This article will review Wells Fargo’s Simplified Term Life Insurance program which was offered through Prudential and Great-West Financial.
Wells Fargo doesn’t actually offer life insurance any longer. They now only offer it through Wells Fargo Advisors (you must have an account). Even, their policies are in partnership with other life insurance companies.
We typically don’t recommend purchasing life insurance this way, and below you’ll find out why.
- What is Simplified Issue Term Life Insurance?
- Wells Fargo Simplified Issue Term Life Insurance is Expensive
- It’s Difficult to Qualify for Wells Fargo Simplified Issue Term Life Insurance
- Wells Fargo is Limited in Coverage and Term Length
- Compare Wells Fargo to other Life Insurance Companies
We can help you compare rates from Wells Fargo’s Simplified Issue Term Life product that they market online to other life insurance companies.
What is Simplified Issue Term Life Insurance?
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 no medical exam choices. These other options do require an agent to assist you with the application unlike the option above.
It’s Difficult to Qualify for Wells Fargo Simplified Issue Term Life Insurance
You need to be in outstanding health to qualify for this policy.
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 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.
To put it simply, their underwriting is very sensitive.
Wells Fargo 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.
Compare Wells Fargo to other Life Insurance Companies
Typically we recommend that consumers 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. However, we think 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’re confident you’ll be able to find lower rates than Wells Fargo Life Insurance.
The Best Alternatives to Wells Fargo Life Insurance
We’ve reviewed dozens of other life insurance companies that may be a better fit for you than Wells Fargo. Here are a few below that you can compare, or see our list of top 10 life insurance carriers.