Fidelity Hybrid Life Insurance Review
Information about the Hybrid Life Product.
I am proud to say that I am one of only a handful of Independent Insurance agents that has been Authorized to offer the Fidelity Hybrid Life Insurance product.
A bit about the Fidelity Life Hybrid Product
1. When you first apply it will be a “Blend” of immediate Term Life ( Referred to as “All Cause”) insurance ( % of immediate Term Life amount is based on amount applied for, age, etc) and an Accidental Death Benefit ( ADB). ADB is a benefit that is paid out if you die in an accident vs natural causes.
2. In order to make the policy 100% , All Cause Term Life Insurance, Fidelity gives you up to 6 months to get a Medical Exam! The Exam is of not cost to you. If you choose not to get a medical exam the policy stays as it was originally issued : A % for All Cause Term and the remainder will be ADB. If you get an exam and meet the applied underwriting criteria, then you can convert the entire policy to a full All Cause Term Life Insurance Policy. If your medical exam comes back at a Lower Health Rating , they will make an offer to you based on that rating. These offers may or may not limit how much of the Policy you are allowed to convert to All Cause Term Life.
Remember, this is a Full Medically Underwritten product. Although they give you up to 6 months to get and exam , it is always best to get the exam done as soon as possible so you can have a 100% Term Life Policy.
Let’s look at an example:
35 year old Male , $500K , 20 year Term. Let’s have him as Preferred Health with no major illness in the last 10 years. Non Smoker
Hybrid Premium Quote : $31.00 – $500K split as follows $150K Term Life / $350K ADB
Initially he will get a 30/70 split. 30% being All Cause Term Life ($150K) and the 70% ($750K) will be ADB. If he chooses to do the Medical exam, within 6 months, he has the option to convert the full $500K into a standard Term Life Policy ( All Causes).
If he happens to come back in less than perfect health, Fidelity will make an offer based on these results. For Example, lets say he comes back rated Select ( 2 levels below Preferred). He would then only be able to convert, for an additional premium amount, 45% of the initial policy to full Term, the 55% balance would stay as ADB. He does not have to do this , but it would certainly be in his best interest to go with the max amount of All Cause Term Life Insurance.
Smokers: If you smoke you can still get Preferred rates and your blend coverage will actually be higher with a higher percentage going towards Term Life. This is a great deal for Tobacco users.
Existing Medical Conditions: This Fideliy product offers rates for those that may have a preexisting health condition , such as Diabetes. They offer coverage for Type 2 and Type 1 diabetics.
How do I get a quote and apply?
That’s the easy part, this product is done over the phone! Call me , we will review your health , I will generate a quote and if it works for you then we can apply over the phone. The entire process can be completed in about 15-20 minutes!
Please contact me for a no hassle , no obligation consultation. My number is 512-963-5000 or fill out my contact form.