F&G Life Insurance Review

Fixed indexed universal plans with flexible, customizable coverage

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F&G (Fidelity & Guaranty) Life

F&G (Fidelity & Guaranty) Life

Our Take

With just a few plans, Fidelity & Guaranty Life Insurance Company combines flexibility with fixed indexed crediting strategies to help provide financial security.

  • Pros and Cons
  • Key Takeaways
  • Company Overview
Pros and Cons
Pros
  • Exam-free insurance options

  • Convenient payments

  • No-lapse policy guarantee

Cons
  • Additional fees

  • Capped earnings

  • Not available in New York

Key Takeaways
  • Fidelity & Guaranty Life Insurance Company, known as F&G, is a part of the larger company, Fidelity National Financial.
  • F&G manages over 700,000 customers nationwide with service from over 44,000 licensed agents.
  • There are four policy choices for fixed indexed universal life insurance. 
  • Policy options and pricing depend on the plan you choose, so be sure to check the fine print for specifics.
Company Overview

F&G is the more well-known marketing name for Fidelity & Guaranty Life Insurance Company. Established in 1959, F&G is a part of the greater Fidelity National Financial and is based in Des Moines, Iowa. Term life insurance has been available since 1960, and F&G spent the next several decades steadily growing its portfolio, adding annuities in 1998.

Today, F&G is home to over 44,000 licensed agents and over 700,000 customers nationwide.

Geographical Restrictions

F&G sells life insurance in 49 states, except for New York. Policies are also available in Washington, D.C., and Puerto Rico, but product availability may vary by location.

  • Year Founded 1959
  • Kinds of Plans Term, fixed indexed universal
  • Number of Plans 4
  • Payment Plan Options Monthly, annual
  • Customer Service Phone: 888-513-8797; Claims: 888-513-8797
  • Official Website www.fglife.com

Pros Explained

  • Exam-free insurance options: F&G offers insurance policies without a medical exam requirement for eligible policyholders.
  • Convenient payments: When you need to make payments or deductions, F&G simply takes the fees from your policy’s value to spare you an extra bill. 
  • No-lapse policy guarantee: F&G puts in place several protections to keep your policy from being canceled, such as its no-lapse policy guarantee and illness-related riders.

Cons Explained

  • Additional fees: F&G offers an upfront fee schedule so you can be prepared.
  • Capped earnings: With fixed indexed plans, there are often caps on participation rates and returns.
  • Not available in New York: F&G does not sell life insurance in New York.

Available Plans

F&G offers four options for fixed indexed universal life insurance:

  • F&G Gold
  • F&G Freedom
  • F&G Pathsetter
  • F&G Everlast

The crediting schedules and fees for F&G plans vary based on the plan you choose.

F&G Gold

The F&G Gold is a fixed indexed universal life insurance policy for policyholders between the ages of 0 and 80 years. It carries a death benefit and policy face amount of $50,000 to $500,000, unless you are approved for more by the home office. For exam-free underwriting, the requirements change slightly, with issue ages between 0 and 50 years and a face amount of up to $1 million.

Special conditions do apply:

  • For Puerto Rican residents, exam-free underwriting applies for applicants between the ages of 0 to 45 with policies under $150,000. 
  • Non-U.S. citizens and those who are not permanent resident cardholders have a maximum face amount of $300,000 for exam-free underwriting. 

You have the option to put your account value toward interest crediting options with the option to change allocations on the anniversary of the index crediting period. There is guaranteed interest credit of at least 0.25% annually.  

F&G Gold Index-Based Interest Crediting Schedule
Plan  Type  Participation rate  Spread maximum  Cap minimum 
Gold Commodity Interest Option Annual Point-to-Point 100% N/A 1%
Dow Jones U.S. Real Estate Daily Risk Control 10% USD Total Return Index  1-year Annual Point-to-Point  30% minimum  10% N/A 
S&P 500®  1-year Annual Point-to-Point  100%  N/A  1%
Barclays Trailblazer Sectors 5  Annual Point-to-Point  30%  10%  None 

F&G also awards a persistency bonus after your 11th contract year if the fixed index credited rate exceeds the minimum guaranteed rate. There is also a no-lapse guarantee when you make the minimum payments for your policy.

The minimum partial withdrawal is $500, with an additional $25 penalty for withdrawals made after the first policy year. You can avoid surrender charges when you withdraw up to 10% of your policy’s surrender value. Fixed or variable loans are permitted when there is enough accumulated value to cover the balance. 

