Fidelity Life No Exam Life Insurance Review

Written by The Life Insurance Blog

Life insurance is considered to be an integral part of most any financial plan. For some people, qualifying for a life insurance policy is fairly easy, due in large part to good health and other low-risk factors.

For others, though, because of an adverse health issue and/or by working in a risky occupation, it may be more difficult to be approved. If you fit into this category, then a no exam life insurance policy may provide better odds of getting the insurance protection that you need.

Before you purchase a no exam life insurance policy – or for that matter, any life insurance coverage – it is important to ensure that you are choosing the right plan for your needs. You should also review the insurance carrier to determine whether or not it is strong and stable financially, and that is has a good, positive reputation for paying out its claims. One company that fits these criteria is Fidelity Life.

About Fidelity Life

no medical exam life insurance comaniesFidelity Life Association was founded back in 1986. Initially, the company was named the Mystic Workers of the World – and it operated as a fraternal benefit society, with a key mission of providing financial protection for the growing middle class in the Midwest and the Northern U.S. states.

As this demographic grew, so did the company – and by the year 1915, the amount of insurance that it had in force was approximately $100 million. The company continued to grow and thrive – even during the U.S. Great Depression.

Today, Fidelity Life is considered to be a very well-capitalized life insurance company. It is licensed to do business in all of the U.S. states, other than in New York and Wyoming. The company is also s subsidiary of Lifestory Interactive, with Members Mutual Holding Company as its ultimate parent company.

As of year-end 2016, Fidelity Life held more than $400 million in total assets, with $132 million in statutory capital and surplus. The company at that time had approximately $30 billion of life insurance coverage in force – and in 2016, the company brought in approximately $60 million in just net life insurance premiums. Fidelity is headquartered in Chicago, Illinois.

Fidelity Life Insurer Ratings and Better Business Bureau Grade

Because of its financial stability, Fidelity Life is deemed to be stable concerning paying out its policyholders’ claims – and as such, the company has been given a rating of A- (Excellent) from A.M. Best Company.

In addition, Fidelity Life has been an accredited member of the Better Business Bureau since January 1, 2014, and the BBB has given the company a grade of A+. (This is on an overall grade scale of A+ to F).

Over the past three years, Fidelity has closed out a total of 30 customer complaints – of which 8 were closed out in the past 12 months. Of the total 30 complaints, 13 centered on problems with the company’s product and/or service, and another ten focused on billing and/or collection issues. Six of these complaints had to do with advertising and/or sales issues, while the remaining one had to do with delivery issues.

No Exam Life Insurance Offered Through Fidelity Life

No exam life insurance is a type of life insurance coverage that does not require the applicant for coverage to undergo a medical examination as a part of the underwriting process. This means that there is no blood and urine sample taken by a paramedical professional. (It is important to note, though, that depending on the type of no medical exam policy an individual is applying for, the insurance company may still review other health-related information, such as the applicant’s file from the Medical Information Bureau. There may also be health questions asked on the application for coverage).

Fidelity Life offers a variety of different no exam life insurance coverage options to choose from. These include both term and permanent policies. The no medical exam plans that are offered through Fidelity include:

  • RAPIDecision Life – RAPIDecision Life allows individuals to qualify for a high face amount of life insurance coverage within 24 to 48 hours after application. This plan is actually a blend of two types of life insurance coverage – one portion being level premium term life (that will pay out a death benefit for any cause of death other than those that are specifically excluded), and another being an accidental death benefit, which pays out a benefit in the case of accidental death of the insured. If the insured opts to undergo a medical exam within six months, then the blend of life insurance coverage could change in that the percentage of all causes coverage goes up, but at no charge – provided that the insured’s health is better than anticipated. If, however, the insured’s health is worse that initially thought, then the policy’s benefits will remain the same.
  • RAPIDecision Express – The application for the RAPIDecision Express plan is easy to complete, and there are no medical exams needed for qualification. This plan offers level term for 10, 15, 30, or even 30 years, with level premiums and renewable coverage to the insured’s age 94.
  • RAPIDecision Senior Life – With this plan, coverage of up to $150,000 is available to applicants who are between the ages of 50 and 70. Coverage lengths here may be 10, 20, or 30 years, depending on the insured’s age at the time of application.
  • RAPIDecision Final Expense – RAPIDecision Final Expense life insurance provides coverage for those who are between age 50 and 85. This plan is designed primarily for helping to pay for the cost of one’s funeral and other related final expenses. Although there is no medical exam needed for approval on this policy, approval will be dependent upon the applicant’s answers to medical questions, as well as results from various database sources.
  • RAPIDecision Guaranteed Issue – As its name implies, the RAPIDecision Guaranteed Issue policy requires no underwriting, and all applicants who are within a certain age requirement will be approved for the coverage. This is a whole life insurance policy, with death benefit protection of up to $20,000 for those who apply between age 50 and 85. This policy also offers a cash value component whereby funds are allowed to grow and compound tax-deferred and can be withdrawn for borrowed for any reason by the policyholder. Also, once the policy has been purchased, the amount of the premium cannot be increased, nor can the amount of the death benefit decrease. The only reason that the insurance company can cancel this plan is for non-payment of the premium by the policyholder.

Other Products and Services that are Available

Fidelity Life Insurance Company focuses primarily on no exam life insurance coverage. At this time, the company only offers life insurance protection to its clients. Policyholders may also choose to secure an accidental death benefit insurance plan.

With an Accidental Death Benefit plan, a payout is made to a named beneficiary if the insured dies as the result of a covered accident. (Note that the insured must pass away within 90 days of such an accident in order for the payout to be made).

This coverage is available to those who are between the ages of 20 and 59 at the time of application, and it offers coverage limits of between $100,000 and $150,000. Full benefits will be paid out until age 70, and then the amount is reduced to 50 percent of the face amount until the policy expires at the insured’s age 80.

How to Get the Best Premium Rates on No Exam Life Insurance with Fidelity

If you have been seeking the best premium rates on no exam life insurance from Fidelity Life – or from any life insurance carrier – then it can help to shop and compare. This can easily be accomplished by working with an independent life insurance brokerage or agency that has access to multiple insurance carriers.

We are an independent life insurance brokerage – and as such, we work with many of the top no medical exam insurance carriers in the marketplace today. Because of this, we can show you a variety of different plans and premium rates, and from there, you can determine which will be the best for you, as well as for your budget.

If you are ready to move forward, just simply take a quick moment to fill out the quote form on this page. Should you still have any additional questions or concerns, our life insurance experts are available to speak with you via phone. We can be reached toll-free by calling us at 800-277-3098.

We understand that the purchase of any life insurance coverage may be somewhat confusing. There are many different options to consider – and you want to be sure that you are going with the best protection for your needs. So, contact us today – we’re here to help.

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