Fidelity Life is a US-based life insurance provider that offers a streamlined application process and no-medical insurance options. Term life, whole life and accidental death benefit policies are available as are a number of optional riders including return of premium, inflation adjustment, college fund savings and coverage for dependent children.
But can you get Fidelity Life Insurance coverage if you live in Canada? Are there any good alternative life insurance providers for Canadian residents?
Unfortunately, no. Fidelity Life operates in the United States and does not have a branch in Canada. To take out a Fidelity Life Insurance policy, you must be a citizen or resident of the US. While a foreigner living in the US might be able to get coverage, you’re out of luck if you live in Canada. As of the time of writing, Fidelity Life has not announced any plans to begin offering services in Canada.
Yes. There are a number of life insurance providers in Canada that offer diverse coverage options, competitive rates and convenient, streamlined applications. Check out the companies below and read our reviews to learn more.
Fidelity Life has been insuring customers against the unexpected for over 100 years. It offers term life and permanent life insurance policies as well as coverage for final expenses (funeral costs) and accidental death. Optional riders are available to cover costs associated with the accidental death of family members, policy holders’ children passing away, terminal illness expenses and inflation.
Customers can also choose to purchase a return of premium rider to get back some of what they paid if they didn’t use any benefits before the policy expired or was cancelled.
As of September 28, 2023, Fidelity Life is accredited with the Better Business Bureau (BBB) and has an A+ rating. However, its customer reviews are mixed, with an average score of 3.03 out of 5 stars based on 35 reviews. Trustpilot paints a different picture, with an average of 4.6 out of 5 stars based on over 1,100 customer reviews.
There isn’t a single life insurance policy that’s right for everyone. It may seem overwhelming to narrow down your options, but it can help to ask yourself the following questions:
What is your primary motivating factor in taking out a life insurance policy? What type of coverage would make your premiums worth paying? You can better decide what type of policy you need by identifying whether you want coverage mostly for loved ones should you pass away, for handling end-of-life expenses should you get diagnosed with a terminal illness or for some other reason.
Factors such as getting older, having a pre-existing medical condition, smoking and drinking excessively can impact how much coverage you’re eligible for and the price of your premiums. Some of these factors may be unchangeable, but you may be able to qualify for better coverage if you make changes where possible. For example, insurers are often willing to reassess and lower your premiums if you go a length of time – say, 12 months – without smoking (although you may have to take another medical test).
It’s important to balance the level of coverage you receive with the affordability of your premiums. Prioritize the reasons why you want life insurance, and let this be an indicator of which features you can give up if necessary and which are nonnegotiable. Identify circumstances in your life (if any) where life insurance could be useful, especially circumstances where your physical well-being may be vulnerable.
For example, if you have a lot of debt that’ll pass on to others if you die, you might want to get enough coverage to discharge all your debts. Similarly, if you’re at risk of developing a terminal illness, you might want coverage that pays for end-of-life expenses.
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