F&G Freedom

The F&G Freedom policy is also a fixed indexed universal life insurance policy. Eligible policyholders are between the ages of 18 and 80 with a maximum premium of $500,000, unless you receive specific approval otherwise.

The minimum death benefit is dependent on age:

  • Ages 18 to 45: $150,000 minimum death benefit
  • Ages 46 to 80: $100,000 minimum death benefit

For exam-free underwriting, the requirements change slightly. Policies are available for ages 18 to 50 with a face amount of up to $1 million. Policies are not available in Puerto Rico, and those who are not U.S. citizens or permanent resident cardholders face a maximum policy amount of $300,000. 

After your 11th policy year, there will be a bonus of a 0.25% interest rate increase to your fixed and indexed account values. If you want to make a withdrawal, the minimum amount is $500 and carries a $25 charge in the first year. You may withdraw up to 20% of the policy’s surrender value annually without any surrender charges.

F&G Freedom Index-Based Interest Crediting Schedule
Plan Type  Participation rate  Spread maximum  Cap minimum 
Barclays Trailblazer Sectors 5 Annual Point-to-Point 30% 10% None
Dow Jones U.S. Real Estate Daily Risk Control 10% USD Total Return Index  1-year Annual Point-to-Point  30%  10%  None 
S&P 500®  1-year Monthly Point-to-Point or 
1-year Annual Point-to-Point 
100% or 140%  N/A  0.50% monthly 1% annual 

On the anniversary of your policy, you may change your death benefit option.

F&G Pathsetter

The F&G Pathsetter is a fixed indexed universal life insurance with two death benefit options that can be changed as needed. This policy is available for policyholders aged 0 to 80 years with a minimum face amount of $50,000 and a maximum premium of $500,000 or more with home office approval. 

For exam-free underwriting, eligible policyholders are between the ages of 0 and 50 years, and policies carry a minimum face amount of $1 million. Specific conditions apply:

  • Those who are not U.S. citizens or not permanent resident cardholders are limited to $300,000 for exam-free underwriting. 
  • Applications in Puerto Rico are available for policies under $150,000 when applicants are between the ages of 0 and 45.
F&G Pathsetter Index-Based Interest Crediting Schedule
Plan  Type  Participation rate  Spread maximum  Cap minimum 
Barclays Trailblazer Sectors 5 1-year Annual Point-to-Point 30% 10% None
S&P 500®  1-year Monthly Point-to-Point or  
1-year Annual Point-to-Point 
100% or 140%  N/A  0.50% monthly
1.00% annual

Policies carry a minimum 0.25% guaranteed credited interest. There is a minimum partial withdrawal of $500, and you may withdraw up to 20% of your policy’s surrender value each year without surrender charges, but additional fees may apply. 

F&G Everlast

The F&G Everlast fixed indexed universal life insurance policy is available for policyholders between the ages of 0 and 80 years. There is a maximum amount of $500,000, with higher amounts available with home office approval. The minimum face amount depends on your age:

  • Ages 0 to 45: $150,000
  • Ages 46 to 80: $100,000

For exam-free underwriting, you must be between the ages of 0 and 50 years, and there is a maximum face amount of $1 million. Policies are not available in Puerto Rico, and there is a maximum policy amount of $300,000 for those who are not U.S. citizens or not permanent resident cardholders.

The guaranteed interest credit has a minimum of 0.25 percent. Partial withdrawals start at $500, and you may take up to 10% of your surrender value each year without surrender charges. However, both partial withdrawals over 10% and full withdrawals may have surrender fees. 

F&G Everlast Index-Based Interest Crediting Schedule
Plan Type  Participation rate  Spread maximum  Cap minimum 
Barclays Trailblazer Sectors 5 1-year Monthly Point-to-Point,
1-year Annual Point-to-Point
100% or 140% 10% 0.50% monthly
1% annual
3% annual
Barclays Trailblazer Sectors 5  Annual Point-to-Point  30%  10%  None 

Everlast policies carry a no-lapse guarantee for accounts in good standing. 

Available Riders

A life insurance rider is one way to better customize your policy to your exact needs, with additional coverage that can be purchased a la carte to round out your policy. 

F&G offers a selection of different riders, depending on the plan you have.

