Fidelity Life Insurance Company Review
Fidelity Life Insurance Company at a Glance
- Founded in 1896
- A specialty insurance company
- Offers a range of life insurance coverages
- “A-” (excellent) rating by A.M. Best
- “A+” (excellent) rating by Better Business Bureau (BBB)
- Coverage available nationwide
- Offers policies with no medical exam required
- Offers accelerated death benefits
- Strong financial stability
Fidelity Life Pros: More than a century’s worth of experience in the insurance industry. Offers coverage with no medical exam. High ratings through A.M. Best and the BBB. Strong financial stability.
Fidelity Life Cons: Several complaints filed against the carrier through the BBB in recent years. High volume of dismal customer reviews across the web. No 24/7 claims reporting. No online claims reporting. Official website lacks many important pieces of information. Reportedly high premiums rates for lower coverage limits than other carriers.
What Type of Insurance Does Fidelity Life Offer?
Fidelity Life focuses on life insurance, but offers a few variations. Their coverage offerings include:
- Term life insurance
- Permanent life insurance
- Final expense coverage
If you’re on the market for life insurance, Fidelity Life might just have the type of product you’re looking for.
What to Know About Fidelity Life
Fidelity Life was founded in 1896, under the name Mystic Workers of the World. The insurance company has been in the industry for well over a century and a quarter now, and was one of the first carriers to sell life insurance policies to both men and women. By 1915, the insurance company already had more than $100 million worth of life insurance policies in force. The carrier changed its name to Fidelity Life in 1930.
Today, Fidelity Life has more than $31 billion worth of insurance in force. The insurance company was named one of America’s Best Customer Service Companies by Newsweek magazine in 2020. The carrier’s LinkedIn page reports that Fidelity Life currently has between 201-500 employees. Fidelity Life’s coverage is available nationwide, helping the insurance company to reach prospective customers located anywhere in the country.
Because of its long-standing history, nationwide reach, and financial strength, Fidelity Life is now recognized as a financially stable carrier with a strong outlook for the future. A.M. Best, the leading global credit rating agency monitoring the insurance industry, gives Fidelity Life an “A-” rating, indicating the carrier is an excellent choice for insurance customers. A high rating from A.M. Best assures customers that Fidelity Life is capable of offering guaranteed, secure coverage from a financially sound carrier.
Established in 1899, A.M. Best is one of the oldest rating companies in the world. Reviews from A.M. Best indicate an insurance company’s financial strength and creditworthiness, and are based on comprehensive evaluations of the company’s operating performance, business profile, and balance sheet. For customers who aren’t as familiar with insurance companies’ respective reputations, A.M. Best’s ratings system allows them to make an informed decision about who they can trust to meet their needs in the short term, and also to remain a strong, financially sound company in the long term.
What Discounts Does Fidelity Life Offer?
While Fidelity Life does not make information about their specific discounts readily available, many life insurance companies offer common discounts on comparable coverages. These discounts may include:
- Safe occupation discount: Offered to life insurance customers who work in safer occupations that are not typically life-threatening.
- Healthy Family History Discount: Life insurance companies also reward applicants with healthy genetics, or a good family health history.
- Healthy blood pressure discount: Offered to life insurance customers who have what’s considered to be a healthy blood pressure upon evaluation.
- Non-Tobacco User Discount: Life insurance companies tend to reward customers who do not use tobacco products with cheaper premiums.
- Safe Hobbies Discount: Life insurance companies often award customers who practice safe, non-life threatening habits (e.g., no skydiving) with cheaper premiums.
Your independent insurance agent can help you find more information about exact discounts offered by Fidelity Life and other ways to save money through the insurance company, helping you to get the most bang for your buck on coverage.
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Fidelity Life Customer Service
Fidelity Life only allows customers to file claims via snail mail. The carrier also provides the following customer service options:
- Online bill pay.
- Snail mail contact option.
- Email contact option.
- Main customer service hotline has the following hours restrictions:
|Monday-Friday||8 am - 5 pm|
The best way to get your customer service needs met is by working with an independent insurance agent. Independent insurance agents can help make customer service easier for you by handling claims and other concerns.
Fidelity Life FAQ
What is Fidelity Life's average claim response timeframe?
Fidelity Life only provides claims filing via snail mail, which already slows the process down considerably, especially when compared to most modern insurance companies. The carrier does not provide a specific response timeframe promise for an initial follow-up with the customer, but does state that most claims are paid out within 30 days.
What is Fidelity Life's customer service availability?
Fidelity Life’s customer service hotline is available at restricted hours, Monday-Friday. Fidelity Life also has a social media presence on Facebook, Twitter, and LinkedIn, making itself a bit more available to customers.
What is Fidelity Life's claims process?
