed Issue and RAPIDecison. Both accumulate value as you pay into them and they are in force for as long as you pay your premiums.

The company's Guaranteed Issue policy pays a death benefit of $25,000 after four years of coverage. The benefit amount is lower in the first three years that it's in force. You can't be turned down for this type of policy due to health reasons or other background factors.

Fidelity Life's RAPIDecison policy offers flexible benefit limits between $5000 and $35,000. While there is no medical exam required, you may be turned down due to your health history, your credit history, or other reasons.

Policy Coverage Maximum

35,000

Expenses Benefits Help Cover

  • Caskets
  • Funeral
  • Flowers
  • Cremation
  • Post-Funeral Reception
  • Newspaper Obituaries
  • Burial Plots
  • Headstone

Types of Insurance Products

  • Whole Life
  • Guaranteed Issue (GI)
Types of Premiums
Fixed
Restrictions on Benefit Usage
No
Accidental Death Coverage
Yes
Cash Value Accumulates
Yes

Fidelity Life Qualifications

Qualifications - 4 / 5

Any person aged 50 to 85 can apply for Fidelity Life final expense insurance. There is no medical exam required for approval. Under the company's Guaranteed Issue policies, you cannot be turned down for insurance.
Age Range
50 to 85
Medical Exam Required
No

Fidelity Life Financial Strength

Financial Strength - 3.5 / 5

Fidelity Life receives an A- rating from AM Best, an organization that evaluates insurance companies for financial strength. The company is not rated by Standard & Poors or Moody's.
Year Founded
1896
Company Type
Underwriter
Underwriter
Fidelity Life underwrites its own policies.
A.M. Best Financial Rating
A-

Fidelity Life Customer Experience

Customer Experience - 3.8 / 5

Fidelity Life Association is rated A+ by the Better Business Bureau. While there are a few negative customer reviews, the number is infinitesimal compared to the number of policies the customer writes. The majority of these reviews had to do with the company's marketing tactics and not its financial stability or claims payment.

Customers who have reviewed Fidelity Life on Trustpilot—over 600 of them—give the company high marks with an average score of 4.5 out of 5 stars. Trustpilot reviews praise the company's professionalism, courtesy, and how it made shopping for life insurance simple and painless
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
5
Trustpilot Rating
4.5 out of 5
Date Collected
2022-03-16

Company Profile

Full Name
Fidelity Life Final Expense Insurance
Company Website
https://fidelitylife.com
Headquarters
8700 W. Bryn Mawr Avenue, Chicago, IL, 60631

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Our Partner
  • Up to $35,000 in coverage
  • Available for customers ages 50 through 85
  • No medical exam required
  • Guaranteed Issue policies available
  • No restrictions on how your benefits are used
  • Pay funeral costs, medical expenses, and more
  • Direct-to-funeral-home disbursement option for fast payment and reduced out-of-pocket payments 
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