• Report: #551308

Complaint Review: Globe Life Insurance

  • Submitted: Fri, January 08, 2010
  • Updated: Fri, January 08, 2010

  • Reported By: larry — Kansas City Missouri United States of America
Globe Life Insurance
Internet United States of America

Globe Life Insuranc false advertising, Internet

*General Comment: Term Life Insurance

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Globe Life is known for their $1 first month life insurance. Then, their literature says "After the first month, the rates are based on your current age and are guaranteed for the life of the policy." However, this is a flat out lie, because the rates go up every five years until they cancel your policy at age 80. This brings me to the next lie. "Your coverage is a term-to-age-90 life insurance policy." "Your benefit will NEVER be canceled or reduce throughout the policy period regardless of changes in your health or occupation as long as your premiums are paid on time. We guarantee it for life." However, when you get your policy it states that your benefits are reduces by 50% at age 70 and terminated at age 80. These are clear contradictions.

 I imagine that they get away with this by what they are not saying, but that is like me giving you a lifetime warranty for a product I sell you "even if you break it", but then voiding the warranty because I broke it before I sent it. Afterall, I didn't say I would replace it if it was broke when you got it, right.


This report was posted on Ripoff Report on 01/08/2010 04:01 PM and is a permanent record located here: http://www.ripoffreport.com/r/Globe-Life-Insurance/internet/Globe-Life-Insuranc-false-advertising-Internet-551308. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 General Comment

Term Life Insurance

AUTHOR: S.A.Ross - ()

Term life insurance, which is the product you purchased through Globe, is a policy that's fixed in price for the term of the policy.  But that term is generally for 5 years, unless you buy a policy partway through their 5 year age bracket.

At the end of that term, your policy ends.  A new policy is then written, based on your new, higher, age.

So the policy your purchase at age 70 isn't the same policy you purchased at age 35 or 55 or 65.  It's a completely new policy that has those lower benefits. 

As to the 'term to 90' when it ends at 80, I can't answer that.  I'd have to look at the policy itself to know what they meant.

If you're really looking for coverage that doesn't increase in premium no matter how old you get, buy a 'whole life' policy.  These policies are more expensive than term coverage, but many will last until age 100 or beyond.

You might also consider a longer term term life insurance.  Some term policies will last 20 years or more, and may only have a minimal increase in the premium at the end of that term.  They're more expensive than a 5 year term, but may also last beyond age 80.

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