Globe Life

[profithuner]

good morning!

I was in a clients house, and her next door neighbor came over and brought in a globe life policy. she was a young girl, only 19 years old. I looked at her policy and she had a $10,000 whole life policy, and she was only paying a little over nine dollars a month. before I looked at the policy I told her it may be a term policy, but it was not. globe life rates are unusually cheap for whole life policy. is there anything I should be on the lookout for when looking at these policies? a man between the ages of 22 and 25, can get 25,000 dollars of whole life coverage for 16 dollars. what's the catch???

 

[jdeasy]

good morning!

I was in a clients house, and her next door neighbor came over and brought in a globe life policy. she was a young girl, only 19 years old. I looked at her policy and she had a $10,000 whole life policy, and she was only paying a little over nine dollars a month. before I looked at the policy I told her it may be a term policy, but it was not. globe life rates are unusually cheap for whole life policy. is there anything I should be on the lookout for when looking at these policies? a man between the ages of 22 and 25, can get 25,000 dollars of whole life coverage for 16 dollars. what's the catch???

That initial rate is usually only for the first 6 months. How long has she had it? RNA would have beat that rate for $10,000 if she got it under age 17. RNA would do $25,000 for her now for $14/mo. She really doesn't have that special of a deal.

A 22 year old male could get $25,000 for $17/mo. and that rate never changes.

 

[profithuner]

she said it less than a year. I'm not sure about 6 months. It was about 2 months ago when I look at it. but I personally receive an advertisement from globe life in the mail so I open it it looked at it. that's what made me post this question.

 

[jdeasy]

she said it less than a year. I'm not sure about 6 months. It was about 2 months ago when I look at it. but I personally receive an advertisement from globe life in the mail so I open it it looked at it. that's what made me post this question.

In the advertisement you got how long did it say the initial rate stayed the same? it will be in the fine print the way AARP puts that the term end at age 80 or that their UL rates are not guaranteed.

 

[Chicken Coop]

If you ever respond to a Globe mail piece and get on their mailing list, you will never stop hearing from them

They are relentless.

 

[captain94]

she said it less than a year. I'm not sure about 6 months. It was about 2 months ago when I look at it. but I personally receive an advertisement from globe life in the mail so I open it it looked at it. that's what made me post this question.

Globes WL policy has rate increases every 5 years what they do is take the rate increase out of the cash value of the policy so the client does not notice the rate went up.
the policy will hit a tipping point where it starts to drain the cash value out do to the rate increases. It will show that in the schedule.

 

[jdeasy]

Globes WL policy has rate increases every 5 years what they do is take the rate increase out of the cash value of the policy so the client does not notice the rate went up.
the policy will hit a tipping point where it starts to drain the cash value out do to the rate increases. It will show that in the schedule.

What you just described there is not whole life.

 

[TDFnCali]

What you just described there is not whole life.

That ^^^ was my 1st thought also....sounds like a UL by definition to me! How can they even call that WL?

 

[captain94]

its a bizzare policy it will say WL on the cover never seen anything like it except from Globe seen 4 or 5 of them like that.. often when I run into Globe its term but they have this product to.

I have seen a product simular from Bankers Fidelity they have a Whole life that Increases every 4th year on the anniversary of the policy date but they dont take it out of the CV they charge the client and the policy grows cash value they call it their E100 Whole Life Policy.

 

[jacobtn]

AGL sells an increasing premium whole life, rate increases after a certain age. It is called "adjustable premium whole life". Whole life doesn't always mean the rate is guaranteed, always good to look at the policy if you can (if they have it- many times they don't).