Life insurance is an important financial tool. The proceeds that are received by the beneficiaries of a life insurance policy are able to receive the funds free of income taxation. This means that 100 percent of the amount can be used for financial needs such as paying off debt, covering the funeral and other final expenses of the insured, and / or for the payment of ongoing living expenses by the insured’s survivors.
When considering the purchase of a life insurance policy, there are many factors that are essential to consider. For example, the type and the amount of coverage that you are obtaining is key to ensuring that your loved ones will have what they need for various financial obligations.
Another primary consideration, though, is the insurance carrier that you purchase the coverage through. That is because you will want to be sure that the company is stable and strong from a financial standpoint and that it has a positive reputation for paying out its policyholder claims. One company that fits this criterion is Fidelity Life Insurance Company.
The History of Fidelity Life Insurance Company
Fidelity Life Insurance Company was initially founded back in 1896. The company was initially named Mystic Workers of the World, a fraternal benefit society that was designed for providing financial protection for the growing middle class of the Midwest and the Northern States.
By the year 1915, the company had already reached $100 million of life insurance in force, and in 1929, during the U.S. Great Recession, the company increased a number of its assets my almost 100 percent. The following year, the company changed its name to Fidelity Life Association, and over the years, the company continued to grow.
In the early 1950s, Fidelity became a mutual legal reserve life insurance company, and soon afterward, it became affiliated with a series of life insurance organizations via fee-for-management agreements.
Roughly a half-century later, in 2005, the company once again became independent, focusing on Middle Americans and helping its customers to grow and protect their wealth and what is important to them.
In 2009, Fidelity Life Insurance Company’s parent company added customer oriented capabilities when it acquired Efinancial – a direct to consumer sales entity. This, too, helped to signify Fidelity’s focus on the financial security of Americans.
Fidelity Life Insurance Company Review
Today, Fidelity Life Insurance Company is a large and well respected financial entity. As of year-end 2015, the company held total assets more than $421 million, and a face amount of life insurance in force of more than $28.5 billion. In 2015, the company took in more than $69 million in net life insurance premiums, which is an increase over 2014 from just under $60 million.
The parent company of Fidelity Life Insurance Company is Lifestory Interactive with Members Mutual Holding Company as its ultimate parent. Through this company, Fidelity organized as a stock insurance company.
Fidelity is licensed to do business in all of the U.S. states, with the exception of New York and Wyoming. The company is headquartered in Des Plains, Illinois. Customer service representatives of Fidelity can be reached via phone between the hours of 8:00 a.m. and 5:00 p.m. Central Time on Monday through Friday, or at any time via email.
The approach that is used by Fidelity in fulfilling its customers’ basic needs includes offering assistance with maintaining a family’s standard of living, helping a family to pay ongoing family debts, funding the future education of children and / or grandchildren, paying for final expenses, and leaving the family a financial legacy.
Insurer Ratings and Better Business Bureau Grade
Due to its strong financial position and its good reputation for paying policyholder claims out promptly, Fidelity has been given a rating of A- (Excellent) by A.M. Best Company, the leading provider of news, ratings, and financial data for insurance companies. (This rating was reaffirmed on June 24, 2016).
In addition, Fidelity Life Insurance Company is an accredited company via the Better Business Bureau (BBB). Through the Better Business Bureau, the company has been given a grade of A+, which is on an overall grade scale of A+ through F.
Life Insurance Products Offered By Fidelity
Fidelity Life Insurance Company offers a wide range of life insurance products to choose from. This can be helpful for its customers so that they can find the coverage that best fits in with their particular needs. These include the following:
The RAPIDecision Express policy offers benefit amounts that range from $50,000 to $250,000. These policies are open to applicants who are between the ages of 18 and 65. Unlike many other life insurance policy options, applicants can obtain approval and policy issue within just a few days, as versus weeks – or longer. (In most cases, approval and policy issuance can take only 24 to 48 hours).
For seniors, Fidelity Life Insurance Company offers several life insurance coverage options, such as the:
RAPIDecision Senior Life Term and Whole Life
Those who are between the ages of 50 and 85 can purchase either term or whole life insurance coverage. With term life insurance protection, the insured is covered with a death benefit of up to $150,000 with a minimum face amount of $10,000. Approval for this coverage is based primarily upon the answers that are provided on the application for coverage. In this case, one section of the level premium term life insurance will pay out a death benefit for any cause – other than those that are specifically excluded in the policy. Another portion of the coverage is an accidental death benefit that will pay out an additional amount of death benefit in the event that the insured dies due to a covered accident. Whole life insurance also offers death benefit coverage of between $10,000 up to $150,000, as well as a cash value component where the funds in the account can grow and compound on a tax-deferred basis. This means that there are no taxes due on the growth of these funds unless or until they are withdrawn.
