F&G (Fidelity & Guaranty) Life Insurance Review

Indexed universal life insurance and annuities

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F&G (Fidelity & Guaranty) Life

F&G (Fidelity & Guaranty) Life

Our Take 

F&G Life Insurance (previously known as “Fidelity & Guaranty Life Insurance”) is a life insurance company that offers fixed indexed universal life insurance and annuities. F&G Life Insurance has a strong financial rating from AM Best and receives far fewer complaints than most competitors. It only offers universal life insurance, so if you are looking for term or whole life insurance policies, you will need to look elsewhere.

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
Pros
  • Flexible indexed universal policy with many options riders

  • Cash value of policy growth linked to market index

  • Minimum guaranteed interest rate on universal policies

Cons
  • No term, whole, variable universal, or final expense policies available

  • Cannot apply for coverage without speaking to an agent first

  • No online quotes or pricing available

  • Claims must be filed by phone

  • High annual fees

Key Takeaways
  • F&G Life Insurance is licensed to selling insurance in all 50 states.
  • F&G Life Insurance is a subsidiary of Fidelity National Financial, a FORTUNE 500 company.
  • F&G Life Insurance used to offer term life insurance but sold off its business to focus solely on annuities and fixed indexed universal life insurance.
  • F&G Life Insurance policies are sold through independent agents.
Specifications
  • Year Founded 1959
  • Kinds of Plans Indexed universal
  • Number of Plans One
  • Payment Options Monthly, quarterly, semi-annual, annual
  • Official Website https://www.fglife.com/

Introduction

F&G Life Insurance offers fixed indexed universal life insurance and annuities to help supplement retirement income. We researched F&G Life Insurance’s financial stability, policy plan options, riders, website tools, and customer service reviews to help you compare the life insurance policy options of F&G Life Insurance with the competition. 

Company Overview

F&G Life Insurance was founded as Fidelity & Guaranty Life Insurance Company in 1959 in Des Moines, Iowa. It is now part of the Fidelity National Financial family of companies with over 700,000 customers in the U.S.

F&G Life Insurance used to carry term life insurance but sold off that business to Old Mutual and now only offers fixed indexed universal and annuity insurance products. F&G Life Insurance is licensed in all 50 states but actual availability varies by product and state. 

Available Plans 

F&G Life Insurance only offers fixed indexed universal life insurance plans. These permanent plans allow individuals to gain life insurance coverage and invest the cash value. Applying for policies requires speaking to an independent agent directly.

Fixed Indexed Universal Life (FIUL)

F&G Life Insurance offers indexed universal life insurance policies with flexible insurance premiums which can be split between a basic interest account and an index account. This account is a savings account that earns interest based on the change in value of a stock market index, such as the S&P 500. Policies offer guaranteed interest rate protection, allowing the insured to earn a minimal amount of interest, even if the underlying investments go down in value. 

The cash value of the policy may be borrowed against tax-free but will reduce the overall value of the policy until paid back. In addition, some applicants may qualify for simplified underwriting, and be able to forego a medical exam for approval.

Available Riders

F&G Life Insurance offers access to several accelerated benefit riders for its life insurance policies to add coverage or enhance the policy. These riders are all included at no extra premium, though there may be fees associated with exercising these rider options.

Fees vary by policy, product, and options selected.

Accelerated Death Benefit Riders

Depending on the diagnosis, this rider paid out a portion of the death benefit due to a qualifying illness. 

  • Critical illness; If you are diagnosed with a critical illness such as a major heart attack, cancer, or a major organ transplant, this rider pays up to 100% of the face value of a policy or $1 million, whichever is lower.
  • Terminal illness: If you are diagnosed with a terminal illness with a life expectancy of 24 months or less (12 months or less in Florida), you can access up to 100% of the face value of the policy, up to $1 million.
  • Chronic illness: If you are diagnosed with an illness that prevents you from performing two of the six activities of daily living—dressing, toileting, transferring, continence, eating, or bathing—this rider pays out the lower of 25% of the face value of a policy per year, up to a $1 million maximum.

