It amazes me how much money Globe Life Insurance spends on marketing. 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 $1 buys your first month. This no-exam, easy-to-qualify-for 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.
Customer Forum on Globe Life Insurance:
My search for Globe Life Insurance found this website: http://globe-life-insurance.pissedconsumer.com.
This third party forum enables consumers to detail their experiences 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.
Beware: Those $1 first-month plan prices increase with age.
Here’s what I’ve learned over the years:
- 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 $1. I’m not an average consumer and I always question anything I can buy for $1. Heck, even gum at store costs more than a buck! Right away, knowing that I am not being told everything up front makes me wary. The questions I want answered are: The first month is a buck, so what happens the next month? And then what happens to the prices 5-30 years later? Are they level or do they go up every 5 years? If I’m 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 $1 first-month price, but then the prices go up with age. Level term life insurance is a fixed cost for a minimum of 10 and maximum of 30 years and offered by over 100 other life insurance companies.
“I felt that you were very honest and easy to work with. I really appreciated you letting me know the things that would help me get the best rates available. I will definitely let people know about you that are in the market for insurance.” – Chris
- Minimum Coverage: The term policy that Globe Life Insurance sells has a maximum face amount of $50,000. All of the A-rated carriers I work with sell a minimum of $100,000. Globe Life Insurance seems to cater to lower income individuals who only want $5,000 or $10,000 of coverage. It’s very possible that someone who purchased $10,000 of life insurance from Globe Life Insurance could find $25,000 to $100,000 dollars of coverage for the same cost and/or longer benefits.
You can find $25k to $100k worth of coverage for the same cost as a $5-10k Globe Life Insurance plan.
- No Exam Means Overpriced: Life insurance is based on 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.
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 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.
How good are Globe Life Insurance rates? | Goldsmith Insurance Agency