Fidelity Life Insurance Review (2021)

Fidelity Life has been providing life insurance options for over 100 years. Fidelity Life ratings are highlighted by an A- A.M. Best rating for financial strength despite their reviews suggesting a need for improvement. Fidelity Life insurance rates for term life insurance and burial insurance are comparable to many other top companies, starting at just $9.57/mo.

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Feb 24, 2021

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Company Details
Address: 8700 W Bryn Mawr Ave
City: Chicago
State: Illinois
ZIP Code: 60631
Phone Number: (844) 703-0690
Year Founded: 1899
AM Best Rating: A-
Company Rating 0 (0 reviews)

Founded in 1896, Fidelity Life has a long-standing history in the life insurance industry. Fidelity Life offers term life insurance, whole life insurance, and even burial insurance products.

It’s not always easy to find a life insurance company you can rely on. Is Fidelity Life a good company? We’ll help you decide by covering the Fidelity Life insurance reviews, ratings, and more about Fidelity Life.

Already have a Fidelity Life insurance quote? See if you can save money today by comparing quotes from top life insurance providers using our free quote tool above.

What kind of life insurance does  Fidelity offer?

Fidelity Life’s policies include term life insurance, permanent life insurance, and burial insurance. These policies can cover policyholders for basic funeral expenses or for their entire estate, within reason.

Companies that offer both term and permanent life insurance are valuable because they also tend to offer more flexibility if your needs change over time. This also means greater variation in Fidelity Life insurance rates, for better or worse.

Let’s take a look at each of the policy types available from Fidelity.

Fidelity Term Life Insurance

Term life insurance with Fidelity Life is available in 10, 15, 20, or 30-year terms. These policies will have level premiums for the duration of the term you purchase. Level premiums are one of many reasons why you should buy term life insurance.

With term life insurance, you’ll pay a set monthly premium and will select a reasonable death benefit to cover regular expenses like mortgage debt, car payments, and more, should you become deceased.

Term life with Fidelity Life can be purchased with or without a medical exam. Their RAPIDecision™ term life insurance can be purchased quickly for your convenience. Most life insurance policies that don’t require exams will be more expensive.

Fidelity Whole Life Insurance

Fidelity Life also offers whole life insurance. Whole life insurance policies work similarly to term life insurance in that you pay a level premium and have a guaranteed cash benefit.

The main difference between whole and term life insurance is that you build cash value using a whole life insurance policy. You’ll pay higher monthly premiums with some of that being placed into a cash-value account.

This money becomes accessible at a later date, depending on the company. Fidelity Life does not require medical exams for all whole life insurance policies, which is rare.

Fidelity Final Expense Life Insurance

Fidelity Life also offers final expense life insurance which is also known as burial insurance. Rather than guaranteeing a major death benefit, Fidelity Life’s final expense insurance is designed to simply cover the immediate expenses associated with a funeral, burial, and so on.

For those who aren’t interested in life insurance but don’t want to burden their loved ones with the expense of a funeral, burial insurance is a nice option and an important consideration during estate planning.

What is estate planning? In short, estate planning is creating a plan to protect and delegate your estate (home, vehicles, savings) to your beneficiaries with as little interference, such as taxes, as possible.

In a sense, all life insurance products fall under estate planning. Final expense insurance is just a simpler version.

Fidelity Life burial insurance will have much lower monthly premiums because the insurance company takes on less risk. Covering a funeral is much cheaper than covering an estate.

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How much does Fidelity Life insurance cost?

The Fidelity Life insurance rates will vary based on policy type, age, gender, and more. We’ll break down some common life insurance rates and see how Fidelity Life stacks up against the competition.

Fidelity Life Rates by Age, Gender, and Term Length ($250,000)
AgeMale, 10-Year Average Monthly RatesFemale, 10-Year Average Monthly RatesMale, 20-Year Average Monthly RatesFemale, 20-Year Average Monthly RatesMale, 30-Year Average Monthly RatesFemale, 30-Year Average Monthly Rates
25$13.49$12.18$18.92$15.66$25,88$19.58
35$14.36$13.79$20.45$18.71$27.84$24.36
45$23.71$21.32$37.19$31.76$64.16$48.50
55$48.72$40.02$85.26$68.95N/AN/A
65$139.64$90.48N/AN/AN/AN/A
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The rates for Fidelity Life follow standard trends. Men almost always pay more for life insurance when compared to women. Life insurance rates also become more expensive as you age.

How does Fidelity Life compare to other insurers? We’ll look at the price of Fidelity Life compared to other top insurers.

Fidelity Life Rates Comparison by Age and Gender (20-year, $250,000)
Age and GenderFidelity Life Average Monthly RatesAllstate Average Monthly RatesJohn Hancock Average Monthly RatesMassMutual Average Monthly RatesNationwide Average Monthly RatesPrudential Average Monthly Rates
25 (Male)$18.92$20.00$14.21$15.00$23.59$19.03
25 (Female)$15.66$17.00$12.39$13.48$19.58$16.41
35 (Male)$20.45$22.00$16.86$15.88$16.02$20.78
35 (Female)$18.71$19.00$15.64$13.93$15.35$17.72
45 (Male)$37.19$37.00$31.54$32.40$35.16$29.97
45 (Female)$31.76$31.00$28.26$26.33$27.59$29.10
55 (Male)$85.26$78.00$78.24$73.73$80.77$71.53
55 (Female)$68.95$56.00$56.54$57.43$68.09$53.82
65 (Male)N/AN/A$202.24$243.18$279.24$242.60
65 (Female)N/AN/A$156.58$156.60$207.15$155.75
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You’ll see above that the term life insurance rates for Fidelity Life compare to most other companies. Though John Hancock and MassMutual are consistently cheaper, affordable Fidelity Life insurance options are there.