RAPIDecision Final Expense Coverage
Today, because the cost of a funeral and other related final expenses can be quite high, the RAPIDecision Final Expense insurance policy can offer a way to quickly and easily pay these costs. This plan is open to individuals who are between the age of 50 and 85 years old, with permanent protection of up to $35,000. While there is no medical examination required for policy approval, there are some health questions that are asked on the application for coverage.
Fidelity Life Insurance Company also offers life insurance products through the worksite. Therefore, coverage is available to certain employers and associations. With these coverage options, workers, and / or members, as well as various family members, can also be covered with life insurance protection.
In many cases, life insurance through the worksite can be obtained for as low as $3 per week. In addition, the premium amount on these plans is guaranteed not to change over time. The protection that is available can be as much as $250,000 for the primary insured, and up to 50 percent of that amount for the covered spouse.
Worksite life insurance coverage through Fidelity Life Insurance Company can be purchased by those who are between the ages of 16 and 70. In addition to just the life insurance protection, these plans may also be eligible for additional coverage riders, such as a dependent child benefit, an accidental death benefit, and / or waiver of premium and accidental death benefit for long-term care needs.
No Medical Exam Life Insurance Protection
Fidelity Life Insurance Company also offer no medical exam and guaranteed issue life insurance coverage. These types of policies can be helpful for those who may have certain adverse health conditions and may not otherwise qualify for a traditional, medically underwritten life insurance policy.
With no medical exam coverage, there is no need to meet with a paramedical professional who takes a blood and a urine sample. Therefore, there is no need to wait for medical related information – and in turn, the policy can be issued much faster.
The company also offers a guaranteed issue life insurance policy. The RAPIDecision Guaranteed Issue policy consists of permanent whole life insurance coverage with face amounts up to $20,000 for applicants who are between the ages of 50 and 85. To qualify for this policy, there is no medical examination required, nor are there any health questions that are asked on the application for coverage.
Because of this, all applicants who are within the age requirement of this policy can be approved – provided that the premium is paid. And, the coverage will remain in force, and cannot be canceled by the insurance company. It is important to note that with this guaranteed issue policy, there is a reduced amount of death benefit paid out to the policy’s named beneficiary if the insured dies within three years of purchasing the policy. This helps to reduce the risk that is taken on by the insurance carrier.
If you would like quotes from high risk life insurance providers; we can provide you with a comparison today.
Other Available Products and Services
In addition to regular life insurance coverage for consumers, Fidelity Life Insurance Company also provides accidental death and dismemberment coverage. With accidental death coverage, benefits are paid in the event of death that results from an accident within 90 days of the incident’s occurrence.
This RAPIDecision Accidental Death Benefit coverage is available to those who are between the ages of 20 and 59, with protection amounts of between $50,000 and $250,000. With this plan, the full amount of benefit would be paid out, up to the insured’s age 70, and then the amount is reduced to 50 percent of the stated face amount until the policy expires at the insured’s age 80.
Accidental death coverage can be purchased through Fidelity Life Insurance Company for as little as $10 per month. There are also various family and inflation riders that can be added to this plan in order to help in “customizing” the coverage to best fit individual needs.
How to Get the Best Rates on Life Insurance Coverage
If you are seeking the best premium rates on life insurance coverage on policies from Fidelity Life Insurance Company – or from any other insurer – it is often best to work in conjunction with an independent life insurance brokerage or agency that deals with many different insurers.
That way, you will be much better able to compare policies, companies, and premium quotes – all in an unbiased manner – and from there, you will be able to determine which will be the best for you and your specific needs. We can do this for you very quickly and easily – all from your computer – and without you having to meet in person with a life insurance agent.
When you are ready to see the type and amount of affordable life insurance coverage that may be available to you, we can help. We work with many of the top life insurance carriers in the marketplace today, and we can assist you with obtaining all of the essential details that you will need for making a well-informed buying decision. If you are ready to move forward, then just simply take just a moment to fill out the form on this page.
Should you find that you still have any questions about life insurance coverage from Fidelity Life Insurance Company, or any other carrier, as well as questions regarding life insurance for seniors, please feel free to call us directly. We can be reached via phone, toll-free, by dialing 888-430-7668.
We understand that the purchase of life insurance can be a bit overwhelming. There are many different variables to consider, and you want to be sure that you will be obtaining the best type and amount of coverage for your loved ones’ potential needs. But finding the right policy can be much easier with an ally on your side. So, contact us today – we’re here to help.