Fidelity Life Association says it is selling a cheaper alternative to simplified issue mortgage life insurance.

Fidelity Life, Oak Brook, Ill., has introduced Rapid Decision Mortgage Term life insurance, a product that can provide up to $500,000 in coverage while guaranteeing that premiums will stay level for a term of 15, 20, 30 or 40 years.

Fidelity Life says it can put applicants for the new product through a complete underwriting process in a few days.

Because the product is a fully underwritten product, it should be cheaper than comparable mortgage term life products issued through a normal simplified underwriting process, Fidelity Life says.

Optional riders include a rider for accident disability income protect, an accidental death benefit rider and a rider that can waive the premium while a policyholder is involuntarily unemployed.