Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Aetna vs. Fidelity Investments Life Insurance Company

Aetna and Fidelity Investment Life Insurance Company are two well know insurance companies. These companies will be compared and contrasted as to help you choose the best insurance provider for your needs.

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Fidelity Investments Life Insurance Company

Fidelity Investments Life Insurance Company was founded in 1987 and are based in Boston, MA. As of 2010 Fidelity Investment Life Insurance Company had over 1.5 trillion dollars in assets. It offers products in all states expect NY. NY residents are served by Empire Fidelity Investment Life Insurance Company.

It offers and markets many of it’s own insurance products and products from many reputable insurance companies. It also has the IMSA seal.

Fidelity Investment Life Insurance Company was created to supplement retirement plans like 401Ks and IRAs, and to provide their investors with additional income streams for their retirement or their families . They offer two products: annuities and term life insurance.

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Term Life Insurance

Term life insurance can be purchased through Fidelity Investments Life Insurance Company. Term life insurance provides you with protection for terms of 10, 15, or 20 years. If the policy holder dies during that period, the beneficiaries of the policy receive a tax free payment from Fidelity.

Fidelity offers its life insurance policies in all fifty states and the District of Columbia to individuals age 18 to 70 years old. The minimum coverage amount is $250,000.

Fidelity recommends their term life insurance products to individuals who fit the following profile:

  • Are looking for income replacement for specific periods of their lives, such as while their house is under a mortgage, or while their children are under 21
  • Are looking for low cost insurance
  • Not looking for their insurance products to build value companies.

Other features offered by Fidelity Investments Life Insurance Company’s term life insurance are:

  • Premium Guarantee Period. This means the premiums are fixed for the life of the policy
  • A+ ratings from AM Best and Standard & Poor
  • Convenient payment options: Check, Credit Cards, or automatic transfer from your bank account or Fidelity account
  • Flexible premium payment. You can pay your premiums monthly, semi-annually, or annually

Fidelity also offers Universal Life Insurance but they are offered through Fidelity but are issued by third party
Annuities

Fidelity Investments Life Insurance Company offers three kinds of annuities: deferred annuities, deferred variable annuities, and income annuities. For those looking for the different types of annuities, Fidelity Investments Life Insurance can help!

Fixed Deferred Annuities are for investors who are looking for a fixed rate of return. The key features of this product are:

  • Tax deferred growth until you withdraw and no contribution limits
  • Convenience that comes from working with reputable insurance providers
  • Low minimum investments of $10,000
  • Guaranteed rates of returns. Your savings are insulated against the volatility of the market. After your rate guarantee period ends, you have access to your initial investments and interest

Deferred Variable Annuities

Fidelity’s MetLife Growth and Guaranteed Income are for those who are worried about outliving their retirement funds. Key benefits include:

  • Lifetime income
  • Potential for growth
  • Access to assets

This annuity is available to individuals over 50 years old, and have a minimum of $50,000 to invest.

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Fixed Income Annuities

Fixed Income Annuities turn a portion of your saving into guaranteed income for a fixed period of time or your lifetime. Designed for investors who want a predictable income during their retirement. Key benefits include:

  • Predictable income
  • Protection against inflation

Aetna also offers life insurance, but it is only available through an employer. It is based in Hartford, Connecticut with over 38 billion dollars in assests Their basic life insurance products are:

  • Basic Term Life
  • Supplemental Term Life
  • Accidental Death and Personal Loss (AD&PL)
  • Dependent Life Insurance and Dependent AD&PL

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Basic Life Insurance

Aetna’s Basic Life Insurance product offers financial protection for your family in the event of your death, but unlike Fidelity Investments Life Insurance Company’s term life insurance, the payment is limited by your potential annual salary. Aetna calculates the coverage amount from the information provided by your employer. If you retire or are terminated, you have a conversion option.

Supplemental Term Life

Aetna’s Supplement Term Life Insurance offers additional coverage to your family in the event of your death. This product is those individuals who already have Aetna’s Basic Life Insurance, but want to provide their family with additional income.

Accidental Death and Personal Loss (AD&PL)

Aetna’s Accidental Death and Personal Loss insures you against serious bodily injury from an accident. It provides the policy holder with a cash payment to cover expenses until you are able to return to work. The payment is not fixed like life insurance. Instead it is based on factors like your coverage amount and the type of injury. It also includes additional options:

  •  Child Care Benefit – It will pay for child care if the policyholder has children
  •  Educational Benefit – It pays the policyholder’s spouse or child’s higher education cost
  • Coma Benefits – Provides payments to the policyholder’s family in the event of a coma
  •  Passenger Restraint and Airbag Benefit – It provides an additional benefit to the policyholder’s family if the policyholder dies in an accident while wearing a seat belt

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Dependent Life Insurance and Dependent AD&PL

Aetna’s Dependent Life and Dependent AD&PL provides financial protection to the policyholder and their family in the event of a death or accident. It provides a cash payment to help defray costs.

Since Aetna’s Life insurance is only available through employer plans.
While Aetna does not offer annuities like Fidelity, it does offer health insurance plans for individuals and companies. Some of the products Aetna offers are:

  • Health Maintenance Organization (HMO)
  • High Deductible Preferred Provider Organization (PPO)
  • Preferred Provider Organization(PPO)
  • Preventative and Hospital Care
  • Open Access Managed Care

Aetna also offers other insurance products:

  • Disability Insurance
  • Dental Insurance
  • Vision Insurance
  • Student Health Insurance
  • Medicare Insurance

Aetna’s health insurance plans provide financial protection in the case of medical issues. The availability of products varies by state.

Which Company to Choose?

Both Aetna and Fidelity Investment Life Insurance Company provide insurance to protect your finacial health. Fidelity Investment Life Insurance provides a good source of replacement income and high coverage amounts, but its minimum limits are high.

Aetna’s life insurance policies are much more affordable but its coverage amounts are capped. Aetna also provides health insurance for individuals unlike Fidelity which does not offer health insurance. When choosing insurance coverage each person will have to choose the right balance for their lives.

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