Customer Service: Phone or Email Only

F&G Life Insurance offers support over the phone or via email. Since policies are sold through independent agents, you may be able to work with a local insurance agent for support as well. F&G Life Insurance customer service can be reached by calling 888- 513-8797 or submitting your questions through the online contact form.

Customer service hours are Monday to Friday, 7:00 a.m. to 5:30 p.m. CT.

Customer Satisfaction: Very Few Complaints

According to the National Association of Insurance Commissioners (NIAC) complaint index, F&G Life Insurance received very few complaints in 2020. While an average complaint score is 1.0 (the lower, the better), F&G Life Insurance received a 0.16 score. This is a slight improvement over its 2019 score of 0.20, and 2018 score of 0.25.

J.D. Power also ranks companies based on customer satisfaction, but F&G Life Insurance was not included in its 2020 Life Insurance Study.

Financial Strength: A- (Excellent)

F&G Life Insurance has an A- (Excellent) rating from AM Best. This rating is based on F&G Life Insurance’ strong balance sheet, adequate operating performance, neutral business profile, and appropriate enterprise risk management. This high rating from AM Best assures customers that F&G Life Insurance can pay out claims as they arise.

Cancellation Policy: Standard Free-Look Period

F&G Life Insurance offers a “free-look” period for insurance policies, allowing new customers to cancel their policies for a full refund. This policy varies by state but is usually 10-30 days. 

After the free-look period, cancellation terms vary between life insurance policies. F&G Life Insurance fixed indexed universal life policy cancellations may provide money back as part of the surrender cash value, but also may charge additional fees to cancel.

F&G Life Insurance’s cancellation fees are not publicly listed, so you will need to speak with your insurance agent for exact details. Cancellations cannot be made online.

Price of F&G Life Insurance: Not Available  

F&G Life Insurance quotes are only available by contacting a local, independent agent. Since fixed indexed universal policies have multiple payment and customization options, pricing will vary per person.

Policy pricing is based on gender, age, location, and smoker status. In addition, total coverage amounts and cash value strategy will affect premiums as well. Premiums can be paid monthly, quarterly, semi-annually, and annually. Premium payments cannot be made online.

How F&G Life Insurance Compares to Other Life Insurance

F&G Life Insurance only offers one life insurance option as well as a few annuities. Quotes are not available online, and policies are sold through independent agents who may be paid a commission to offer F&G Life Insurance products.

That said, F&G Life Insurance does have a strong financial rating from AM Best and very few customer complaints. Here’s how F&G Life Insurance compares to a large national life insurance company with transparent pricing.

F&G Life Insurance vs. State Farm Life Insurance

Both F&G Life Insurance and State Farm offer universal life policies as well as annuities. While F&G Life Insurance focuses on fixed indexed universal life policies, State Farm offers everything from term to whole life to universal policies as well as final expense life insurance.

Here are a few differences between F&G Life Insurance and State Farm:

  • State Farm offers term life insurance with a cash value option.
  • F&G Life Insurance offers fixed indexed policies that grow the cash value based on the performance of a stock market index.
  • State Farm offers multi-policy discounts for existing customers.
  • F&G Life Insurance offers up to $1 million in accelerated benefits on its policies.

While F&G Life Insurance offers basic fixed indexed universal life policies, State Farm offers term, whole, and universal policies at low prices, with available discounts to current customers.

Read our full State Farm Life Insurance review.

  F&G Life Insurance State Farm Life Insurance 
Market Share N/A Seventh-largest in the U.S., 2.87%
Number of Plans 
Online Quotes Available?  No  Yes (term life only)
Service Method  Email, phone  Email, phone, in-person, social media 
AM Best Rating A- (Excellent)  A++ (Superior) 
Complaints Index  0.20 (Very good)  0.19 (Excellent)
Final Verdict

F&G Life Insurance only offers one life insurance policy, and it may not be the right fit for many individuals. Universal life policies are complicated insurance products that may come with heavy fees. In fact, F&G charges as much as a 7.5% fee per year on annual premiums.

While F&G is a strong financial company with few customer complaints, its few options and lack of transparent pricing make it difficult to recommend for most people. Instead, you may be better served by comparing policies and prices from top-rated life insurance companies.

Methodology 

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.