Fidelity Life is one of our top 12 marijuana friendly companies. So if you are considering life insurance with Fidelity Life and marijuana coverage, this could be a good option for you. Each of our Top 12 Marijuana Friendly Life Insurance Companies have differing underwriting criteria. Basically everything depends on how frequently you smoke. Some companies require smoker rates regardless of how often you smoke. Other companies permit non-smoker rates if you smoke cannabis 3 times a week. Of course any amount of tobacco will get you smoker rates.
You will find Fidelity Life’s history, financial ratings, products available to cannabis enthusiasts, as well as underwriting guidelines for Fidelity Life and marijuana consumption.
Use the Instant Quote tool on your left (top if you’re on mobile) to see rates for Fidelity Life and marijuana. Set the Health Class to Standard and Smoker to Yes. Prudential, Met Life, Mutual of Omaha, AIG, Transamerica, Banner Life, North American Life, Protective, and are also marijuana friendly. Keep in mind they all have different underwriting criteria. You can find reviews of each of these companies on our Top 12 list (link above).
If you have any questions, feel free to call. Everything is 100% confidential and there is no obligation to buy. (888) 987-8447
Fidelity Life Company History
The company began in 1896 and was called Mystic Workers of the World. The purpose was to act as fraternal benefit society to offer financial protection for the middle class in both the Northern and Midwest states.
The company was popularly received and sold $100 million in life insurance policies by 1915. Mystic Workers of the World continued to remain as a fraternal benefit society, but changed its name to Fidelity Life Association in 1930.
Fidelity Life converted to a mutual legal reserve life insurance company in 1953. For several decades it affiliated with a variety of fee-for-management agreements. However it eventually became an independent company once again in 2005.
The company is currently licensed in all states except in the states of New York and Wyoming. It now has over $26 billion of life insurance and currently ranks in the top 10% of all life insurers in the United States.
The Financial Strength of Fidelity Life Insurance Company
The financial stability of a life insurance company is something that all purchasers of life insurance should be aware about. All life insurers are rated by financial rating agencies which specifically focus on taking an in-depth look at the financial strength of all companies on an annual basis.
This information is available for life insurance consumers and can generally be found on the company’s website. You want to ensure that the company in which you are making your long term life insurance investment is financially strong.
How is Fidelity Life’s current financial strength?
The company receives regular ratings from one of the top financial rating agencies in the country. A.M. Best assigned an A- rating. This rating is considered as an Excellent rating which means that Fidelity Life has a financially stable outlook.
Fidelity Life Insurance Products Available for Recreational Cannabis
Like most life insurers, Fidelity offers a mix of both Term and Permanent Life insurance products.
If you are unfamiliar with life insurance, you should know that term life insurance is the most common form of life insurance sold in America. Term insurance is the most basic form of life insurance and is the most affordable. Term insurance is bought in periods of time and offers death benefits only.
Permanent life insurance products such as Whole Life and Universal life are much more expensive. Policies cover you for your entire lifetime. Permanent policies not only include death benefits but also have a cash value accumulation portion. Permanent policies are best for high income individuals and those with large estates. They can also be used for a multitude of business purposes.
Below is an overview of the life insurance products available for Fidelity Life and marijuana.
The great part of this policy is you can receive approval for huge benefit amounts as fast as 24 or 48 hours after application. All you need to do is answer a few simple health questions. You can choose between 2 forms of coverage, a level term policy (payout stays the same) or an accidental death benefit portion. You can also choose to undergo a paramedical exam within 6 months which may allow you adjust your coverage.
This policy also provides for a quick response within days of answering several health questions. The product consists of a guaranteed level premium term policy (price stays the same) which can provide coverage to age 95. Terms are available in 10, 15, 20 and 30 year increments. This policy also comes with a variety of riders such as Dependent Child and Accidental Death.
RAPIDecision℠ Senior Life Term & Whole Life
This policy is great for seniors ages 50 – 85. You can choose either a term life insurance policy or a permanent policy.