Rider F&G Gold  F&G Freedom  F&G Pathsetter  F&G Everlast 
Accelerated Benefit for Terminal Illness
Accelerated Benefit for Critical Illness  ✔  ✔  ✔  ✔ 
Accelerated Benefit for Chronic Illness  ✔  ✔  ✔ 
Waiver of Monthly Deductions  ✔  ✔  ✔  ✔ 
Waiver of Specified Premium    ✔  ✔  ✔ 
Accidental Death Benefit Rider  ✔  ✔  ✔ 
Overloan Protection Rider  ✔  ✔  ✔  ✔ 
Primary Insured Term Life Insurance Rider  ✔  ✔  ✔  ✔ 
Spouse Term Life Insurance Rider  ✔  ✔  ✔  ✔ 
Children’s Level Term Insurance Rider  ✔  ✔  ✔  ✔ 

Accelerated Benefit for Terminal Illness

When you have a life expectancy of less than 24 months, you may have the option to access up to 100% of your policy’s death benefit, up to $1 million. 

For Florida residents, the minimum life expectancy is 12 months for this rider. 

Accelerated Benefit for Critical Illness

If you have been diagnosed with a critical illness, you may access up to 100% of your death benefit. 

There are limitations based on age and your exact condition. Coverage may be limited or not available in some states. 

Accelerated Benefit for Chronic Illness

This rider gives you the option to access up to 25% of your policy’s death benefit should you become diagnosed with a chronic illness by a licensed medical professional. There is the option for continued acceleration of this rider each year up to $1 million or until the total death benefit has been used.

This rider is not available in California.

Waiver of Monthly Deductions

If you experience a total disability for six months or more, your monthly F&G charges will be waived to protect your surrender value and keep your policy active.

Waiver of Specified Premium

The Waiver of Specified Premium will pay out a specified monthly amount if you become disabled for more than six months to prevent policy cancellation.

Accidental Death Benefit Rider

Certain accidental deaths may be subject to an additional death benefit if the death occurs before the policy anniversary after your 70th birthday. The maximum benefit cannot exceed $250,000 or the policy’s face amount. Eligible policyholders must be between the ages of 0 and 60 years.

Overloan Protection Rider

The Overloan Protection Rider applies after your 75th birthday for policies that have been in effect for a minimum of 15 years. This protection prevents your policy from lapsing if you have loans higher than your total surrender value. 

Primary Insured Term Life Insurance Rider

The Primary Insured Term Life Insurance Rider applies to new policies with coverage based on:

  • Ages 18 to 45: $150,000 base policy amount 
  • Ages 46 and up: $50,000 base policy amount 

With this rider, you receive term life insurance of up to nine times the base policy amount. An additional premium may be added, but surrender charges do not apply. 

Spouse Term Life Insurance Rider 

With the Spouse Term Life Insurance Rider, you can protect your spouse with term life insurance coverage that is renewable on an annual basis. You may also convert your policy to permanent life insurance within a specific timeframe.

Coverage is available for new policies based on:

  • Ages 18 to 45: $150,000 
  • Ages 46 and up: $50,000

Additional charges may apply, but surrender charges are exempt.

Children’s Level Term Insurance Rider

If you have children, the Children’s Level Term Insurance Rider provides term life insurance up to $25,000 for your children until the age of 25 years. This coverage can later be converted into permanent life insurance. 

Customer Service

New customers can fill out the online form to be connected to a financial and insurance professional, while existing customers can also send an online email or use one of the following contact methods. 

Mailing Address 801 Grand Ave.
Suite 2600
Des Moines, IA 50309
Phone  888-513-8797

Life Insurance
Monday to Friday
8 a.m. to 6:30 p.m. (EST)
7 a.m. to 5:30 p.m. (CST)

Annuity
Monday to Friday
8 a.m. to 6 p.m. (EST)
7 a.m. to 5 p.m. (CST) 
Claims  888-513-8797 
Forms  Online form gallery 

Complaint Index

A great way to determine an insurance provider’s customer service is to look at scores provided by the National Association of Insurance Commissioners (NAIC). The NAIC tracks customer complaint data for each provider and then assigns a score based on a 1.00 baseline score.

F&G has an NAIC score of 0.16 in 2020, which is well below the average score and shows excellent customer satisfaction. Although already competitive, this score is an improvement from 2019, when it received a 0.20 score, and its 2018 score of 0.25.  

Third-Party Ratings

AM Best is another respected ratings provider that judges a company based on financial strength. F&G scores a high rating of A- (Excellent), which means that this company generally has efficient claims and payment processing when you need it. 

