Originally Posted by BenS
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:
As we discussed above, there are many pros to Globe Life. There really aren’t 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 we’ve run into is when folks end up purchasing a policy from Globe that they don’t 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, we’ve found some folks have been confused about when they’re 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."