Credit Accident and Health Insurance
Print this pageCredit Insurance can be a smart protection, especially for those who have invested into real estate loans. See below for commonly asked questions. If you still need information, please contact your local store.
Who is eligible?
Most people are eligible for these products. Applicants simply have to answer health questions and must meet work employment requirements.
How affordable is it?
The balance on the loan is the amount insured (assuming this amount does not exceed the maximum limit), so you will never pay for more insurance than you need. The policy premiums are added to your monthly payment so there are no extra payment dates to keep track of.
What's the difference between Credit Life and Term Life Insurance?
| Characteristic | Credit Life Insurance | Term Life Insurance |
| Policy Premiums | Becomes part of the loan payment. This means that premium payments are included in the monthly loan payment; eliminating the possibility of forgetting a payment. | It is not connected to a loan. You must make separate payment arrangements. |
| Physical Examination | There is no physical examination required. | Physical examination is usually required. |
| Death Benefit | Will forgive all or part of the balance on specified loans. The death benefit – and therefore the premium – is adjusted monthly. | Will pay a specified death benefit to the beneficiaries of the policy upon death of the insured. The death benefit is only adjusted when the policy is renewed. |
| Policy Size | Customized to the needs of each individual loan. There is no minimum. | Since term life insurance is not usually tied to any specific debt, the size of the policy is determined by you. |
| Coverage | Designed to only cover a specific personal loan. The benefit is only used to repay the debt. | Is designed to protect the beneficiary. The death benefit is paid to the beneficiary who can decide how to spend the money. |
Is Credit Insurance right for me?
It is important to remember that everyone’s circumstances are different and while credit insurance may be the best solution for one person, it may not be the best for another. Credit insurance is only one of many solutions offered through Wells Fargo Financial. Please feel free to contact a representative in order to find out the best way to take care of your insurance needs.
Who can I talk to about applying for coverage?
Please feel free to contact your local Wells Fargo Financial branch for more information.Use our Branch Locator to find the nearest Wells Fargo Financial location.
*Not all insurance coverages available in all states. Coverages are subject to policy terms, conditions, and limitations. Credit insurance is available only in connection with an extension of Credit. Please check with your local branch for restrictions, including maximum amount of insurance and term limitations.
Credit insurance products are underwritten by Centurion Life Insurance Company of 800 Walnut St., Des Moines, IA 50309 and Assurant of 11222 Quail Roost Drive, Miami, FL 33157. Centurion Life Insurance Company is licensed in all states except ME, NY, and VT. Centurion Life Insurance Company, NAIC Company Code 62383 is domiciled in Iowa. Underwriter varies by state and coverage type. Centurion Life Insurance Company is an affiliate of Wells Fargo Financial, Inc.
The creditor is not acting as a broker to you but as an agent for the insurance company. The creditor and/or its affiliates, including insurance company affiliates expect to earn profits from the sale of credit insurance products.
Credit insurance is optional and not required. Loan decisions are not impacted by decision to purchase credit insurance.