• Senior Term Life
The term policy is available for ages 50 -70 for face amounts between $10,000 – $150,000 in death benefits. Terms are available for 10, 20 or 30 years. Your term length options depend on your age at the time of application. Full death benefits are payable after year 3. Death benefits decrease by 50 % at the end of the term in year 11, 21, or 31.
• Senior Whole Life
Offers guaranteed level premiums for the life of the policy. Available for those ages 50 – 85 and offers coverage amounts between $10,000 and $150,000 in death benefits. The policy matures at age 121. Full benefits become available after you hold the policy for three complete years.
Fidelity Life offers partial coverage for both types with full coverage beginning in year 4. Neither policy requires a medical examination. Approval consists in how you respond to the brief medical questionnaire.
However good this product may be for healthy seniors, neither are good options for someone with serious health concerns.
RAPIDecision℠ Final Expense
This “Final Expense” coverage is for people ages 50-85. Coverage amounts are much lower and range from $5,000 – $35,000 in coverage. This policy works well for someone looking to cover funeral costs, debts, and/or small medical expenses. This policy does not require a medical exam and simply asks a few health questions. However, people with serious health risks often get declined. Full coverage is effective immediately and for the duration of the policy.
RAPIDecision℠ Guaranteed Issue
A form of permanent whole life coverage for those ages 50 – 85 with coverage amounts available up to $20,000. Does not require a medical exam, health questions, and approval is available for all those who apply within the age limitation above. This policy has a graded death benefit for the first 3 years you hold the policy. Which means if the policy holder dies in the first three years, Fidelity Life pays a % of the total benefit. Full coverage begins in year 4. This is to prevent the company from going bankrupt from paying out premiums to people who take out policies right before they know they are going to pass. Premiums stay the same for the life of the policy.
RAPIDecision℠ Accidental Death Benefit
Accidental death benefits are available for as little as $10 a month. If death occurs within 90 days of the accident you will receive coverage. Product is available for ages 20 – 59 and offers coverage amounts from $50,000 – $250,000. Full benefits are payable to age 70 and then reduced by 50% until expiration of the policy at age 80. Coverage can be provided to both your spouse and dependent children. Various riders are also available. Some exclusions apply.
Fidelity Life and Marijuana Term Life Insurance Price Comparisons
We compared how the term life insurance prices of Fidelity Life Insurance Company and marijuana use compared with their competitors.
Our review of Fidelity Life term prices were somewhat higher than a number of other life insurers, but definitely not the most expensive. Without any smoking, Fidelity Life is a little below average for life insurance prices. Their smoker rates are also about average. The important distinction is how they underwrite recreational cannabis.
Underwriting Criteria for Fidelity Life and Marijuana
Every marijuana friendly life insurance company has its own unique way of underwriting recreational marijuana.
When combining Fidelity Life and marijuana, they will underwrite any amount of marijuana at “Standard Smoker” rates.
Now before you write off this company as an option, this can work out in your favor depending on how often you smoke. If you are smoking every day, many companies will flat out decline you. Even the “friendly” ones.The industry hasn’t yet moved past that stigma against smoking weed regularly.
As a result, we recommend Fidelity Life for people who indulge more than 3 times a week. If you smoke three times a week or fewer, take a look at Prudential or Met Life. If once a week is your style, check rates from any of the other companies on our Top 12 Marijuana Friendly Life Insurance Companies list.
Fidelity Life and marijuana can work well together for people who smoke more than 3 times a week. Their smoker rates are competitive and they generally won’t decline you for smoking 3+ times a week like other life insurance companies.
Reasons to Use Marcan Insurance if You Smoke Weed
The independent agents here at Marcan Insurance specialize in knowing the most marijuana friendly life insurance companies. We can find affordable coverage for both recreational smokers and medical marijuana patients.
We also help those who marijuana industry owners and employees who work in the pot industry. Many life insurers will not approve coverage to these individuals but we know which companies will approve you.
Marcan Insurance also can be especially helpful to those with a pre-existing medical condition. Our independent agents also know which companies are more lenient when it comes underwriting a policy for a health or other high risk issue.
To learn more about Fidelity Life Insurance Company and marijuana contact us here at Marcan Insurance at (888) 987-8447. All calls are 100% confidential and there is no obligation.