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Protecting families for over 125 years, Fidelity Life offers fast, affordable life insurance plans to help protect what matters. Get covered today – get a quote and buy online or by phone.
What is life insurance?
Life insurance is a contract between you and your life insurance company for a certain amount of coverage.
If you die while your policy is active, your loved ones get a payout for that coverage amount. This money isn’t just for paying off immediate debts or covering funeral costs; it can ensure that your long-term financial responsibilities and goals can be met even when you’re not around. A life insurance policy may be used to pay bills, replace your income, cover your mortgage, and generally save for the future. It’s a safety net for your loved ones and peace of mind for you.
In some cases, your life insurance may also build cash value over time, which can provide extra financial support during your lifetime.
Common life insurance policy terms
Beneficiaries
These are the designated recipients of the death benefit. It’s crucial to keep this information up to date and to consider secondary beneficiaries should the primary beneficiary die before you.
Face Value
The face value of the policy is the amount that will be paid out upon the policyholder’s death, not accounting for any loans or withdrawals from any cash value.
Premiums
Premiums refer to the regular payments required to keep the policy active. Failure to pay premiums on time or within a specific grace period can lead to policy cancellation. While term life policies usually offer fixed premiums for the length of the term, permanent policies might have variable premiums.
Riders
These are optional add-ons that can provide additional benefits or coverage at an extra cost. Examples include accelerated death benefit riders, long-term care riders, or waiver of premium riders for disability.
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Whole life insurance:
Whole life insurance is a long-term commitment that provides lifelong coverage and builds cash value over time. It’s an agreement between you and your insurance provider, in which you pay fixed premiums in exchange for a predetermined death benefit. Upon your death, your beneficiaries will receive a tax-free lump sum amount, ensuring their financial well-being.
The cash value component is an added advantage. It acts as a savings component that grows tax-deferred, allowing you to borrow against it for various life events such as purchasing a home, funding education, or even retirement. Given its lifelong nature and cash value accumulation, whole life insurance tends to be more expensive than other types of insurance.
Universal life insurance:
The cash value in a universal life policy grows at a specific interest rate. You may have the option to use this cash value to pay premiums, thereby reducing out-of-pocket costs. However, note that dipping into your cash value may reduce the overall death benefit. This type of policy is ideal for those who anticipate changing financial needs and wish for flexibility in their coverage.
Variable universal life insurance:
Variable universal life insurance combines the flexible premium and benefit structure of universal life insurance with investment options. Here, the cash value is invested in a selection of stock, bond, or mutual fund sub-accounts, allowing you to potentially earn a higher return.
Given that your cash value is tied to market performance, this policy carries investment risks. If the investments perform poorly, you may have to pay higher premiums to maintain the same level of death benefit. This type of policy is suited for those who are financially savvy and are comfortable taking on market risks to potentially maximize cash value.
Term life insurance:
Term life insurance is the most straightforward and often the most affordable type of life insurance policy. It provides coverage for a specific term, usually ranging from 10 to 30 years. If you die within the term, your beneficiaries receive the predetermined death benefit. There is no cash value component in this policy.
Premiums are generally lower, making it a cost-effective way to secure significant financial protection. However, once the term ends, you’ll either need to renew the policy, often at a higher rate, or convert it to a permanent policy. This policy is best for those who require substantial coverage for a specific period, like the duration of a mortgage or while raising children.
Group life insurance:
Group life insurance:
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Your life insurance questions answered
How much life insurance do I need?
Ideally, you should buy enough life insurance to cover the expenses you have right now, like your bills and mortgage. You’ll also want to cover financial goals, like college expenses or an inheritance for your children. Think about all these needs, then factor in assets like your investments and savings – the difference is your coverage amount.
Should young people get life insurance?
How much does term life insurance cost?
Which type of life insurance is right for me?
Will I need to take a medical exam?
Certain types of life insurance plans require a medical exam. Since companies are insuring your life, your health is a big factor in which plans you qualify for, and how much they will cost. At Fidelity Life, we offer many ways to get covered without needing to wait for a medical exam. It’s part of our commitment to making life insurance simpler.