Cancellation Policy

To cancel your F&G policy, you must write a letter expressing instruction to cancel. Your letter must include the following details:

  • Policy number
  • Signature
  • Current date
  • Cancellation effective date (no more than 60 days in the future)

You may mail or fax your cancellation letter to F&G’s service center, according to the contact information below.

Postal Mail F&G Service Center
P.O. Box 81497
Lincoln, NE 68501
Overnight Mail  F&G Service Center
777 Research Drive
Lincoln, NE 68521 
Fax  800-281-5777 

Price

The cost of F&G life insurance plans depends heavily on the plan you choose and several individual factors. 

F&G Underwriting Requirements by Plan

To assess appropriate pricing, F&G uses specific underwriting categories based on your health and lifestyle.

Plan Underwriting requirements
F&G Gold Preferred Non-tobacco (no tobacco use past 2 years) 
Non-tobacco (no tobacco past 1 year) 
Preferred Tobacco 
Tobacco 
Standard (ages 0 to 17) 

*Substandard ratings available.
F&G Freedom  Preferred Non-tobacco (no tobacco use past 2 years) 
Non-tobacco (no tobacco past 1 year) 
Preferred Tobacco 
Tobacco

*Substandard ratings are available.
F&G Pathsetter  Preferred Non-tobacco (no tobacco use past 2 years) 
Non-tobacco (no tobacco past 1 year) 
Preferred Tobacco 
Tobacco 
Standard (ages 0 to 17)

*Substandard ratings are available.
F&G Everlast  Preferred Non-tobacco (no tobacco use past 2 years) 
Non-tobacco (no tobacco past 1 year) 
Preferred Tobacco 
Tobacco 
Standard (ages 0 to 17) 

*Substandard ratings are available.

In addition to underwriting requirements, there are several other factors that determine the price of your policy. F&G considers your age when determining the amount of your policy, as well as your medical history and the state in which you live. Gender is another factor commonly used by F&G to determine price, although most insurance companies use your sex at birth instead of current gender identity to calculate price.

F&G Fees and Charges by Plan

Additional fees may apply based on your policy, with F&G taking deductions directly from your policy’s monthly value.

F&G Fee Schedule
  F&G Gold F&G Freedom F&G Pathsetter  F&G Everlast 
Maximum Information Report & Partial Surrender Service Fee  $25.00 each N/A $25.00 each $25.00 each
Expense Deducted from Premiums  7.5%  Years 1 to 10: 9% 
Years 11+:  5% 
Years 1 to 10: 9% 
Years 11+:  5% 
7.5% 
Monthly Contract Fee  $10.00  $9.00  $9.00  $5.00 
Length of Monthly Unit Expense charges  10 years  15 years  15 years  10 years 

Competition

To best understand how F&G stacks up against the competition, we compare it to one of the best life insurance companies, New York Life. 

F&G holds just a small fraction of New York Life’s total market share at just 0.27% total market share, compared to 5.7% for New York Life. Coverage is limited, too, with just half the plans that New York Life offers. Although F&G has higher dividends from its parent company, New York Life still scores higher for financial stability. F&G may have its strengths, but New York Life rates higher in several critical areas.

  F&G Life New York Life 
Market Share 0.27% Third-largest in U.S., 5.7%
Number of Plans  10 
Dividends for 2020  $4.6 billion  $1.9 billion 
Wellness Program Discounts/Quit Smoking Incentives  Yes  Not applicable 
Service Method  Agents  Agents 
AM Best Rating  A- (Excellent)  A++ (Superior) 
Price Rank  Varies  Better than most 
Complaints Trend  0.16 Excellent  0.15 Excellent 
Final Verdict

Fidelity & Guaranty Life Insurance Company, also known as F&G, is a smaller life insurance provider with a handful of plans and extra riders for well-rounded protection. However, you must be comfortable with indexed crediting strategies because that forms the basis for all F&G’s life insurance policies.

Our Methodology: How We Review Life Insurance Carriers

Investopedia’s exclusive life insurance review methodology takes a practiced, analytical approach to the insurance industry today. We take a deep dive into the industry’s leading insurance carriers to present an honest, in-depth look at services and coverage. Also of consideration are ratings from the industry’s top ratings providers, such as AM Best for financial strength and the National Association of Insurance Commissioners (NAIC) for customer satisfaction. Finally, we consider eligibility and pricing to provide a well-rounded portrait of each life insurance company so you can make the best decisions for your family’s future.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. NAIC. "CIS Refined Results." Accessed August 31, 2021. 

  2. AM Best. "Fidelity & Guaranty Life Insurance." Accessed August 31, 2021.