Wells Fargo 2021 Life Insurance Review

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Wells Fargo is not one of our highest rated life insurance companies. You can check out our list of the best life insurance companies for what we think are better options.


Benefits explained

  • Created in 1852: Wells Fargo is one of the oldest financial institutions in the United States.
  • Large choice of financial products: A number of different financial products are available, allowing you to plan your entire financial future in one place.
  • Brokers help with third party insurance: Wells Fargo Advisors works as a third party broker to help you find the right insurance policy with several different carriers.


Disadvantages Explained

  • No longer sells direct life insurance: As of 2018, Wells Fargo no longer sells its own life insurance products.
  • Long history of legal challenges: Wells Fargo was the subject of a scandal in 2016 for illegally purchasing consumer life insurance policies without the knowledge of its customers.
  • No detailed information about online insurance: Few details are available online about life insurance, with the company sticking to brief overviews instead.


Packages available

Wells Fargo does not have its own insurance policy. Instead, its advisors sell products offered by affiliated agencies and underwritten by unaffiliated insurance companies.

Wells Fargo no longer issues life insurance policies.

Some popular types of life insurance include term, whole, universal, and variable life insurance.

Term

Term life insurance is a type of term coverage that is known for its generally affordable premiums. Your policy provides coverage for a specific period, typically 10 to 30 years. It includes a death benefit paid to your beneficiaries if the policyholder dies while the contract is still active.

Popular companies for the best term life insurance include Prudential, State Farm, and Transamerica.

Whole

Unlike term coverage in term insurance, whole life insurance is a permanent policy designed to protect you for the rest of your life. When you die, a death benefit is paid to your beneficiaries, similar to term life insurance. As you pay premiums, your policy accumulates a cash value at a fixed interest rate.

Some of the best whole life insurance companies include MassMutual, Northwestern Mutual, and New York Life.

Universal

Universal life insurance is known for its flexibility, as you can adjust your death benefit amount and even skip your monthly premium, depending on the policy you choose. It is also a form of permanent life insurance that increases in cash value over time. These funds can then be used for emergency expenses. Although these policies generally offer a guaranteed minimum interest rate, that interest rate is not fixed and, therefore, may leave your account subject to losses.

The best universal life insurance companies include State Farm, Prudential, and AAA Life Insurance Company.

Variable life

Also a permanent form of life insurance, variable life insurance holds a fixed death benefit, but your cash value is not guaranteed and depends on a selected group of market investments that you choose for your purposes. accounts.

It could be a very lucrative benefit on your death, but your account is also subject to market conditions and can go down at any time.


Jumpers available

When you purchase a new life insurance policy, you have the option of customizing your policy with additional coverage. A life insurance rider is a specific type of insurance protection that you can purchase to extend and customize your policy.

Some common life insurance riders include:

Accidental death rider

With the accidental death rider in place, your beneficiary can receive an additional death benefit if the policyholder dies as a result of an accident. Sometimes referred to as a double indemnity rider, the accidental death rider often means that the beneficiary will receive a benefit equal to the death benefit of the existing policy.

Accelerated Death Benefit Rider

If the policyholder is diagnosed with a terminal illness, this rider will ensure that a portion of the death benefit can be accessed promptly to help with medical and final expenses.

Child Endorsement Term

Policyholders can also purchase life insurance for their children under their current policy. If the child dies before a specific age, the Temporary Child Rider will pay an additional death benefit. Alternatively, the temporary policy can be converted to a permanent policy when the child reaches a certain age and without the additional requirement of evidence of insurability.

Long-term care rider

If the policyholder needs nursing or home care, the long-term care rider will help cover those long-term medical costs by paying a monthly benefit.

Before choosing the best policy for you, compare your options and review the endorsements available to better tailor your life insurance policy.


Customer service

To discuss Wells Fargo products, you can schedule a consultation or call 1-866-243-0931.

Wells Fargo provides banking, mortgage, investment and commercial finance services.


Wells Fargo has specific contacts for each department.

