Fidelity Life is one of the biggest life insurance companies out there. They started around 1896 around the same time the tootsie roll was first introduced. They have a broad selection of life insurance products but what they are really known for is their no exam term life insurance plan. A term life insurance policy available with no exam and complete online application. So where is the catch? No catch, except, you need to be in good health with no major DUI’s or license suspensions. If you have minor health issues like controlled blood pressure or cholesterol you can still apply.
Fidelity Life Company
Product Features
You can protect your family with up to $250,000 of life insurance coverage for a period ranging from 10 to 30 years. It is a level term policy which means that it will have fixed monthly premiums until the term period expires. This is when it will become renewable on annual basis up to age 95. Now the policy is also convertible so you can convert it to a permanent life insurance option with one of Fidelity’s universal life plans. The policy also comes with an accelerated death benefit rider at no charge which allows you to receive up to 50% of the life insurance protection amount in advance. If you have been diagnosed with a terminal illness with less than 12 months life expectancy. Other policy riders can be added for an additional fee including waiver of premium, child rider, accidental death rider and return of premium rider.
Application
When applying for life insurance plan the traditional way you will be required to fill out a long paper application, have a nurse complete an exam and wait up to 8 weeks for a decision. With Fidelity, it takes about 10 minutes or so to complete an application over the phone with an agent. Keep in mind that the application is online through Fidelity’s own secure site. The best part is that it’s zero paperwork and after the agent finishes the application you can electronically sign it via email. There is absolutely no exam and no additional information required from you. So you just applied for life insurance without leaving your computer. Impressive or what! Once the company decides you are approved for the coverage you can even receive your policy electronically within a few days.
Underwriting
Once you submitted your application the company will approve or decline it within 48 hours. Maybe faster but definitely not longer. I actually love this about them since you always know exactly when to expect a decision especially for clients who need a policy by a certain date. The reason they are able to do this is they don’t require an exam and they check various databases to make a decision. These databases are usually the medical information bureau, the pharmacy database and motor vehicle report.
Compared to Competitors
Let’s see how Fidelity’s no exam plan stacks up to the competition. When it comes to no medical exam products it’s only close competitor is Phoenix Life. Where Phoenix wins is it does offer better monthly premiums for people with pre-existing conditions. They also do online applications much like Fidelity’s online submission. However there is no electronic policy available and unlike Fidelity, you will still have to sign some paperwork once your policy is approved so Fidelity gets the upper hand here. As far as speed of approval Phoenix does offer instant approval but can take longer depending on your case. Even though the overall speed with Phoenix Life can be faster Fidelity’s guaranteed 48-hour processing is a hard one to beat, so let’s call it even here. You can also get up to $500,000 with the Phoenix no exam plan. Overall both companies offer good benefits, the product you pick will depend on your needs and situation.
If you’re looking to save the most money with life insurance the no exam product might not be the best option. When compared to traditional term life insurance plans that require an exam Fidelity’s rates are much higher. But applying online for a real term policy up to $250,000 and getting approval in less than 2 days with an A-rated company can be appealing. The best part is you can run quotes by using our no medical exam quoter, just remember to pick a standard class for your health and a face amount not exceeding $250,0000 if you want to see how Fidelity rates compare to other no exam companies. *Simply fill “none” for any information you don’t want to leave. Or you can call us at 888-492-1967 and we will do the shopping for you.
