American Fidelity is a private, family-owned insurance company that has been operating since 1960.
They’re based in Oklahoma City and are the second-largest private family-owned insurer in the country. They serve 49 states as well as 23 other countries and have more than 1 million customers on their books.
American Fidelity Disability Coverage Options
American Fidelity offers a wide range of financial products and benefit coverages.
Their main focus is on health insurance and life insurance, but they also offer disability insurance products with different elimination periods and benefits.
American Fidelity’s focus on certain industries helps it serve those industries better, offering relevant and specially tailored group disability policies.
American Fidelity has some products aimed at individuals, but most of their products are on offer through employers, who have partnered with the provider. Even though American Fidelity sells their policies through employers, you can keep your plan after you leave the job.
This feature gives you more flexibility than similar products from other providers.
Short Term and Long Term Disability
In terms of disability insurance, American Fidelity offers both short and long-term disability plans as well as an Accidental Death and Dismemberment Benefit for workplace accidents. All policies include an accidental death benefit of up to $25,000.
The disability policy features include partial disability, workplace modification benefits, and survivor benefits and will pay out a maximum benefit of $10,000 per month for both short-term disability and long-term disability products.
Their customizable policies can also include optional critical illness and hospital confinement indemnity riders, as well as COBRA premium and accident-only spousal riders. This addition enables customers to tailor their policy to their individual needs.
Unfortunately, American Fidelity doesn’t take on individuals who are eligible for Medicaid.
American Fidelity Disability Claims Satisfaction
Ideally, once you’ve set up a disability policy, you’ll never have to claim it due to injury or disability. In the unfortunate event that you do need to claim, however, you want the process to be as stress-free and straightforward as possible.
Claims satisfaction can be broken down into two main components: how easy it is to file the claim and how likely it is that the application will be paid out.
If you need to file a claim from American Fidelity, you’re given plenty of options, allowing you to choose the one you prefer.
Easily File a Claim
The first is by downloading the appropriate form from the American Fidelity website.
This convenience means users need to navigate the site, choose their product, state, and industry, and then print the form out, fill it in, and mail or fax it back to the company.
You may also complete the entire claim online if you prefer.
The third option is via telephone. As each industry has a different helpline, individuals will need to find the appropriate number before calling.
Once they get through to the relevant service person, they are guided through the claims process and asked to supply supporting documentation.
The last option of claiming is through your employer. They will get in touch with their plan administrator who will work as an intermediary between the employer and American Fidelity, and handle the claim on your behalf.
In general, American Fidelity appears to have a relatively simple disability claims process, especially when you go through your employer who deals with the plan administrator. If you’re doing the claim yourself, it may be a more difficult process to follow.
They tend to honor their claims, though some consumers have complained through the Better Business Bureau that benefits payments are sometimes late and not the amount expected. However, these claims represent a tiny percentage of customers that American Fidelity serves.
Overall customer satisfaction encompasses everything other than claims. It rates how well the company deals with its clients and how satisfied the clients are with the communication and service they receive from American Fidelity.
A good measure of overall customer satisfaction is the Better Business Bureau rating, which is an independent organization that tracks how well companies satisfy their customers’ needs.
American Fidelity has been registered with the Better Business Bureau since 1975 and has maintained an A+ rating with the BBB. However, their customer rating is currently at 1/5 stars from 10 customer reviews, some of which are based on disability policies.
Many of the customers complain about late reimbursement payments, difficultly getting claims approved, and long delays in answering queries.
The company has received 29 complaints through the BBB in the last three years, 12 of which have been closed in the last year. Many of these complaints have to do with problems with a product or service, including their disability policies.
American Fidelity also offers several consumer-friendly services to enhance the customer service experience. They provide direct deposit options, legal advice, and assistance with Social Security benefits and filing. This service can be helpful for customers trying to navigate the complicated world of disability insurance.
American Fidelity Disability Insurance Pricing
As with all insurance policies, pricing depends on a large variety of factors, including:
- the industry you work in
- your age
- previous work history
Disability benefit plans tend to cover between 60 to 70% of your pay when you are disabled, and different plans will have different additional riders and benefits.
That’s why it’s so important to do your research and compare different insurance providers before settling for one. Make sure to use the same set of factors for each quote in order to get an accurate comparison.
When choosing a disability insurance provider, it’s really important to consider their financial strength. Unlike banks, insurers aren’t federally insured, which means that clients can lose their benefits if the providers shut down or become insolvent.
To prevent this from happening, you must choose an insurance provider that is, at the very least, stable and has a history of real financial strength.
To determine financial strength, various organizations such as AM Best, Moody’s, Standard & Poor’s, and Fitch review insurance companies based on their financial performance. They offer predictions of their financial strength in the future. This rating will help you decide whether the insurer you’re looking at is financially stable.
Currently, the only organization that has rated American Fidelity is AM Best, which has rated it an A+ (Superior) in May 2018. The main reason cited for the rating was American Fidelity’s balance sheet strength and strong operating performance.
American Fidelity has also been listed in Ward’s 2017 list of top-performing life insurance companies, due to its outstanding financial results over the last five years.
All these aspects ensure that American Fidelity is a reliable choice for an insurance provider. Their financial strength allows them to grow their business as a going concern, expand their service offerings, and continue paying out disability benefits.
Conclusion of American Fidelity Disability Insurance
When it comes to disability insurance, it’s vital to do your research before choosing a provider. The cost of the plan is not the only consideration – customer service is crucial, too.
An insurance provider’s visibility on public rating forums, for instance, offers a revealing look at their real customer service history. Red flags that appear regularly will be easy to pick up.
In general, American Fidelity is an excellent provider that is financially stable and has a good track record with the BBB, making them a solid choice.
*While we make every effort to keep our site updated, please be aware that “timely” information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.