Most Experienced Provider
Fidelity Life is the oldest insurance provider in America. The company has existed since 1886 and provides multiple types of insurance targeted at middle-class consumers. Fidelity Life aims to provide affordable coverage and an elevated customer service experience so that it’s easy to obtain a policy within your budget.
Pros and Cons of Fidelity’s Burial Insurance
Pros:
- No waiting periods to receive the full death benefit
- No medical exams needed
- Up to $35,000 in coverage
Cons:
- A medical questionnaire is required, so you may have trouble getting approved if you have a serious health condition
- The cash value rider expires when you turn 85
Overview of Fidelity Life’s Burial Insurance
Fidelity Life offers burial insurance in coverage amounts from $5,000 to $35,000 and has guaranteed approval options for people who have high-risk factors. However, those coverage options usually require higher premiums, a long wait period, and a lower death benefit.
|
Eligible Ages |
Approval Process |
Death Benefit Amount |
Waiting Period |
Policy Maturity |
| RAPIDecision Final Expense |
50-85 |
No Medical Exam — Health Questions — Database Check |
$5,000-$35,000 |
None |
121 |
How Much Does Fidelity’s Burial Insurance Cost?
Fidelity’s burial insurance costs $32-$41 per month If you apply for $10,000 in coverage at 50 years old. While anyone between the ages of 50 and 85 may apply, the cost increases if you wait until you’re older to enroll. Someone who is 75 years old might pay $85-$110 per month, for example. The good news is that once you enroll, your rate is fixed for the rest of your life. The amount of coverage you need can also affect your monthly premium.
Eligibility, Plan Details, & Other Information
Anyone between the ages of 50 and 85 may enroll in Fidelity’s burial insurance, but if you have any pre-existing conditions or risk factors, it could influence what you pay and how much coverage you’re eligible for. Guaranteed coverage has a maximum death benefit of $20,000 compared with $35,000 in coverage available for those considered less risky.
No Waiting Period
Many burial insurance policies require you to pay 2 years’ worth of premiums before you receive the full death benefit. Fidelity offers instant coverage for those who qualify. For guaranteed approval policies, you must pay 3 years of premiums before you can receive the full death benefit.
The Final Expense policy is the better option of the two because it offers lower premiums, instant coverage, and fixed rates for the rest of your life.
Cash Value Rider
If you need money for unforeseen medical expenses, you can take out a loan against your policy for up to 50% of your policy’s total value. You receive this benefit after 3 years, and it can be used to cover medical or personal expenses as you need.
No Medical Exams
Fidelity advertises that you won’t need to undergo a physical examination to receive coverage. While this is true, you’re required to answer a health questionnaire that’s checked against a medical database. This can make it more difficult for some people to obtain a Final Expense policy due to pre-existing conditions or lifestyle choices that place them at higher risk.
Automatic Approval
If you’re willing to accept a lower total death benefit, you can apply for the guaranteed issue policy. This option forgoes any medical questions and gives you a fixed rate for the rest of your life. Everyone who applies and is between 50 and 85 years old is approved.
Who Should Consider Fidelity Life’s Burial Insurance?
People Who Need More Coverage
With policy limits up to $35,000, Fidelity offers more coverage than many of its competitors. Only a handful of burial insurance policies on the market offer more coverage.
Anyone in Good Health
Fidelity’s burial insurance is a great option for people who have limited health factors and are younger because they can get the coverage they need at an affordable rate. Once your rate is locked in, it can’t be raised due to new health conditions.
Those Who Want Instant Coverage
Fidelity’s Final Expense option has no waiting period, so you don’t need to worry about what happens if you pass away within the first 2 or 3 years of obtaining coverage. Your beneficiary will receive the full death benefit should anything happen to you.
What Are People Saying About Fidelity Life’s Burial Insurance?
People have a lot of positive things to say about Fidelity’s burial insurance. The application process can be completed online, and customer service is responsive. Policyholders enjoy the lack of a waiting period on the Final Expense policy but feel the 3-year waiting period for the Guaranteed Issue option is excessive. Another drawback is that Fidelity charges you quite a bit more if you have serious health concerns.
Most people won’t need more than $35,000 in coverage to cover the cost of their funeral, cremation, or memorial service. Most reviewers are satisfied with the level of coverage Fidelity offers.
Frequently Asked Questions
What Does Burial Insurance Cover?
Burial insurance can pay for funeral expenses, burial costs and the policyholder’s unpaid debts, or it can help loved ones financially.
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What Type of Insurance Covers Burials?
Burial insurance or life insurance are the types of policies to look for when seeking coverage for burial services.
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How Do You Buy Burial Insurance?
Individuals can buy burial insurance by selecting an insurance company they want coverage from and visiting their website. Typically, the individual requests an online quote and then either mails in a completed application form or fills out and submits the form online.
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Do Burial Insurance Policies Have a Cash Value?
Some burial insurance policies have a cash value, meaning the policy builds equity that the policyholder can borrow against, like a loan, over time.
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How Does Burial Insurance Work?
The insurance company pays out the agreed-upon amount to the policyholder’s chosen beneficiaries after they pass away.
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