Globe Life Insurance vs. An Independent Agent
Globe Life Insurance is a highly popular insurance carrier for seniors that has been around since 1900. But is Globe really the best choice for you and your family’s needs? This article will give you not only the essential information on Glove Life but the bottom-line to empower you to make an informed decision.
First we are going to go over Globe Life’s marketing tactics and see how they solicit to seniors. Next we pull back the curtain and give you the details to their plan offerings. Finally we will give you our grade on Globe Life as a company. Be warned the following information may surprise you. If you have a Globe plan now or are considering Globe Life keep reading to find out what you need to know.
Globe Life is advertised largely on the Internet and via direct mail. Their titles often read,
Buy Direct: $1* buys up to $100,000 life insurance.
Get FREE Life Insurance Information.”
These claims are followed by the promise of No medical exam and no agent will visit.
$1/mn vs. Globe’s Fine Print
On the Internet, Globe advertises mainly two flagship products. Their website may seem to have many selections, but really all of them generally point to these two products.
A) Term Life Insurance for seniors
B) Whole Life Insurance for children
Can you really get so much for just one dollar? We get googly-eyed at those zeros in $100,000 contrast to a measly $1 price tag. The uninformed consumer is immediately interested. But, as they say if it’s too good to be true . . .
This is when the all-important asterisk symbol [*] next to the $1 should be screaming at you. The smart consumer looks at the fine print and sees that the $1 pays for the first month’s coverage only! Yes, $1 for only the first month, not anything else. An applicant is asked to type in their state of residence and that’s when the full rate schedule shows. Notice that every five years, the rate you are paying jumps up!
A senior’s Term Life says what is guaranteed is the rate schedule, not the rate; and not for the rest of your life, but only for the rest of the policy. Here, the fine print is critical. In essence, what is guaranteed are the Term Life’s rate hikes! If you dig further, Globe Life’s Term policy ends when you are 90 years old. The rates per month climb so unexpectedly high that people could end the policy on their own way before 90!
Buying Direct vs. Personalized Shopping
Now normally buying direct is a great thing. That is, if you were buying hard goods or commodities like sneakers from a factory outlet. However, in this case finding insurance is a service and not a physical product. In the Life Insurance industry, there are no added cost to you from an agent or broker. The insurance company itself pays the agent for that service not you!
So here is the question you need to ask; would you still go straight to a big outlet store like Costco if all they had were two or three products in limited sizes and you were forced to do curbside pick-up? OR would you rather get direct rates for thousands of products with personalized service? That is essentially the difference between Globe Life which a captive company vs an independent agency with many choices.
Term Until 90 Years vs. Much More Options
A Term Life policy covering you until 90 years old could be fine . . . if you lived in the nineteenth century! But today, with modern medicine, more and more people are living to be 91, 92, 95. Do you really want to be 75 and spend your last years worrying about the price of your life insurance going up? Or regretting that your Life Insurance policy will die before you do?
Globe Life Insurance Company succeeds for two reasons:
#1) They are good advertisers
#2) People don’t look at the details.
HOWEVER Globe is NOT a plan to use for paying burial, funeral, cremation, final expenses or any kind of estate planning. A teaser rate of $1/mn does sound nice but seniors are deeply disappointed when the price jumps and becomes unaffordable on the back end. There are many better choices than Globe and you can see those here, or call us at 866-256-8069.
- Unstable rates
- Plans sold to seniors that expire
- Misleading marketing practices
Here at Life Insurance for Seniors we can’t think of any reason someone would chose Globe Life if they knew the facts. Globe does NOT offer final expense Life insurance plan and does NOT even offer competitive term Life Insurance rates. The last thing a senior wants are increasing rates on insurance, plans expiring or even term insurance that is over-priced. Keep shopping or see here to find better choices.