Address
Corporate offices Wells fargo
420 Montgomery Street
San Francisco, CA 94104
Online customer service Wells Fargo Customer Service
MAC N9160-02H
1801 Park View Drive
Shoreview, MN 55216

Wells Fargo Customer Service
Contact Telephone Working hours
Wells Fargo Private Bank 1-888-715-0380 Monday to Friday, 8:30 a.m. to 9:30 p.m. EST
401 (k) Pension plans 1-800-728-3123 Monday to Friday, 7:00 a.m. to 11:00 p.m. EST
Wells Fargo Advisors Full Service Brokerage Current Clients 1-866-281-7436 Monday to Friday, 8:00 a.m. to 12:00 p.m. EST
Existing WellsTrade Online Brokerage Accounts 1-800-TRADERS (872-3377) Monday to Friday, 8:00 a.m. to 12:00 p.m. EST
Current IRA Clients 1-866-281-7436 Monday to Friday, 8:00 a.m. to 12:00 p.m. EST
IRA New clients and rollovers 1-877-493-4727 Monday to Friday, 8:30 a.m. to 9:30 p.m. EST


Complaints index

To best determine a company’s customer service standards, we typically look to the National Association of Insurance Commissioners (NAIC) for customer satisfaction ratings. Each year, the NAIC collects the number of consumer complaints for each insurance provider and assigns a score based on an industry-wide rating of 1.00.

However, since Wells Fargo no longer sells life insurance, it is not rated by the NAIC.


Third party evaluations

AM Best is another respected rating provider who rates a company on its financial strength. Wells Fargo is not yet rated here due to its lack of in-house insurance products.


Cancellation policy

Wells Fargo previously offered life insurance policies through Prudential. If you still have one of these policies, you can contact Prudential directly for assistance at 1-800-944-8786 for policy numbers beginning with the letter “V” or 1-800-778- 2255 for all other policy numbers. Customer service is available Monday through Friday, 8 a.m. to 8 p.m. ET.


Price

Since Wells Fargo does not sell its own insurance policies, no specific pricing is available. However, you have the option of working with a Wells Fargo advisor, who can help you shop around for a number of life insurance providers to find the coverage that’s right for you.

The typical life insurance policy is calculated based on a number of factors. Of course, the cover and the writers you choose will play a big role in determining the prices. Other factors include your age, health, medical history, and lifestyle. Many companies also use gender, incorporating your sex at birth instead of your current gender identity to calculate the rates.


Competetion

To better understand how a life insurance provider stacks up against the rest of the competition, we compare it to our pick for the best life insurance card company of 2021, New York Life.

Because Wells Fargo does not have insurance products or associated ratings, living in New York is still the best choice when you want to work directly with a life insurance provider.

Wells fargo New York life
Market share N / A Largest in the United States, 6.75%
Number of packages 0 ten
Dividends for 2020 N / A $ 2.3 billion
Discounts on the wellness program / Incentives to quit smoking N / A Not applicable
Method of service Third party brokers Agents
AM Best grade N / A A ++ (Superior)
Price ranking N / A Better than most
Trend in complaints N / A 0.15 Excellent

Final verdict

With no life insurance product of its own, Wells Fargo is better suited to your banking needs than your life insurance. However, you have the option of working with Wells Fargo advisors to shop around and purchase a life insurance policy from another company.



Our methodology: How we review life insurance companies

Using our life insurance methodology, Investopedia takes a systems and analytical approach for each provider. Important factors to consider include not only plans and pricing, but also critical areas such as business history and customer satisfaction. We look to industry experts for ratings like AM Best for Financial Strength and the National Association of Insurance Commissioners (NAIC) for Overall Customer Satisfaction. Based on these and other factors, we present the most recent and comprehensive reviews of financial service providers for you and your family’s future.

Investopedia requires that writers use primary sources to support their work. These include white papers, government data, original reports, and interviews with industry experts. We also reference original research from other reputable publishers where applicable. You can read more about the standards we follow to produce accurate and unbiased content in our editorial policy.

  1. Reuters. “Prudential stops distribution of policies sold through Wells Fargo. “Accessed October 1, 2021.




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