For those listed as not available, the insurer may just need more information to provide an accurate quote. As the insurer gains inherent risk, they require more information before providing life insurance policies.

Fidelity Life burial insurance rates will look a bit different compared to the term life insurance rates. Although burial insurance offers a much smaller benefit, it is typically only available to aging adults.

Fidelity Life Burial Insurance Rates Comparison by Age and Gender ($15,000)
Age and GenderFidelity Life Average Monthly RatesAARP Average Monthly RatesAetna Average Monthly RatesForesters Financial Average Monthly Rates
50 (Male)$65.85$83.00N/A$46.42
50 (Female)$49.32$64.00N/A$37.50
60 (Male)$100.31$112.00$75.83$66.20
60 (Female)$69.89$85.00$62.08$51.54
70 (Male)$152.12$150.00$120.83$107.78
70 (Female)$105.12$124.00$97.08$78.55
80 (Male)$245.11$201.00$217.08$218.53
80 (Female)$174.65$160.00$177.08$165.05
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Fidelity continues to show comparable rates for burial insurance when compared to other top insurers. Foresters Financial does appear to have the cheapest burial insurance of the bunch, however.

Who has the best life insurance? There’s no way to answer this directly since it depends on your needs. If you’re looking strictly for term life insurance, the best life insurance companies will be different than if you’re looking for burial insurance or permanent life insurance.

Is Fidelity Life a good insurance company?

Before you start seeking a Fidelity Life insurance quote, you’ll want to be sure you can trust the company with your financial investment. We’ll dive into the Fidelity Life reviews and ratings to help gather a better understanding.

The Better Business Bureau (BBB) is one of the top companies to use when researching company ratings. Fidelity Life’s BBB ratings need improvement. The company has a one-star rating (out of five) via the BBB.

You’ll want to exercise caution when reviewing the Fidelity Life customer complaints because of the potential mix-up between Fidelity Life and Fidelity Investments. Consumer Affairs only offers customer ratings for Fidelity Investments.

Despite having troublesome customer reviews, Fidelity Life provides confidence with their financial strength. A.M. Best rates Fidelity Life an A- for financial strength.

You might also come across Fidelity & Guaranty Life when researching company ratings. As if matters weren’t confusing enough, this is also a separate entity.

Looking into third-party ratings might be misleading. Just know that the Fidelity Life ratings for financial strength are good, but their customer reviews and complaints suggest a need for improvement.

How is the customer experience with Fidelity Life?

When you’re comparing the best life insurance companies, sometimes the smaller details can be the deciding factors. Online accessibility, live chats, mobile apps, and other services can make or break insurance companies.

As a customer with Fidelity Life, you can expect to have an online account with the company. Your Fidelity Life insurance login in which you can review your policy details and more.

If you/re looking to cancel a Fidelity Life policy or make a claim, you can contact the Fidelity Life customer service on their website, by email, or via phone. They also feature a live chat box where you can ask questions and get help navigating documents.

Fidelity Life does not have a mobile app, so be sure not to confuse them with Fidelity Investments who does have one. This means that you will need to have access to a computer to utilize the online customer portal.

Pros and Cons of Fidelity Life

There’s a lot of information to process when reviewing any insurance company. Throughout this Fidelity Life insurance company review, we have discussed their ratings, reviews, rates, and customer experience.

Now let’s break down the key points.

Pros

  • Reasonable rates
  • Burial insurance available
  • A- A.M. Best rating
  • No exam insurance available

Cons

  • Reviews need improvement
  • Few policy options
  • Limited accessibility

Some people want convenience while others simply want cheap life insurance. Deciding whether or not Fidelity Life is right for you will depend on your preferences.

What is the history of Fidelity Life?

Fidelity Life is a long-standing life insurance provider that strives to provide accessible and affordable life insurance products in the United States.

Fidelity Life offers a handful of common life insurance policies that should suit the needs of most consumers. The company’s original name was Mystic Workers of the World and worked to support middle-class consumers.

Is Fidelity Life associated with Fidelity Investments? Fidelity Life Insurance might appear like a subdivision of Fidelity Investments, which was founded about 50 years later, however, the two are unrelated. Fidelity and Guaranty Life (Fidelity & Guaranty Life) is also a different company.

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Fidelity Life Insurance: The Bottom Line

Fidelity Life has been around for quite some time and their financial ratings are an indicator that they aren’t going anywhere soon. They have comparable term life insurance and final expense insurance rates.

Before you run to buy Fidelity Life insurance, be sure you shop around. You can get rates from multiple insurers in just a few clicks using our FREE quote tool below.

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