Globe "Group Whole Life," "Modified Premium Whole Life" ?!!?!?

[Rearden]

Saw this puppy today.

Lady took out a Globe Life "Non-participating GROUP Whole Life" product.

Product was:

-Listed with a Group Number and a Policy Number
-Policy makes no explicit mention of premium guarantees, although the 1-Page summary with annualized premiums and cash values inferred premium guarantees
-No smoker rates for both men and women
-Prices were on PAR with Oxford
-Underwriting was, like, 6 questions with a 3-year look-back on your typical underwriting concerns.

I scanned the heck out of this policy and didn't uncover any weakness, EXCEPT in what weakness could be inferred from a group plan listed as a "Modified Premium Whole Life" plan.

Maybe a UL? Didn't look like it, as it didn't have minimum and maximum premium tables.

Any help would be appreciated.

 

[jdeasy]

Saw this puppy today.

Lady took out a Globe Life "Non-participating GROUP Whole Life" product.

Product was:

-Listed with a Group Number and a Policy Number
-Policy makes no explicit mention of premium guarantees, although the 1-Page summary with annualized premiums and cash values inferred premium guarantees
-No smoker rates for both men and women
-Prices were on PAR with Oxford
-Underwriting was, like, 6 questions with a 3-year look-back on your typical underwriting concerns.

I scanned the heck out of this policy and didn't uncover any weakness, EXCEPT in what weakness could be inferred from a group plan listed as a "Modified Premium Whole Life" plan.

Maybe a UL? Didn't look like it, as it didn't have minimum and maximum premium tables.

Any help would be appreciated.

I believe thats the one with a low premium for 6 months or one year, I don't remember which one. After that first premium increase, which is significant, it's level.

 

[rousemark]

Saw this puppy today.

Lady took out a Globe Life "Non-participating GROUP Whole Life" product.

Product was:

-Listed with a Group Number and a Policy Number
-Policy makes no explicit mention of premium guarantees, although the 1-Page summary with annualized premiums and cash values inferred premium guarantees
-No smoker rates for both men and women
-Prices were on PAR with Oxford
-Underwriting was, like, 6 questions with a 3-year look-back on your typical underwriting concerns.

I scanned the heck out of this policy and didn't uncover any weakness, EXCEPT in what weakness could be inferred from a group plan listed as a "Modified Premium Whole Life" plan.

Maybe a UL? Didn't look like it, as it didn't have minimum and maximum premium tables.

Any help would be appreciated.

David: The fact that it says "Modified Premium" means the premium will go up from what the orginal premium is. However, the reason the Globe WL is considered a Modified Premium plan is the fact that it only costs $1.00 for the first month and then the premium increases to what it should be on the second month.

They describe their WL product on this web page and explain that the premium will never go up after that initial increase in the second month.

https://www.globeontheweb.com/adultlife_whole.aspx