Over 150.000 insurance professionals and consumers come to the Insurance Forum every month. Click here to register for FREE


Go Back   Insurance Forums > Insurance Agents and Brokers Forum > Life Insurance Forum

Reply to Globe Life Insurance     
Old 01-05-2012, 07:13 PM   #21
Guru
WinoBlues on Globe Life Insurance
 
Join Date: Jan 2009
Posts:17,225
State: WinoBlues is an Insurance Agent from Undisclosed Location
WinoBlues is a member of 5000 posts Super VIP club
Globe Life Insurance Re: Globe Life Insurance
- - - - - - - - - - - - - - - - - -
Originally Posted by BenS View Post
Figured I bring back this thread due to an experience today...


I ran into a Globe Life policy today that the client swore was a WL policy. Even the GL reps were telling her that. I called their customer care line since she couldn't find the actual policy and this is what they told me...


They called it a "hyrbid" whole life-term plan. She is a 63yr old Female in good health NT and was paying $36/month for 10k in coverage. The plan itself is in force until they turn 100, but does not build cash value. It seems like Globe is starting to deceive people into thinking they have a WL plan simply because it will most likely be in effect their entire life w/ level premium.

I replaced it by selling her on the benefits of CV, but be on the lookout for this type of plan. The lady even had written on her notes that she had with the policy "whole life." She had actually requested WL when she bought it and they still sold her that "hybrid" crap.

Sounds like GUL. It would be interesting to know what would happen if she missed a payment.
------------------------------------

Last edited by WinoBlues; 01-05-2012 at 07:14 PM. Reason: Posts merged
  Reply With Quote to Globe Life Insurance
Old 01-05-2012, 09:29 PM   #22
Guru
 
Join Date: Jul 2008
Posts:16,228
State: jdeasy is an Insurance Agent from Kentucky
jdeasy is a member of 5000 posts Super VIP club
Globe Life Insurance Re: Globe Life Insurance
Originally Posted by WinoBlues View Post
- - - - - - - - - - - - - - - - - -



Sounds like GUL. It would be interesting to know what would happen if she missed a payment.

It's not even GUL, it's plain ole UL with non guaranteed premiums. And, it's ROP for the first two years.
------------------------------------

Last edited by jdeasy; 01-05-2012 at 09:42 PM.
  Reply With Quote to Globe Life Insurance
Old 01-06-2012, 01:14 AM   #23
Guru
WinoBlues on Globe Life Insurance
 
Join Date: Jan 2009
Posts:17,225
State: WinoBlues is an Insurance Agent from Undisclosed Location
WinoBlues is a member of 5000 posts Super VIP club
Globe Life Insurance Re: Globe Life Insurance
Originally Posted by jdeasy View Post
It's not even GUL, it's plain ole UL with non guaranteed premiums. And, it's ROP for the first two years.
Wow. Let me use my teens words. "That sucks!"
------------------------------------
  Reply With Quote to Globe Life Insurance
Old 01-06-2012, 01:50 AM   #24
Guru
 
Join Date: Jun 2011
Posts:1,051
State: NCAgent is an Insurance Agent from North Carolina
NCAgent is a member of 1000 posts VIP club
Globe Life Insurance Re: Globe Life Insurance
Originally Posted by BenS View Post
Figured I bring back this thread due to an experience today...


I ran into a Globe Life policy today that the client swore was a WL policy. Even the GL reps were telling her that. I called their customer care line since she couldn't find the actual policy and this is what they told me...


They called it a "hyrbid" whole life-term plan. She is a 63yr old Female in good health NT and was paying $36/month for 10k in coverage. The plan itself is in force until they turn 100, but does not build cash value. It seems like Globe is starting to deceive people into thinking they have a WL plan simply because it will most likely be in effect their entire life w/ level premium.

I replaced it by selling her on the benefits of CV, but be on the lookout for this type of plan. The lady even had written on her notes that she had with the policy "whole life." She had actually requested WL when she bought it and they still sold her that "hybrid" crap.
So basically they sold her a "like-term to 100" NLGUL, correct? Or am I missing a totally separate but similar product? I have never really heard the term "hybrid" with life insurance. They want a perm death benefit only I do the NLGUL, if they want cash values I do WL, to give a very simple breakdown.
------------------------------------
  Reply With Quote to Globe Life Insurance
Old 01-06-2012, 07:38 AM   #25
Guru
Newby on Globe Life Insurance
 
Join Date: Apr 2007
Posts:13,308
State: Newby is an Insurance Agent from Indiana
Newby is a member of 5000 posts Super VIP club
Globe Life Insurance Re: Globe Life Insurance
Originally Posted by NCPCLHnoob View Post
So basically they sold her a "like-term to 100" NLGUL, correct? Or am I missing a totally separate but similar product? I have never really heard the term "hybrid" with life insurance. They want a perm death benefit only I do the NLGUL, if they want cash values I do WL, to give a very simple breakdown.
No. Read JD's post again.

They did not sell her a no lapse UL.

They sold her a REAL UL. There are NO lifetime guarantees.

Just get them on the phone with her and request a written guarantee that her policy will last to age 100 at the exact premium she is paying now. They will promise that it will but they will not put it in writing.

I always reply with, So your policy does have verbal guarantees but not written guarantees?

They squirm like hell and I do the right thing for the newly enlightened client.

