If you are a senior citizen who has been shopping for life insurance for yourself, or if your parents are seniors and you have been shopping around, you have probably heard of Globe Life Insurance Company. This name seems to be popping up frequently nowadays, especially for those who are shopping for life insurance for seniors.
At first glance, Globe Life can seem quite appealing. If you have seen their commercials or checked out their website, you might have seen that they offer a whopping $50,000 in life insurance coverage for one measly dollar. Supposedly, you can get started with burial insurance, whole life insurance and term life insurance.
What they don’t say, however, is that the $1 that you have to have in the beginning isn’t going to get you very far toward securing senior life insurance.
First of all, contrary to what the site and the company’s advertisements might lead you to believe, the company does not offer guaranteed acceptance. Although you might be able to find a guaranteed policy for you or your senior parents, chances are good that the death benefit will be very low and will not be anywhere close to $50,000. This alone can be pretty misleading.
Plus, you should know that your monthly premium isn’t going to stay at $1 for very long. If you do get accepted for the type of coverage that you are looking for, the company will get in contact with you to tell you what your premiums will be in the future. Depending on your age and other factors, your rates might be cheap. In many cases, however, they are not very affordable at all. This is especially true if you are an older senior or if you have health issues.
Overall, we have to say that we don’t really like this company’s advertising tactics. We feel that they are a bit misleading and can leave a lot of senior citizens disappointed when they find out that they are not approved for a policy, when they discover that their policy will provide a lot less coverage than they originally thought or when they find out that their monthly premiums are going to be expensive. We feel that it would be a lot better if the company would be up-front and honest about what it offers and how much coverage costs from the get-go. Lots of senior citizens would probably still buy coverage, but at least they wouldn’t feel as if they were being misled, and at least they wouldn’t be so disappointed when things didn’t go the way that they thought they would.
We have done our research online, however, and we have found seniors who were perfectly happy with this company. This is not necessarily a bad company, and it’s not a bad idea to compare quotes from this company versus your other options to find the best deals. However, we do think that there are better life insurance providers out there that have more honest advertising tactics, that offer more coverage and that have lower premium costs.
If you are currently in the market for life insurance, it is smart to shop around with multiple providers and to get multiple quotes. Also, make sure that your premiums won’t be changing in a few years and that the death benefit kicks in as quickly as possible. Luckily, we can help you find the life insurance coverage that you are looking for and can help let you know what to expect.