Fidelity Life limits their claims filing options to snail mail only. As far as an official claims process, the insurance company does not provide much detail about one for their customers beyond than the following on the official website:
“The first step in the claims process is to report the death to the insurance company and file the claim. You’ll typically be required to provide a copy of the life insurance policy, as well as a certified death certificate for the deceased. In some cases, the insurance company may ask for supporting documents. This is most common when the policy is relatively new, and /or the cause of death is unclear.”
To stay updated on a current claim’s progress, the customer can call the insurance company or get in touch with their independent insurance agent.
Does Fidelity Life create a user-friendly experience for customers?
Does Fidelity Life have good life insurance?
Fidelity Life focuses its efforts on life insurance policies. The insurance company is known for offering a separate accidental death benefit policy. Fidelity Life also offers permanent life insurance policies with no medical exam required upon application. Customers have the option to try out their coverage for 30 days before committing to a policy. However, coverage offered by Fidelity Life is reportedly more expensive than that provided by other life insurance companies, and has lower coverage limits. So while there are some unique benefits to the carrier’s life insurance, there are also some noteworthy drawbacks.
Is Fidelity Life a good insurance company?
Fidelity Life has received high ratings through both A.M. Best and the BBB, which is certainly respectable. However, the insurance company has had several complaints filed against them through the BBB in recent years. Customer feedback seems to be mixed, too, with many reviews leaning heavily towards the negative side. The carrier also reportedly charges higher premiums for less coverage than what’s offered by many other life insurance companies. In terms of life insurance companies, Fidelity Life may not be the best choice for customers looking for the greatest amount of coverage at an affordable rate.
Fidelity Life Customer Reviews
|“SCAM ARTIST- Lying cheating crooks! They quoted me a low number then tricked me into giving them my debit card number then turned around immediately and raised the quote on me. When I told them I was not interested in that price and I would get back to them if I changed my mind, they charged my card anyway. I did not realize this until I got something in the mail. I contacted them immediately and told them I wanted a refund, that I did not want their services, they said I had to send them a form that they would send to me. When I received the form, I signed it and sent it back. They still did not refund me so I called them and said that I had a 30 days to review the policy and that I was over that time, so they are keeping my money. Full-on crooks! I reported them to the BBB.”|
|“DO NOT DEAL WITH THIS COMPANY!!! I tried to get a policy started with them entering my info online. When hitting the submit button, I received a message that they were experiencing technical trouble and I would have to start again. However, they had no ‘technical problems’ deducting money from my account. I received no email confirmation of my policy nor written correspondence via regular mail of my policy until I called to complain that money was being taken out of my account this month. They also said they would not issue a refund. Customer service is like talking to a robot. Definitely a SCAM--STAY AWAY FROM THEM!!!”|
|“This company is a scam - they keep deducting money from your account. They have been doing this for years and have never sent me any paperwork or emails that this policy exists. This is a **** company - stay away.”|
|Better Business Bureau|
|“My father passed away with a whole life insurance policy and was worth over $50,000.00 and they will only pay out $20,000.00. I was told $50,000.00 and 18 hours later $20,000.00 I will be calling US Security and Exchange Commission. After all I have gone through, now this as stated by them as an irrevocable life insurance policy may provide heirs to settle the estate.”|
|Better Business Bureau|
|“Was disappointed with phone contact response to my inquiry. I said I would like a quote in writing. Gentleman stated, "Well then we are done here,” and ended call. Thought it was very unprofessional.”|
TrustedChoice.com's Final Review
We award Fidelity Life a final rating of 1 out of 5 stars. While the insurance company has received high ratings through both A.M. Best and the BBB, it has had several complaints filed against it through the latter organization in recent years. The insurance company’s customer contact options are also quite limited, and only provides snail mail claims reporting, which is rather prehistoric compared to most carriers around today. Coverage options are not very impressive, especially with lower coverage limits than many insurance companies provide, and at higher rates than most. Further, though coverage is available nationwide, that’s not much of a benefit if customers don’t seem to be satisfied with their policies. Dismal customer reviews are easily found across the web, and they’re even more disturbing than average negative feedback. Many of Fidelity Life’s customer reviews go as far as calling the insurance company a scam. With several similar reports floating around, this certainly isn’t something to be ignored.
Bottom line: High financial strength ratings and a nationwide reach don’t hold much weight if an insurance company doesn’t deliver dependable coverage or service to its customers. Also, the insurance company could really stand to update its official website and certainly increase its user-friendliness in order to catch up to other modern carriers. We say, if you’re looking for a dependable insurance company to trust with your hard-earned cash, skip Fidelity Life, and work together with your independent insurance agent to review other options to find life insurance coverage you can rely on.
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