Fidelity Life Association was founded in 1896 as Mystic Workers of the World, a fraternal benefit society designed to provide financial protection for the growing middle class of the Midwest and Northern states.
As Middle America grew, so did we. By 1915 life insurance in force reached $100 million. In 1929, we increased our assets by nearly 100 percent during the worst decade in U.S. financial history. Though we remained a fraternal benefit society, we changed the company name to Fidelity Life Association in 1930. For the next few decades, our assets and the number of customers we served continued to grow.
In 1953, Fidelity Life converted to a mutual legal reserve life insurance company. Shortly thereafter, we became affiliated with a series of life insurance organizations through fee-for-management agreements. In 2005, Fidelity Life ended this management arrangement and became an independent company once again. This change has ushered in an exciting new era for the company, coming full circle to once again to focus on assisting everyday Middle Americans experience the peace-of-mind that comes with life insurance ownership.
Today, Fidelity Life is a well-capitalized life insurance company licensed to do business in all states except Wyoming and New York with over $31 billion of life insurance in force. We are organized as a stock life insurance company subsidiary of Vericity Holdings, Inc. with Members Mutual Holding Company as our ultimate parent. This organizational relationship provides Fidelity Life greater operational flexibility and access to capital. The company has a risk-based capital ratio that ranks in the top 10 percent of the U.S. life insurance industry and is rated A- (Excellent) by A.M. Best.
Fidelity Life's parent added additional customer-oriented capabilities in 2009 with the acquisition of eFinancial, a direct-to-consumer sales organization. The partnership between Fidelity Life and eFinancial, as well as Fidelity Life's very select independent distributors exemplifies the company's focus on making life insurance more accessible and affordable for everyday Americans.