Discussion in 'Life Insurance Forum' started by Merlin, Apr 13, 2009.
It's the same thing as a "hybrid whole life" policy.
(which is to say.....there's no such thing)
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".
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.
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."
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.
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