Fidelity Life’s range of permanent whole life insurance products offer lifelong coverage and level premiums.
Permanent life insurance is a type of life insurance policy that provides coverage for your entire life, as long as you continue to pay the premiums. Unlike term life insurance, which expires after a set period, permanent life insurance doesn’t expire. It also accumulates cash value over time, which you can use while you’re still alive.
Choosing permanent life insurance means you’re securing lifelong financial protection for your family. It ensures that your loved ones are taken care of no matter when you pass away. The cash value component also offers a way to build savings that grow tax-deferred.
Fidelity Life’s permanent life offerings include RAPIDecision® Final Expense, RAPIDecision® Guaranteed Issue and RAPIDecision® Senior Life. Since Fidelity Life’s permanent life insurance options do not require a medical exam, your application can be approved in hours or days – not weeks.
Premiums stay the same for the life of the policy, while it accrues cash value. You can select from a range of permanent life policies that don’t require a medical exam. This makes the application process faster and easier, so you can get the coverage you need without delay.
Permanent life insurance offers several benefits that can help you and your family:
With permanent life insurance, part of your premium payments goes into a cash value account. This cash value grows over time, usually at a fixed interest rate and the growth is tax-deferred. This means you don’t pay taxes on the gains as they accumulate.
You can use the cash value in several ways. You can borrow against it, providing you with a source of funds for emergencies, investments or other financial needs. Some policyholders use it to supplement their retirement income. It’s important to remember that borrowing from your cash value may reduce the death benefit if the loan is not repaid.
The different types of permanent life insurance include whole, universal and variable life insurance. All of these policies offer lifelong coverage, with different features that can help you meet a variety of financial needs for your family. Fidelity Life does not offer variable life or equity-indexed policies, but we want you to know the range of permanent products available.
Whole life insurance provides coverage for your entire lifetime, as long as you continue to pay the premiums. This type of policy combines a death benefit with a cash value component. A portion of each premium payment accumulates as cash value. Whole life policies grow based on a guaranteed interest rate set by your insurance provider.
One reason someone might choose whole life insurance is for its predictability. The fixed premiums and death benefit make it easier to plan your finances since you know exactly what to expect.
However, whole life insurance generally has higher premiums than most other insurance types. Additionally, accessing the cash value can reduce the death benefit if the borrowed amounts are not repaid. This could leave your beneficiaries with less financial support than you intended.
Final expense insurance is a type of whole life insurance designed specifically to cover funeral costs and other end-of-life expenses. It offers smaller coverage amounts, which makes the premiums more affordable. This policy is often easier to obtain, with a simple application process that usually doesn’t require a medical exam.
People may choose final expense insurance to relieve their families of the financial burden associated with funerals, medical bills or unpaid debts. Funerals can be expensive, and having this coverage ensures that these costs are covered without putting stress on loved ones during a difficult time.
Universal life insurance offers lifelong coverage with added flexibility. Unlike whole life insurance, universal life allows you to adjust your premiums and death benefits within certain limits. This means you can increase or decrease your payments based on your financial situation.
Someone might choose universal life insurance if they anticipate changes in their financial circumstances. If you experience a financial setback, you might lower your premiums temporarily and increase them later when your situation improves.
However, universal life insurance comes with some complexities. If interest rates are currently low, the cash value may grow slowly. Additionally, if you decrease your premiums too much, it could impact the policy’s ability to maintain the death benefit, potentially leading to a lapse in coverage. Universal life insurance policies should be monitored actively to prevent this from happening.
Fidelity Life offers several permanent life insurance policies designed to meet different needs. All of these options provide lifelong coverage without requiring a medical exam, making the application process quick and straightforward.
This policy is designed to help cover funeral costs and other end-of-life expenses. It offers coverage amounts up to $40,000, suitable for seniors and those looking for smaller policies. With a quick approval process and no medical exam needed, you can secure coverage without any delays.
Best for: Individuals aged 50-85 who want to ease the financial burden of final expenses on their families. Apply now to get a decision quickly without a medical exam.
Guaranteed issue policies mean that you will always be accepted, regardless of any health conditions. There are no medical exams or health questions required. It’s an essential option for those who may have been declined elsewhere but still need life insurance coverage.
Best for: People with health issues who need life insurance coverage. Secure your policy today with guaranteed acceptance.
Tailored for seniors seeking lifelong coverage, this policy offers a simplified application process with quick approvals. It provides peace of mind and financial security for your loved ones without the hassle of traditional insurance applications.
Best for: Seniors looking for comprehensive coverage without complications.
Does permanent life insurance make sense for you and your family? Here are some permanent life insurance pros and cons to help you decide.
There are a range of affordable Fidelity Life products to choose from based on your situation and financial responsibilities.
Here are some steps you should take when deciding which policy is the right choice for you:
Decide whether you need coverage for your entire life or just for a specific period. If you want lifelong protection for your family and the ability to build cash value, permanent life insurance may be the right choice. Otherwise, you may be better off with a term life policy for a specific period of time.
Evaluate how much you can afford to pay in premiums. Permanent life insurance is more expensive than term life insurance, so it’s important to choose a policy that fits comfortably within your budget.
Think about whether you want a policy that accumulates cash value over time. If having access to funds through your life insurance policy is important to you, consider a permanent policy with a cash value component.
Consider if you need the ability to adjust your premiums or death benefits. If your financial situation might change in the future, a universal life insurance policy that allows adjustments could be a good fit for you.
Applying for life insurance when you’re younger and healthier can result in lower premiums and more options. Early planning can make lifelong coverage more affordable and maximize the growth potential of your policy’s cash value.
Term life insurance and permanent life insurance are two main types of life insurance policies that serve different purposes.
Term life insurance provides coverage for a period of several years. If you pass away during this term, your beneficiaries receive the death benefit specified in your policy. If you outlive the term, the coverage ends, and there is no payout. Term life insurance is often chosen for its lower premiums and simplicity. It’s suitable for people who need coverage for a certain period, like until a mortgage is paid off or children are financially independent.
Permanent life insurance, on the other hand, offers lifelong coverage. As long as you continue to pay the premiums, the policy remains in effect regardless of your age. Permanent life insurance also includes a cash value component that grows over time. This cash value accumulates tax-deferred and can be accessed through loans or withdrawals during your lifetime
Yes, you can access the cash value of a permanent life insurance policy. As you pay your premiums, a portion of the money goes into a cash value account that grows over time. There are a few ways to access this cash value:
Permanent life insurance is suitable for people who want lifelong coverage. You might consider permanent life insurance if:
The cost of a permanent life insurance policy will vary based on several factors:
Permanent life insurance premiums are generally higher than those for term life insurance.
To get an accurate cost, it’s best to request a personalized quote from an insurance provider.
here’s no specific age that’s perfect for everyone but obtaining permanent life insurance when you’re younger can offer several advantages.
However, even if you’re older, it doesn’t mean it’s too late to get permanent life insurance. Many policies are available to older individuals, and can still provide valuable benefits, especially for estate planning or covering final expenses.
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