Medical exams are free to you, can be completed at your home or workplace, and take about 30 minutes. When you take a medical exam with Fidelity Life, the examiner will measure your height and weight, pulse, and blood pressure. We then use that information to verify your health and determine the final price for your policy. You can learn more about taking a medical exam here.
Fidelity Life offers a number of plans that provide immediate coverage, with no need to wait for a medical exam. We were the first life insurance company to use predictive analytics to replace the need for a medical exam. With our RAPIDecision® Life term life insurance, you can buy coverage that starts the same day and delay or even skip the medical exam, in some cases.
Many of our other policies, including RAPIDecision® Senior Life Term, RAPIDecision® Senior Whole Life, and RAPIDecision® Final Expense, rely on a health questionnaire instead of a medical exam. If you don’t want to take an exam, these options can still help you get the coverage you need.
Are life insurance policies effective immediately?
While it traditionally took up to eight weeks to complete the application process and have coverage take effect, you don’t have to wait to protect your family anymore. Online buying and new underwriting methods are making it faster and simpler to get covered.
With many of Fidelity Life’s plans, you can get coverage the same day you apply. If you buy life insurance online with Fidelity Life, your policy is effective as soon as you complete the online application and pay – and the process only takes about 10 minutes. You can also buy life insurance by phone, with coverage starting immediately in many cases.
One note: With some policies, you may have partial coverage for an initial period of time, with full coverage kicking in later. Check with one of our agents about the specifics for your policy.
Can I get covered if I have health issues?
Yes, it’s possible to get covered, even if you have a medical condition or history of health issues. Fidelity Life offers a wide range of plans, including no medical exam options. When you apply, we’ll ask you about your health history, such as any current conditions you may have, the medications you take, and treatments you’ve undergone. This information will help determine the best plan for you.
If your condition is mild and you’re in good health otherwise, you may still be a good fit for term life, and you can even still get competitive rates. Otherwise, some options that may work better include:
Simplified issue: Simplified issue insurance is a life insurance policy you can be approved for with minimal health questions. This type of insurance is typically geared toward people who need to obtain life insurance right away or those who don’t want to take a medical exam.
Guaranteed issue: Guaranteed issue insurance is a life insurance policy with no health qualifications. This type of insurance is typically geared toward older people who may have health conditions that prevent them from qualifying for other types of life insurance.
What’s the difference between life insurance and accidental death benefit plans?
Both life insurance and accidental death benefit plans are designed to provide financial protection, with some important differences. Accidental death benefit plans provide a payout if you die because of a covered accident or injury, while life insurance pays out for any covered cause of death.
Life insurance offers more complete protection, but accidental death benefit plans can be a good choice in some cases. There’s no medical exam needed with accidental death, and you’re guaranteed to be approved if you meet the age requirements.
Accidental death might be right for you if:
You have health issues and are concerned about qualifying for a term or permanent life insurance policy. If you’re between the ages of 20 and 59, you’re guaranteed to qualify for Fidelity Life’s accidental death benefit coverage.
You need coverage fast – since there’s no medical exam required, you can get approved for coverage as soon as you apply.
You want to supplement your existing life insurance coverage.
FLA offers accidental death benefit coverage of up to $300,000 to meet our customers’ needs. Explore accidental death benefit plans here.
Should I add a life insurance rider to my policy?
Life insurance riders are optional conditions you can add to your insurance policy to expand its benefits. Fidelity Life offers several riders you can add to a policy, some at no additional cost:
- Accidental death benefit rider
- Child insurance policy rider
- Inflation rider
- Accelerated benefit rider
- Return of premium rider
Talk to an agent about whether a rider makes sense for you.
I have a question about my current policy. What should I do?
We’re here to help. You can find answers to many questions in our support center, including FAQs regarding policy changes, billing and death claims. If you need to talk to someone, you can give us a call at 800.369.3990 from 8 a.m. to 5 p.m. Central.
