Branding is a powerful tool that builds trust and banks like Wells Fargo know how to use it to their advantage. As an account holder I’ve done business with Wells Fargo and they provide exceptional service in every aspect of a consumers banking needs. However, when it comes to life insurance do they live up to the same standard? Let’s find out.
In summary here is what you need to know about getting life insurance with Wells Fargo:
- Wells Fargo doesn’t actually offer their own life insurance product.
- Their simplified issue product is through Prudential life insurance company with no ability to compare with other no exam carriers.
- Their traditional life insurance is through a third party broker that offers only 3 companies to compare with.
- Your best bet is to shop around further to ensure you’re getting the best deal.
That’s the gist of getting life insurance through Wells Fargo, is that you won’t actually be getting life insurance through Wells Fargo. If you want to compare rates with all the companies on the market use the quoter on your right. Otherwise let’s discuss the places they refer you to and the kind of products they offer.
On the Wells Fargo life insurance page you’ll see that they offer two types of products: Term Life and Simplified Term Life. Where you’re referred will depend what you click on. Let’s review each by product type.
Simplified Issue Term Life
Their simplified issue life insurance product is offered by Pruco Life Insurance Company aka Prudential. This product offers a term life insurance for 10 to 30 year terms. The coverage amount, like most no exam products is capped at $250,000. The application process looks to be completely online and you can expect expedited underwriting. You will have to provide payment info, as is also the case with most no exam applications. There is a possibility for instant decision unless you’re in the following states:
- Florida
- Colorado
- Idaho
- North Dakota
- Rhode Island
- New York
- South Carolina
- California
In the case of these states you can expect up to 14 to 30 day approval process.
So now that we know, let’s weigh the pros and cons and see how this product stacks up against the competition.
Pros
- Online Application
- Speedy Decision
Cons
- Capped Coverage
- More expensive than traditional
- No ability to compare
Versus the Competition
The other big names in simplified issue life insurance coverage are Sagicor, Fidelity, American National and Assurity. You can compare rates for all of them on our no exam quotes page. The Prudential no exam life insurance product referred by Wells Fargo stacks up well but not in all areas. While the $250,000 cap is usual with simplified issue products, Sagicor offers up to $400,000 of coverage for their no exam. Also, all of these plans skip the medical exam but you can still expect underwriting.
When it comes to price, this product doesn’t fare well. Here is the quote I ran to compare:
- 35 year old healthy male
- Non-smoker
- 20 year term
- $250,000 coverage
The results I got were:
- Prudential: $38
- Sagicor: $23
- American National: $29
As you can see there are more affordable options out there. So to compare no exam life insurance quotes with multiple no exam carriers, click here.
Now let’s move on to the traditional life insurance offered by Wells Fargo.
Term Life
The term life insurance product with Wells Fargo is a referral to a third party broker. I couldn’t find anything more about them then their website but I doubt Wells Fargo would refer you to a company that isn’t real. There are no customer service reviews so I can’t speak to that either. What I can mention is that they offer only 3 life insurance companies on their quote engine. Those companies are AIG, Transamerica, and Voya Financial.
While these are great, A-rated companies, there are a few drawback to this.
One of them, is the lack of real price comparison. Being limited to only 3 companies can cause you to overpay for coverage by hundreds of dollars every year. Each company offers different rates and different rate classes for the same product types. So make sure to compare with all the A-rated life insurance companies out there to avoid paying more than you have to.
The second draw back is the lack of product types. From the website it looks like they only offer term life insurance. If you have permanent life insurance needs this could be an issue for you.
The biggest drawback is that you could probably only shop with them if you’re in perfect health. If you have health conditions, less than ideal background, or a dangerous occupation you may be out of luck. Why? Because each life insurance company has it’s niche in high risk cases. Some companies offer better rates for Diabetics while other offer better rates for Pilots. If you’re a high risk the lowest quote on the quote engine won’t do much for you. If this is the case your best bet is to work with an independent agency that has access to many companies and is experienced with high risk cases. This way your agent will know which company will provide the best result for your specific situation.
Final Thoughts
While Wells Fargo doesn’t offer life insurance it does refer you to reputable life insurance companies, or at least an agency that seems to represent those reputable companies. In some cases those companies may offer the best rate for you. But you want to make sure you shop and that’s the downfall of life insurance through Wells Fargo. You don’t get the real life insurance shopping experience. This can cause you to overpay for coverage, get the wrong coverage, and be limited to product types.
The good news is you’re at the right place. InsureChance is an independent life insurance agency who represent over 60 A-rated life insurance companies and does the shopping for you at no extra cost to you. We offer traditional, simplified issue, guaranteed issue life insurance products and we specialize in all high risk cases. If you want to learn more give us a call at 888-492-1967 or hit the chat button below with any questions. Welcome to InsureChance!
