This article will review Wells Fargo’s Simplified Term Life Insurance program through Great-West Financial.
As an independent life insurance agency, we’re always vetting new products on the market. We recently had a Wells Fargo customer call us to compare rates to Wells Fargo’s Simplified Issue Term Life product that they market online and to their massive customer base.
We did our research and this article will detail our results.
First of all, it’s important to understand what “Simplified Issue” life insurance means. In short, it’s life insurance with no medical exam. Many people misunderstand it for being “guaranteed issue” life insurance, however that’s not the case. You have to qualify based on the health questions and background checks. While that seems great and may be easy for you to obtain we recommend that you do your due diligence and shop around before you choose your life insurance protection.
Ok, lets get on with our Wells Fargo Simplified Issue review.
Wells Fargo Simplified Issue Term Life Insurance Is Expensive
Compared to other simplified issue term life insurance products on the market, this product is much more expensive. We ran $50,000, $100,000 and $150,000 rates at ages 25, 30, 35, 40, 45, 50 and 55 and every time there were better options.
Both of these products have online applications and both of these products will give you instant decisions on your application. You’ll see that 1clickcoverage beats Great-West Financial’s (aka Wells Fargo Simplified Issue Term Life Insurance) pricing every time.
If you really want the best “simplified issue” rates, there are even better choices that we outline here. For full transparency, these other options require an agent to assist you with the application unlike the option above.
Wells Fargo Simplified Issue Term Life Insurance Is Hard To Qualify For
You need to be in outstanding health. They have around 20 yes/no health questions. If you mark any of them “yes”, you’re disqualified from coverage.
One of their application questions asks: “In the past 10 years, have you had, been medically advised that you have, or received any type of treatment for the following: … High Blood Pressure”
So if you’ve ever had high blood pressure in the last 10 years, you can’t qualify for coverage. Every other simplified issued life insurance company on the market will allow controlled high blood pressure to qualify for coverage.
This is how sensitive their underwriting is.
Limited in Coverage and Term Length
You can ONLY apply for a 10 or 20 year term policy. Just be aware that you can get 10, 15, 20 and 30 year simplified issue term coverage from plenty of other carriers.
Also, the maximum amount of coverage is $150,000. Most simplified issue life insurance companies go up to $250,000 – $350,000 of coverage. However Wells Fargo’s Simplified Issue Term Life Insurance does have a $25k option that most simplified issue term companies don’t have – so I’ll give them that.
Don’t buy this coverage. If you’ve already purchased it, secure a cheaper policy and then cancel your Wells Fargo Simplified Issue Term Life Insurance policy.
We have nothing against Wells Fargo – they’re a great bank. And that’s just it – they should stick to banking because they’re promoting an inferior life insurance product to their customers.
If you’d like to see what the rest of the “simplified issue” life insurance market looks like for YOUR unique situation, give us a call or fill out the form on the right. We’d be happy to provide you with the lowest rates you can qualify for.