Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Globe Life is an A+ rated insurance company by A.M. Best so their financials provide a stable outlook. One of the big attractions that people look at with Globe Life is the $1 for $50,000 campaign you see on flyers that come in the mail. No exams, limited health questions, and it can be issued in just a few days. It sounds like a great deal, right?
The important thing to look at when buying any coverage is the structure of the policy and the premiums that you're paying throughout it's life rather than just what you're paying for the first month because chances are...you're going to live longer than 1 month into the policy.
Some policies offer level premium guarantee periods (e.g. you're paying the same premium for 10 years, 15 years, 20 years, or 30 years before the premium can go up, or you're locking it in for life with a GUL or WL policy). Other policies feature banded coverage meaning the premium may be cheaper up front than level premium policies, but they go up when you hit the next age bracket in it's structure (typically every 5 years). A banded policy can sound like a great thing for the first few years, but if you keep it for a long time it will likely become much more expensive and the cumulative premium that you've paid can/will be a lot higher than what you would have paid under a level premium policy.
When it comes to insurance, sometimes taking a more conservative approach to things can be more advantageous for you in the grand scheme of things than the short pluses you may get in the present.
Often times people will buy a cheap policy just to have some coverage and the face amount sounds like a lot of money, but the coverage doesn't come close to meeting the needs.
It's always recommended to consult with an experienced broker before buying any coverage to make sure that what you're looking at buying is suitable and will be the best deal for you.
Please feel free to contact me for further assistance. Thanks very much.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Whether it is Globe or another of the thousands of insurance companies, they are regulated by the state in which they are organized and by your state. Your state insurance commissioner regulates the companies to make sure they have sufficient money to pay their claims and that they are not mistreating you, the customer. I cannot say whether Globe is the company you will want to do business with but I think if your trusted insurance agent recommends them, you can probably be assured that they will follow through on the promises that they make.
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The important thing to look at when buying any coverage is the structure of the policy and the premiums that you're paying throughout it's life rather than just what you're paying for the first month because chances are...you're going to live longer than 1 month into the policy.
Some policies offer level premium guarantee periods (e.g. you're paying the same premium for 10 years, 15 years, 20 years, or 30 years before the premium can go up, or you're locking it in for life with a GUL or WL policy). Other policies feature banded coverage meaning the premium may be cheaper up front than level premium policies, but they go up when you hit the next age bracket in it's structure (typically every 5 years). A banded policy can sound like a great thing for the first few years, but if you keep it for a long time it will likely become much more expensive and the cumulative premium that you've paid can/will be a lot higher than what you would have paid under a level premium policy.
When it comes to insurance, sometimes taking a more conservative approach to things can be more advantageous for you in the grand scheme of things than the short pluses you may get in the present.
Often times people will buy a cheap policy just to have some coverage and the face amount sounds like a lot of money, but the coverage doesn't come close to meeting the needs.
It's always recommended to consult with an experienced broker before buying any coverage to make sure that what you're looking at buying is suitable and will be the best deal for you.
Please feel free to contact me for further assistance. Thanks very much.