Are you thinking about purchasing a policy from Globe Life Insurance?
Life insurance is a BIG investment and you want to make sure that you’re getting the most comprehensive protection for your family at the best possible rates.
Come on Chris, who wouldn’t consider a company that claims that: “$1 BUYS $100,000 in coverage” Looks prettttttty good to me!
STOP RIGHT NOW! YOU COULD BE MAKING A VERY COSTLY MISTAKE!
Globe Life Insurance: Things Aren't always GOOD as they first appear
If you’re human, of course you’re gonna click on that link!
Who wouldn’t? It sounds like an AWESOME deal.
Well I’m here to tell you – IT’S NOT!
If your life insurance knowledge is limited, you may buy into this sales pitch because saving money is very appealing!
This is why I feel compelled to share some insider information. That $1.00 offer is only good for the first month.
…and to top it off I’ve noticed a number of other red flags!
To put it bluntly, things aren’t always as wonderful as they seem.
In my humble opinion, there are 5 concrete reasons to give Globe Life Insurance a miss!
There are exceptions however!
To be perfectly candid, Globe Life Insurance may actually be a good fit for a VERY SMALL percentage of you.
BUT that being said…
They are definitely a NICHE company. In a nutshell, they specialize in SIMPLIFIED ISSUE TERM AND FINAL EXPENSE WHOLE LIFE.
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What 'Cha Talkin' About Chris?
You heard me right. Globe Life Insurance doesn't carry a standard catalog of products.
....AND the products they carry simply don't suit the majority of Americans!
To be frank, Globe Life Insurance works for the following groups:
- People who have serious or life threatening health conditions
- Those looking for final expense life insurance
If you don’t fall into one of these categories, and 90% of people DON’T, you’ll be much better off with standard life insurance.
Here are the benefits of life insurance that requires an exam:
- Money savings
- A guaranteed period of coverage – which means you don’t have to renew every few years
- Sufficient coverage for your particular circumstances
You're just not gonna get those benefits from Globe Life Insurance!
A majority (70 percent) of the 2,031 U.S. adults surveyed by the two groups say their likelihood of purchase would increase if carriers would conduct “simplified underwriting,” defined in the study as making use of publically available data for risk classification decisions for life insurance pricing, enabling purchase without requiring blood and fluids for medical testing. BenefitsPro.com, More People Would Buy Life Insurance If Less Medical Testing Was Required
Globe Life Insurance: What's Their Story?
The policies offered by Globe Life Insurance are a form of No-Medical Exam Simplified Life Insurance. This applies to both their Term and Whole Life products.
Wow that’s amazing Chris! You mean to tell me, all I have to do is answer a few simple health questions to qualify! That’s cool!
Sounds easy doesn’t it?
Well all that glitters is NOT gold, my friends.
What if I were to tell you, regardless of your age and current health – chances are Globe Life Insurance isn’t your best prospect!
FIND OUT IN 2 MINUTES IF WE CAN BEAT GLOBE LIFE INSURANCE COMPANY'S RATE
At Huntley Wealth, we treat every customer like they're family. Our agents have NO sales quotas, so we're able to spend all the time necessary with every client.... there's no hurrying off to the next call with our agents.
Globe Life Insurance Isn't the best CHOICE for most Americans!
To give you a better understanding, I’m going to take you through some of the specifics connected to Globe Life Insurance policies.
This will give you some insight into why I think you should avoid this insurer.
Globe Life Insurance has only been around for about 60 years.
To give them their due, they are a financially stable company. They have an A+ (Superior) rating, so I have no qualms with their financial footing or ability to honor claims.
What I do have an issue with is their products. Let’s check ’em out now!
GLobe Life Insurance Products
Globe Life Insurance offers 3 types of products:
- Simplified Issue Term Life Insurance
- Final Expense Whole Insurance
- Children’s Life Insurance, which I won’t discuss in this article
Sadly, their website doesn’t explicitly state that their term product is “Simplified Issue” Term.
They simply refer to their products as Term and Final Expense Whole Life.
For someone buying life insurance for the first time, this is somewhat misleading. It’s very likely that many of their customers don’t fully understand what it is they’re purchasing.
Globe Life Insurance Simplified Issue
Beware this not "TRUE" term life insurance!
Globe Life Insurance does indeed carry Term Life Insurance products.
It looks like an EXCELLENT choice upon first glance! Rates are advertised for as little as $3.49 per month with the first premium costing you only $1.00!
