Fortitude Life Insurance & Annuity Company(Arizona); Overview, Contacts, Claims, Services, Ratings, Reviews & Benefits

Fortitude Life Insurance & Annuity Company is a prominent player in the insurance sector, offering a range of life insurance and annuity products. Known for its commitment to financial security and customer satisfaction, the company provides comprehensive coverage solutions to individuals.

Fortitude Life Insurance & Annuity Company

Based in Jersey City, New Jersey, Fortitude Life Insurance & Annuity Company is a subsidiary of Fortitude Group Holdings, LLC, a global company offering legacy reinsurance solutions.

Brief History

Established in 2017, Fortitude Life Insurance & Annuity Company (FLIAC) operates as a subsidiary of Fortitude Group Holdings, LLC, a global provider of legacy reinsurance solutions. In 2021, FLIAC took over a segment of Prudential’s legacy variable annuity block from Prudential Annuities Life Assurance Corporation (PALAC), encompassing PALAC’s existing annuity contracts.

Contact Details

Contact Method Information
Phone 1-800-879-7012
Website Fortitude Contact Page
Mailing Address Fortitude Life Insurance & Annuity Company Ten Exchange Place Suite 2210 Jersey City, NJ 07302
Customer Service (Policy Questions) 1-800-879-7012

 

Services and Products

Fortitude Life Insurance & Annuity Company (FLIAC) offers a diverse range of life insurance and annuity products tailored for individuals and families. The product portfolio includes:

These products are designed to cater to various needs, from short-term coverage to long-term retirement planning.

Comprehensive Services:

FLIAC provides a comprehensive suite of services, covering every aspect of policy management. This includes:

Additionally, FLIAC extends financial planning services to assist policyholders in achieving specific financial goals, such as retirement, estate planning, and education planning.

Investment Management Services:

For variable annuities and index annuities, FLIAC offers robust investment management services. This encompasses:

  • Asset Allocation
  • Portfolio Management

These services are aimed at optimizing investment performance and ensuring the long-term financial well-being of policyholders.

Emphasis on Customer Support:

FLIAC, being a well-regarded company with a strong financial rating, prioritizes delivering excellent service and support to its policyholders. The company is dedicated to ensuring a positive customer experience throughout the life of the policy.

Highlighted Products:

FLIAC showcases specific products within its portfolio, such as:

These products represent the diverse options available to meet the varied needs of policyholders.

Additional Protection through Riders:

FLIAC offers various guaranteed living benefit riders that policyholders can add to enhance financial protection in specific scenarios. These riders provide additional security in situations like terminal illness or long-term care needs.

Fortitude Life Insurance & Annuity Company

Fortitude Life Insurance & Annuity Company (FLIAC) provides a range of life insurance and annuity products with different premium costs and payment options. Your specific premium depends on factors like the chosen product, age, health, and more.

Life Insurance

FLIAC’s life insurance products typically have monthly pricing, but you can also opt for annual, quarterly, or semi-annual payments. Discounts may be available for paying premiums in advance.

Examples of life insurance premiums:

  • Fortitude Term Life Insurance: Approximately $20 per month for $500,000 coverage for a healthy 30-year-old male.
  • Fortitude Whole Life Insurance: Around $100 per month for $500,000 coverage for a healthy 30-year-old male.
  • Fortitude Universal Life Insurance: Roughly $50 per month for $500,000 coverage for a healthy 30-year-old male.

Annuities

FLIAC’s annuity products usually have a single premium basis, requiring a one-time lump sum payment. However, flexible premium options, allowing additional payments over time, may be available.

Examples of annuity premiums

  • Fortitude Select Fixed Annuity: Approximately $50,000 for a $1,000 monthly income stream for a healthy 65-year-old male.
  • Fortitude Select Variable Annuity: Around $40,000 for a $1,000 monthly income stream for a healthy 65-year-old male.
  • Fortitude Select Index Annuity: Roughly $45,000 for a $1,000 monthly income stream for a healthy 65-year-old male.

Discounts and Promotions

FLIAC may offer discounts for specific groups like military members, veterans, and teachers. Promotional offers, such as reduced premiums for new customers, may also be available from time to time.

Process of Filing Claims

Initiating a claim with Fortitude Life Insurance & Annuity Company involves a straightforward process:

  1. Report the Claim: Notify the company promptly about the claim, providing essential details.
  2. Documentation: Gather necessary documentation supporting the claim, such as policy details, relevant forms, and other required information.
  3. Claim Submission: Submit the claim through the designated channels, which may include online platforms, email, or mail.
  4. Evaluation: The company conducts a thorough evaluation of the claim, which may involve additional communication with the claimant.
  5. Claim Settlement: If the claim is deemed valid, Fortitude Life Insurance & Annuity Company works towards a fair and timely settlement.

Fortitude Life Insurance & Annuity Company

Financial Strength and Rating

Fortitude Life Insurance & Annuity Company (FLIAC) boasts a robust financial standing, as affirmed by Fitch Ratings. The Insurer Financial Strength (IFS) rating is ‘BBB+’, supported by:

  • Strong Capital Position
  • Slightly Above-Average Investment Risk
  • Strong Asset/Liability Management

This rating reflects the company’s financial stability and responsible management.

Reputation Among Policyholders

FLIAC has garnered a positive reputation among its policyholders, evident in its average Trustpilot rating of 4.5 out of 5 stars. Policyholders appreciate:

  • Competitive Rates
  • Strong Customer Service
  • Easy-to-Understand Policies

This positive feedback underscores FLIAC’s commitment to customer satisfaction.

Customer Complaints and Resolution Process

While generally well-regarded, FLIAC has encountered some customer complaints over the years. Common issues include:

  • Difficulty Getting Claims Approved
  • Long Wait Times for Customer Service
  • Errors on Billing Statements

FLIAC takes customer complaints seriously. They usually get back to you within 2-3 business days and work together with you to fix things fairly and quickly.

Specific Customer Reviews

To provide a more nuanced view, here are specific examples of customer reviews:

These real-life experiences provide insights into both the strengths and challenges of FLIAC’s customer interactions.

Benefits of Joining Fortitude Life Insurance & Annuity Company

  1. Financial Security: Gain access to reliable life insurance and annuity products for financial security.
  2. Tailored Coverage Options: Choose from a variety of coverage options tailored to individual needs.
  3. Flexible Payment Plans: Enjoy flexibility in premium payments with monthly and annual options.
  4. Competitive Premium Costs: Benefit from competitive and affordable premium costs.
  5. Efficient Claims Process: Experience a straightforward and efficient claims process.

FAQs

  1. How can I contact Fortitude Life Insurance & Annuity Company for inquiries?
  2. What types of life insurance and annuity products does the company offer?
  3. Are there any discounts or promotional offers available for policyholders?
  4. What is the process for filing a life insurance or annuity claim?
  5. Can policyholders choose between monthly and annual premium payments?

Conclusion

For specific details and personalized information, it is recommended to reach out to Fortitude Life Insurance & Annuity Company directly.

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