Sure Globe Life Insurance Company looks like a seriously GREAT option at first glance
I mean who doesn’t want to pay $1.00 for $100,000 worth of coverage from an A+ Rated insurer?
Not to mention the fact you don’t need to get a medical exam.
Sheesh, you’ve got me hooked because this sure SOUNDS amazing.
But is Globe Life Insurance Company too good to be true?
Before you sign on the dotted line, let’s explore the most interesting pros and cons. My advice? Don’t just accept all the hype at face value. Do your homework!
But before we dig in - PLEASE, please contact an independent agent!
We sure have a lot of insight, so why not pick the brains of our knowledgable agents. Huntley Wealth is happy to discuss Globe Life Insurance Company in greater detail.
This is a good company but that doesn't necessarily mean it's the right one for you. Why not juxtapose their offering with other carriers? It won't cost you a thing and it may just save you thousands!
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GLOBE LIFE INSURANCE COMPANY
Each and every carrier has a number of strengths and Globe Life Insurance Company is no different.
This is part of the reason why it’s so important for you to speak with the independent life insurance agents at Huntley Wealth. We have insider information about DOZENS of carriers and their specific niches.
The key to the perfect policy is to find the right company for YOUR circumstances!
Life insurance certainly isn’t a one size fits all deal so here’s the low down on Globe Life Insurance Company’s positive attributes!
Globe is an A+ rated life insurance company
Ok, so financial ratings are public information. So this isn’t really a huge revelation.
…BUT a lot of people don’t even know that they’re available OR how important they are when it comes choosing the right life insurance company.
If you’re looking for a policy you should always check with the rating agencies and also do some due diligence through the Better Business Bureau!
It will save you lots of hassle in the long run!
Psttttttt. If you don’t know how financial ratings work, here’s a quick overview:
Sure your life insurance policy may look great on paper, but the truth of the matter is the company you chose may not be doing so well below the surface.
Life insurance companies are businesses and if they aren’t able to pay their operating costs…
…they’ll shut down.
Who wants to pay years of premiums to find out their coverage is jeopardized? Yes, there is some protection but this is NOT something you want to deal with.
Independent financial companies use unique formulas to rate the strength of life insurers to help you assess the likelihood a company will be able to pay its obligations when the time comes.
The good news?
Globe Life Insurance Company, with over 4 MILLION policyholders throughout the US, has a sterling reputation in this area. They’ve also been accredited by the Better Business Bureau since 1952!
So let’s check out their ratings now:
- A.M. Best: A+
- Better Business Bureau: A+
- S&P: AA-
- Fitch: A+
Oh yeah! Looking good Globe Life Insurance Company!
“Policyholders may end up someplace they didn’t start out and may or may not like it,” said Ms. Bazer.
While the current company housing an insurance contract may have a strong credit rating — which signals a high likelihood the company will be able to pay claims in the future — the buyer may not have as solid a rating. Credit rating agencies could lower the rating of a stand-alone company following an IPO or spin-off, which may no longer benefit from the shelter of a larger, diversified company. Insurers are selling off old annuity business — what advisers need to know, Investmentnews.com
No medical exam life insurance
Ahhh…the magic of no medical exam life insurance.
Sure, this is one of Globe Life Insurance Company’s strong points!
If you’re in need of protection RIGHT NOW because you’re unwell or are concerned that a medical exam will disqualify you for coverage this will seem appealing.
BUT, this route will absolutely cost you more money in the long run. At Huntley Wealth, we don’t necessarily recommend no exam life insurance unless is a GREAT fit for our clients.
You can find out more about my feelings on this here: No Medical Exam Policies
So What About Globe Life Insurance Company's Offering?
Globe Life Insurance Company’s policies are overpriced for the average consumer.
That being said, they can be a good option for some clients. If you’re suffering from a health condition or are concerned you may be rejected by another life insurance company this might be the carrier for you. Or, maybe you just don’t want to wait!
Globe Life Insurance Company will also process your application super quick. Which means you’ll be able to circumvent the traditional process that may take up to 6 weeks!
…and don’t forget, prices even vary when it comes to no exam carriers. Globe Life Insurance Company might not be the most cost-effective insurer in the market – even for this type of protection.
If you’re part of the 90% of the American public that isn’t in this category, you’ll be better off looking at a traditionally underwritten policy.
Please Note: No Exam Policies ask you specific questions about your health. So there really is no getting around the underwriters. If you are not 100% honest it’s fraud and your beneficiaries will not get their benefits.
Globe Life Insurance Company
OK! So this is what everyone wants to know.
There isn’t a life insurance company on the planet that doesn’t have some weak spots.
It’s simply crazy to think that there may be a perfect option out there.
What you need to do is weigh the positive and negative aspects of an insurer as they apply to your situation. This is best done with an independent agent – and I recommend you contact us at Huntley Wealth today.
We’re happy to assess your situation and you aren’t obligated to work with us. Why not let us do the legwork?
So let's check out Globe Insurance Company's red flags right now!
Globe is bombarded with negative customer reviews
A strong financial rating is only one side of the coin.
If an insurer has a record of poor customer service, it can really cause problems.
The thing is, ALL life insurance companies have some poor reviews because people are more likely to report a bad experience rather than a good one.
It’s basic human nature.
Sadly, when it comes to Globe Life Insurance Company, there are too many complaints to ignore.
Ugh. Let’s face it, life insurance is a LONG term relationship.
Who wants to face shoddy customer service? It’s also VERY important that the carrier you select makes the claims process as painless as possible for your beneficiaries.
When you’re spending this much money, it’s something you should expect.