- You may purchase policies for a variety of ages such as age 70, 80, 90 and 100.
- Coverage amounts are as follows: $5,000. $10,000. $20,000 $30,000, $50,000, $75,000 and $100,000.
Now that sounds like a deal doesn’t it?
Except it really isn’t.
what's the problem chris?
Well, I've got 5 for ya!
Standard term life insurance is usually sold in incremental time periods such as 10, 15, 20, 25 or 30 year terms. Typically, these policies require a medical exam. However, you may also opt for no-medical exam term policies which also offer these standard terms.
For the most part, term policies are sold as “level term”, which simply means if you choose a 30 year term and pay $35.00 per month you won’t pay a penny more over that period.
THIS ISN'T THE CASE WITH GLOBE!
First of all, you have no term options. Their policies are age specific and essentially renewable every 5 years.
What do I mean by age specific?
Specific ages such as 31, 36, 41, 46 trigger policy renewal. For example, if you are 34 when you sign on the dotted line you will only enjoy 2 years of coverage at your quoted rate before you have to renew the policy! At this point you’re safe for another 5 years when the renewal trigger hits yet again – and so on.
This means the security of a guaranteed level term is not provided!
Who wants a lifetime of uncertainty when it comes to your life insurance premiums?
The most concerning aspect of the 5 year renewals periods, is the DRAMATIC RISE IN PREMIUMS.
In other words, you may sign on for a VERY reasonable price, but your payments could increase by as much as 50% every 5 years!
Quite simply, this is NOT A GOOD BUY if you’re young, middle aged or even a senior in relatively good health.
You’ll quickly find a Globe Life Insurance Policy to be cumbersome – and at some point you may not even be able to afford your coverage at all!
There’s no doubt about it: the longer you wait to buy life insurance, the more expensive it gets. Even if you’re in top physical condition, a term life insurance policy bought at 60 will always be more expensive than it would have been at 30 or 40. But that doesn’t mean you have to go without. The DoughRoller, Abby Hayes
Globe Life iNsurance Final Expense Whole Life
Globe Life Insurance offers Final Expense Insurance. Unlike their Term offering, these premiums are guaranteed to remain level.
You can opt for face amounts of $5,000, $10,000, $20,000, $30,000 and $50,000. These values are fixed for the life of the policy.
I can hear you thinking – “Well Chris, these look like a pretty typical offering! What are your concerns?”.
The sad fact is …
MOST AMERICANS ARE UNDERINSURED!
The maximum face value offered by Globe Life Insurance Final Expense is $50,000 and they top out at $100,000 for their term products.
Chances are this coverage is inadequate for the average American household. A recent LIMRA survey revealed that a whopping 33% of Americans who own life insurance think they need more!
When an agent calculates your life insurance needs they typically recommend you insure yourself for 6 – 10 times the amount of your gross annual income. These numbers add up fast.
There are not many people who live on 20K per year – and even using this unrealistically low income, you’ll still be underinsured. The reality is a $100,000 policy is significantly less than what you really need.
It’s like trying to cover yourself with a 1/5 of an umbrella during a rainstorm. It’s just not enough .
AND….if you are fine with $50,000, we can still probably get you a better rate.
According to the National Funeral Directors Association, the national average cost of a funeral with a vault was $7,775 in 2010. The cost of a burial without the casket was about $4,265 that same year. For many grieving families, paying thousands of dollars to bury a relative just isn’t economically feasible. Black Enterprise, When a Relative Dies & You Can’t Afford the Funeral
To get a better understanding of what your needs are, I urge you to use my handy life insurance calculator. It will help you determine how much life insurance YOU REALLY REQUIRE.
Life insurance can help your family with:
Mortgage Payments or Payoff
Credit Card Debt
College Education for Children
This is wonderful! But only if you plan properly.
Friends, $100,000 in coverage sounds like a lot.
…but, when you add everything up it’s just a drop in the bucket.
In conclusion, Globe Life Insurance just isn’t going to give you the safety net you need!
Give us a call at Huntley Wealth, because we will get you much more insurance with the security of guaranteed level terms at the best possible rates!
But I love the Fact that Globe Life Insurance Offers Simplified Issue Policies
I hear you!
Who doesn’t want a simplified process ! Admittedly very few of us want to get a physical that requires drawing blood.
BUT – No Exam Life Insurance rarely works in your favor.
