Globe Life? Payment / No Waiting

[dfskinner]

I'm looking for life insurance for my mom; got the mailer from "Globe Life" and almost purchased $20,000 for her at $49.91 per month. She found out she has Leukemia about a month ago; B/D of Jun 1945 and the Chemo did not work, so she back at home waiting for her local doctor to decide what treatment to do to prolong things for her. She has a policy for burial ($7,800) purchased more then 20 years ago that's paid in full. I saw the "no wait" on the globe life and thought I would go ahead and get the policy for her but I'm not sure exactly what "No wait" means and I'm not sure if the policy would actually pay if she passes in the next 4 to 12 months, or even in the next 24 months.

Just looking for info as I'm not as smart on all this stuff as I probably should be, thanks in advance for any and all comments.
CoverageFace ValueFirst MonthMonthly PremiumFirst 2 Months’ PremiumAdult Life Insurance $20,000$1$49.91$50.91Subtotal:$50.91Total Premium:$50.91

 

[Newby]

I'm looking for life insurance for my mom; got the mailer from "Globe Life" and almost purchased $20,000 for her at $49.91 per month. She found out she has Leukemia about a month ago; B/D of Jun 1945 and the Chemo did not work, so she back at home waiting for her local doctor to decide what treatment to do to prolong things for her. She has a policy for burial ($7,800) purchased more then 20 years ago that's paid in full. I saw the "no wait" on the globe life and thought I would go ahead and get the policy for her but I'm not sure exactly what "No wait" means and I'm not sure if the policy would actually pay if she passes in the next 4 to 12 months, or even in the next 24 months.

Just looking for info as I'm not as smart on all this stuff as I probably should be, thanks in advance for any and all comments.
CoverageFace ValueFirst MonthMonthly PremiumFirst 2 Months’ PremiumAdult Life Insurance $20,000$1$49.91$50.91Subtotal:$50.91Total Premium:$50.91

You really need to meet with a local agent so you understand your options. Mail order life insurance has a lot of "gotchas" built in to it.

Your local funeral home has policies that will have a death benefit she can qualify for quicker than 24-months. That may be your best option in her case.

 

[Newby]

No wait means "no waiting period". I copied the following from Globe's website.
V
V
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Is there a waiting period?There is no waiting period and no reduced coverage period. Full coverage starts the first day the plan is issued.

For a short term, that's a good price and Globe's an excellent company(I was with them for 17 years) and A+ rated. It's term insurance and the premium will go up every 5 years, so I wouldn't recommend it for anyone that was going to carry it very long...I replace it whenever I run into it...but in your mom's situation it might be a good idea.

You were with Globe 17 years and you honestly believe they will sell a 1st day coverage plan to a lady with leukemia?

 

[dfskinner]

I even put Leukemia on the application online and Globe got me all the way to the point of entering my cc for the payment.

We're thinking my mom doesn't have that long; she was put in the hospital last night with pneumonia, doing better today, but now losing her hair, and not feeling that well; any suggestions? Should I go ahead with the Globe, no issue with paying $56 each month at least for the next year of so... maybe even longer.

By telling Globe on the application about the Leukemia I shouldn't have any issues getting them to pay, right?

Thanks again for any and all information.

dfskinner

 

[vic616283]

I was a captive agent...nothing to do with the mail order side. They say on their website that : There is no waiting period and no reduced coverage period. Full coverage starts the first day the plan is issued.

While I agree that it makes no sense, how do you suppose they can say that if that's not the case?

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I just told you what it says on their site, and they are a reputable company....but knowing how all the other companies do

Could be an underwritten product like assurity's term350. They look at medical records.

 

[goillini52]

I'm looking for life insurance for my mom; got the mailer from "Globe Life" and almost purchased $20,000 for her at $49.91 per month. She found out she has Leukemia about a month ago; B/D of Jun 1945 and the Chemo did not work, so she back at home waiting for her local doctor to decide what treatment to do to prolong things for her. She has a policy for burial ($7,800) purchased more then 20 years ago that's paid in full. I saw the "no wait" on the globe life and thought I would go ahead and get the policy for her but I'm not sure exactly what "No wait" means and I'm not sure if the policy would actually pay if she passes in the next 4 to 12 months, or even in the next 24 months.

Just looking for info as I'm not as smart on all this stuff as I probably should be, thanks in advance for any and all comments.
CoverageFace ValueFirst MonthMonthly PremiumFirst 2 Months’ PremiumAdult Life Insurance $20,000$1$49.91$50.91Subtotal:$50.91Total Premium:$50.91

I just looked at that site again, and based on the price you mentioned...it's not a guaranteed issue policy. It clearly says that there are "Only a Few Yes/No Health Questions". Unfortunately, your mom's not going to qualify. Forget what I said earlier and take Newby's advice about seeing what your local funeral home has to offer. Sorry if I got your hopes up! I shouldn't research and watch football at the same time.

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You were with Globe 17 years and you honestly believe they will sell a 1st day coverage plan to a lady with leukemia?

No....I don't ! I had a SERIOUS brain fart! Watching the football games and researching at the same time....not a good idea for me!

 

[Newby]

No....I don't ! I had a SERIOUS brain fart! Watching the football games and researching at the same time....not a good idea for me!

We've all made mistakes.

 

[goillini52]

We've all made mistakes.

This story happened in 1974...Fred the Fish...I started with them the year before. Globe issued a policy on a guppy.
The Victoria Advocate - Google News Archive Search

 

[dfskinner]

NOTE: You will not be charged now.
Your policy is active as soon as it is approved. After the first month you will be charged your monthly premium plus $1* for the first month's coverage.

This is what pop's up on the payment page at the end of the application process. Thanks for all your help, seemed too good to be true.... called the funeral home today; the policy we have will cover any funeral expenses..... thanks again

 

[goillini52]

NOTE: You will not be charged now.
Your policy is active as soon as it is approved. After the first month you will be charged your monthly premium plus $1* for the first month's coverage.

This is what pop's up on the payment page at the end of the application process. Thanks for all your help, seemed too good to be true.... called the funeral home today; the policy we have will cover any funeral expenses..... thanks again

Good luck and best wishes!