It amazes me how much money Globe Life Insurance spends on marketing, and why do they spend so much money on ads with small fine print? Globe Life Insurance provides all types of insurance but they seem to advertise the no exam stuff like one dollar buys your first month. This no exam, easy to qualify coverage is not affordable compared to underwritten coverage if the insured is in average health. If you own Globe Life Insurance or plan to shop rates and want to compare Globe Life Insurance rates to the rates of all other carriers, you must read below.
My search for Globe Life Insurance found this website. http://globe-life-insurance.pissedconsumer.com/ This 3rd party forum enables consumers to detail their experience with Globe Life Insurance . I am not here to judge the truth or fiction of the forum. As an independent broker I provide consumers with insurance solutions by comparing a multitude of companies for the best life insurance rates. Almost daily consumers contact me with concerns with companies like Monumental Life Insurance, Globe Life Insurance, Colonial Insurance, and or Colonial Penn Life Insurance. The only way I can assist them in the efforts to find a better insurance solution is to know the details of the other company or policy and what makes it bad or unappealing. Over the years here is what I have learned:
* Teaser Rates: Searching Globe Life Insurance online I found the page for adult term life and the first thing I saw was life insurance for one dollar. I am not an average consumer and i always question anything I can buy for one dollar. Heck even gum at store costs more than a buck! Right away knowing that I am not being told everything up front makes me weary, The questions I want answered are: The first month is a buck, what happens the next month? And then what happens to the prices five to thirty years later, are they level or do they go up every five years? If am healthy and got a quote from some other carrier like Banner Life Insurance how would Globe Life Insurance compare?
* Flexible Rates: I also noticed the prices are banded and increase on a 5 year schedule so not only do they tease you with a one dollar first month price but then the prices go up with age. Level term life insurance is a fixed cost for a minimum of ten and maximum thirty years and offered by over a hundred other life insurance companies.
* Minimum coverage: The term policy that Globe Life Insurance sells has a maximum face amount of fifty thousand dollars. All the A rated carriers I work with sell a minimum of one hundred thousand dollars. Globe Life Insurance seems to cater to less fortunate and unsophisticated individuals who only want five or ten thousand dollars of coverage. It’s very possible that someone who purchased ten thousand of life insurance from Globe Life Insurance could find twenty-five to one hundred thousand dollars of coverage for the same cost and or longer benefits.
* No exam means overpriced: Life insurance is based off risk, the less risk the better the pricing. Many companies including Globe Life Insurance sell life insurance without obtaining medical records and or lab work, sometimes called simplified issue or non-medical life insurance. This type of application has a black and white approval process, so pricing is fixed. An approved application assumes the consumer to be below average and therefore charges everyone like they are substandard. For some people this might be the best option but a healthy consumer should know that buying life insurance without an underwritten application that requires a physical will cost you thousands of dollars.
Life insurance is a privilege not a right. when comparing companies life Globe Life Insurance, consider taking a moment to research and educate yourself on your options and rights as a consumer. Life insurance is never a fun topic but for those who research and plan the results will get you ahead in life and prepare your loved ones for the inevitable. Find an independent life insurance broker who can help educate you & shop rates with multiple carriers.