Globe Life Insurance

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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.
 
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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:
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.
 
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.
 
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 :goofy: I didn't see any of this when I was reading
 
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:
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?
 
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