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 01-06-2012, 10:53 AM   #31
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 jdeasy View Post
What exactly is an FE style UL policy?

It's the same thing as a "hybrid whole life" policy.

(which is to say.....there's no such thing)
------------------------------------

Last edited by Biggin; 01-06-2012 at 10:56 AM. Reason: clarification
  Reply With Quote to Globe Life Insurance
Old 01-06-2012, 11:02 AM   #32
Guru
BenS on Globe Life Insurance
 
Join Date: Nov 2011
Posts:366
State: BenS is an Insurance Agent from Arizona
Globe Life Insurance Re: Globe Life Insurance
Originally Posted by jdeasy View Post
What exactly is an FE style UL policy?
It didn't have any benefits that I was aware of. The shady thing about it is that they are really convincing people that it is a whole life policy. My client actually had "whole life" scribbled on her notes that she had taken during a conversation with them before I had even met her.

Even once I got on the phone with me and I identified myself as an agent, they used the term whole as a way to describe it. The rep claimed it had a level premium until 100, it's good to know that that isn't even true. I just sold the lady on the lack of CV and what would happen if she became ill and forgot/couldn't make a payment w/o any CV.
------------------------------------
  Reply With Quote to Globe Life Insurance
Old 01-06-2012, 11:28 AM   #33
Guru
 
Join Date: Jul 2008
Posts:16,239
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 BenS View Post
It didn't have any benefits that I was aware of. The shady thing about it is that they are really convincing people that it is a whole life policy. My client actually had "whole life" scribbled on her notes that she had taken during a conversation with them before I had even met her.

Even once I got on the phone with me and I identified myself as an agent, they used the term whole as a way to describe it. The rep claimed it had a level premium until 100, it's good to know that that isn't even true. I just sold the lady on the lack of CV and what would happen if she became ill and forgot/couldn't make a payment w/o any CV.
AARP does the same thing with their "permanent" life insurance. It's UL with no price guarantees, but they will tell the clients that it's "whole life". Most people don't know the difference, so it's an educating process.

It's not difficult to educate people on the difference. The problem is that many people won't give you the opportunity to educate them once they have bought crap.

I dealt with a guy yesterday that had just bought the Globe crap. He didn't want to meet with me at first because he had it all "taken care of". I told him that I would review his policy and if it was good for him I would tell him so. Pretty easy sale once he actually read the policy. In fact he was really pissed off at himself for being "duped".
------------------------------------
  Reply With Quote to Globe Life Insurance
Old 01-06-2012, 03:45 PM   #34
Guru
Newby on Globe Life Insurance
 
Join Date: Apr 2007
Posts:13,314
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 Biggin View Post
Whole life rates never go up.

oops.....this has already been addressed.
Some whole-life rates DO go up. But it is clearly locked in from the beginning when and how much. There are no loose ends.

Prudential has plenty of policies out there right now that the rate doubles when they turn 65 and it is definitely a whole-life.

There is a company recruiting agents right now that has a new whole-life policy that has real unbelievable low rates for 5-years, then they double for 5-years and then they X4 for the rest of the insured's lifetime. It is definitely whole-life. I'm not going to tell the name of it because I'm not going to encourage it.

------------------------------------
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, 05:06 PM   #35
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 Newby View Post
Some whole-life rates DO go up. But it is clearly locked in from the beginning when and how much. There are no loose ends.

Prudential has plenty of policies out there right now that the rate doubles when they turn 65 and it is definitely a whole-life.

There is a company recruiting agents right now that has a new whole-life policy that has real unbelievable low rates for 5-years, then they double for 5-years and then they X4 for the rest of the insured's lifetime. It is definitely whole-life. I'm not going to tell the name of it because I'm not going to encourage it.
I did not know that....wild, wild stuff.. (Johnny Carson) Good info. I wouldn't want to encourage that either.
------------------------------------
  Reply With Quote to Globe Life Insurance
Old 08-10-2017, 12:37 PM   #36
New Member
 
Join Date: Apr 2012
Posts:7
State: nocamo33 is an Insurance Agent from Minnesota
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.

Hey, I know this is an old thread but I see many of you are still active. I came here (August, 2017) to get a better understanding of Globe Life. They are prevalent in MN, my home state. I've read a couple of different things about them that seem to conflict.

1. They sell whole life. (It seems inexpensive, if that's the case).
2. They sell Term ONLY (would explain why they're cheap).
3. It is a glorified hybrid term/wl with no cash value but the premiums are level (like UL, if a person cares not about cv - who cares?).