Unfortunately people overpay for the luxury of not having to take a medical exam. Face it, life insurance companies are in the business of making money. Which means they don’t want any surprises.
The more they know about you, the better in terms of underwriting.
If an insurer gets into a situation where they’re blindfolded, the risk rises dramatically and they will pass that cost on to you.
The only way you should consider purchasing a Term or Final Expense Policy by Globe Life Insurance is if you are VERY high risk!
Globe Life Insurance & Your Health Concerns
Maybe you’re worried that you’ll be turned down for coverage because of you have high blood pressure, diabetes or another condition.
If that’s the case, simplified issue is appealing. I get it.
That being said, please don’t be fooled. Life insurance companies realize that people have health ailments.
If they are well controlled – these pre-existing conditions aren’t a big problem.
Yep, you heard me right.
Did you know there are even life insurance companies that are risk friendly for specific medical conditions?
At Huntley Wealth we represent dozens of insurers and are familiar with all their underwriting processes. This is great news for you, because we will send your application to the company that best suits your needs.
…and I can guarantee that company won’t be Globe Life Insurance.
Competition, translates into serious savings. Not to mention the fact that we have a great track record. You’d be surprised to see how few of our applications have been denied over the years.
It's all about Life Expectancy...
Huntley Wealth agents are familiar with the life insurance companies that have the most lenient underwriting guidelines for a variety of health conditions.
No one should ever assume that they’ll be denied coverage because of a pre-existing condition.
This is especially true if your medical issue has little or no impact on your life expectancy. Even if you have a more serious problem, there are a multitude of better companies at your disposal.
If you apply through Huntley Wealth, my bet is, you will easily qualify for a standard life insurance policy at much more affordable rates…
…and to top it off you’ll get more coverage if you need it!
Hey, don’t get me wrong. A simplified issue policy may fit the bill – that still doesn’t mean that Globe Life Insurance is the company for you. There are better options out there and we will go through them with you.
This is especially true if you are in your senior years. Globe Life Insurance premiums are VERY costly for those in their 60, 70’s and 80’s!
HEALTH ISSUES? WE'LL HELP GET YOU APPROVED!
At Huntley Wealth, we specialize in helping individuals with high risk medical issues. You name it, and we've seen it. We'll help you get approved quickly at a rate you can afford. Get started with a free life insurance quote now!
Competition is King & Globe Life Insurance isn't in the running!
This brings me my final red flag when it comes to Globe Life Insurance.
As an independent life insurance agency we can obtain multiple quotes for term, permanent, no-medical exam, simplified issue and final expense life insurance coverage.
…but that’s NOT all.
We know the ins and outs of the underwriting processes, which means you will be sent to the right insurer from the get go.
Even if (and that’s a big IF) you are turned down, we can go back to the insurer to plead your case. We’ve obtained coverage for some VERY tough cases this way.
Globe life insurance Company is a singular entity and you’re stuck with their underwriting process, the coverage amounts they offer and the premiums they charge.
Don’t be fooled by Globe’s $1.00 Life Insurance sales gimmick. It’s just a way to get your business, but not an authentic offer.
Why You Should Choose Huntley Wealth Over Globe Life Insurance
Did you know Huntley Wealth has been able to save clients up to 70% on their premiums? Yes indeed and it could even be more if you opt for standard term life insurance with a medical exam over a simplified issue policy.
…and if you still require simplified issue life insurance, we can find you a much more affordable No-Exam Policy!
YES you can CLOBBER Globe Life Insurance rates if you call us today!
I’m simply asking you NOT to sign on the dotted line before you speak with an independent life insurance agent! If you opt for Globe Life Insurance you have NO options!
Remember our agents have access to over 40 of the top rated life insurers in the industry.
Call Huntley Wealth Today, We've Got Cha Covered!
A word of comfort for those of you worried about sharing your information. Our process is easy and can SAVE YOU THOUSANDS!
If you opt for a standard term policy, you never have to worry about premium hikes, renewals or whether you have enough coverage to protect your family. To top it off, once you reach the end of your term, most standard policies have a conversion option that enables you continue your coverage without a medical exam!
This is a GREAT FEATURE if you experience a major decline in your health.
IF YOU’RE YOUNG, MIDDLE AGED OR EVEN A SENIOR WHO IS IN RELATIVELY GOOD HEALTH – GLOBE LIFE INSURANCE IS NOT RIGHT FOR YOU!
DON’T BUY LIFE INSURANCE WITH GLOBE – CALL US NOW!