------------------------------------
www.fexcontracting.com
fexcontracting is about helping independent FE agents get good contracts with the top quality companies and get them up to speed fast with product knowledge and a plan to succeed.
  Reply With Quote to Globe Life Insurance
Old 01-06-2012, 07:41 AM   #26
Guru
rousemark on Globe Life Insurance
 
Join Date: Dec 2010
Posts:12,871
State: rousemark is an Insurance Agent from Tennessee
rousemark is a member of 5000 posts Super VIP club
Globe Life Insurance Re: Globe Life Insurance
Originally Posted by BenS View Post
She had actually requested WL when she bought it and they still sold her that "hybrid" crap.
Sounds more like they gave her a middle finger "high bird"
------------------------------------
  Reply With Quote to Globe Life Insurance
Old 01-06-2012, 07:42 AM   #27
Guru
 
Join Date: Jun 2011
Posts:1,051
State: NCAgent is an Insurance Agent from North Carolina
NCAgent is a member of 1000 posts VIP club
Globe Life Insurance Re: Globe Life Insurance
Originally Posted by Newby View Post
No. Read JD's post again.

They did not sell her a no lapse UL.

They sold her a REAL UL. There are NO lifetime guarantees.

Just get them on the phone with her and request a written guarantee that her policy will last to age 100 at the exact premium she is paying now. They will promise that it will but they will not put it in writing.

I always reply with, So your policy does have verbal guarantees but not written guarantees?

They squirm like hell and I do the right thing for the newly enlightened client.
That's what I get for leaving a tab open for a long time I didn't see any of this when I was reading
------------------------------------
  Reply With Quote to Globe Life Insurance
Old 01-06-2012, 08:09 AM   #28
Guru
Biggin on Globe Life Insurance
 
Join Date: Jan 2010
Posts:843
State: Biggin is an Insurance Agent from Michigan
Globe Life Insurance Re: Globe Life Insurance
Originally Posted by Sales71 View Post
I actually bought a policy for my mom from them. They advertise with my direct tv bill. Easy application. Then a phone interview. But they send mail every week about if she wants to insure her grand kids.
I read the contract not sure if term or perm ins. But the premium wil go up in 8 or 10 years.

Whole life rates never go up.

oops.....this has already been addressed.
------------------------------------

Last edited by Biggin; 01-06-2012 at 08:11 AM.
  Reply With Quote to Globe Life Insurance
Old 01-06-2012, 10:21 AM   #29
Guru
 
Join Date: Jun 2011
Posts:348
State: JGold814 is an Insurance Agent from Virginia
Globe Life Insurance Re: Globe Life Insurance
Originally Posted by BenS View Post
Figured I bring back this thread due to an experience today...


I ran into a Globe Life policy today that the client swore was a WL policy. Even the GL reps were telling her that. I called their customer care line since she couldn't find the actual policy and this is what they told me...


They called it a "hyrbid" whole life-term plan. She is a 63yr old Female in good health NT and was paying $36/month for 10k in coverage. The plan itself is in force until they turn 100, but does not build cash value. It seems like Globe is starting to deceive people into thinking they have a WL plan simply because it will most likely be in effect their entire life w/ level premium.

I replaced it by selling her on the benefits of CV, but be on the lookout for this type of plan. The lady even had written on her notes that she had with the policy "whole life." She had actually requested WL when she bought it and they still sold her that "hybrid" crap.
sounds like a FE style UL policy in a way. Did it have any benefits aside from the death benefit?
------------------------------------
  Reply With Quote to Globe Life Insurance
Old 01-06-2012, 10:44 AM   #30
Guru
 
Join Date: Jul 2008
Posts:16,228
State: jdeasy is an Insurance Agent from Kentucky
jdeasy is a member of 5000 posts Super VIP club
Globe Life Insurance Re: Globe Life Insurance
Originally Posted by JGold814 View Post
sounds like a FE style UL policy in a way. Did it have any benefits aside from the death benefit?

What exactly is an FE style UL policy?
------------------------------------
  Reply With Quote to Globe Life Insurance
Reply to Globe Life Insurance 

  Insurance Agent Forum > Insurance Forums > Insurance Agents and Brokers Forum > Life Insurance Forum


Tags
life insurance




Similar Threads with Globe Life Insurance
Thread Thread Starter Forum Replies Last Post
Is anyone going to the Convention (National Agents Alliance) (NAA dvd493 Life Insurance Forum 1591 11-17-2016 10:24 AM
Buy Term And Invest The Difference Atlas Life Insurance Forum 205 11-04-2016 11:40 PM
Is this enough ammo? on1sony General Insurance Agent Discussions 19 01-07-2011 07:41 PM
The Concept and Importance of a Life Insurance Policy. bhartiaxa Life Insurance Forum 16 05-28-2010 09:47 AM
James, You Will Love This Guest Life Insurance Forum 10 03-04-2007 05:42 AM



All times are GMT -5. The time now is 04:46 AM.

Forum enabled with vBulletin®
Copyright ©2000 - 2017, vBulletin Solutions, Inc.


Join the Forum - It's FREE

Share This Page



Weekly Poll

Where do we go from here? POLL
Nothing - No ACA fixes - status quo
29.82 %
HHS Rulings and band aid bills
17.54 %
Hail Mary repeal and/or replace bill
17.54 %
A bipartisan bill to fix ACA
35.09 %

Voters: 57. This poll is closed