The mailer I received says up to $100k of coverage for adults 3.49 per thou. Again, sounds like term and is cheap. If it's term/whole life hybrid, who cares if CV isn't important. It covers for an entire life, is cheap and provides a large db.

Anyone with current information that cares to respond, I'd be interested in hearing from you. If you are in MN, even better.

----------

I found this article posted by the folks at TermLife2Go (I really have no clue who they are). But because they echoed some of what you folks said, it seems legit.

I could not post the link because I am too wet behind the ears on this forum, but my Google search terms were "Globe Life MN Agents" and the article was from Feb 2017.


Excerpt of the article:
"The Negatives
As we discussed above, there are many pros to Globe Life. There really arent many negatives that we can think of when it comes to purchasing a Globe Life Insurance policy. After all, they have a great AM Best rating and really do have some great products. The only problem that weve run into is when folks end up purchasing a policy from Globe that they dont fully understand.

Now is this a problem that is unique to Globe Life Insurance?

Certainly not, but because of the extensive product line Globe offers, we have encountered folks who have been confused about the specifics of their policy. In particular, weve found some folks have been confused about when theyre policy would end as well as if the premium for their policy would remain the same for the life of their policy.

Just be aware that premiums for term life insurance offered through Globe Life go up every five years.

For example, the term to 80 policy premiums increase at age 45, 50, 55, 60, 65, 70, 75, with the policy ending at age 80.

This may pose a problem for someone who is unaware that the policy ends or who bought the policy at age 60 and five years later the premiums go up. If you had planned on keeping the policy forever or if you did not budget for the increase in premium you may be gravely disappointed."
------------------------------------
  Reply With Quote to Globe Life Insurance
Old 08-10-2017, 05:45 PM   #37
Guru
 
Join Date: Jul 2008
Posts:16,239
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 nocamo33 View Post
Hey, I know this is an old thread but I see many of you are still active. I came here (August, 2017) to get a better understanding of Globe Life. They are prevalent in MN, my home state. I've read a couple of different things about them that seem to conflict.

1. They sell whole life. (It seems inexpensive, if that's the case).
2. They sell Term ONLY (would explain why they're cheap).
3. It is a glorified hybrid term/wl with no cash value but the premiums are level (like UL, if a person cares not about cv - who cares?).

The mailer I received says up to $100k of coverage for adults 3.49 per thou. Again, sounds like term and is cheap. If it's term/whole life hybrid, who cares if CV isn't important. It covers for an entire life, is cheap and provides a large db.

Anyone with current information that cares to respond, I'd be interested in hearing from you. If you are in MN, even better.

----------

I found this article posted by the folks at TermLife2Go (I really have no clue who they are). But because they echoed some of what you folks said, it seems legit.

I could not post the link because I am too wet behind the ears on this forum, but my Google search terms were "Globe Life MN Agents" and the article was from Feb 2017.


Excerpt of the article:
"The Negatives
As we discussed above, there are many pros to Globe Life. There really arent many negatives that we can think of when it comes to purchasing a Globe Life Insurance policy. After all, they have a great AM Best rating and really do have some great products. The only problem that weve run into is when folks end up purchasing a policy from Globe that they dont fully understand.

Now is this a problem that is unique to Globe Life Insurance?

Certainly not, but because of the extensive product line Globe offers, we have encountered folks who have been confused about the specifics of their policy. In particular, weve found some folks have been confused about when theyre policy would end as well as if the premium for their policy would remain the same for the life of their policy.

Just be aware that premiums for term life insurance offered through Globe Life go up every five years.

For example, the term to 80 policy premiums increase at age 45, 50, 55, 60, 65, 70, 75, with the policy ending at age 80.

This may pose a problem for someone who is unaware that the policy ends or who bought the policy at age 60 and five years later the premiums go up. If you had planned on keeping the policy forever or if you did not budget for the increase in premium you may be gravely disappointed."
Globe sells whole life and term.

Their whole life is priced decent for smokers since they don't ask about tobacco use. Non smokers it's pretty expensive.

Even for tobacco users it's easy to beat if you have the right mix of companies. If you carry companies like LH, OA, Bankers, CL, etc. then you won't be competitive with Globe's whole life for a smoker.

Their term is just what it is. Many companies will beat their term.
------------------------------------
  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 06:03 PM.

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