Going above and beyond to provide customers with superior service is a win for everyone, according to representatives of two prominent local business chains.
“I think every little bit matters,” said Joe Fasula, co-owner of Gerrity’s Supermarkets, which operates nine grocery stores between Clarks Summit and Hanover Twp. in Luzerne County. COMPANIES KNOW VALUE OF CUSTOMER SERVICE, CitizensVoice.com
Healthy people are overpaying!
This is more about lack of information than anything else.
If everyone looking for life insurance spent some time with my agents at Huntley Wealth they would NEVER make this decision.
YES, no exam life insurance is an AWESOME product for SOME people. It sure is. Hey, friends, it offers people coverage when they would be otherwise unable to get it!
The thing is, if you are healthy this IS NOT the sort of policy for you – unless you have a debilitating phobia associated with the medical exam.
Globe Life Insurance Company Overcharges Healthy Policyholders
Insurance policies that don’t have mandatory medical exams are perfect for people more serious medical conditions.
…BUT are cost prohibitive for everyone else.
Premiums are higher because the insurer knows less about your personal circumstances and you are also paying to insure a risky pool of applicants.
This means that if you’re a healthy adult or even someone with minor ailments, you’ll be overpaying and wasting a LOT of money.
$1 for $100,000 isn't as straightforward as it seems
Whaaat? How can this be in the cons?
I can hear your thoughts from here.
The thing is – if it looks too good to be true chances are it IS.
Seriously, how often do you get something for nothing and this offer is NO different!
It’s just a creative way for Globe Life Insurance Company to get you to sign up!
Their claim of $1.00 Buys $100,000 sounds pretty appealing, but the truth of the matter is this offer is only available for the first month.
Yup… Pretty sneaky.
After your first month, the premiums increase exponentially!
In comparison to other more competitive life insurance policies, this isn’t a great deal.
A 50% increase in premiums every 5 years! UH OH...
The devil is in the details!
It sure is.
One of the main reasons you should consult an independent life insurance agent is because it’s our job to know the ins and outs of the policies offered by various carriers.
BEFORE you commit to an insurer you should go through the details of the policy you are about to enter into.
Binding agreements should always be reviewed before you take the plunge and this is why…
Your Premiums increase every 5 years - that's scary!
Globe Life Insurance Company throws another curveball into the mix with their unique approach to terms.
Typically life insurance companies offer protection for 10, 15, 20, 25 or 30 years. Which means your premiums are usually guaranteed to remain the same for that period of time. There are exceptions, but I am not going to get into that now.
So long story short, Globe Life Insurance Company does this a little differently.
Rather than offer a fixed guaranteed term, Globe Life Insurance Company utilizes a system where certain ages trigger policy renewal (such as 32, 36, 41 or 46).
Here’s an example… If you sign up to a policy at the age of 34, you’ll have just 2 years of coverage at the quoted premium before a renewal occurs. Age brackets are set in five year periods and each one you hit results in dramatic premium increases.
…up to 50% in some cases!!
Frankly, this is a little bit of a bait and switch. The low premium you sign up for will quickly become quite costly over time.
This makes a Globe Life Insurance Policy a risky investment. As you enter your senior years (and need life insurance more than ever) often your resources dwindle. Who wants to hold skyrocketing coverage that you MAY or MAY NOT be able to afford.
Sufficient life insurance coverage is a BIG deal.
I’ve talked about it before and I will talk about it again. While there is NOTHING worse than being uninsured – being underinsured isn’t a great way to go either.
It’s amazing how fast money can be spent and how many people are out of touch with the reality of their financial circumstances.
Most of my clients VASTLY underestimate how much money it would take to keep their family in the lifestyle they’ve become accustomed to after losing a salary.
Globe Life Insurance Company has low face values
Globe Life Insurance Company’s coverage is low: $5000 – $100,000. Which is fine and dandy if you only need coverage for final expenses.
These figures would, however, leave someone with debt high and dry.
A LIMRA study showed that 33% of Americans who currently hold a life insurance policy believe they need MORE coverage.
I personally like the 10x income strategy to calculate financial need and these figures won’t get you anywhere near that. You can read more about this here.
The truth is Globe’s coverage would be inadequate for the majority of American families and is significantly less than you realistically need.
Choosing one of Globe Life Insurance Company’s options is like trying to protect yourself from a rainstorm with only one eighth of an umbrella.
It’s just not going to work!
My Final Thoughts about
Globe Life Insurance Company
Globe Life Insurance is a financially secure company that you can depend on to pay out claims made by your beneficiaries. You can rest well knowing your premiums are safe with this insurer.
…but is this reason enough to buy a policy from them?
Sure they are one of the primary carriers of no exam life insurance, which works well for those who for people who don’t want to take a medical exam because they have a phobia, are in a rush or are concerned that a medical condition will adversely impact them.
..BUT if you are the other 90% of the population you can do better! Even if you have preexisting medical conditions, my bet is we can find better coverage for you.
Superheroes Buy Life Insurance
The cold hard truth is, their offer of $100K in coverage for $1.00 is simply a cheap marketing tactic to get you to buy their life insurance. This offer only applies to the first month and thereafter you’ll be paying the full amount.
Your premiums will also increase according to a set 5-year schedule – and sometimes those price hikes will be up to 50%! Ouch!
On the whole, I feel this company offers a VERY specialized product. If you fall into this very narrow category then I would definitely consider Globe Life Insurance – although they still have competition in this niche.
The best advice I can give you is to call Huntley Wealth. While Globe Life Insurance MAY be a good choice for you, I’m fairly certain we can do better.
Be a real-life superhero and protect your family with a comprehensive policy that will truly bulletproof their finances today.