So I was offered GlobeLife insurance for $33 a month, which seems pretty cheap. I grilled the guy for details, and nothing seemed sketchy—he even knows my coworker. Here’s the imgur link to the PDF he sent me.
Edit: After some more digging, it seems like it might be a bit sketchy. They’re apparently a multi-level marketing company, which makes me suspicious. Thanks for all the info everyone!
GlobeLife is an MLM insurance company, so they’re legit in that sense, but MLMs are rarely the best or cheapest option. If you’re looking for real protection, shop around for short and long-term disability policies. The issue with Accidental Death & Dismemberment (AD&D) policies like GlobeLife’s is that they only pay out for accidents. So, if you’re hospitalized for a health issue that wasn’t an accident, like an illness or sudden medical emergency, you’re out of luck. AD&D policies don’t cover those situations, which can leave you financially vulnerable. A simple term life insurance policy is usually a better bet if you have dependents who rely on your income.
What are you hoping to cover? The ‘Basic 1’ plan doesn’t pay out much. For example, it only covers $150 for a ground ambulance, but around me, an ambulance ride is about $1,500. The Elite 8 package doesn’t even cover that. Accident insurance is meant to be a supplement, not a replacement for your primary medical insurance. It helps cover gaps in coverage after an accident, but it won’t pay out for non-accident issues, like kidney stones or migraines. My employer offers a group accident policy, but I usually decline it since the coverage is minimal for most accidents I’m likely to face.
@Wylie
That’s interesting because the guy told me the basic plan would cover ambulance costs, and I remember him saying around $1600. But looking at the PDF he sent, it’s a lot less than that. He also mentioned that it would only cover things if they were caused by accidents, like falling off a ladder or getting into a car wreck. He kept saying it’s for when you can’t work due to an accident and need help with extra expenses. It sounds good in theory, but I feel like there’s a catch. I’m wondering if my employer might already provide something like this?
@Rowan
Your employer might offer similar coverage, but you’d have to ask HR and check if you can sign up during open enrollment. Keep in mind, employer-provided coverage could be cheaper, but it also depends on your employment. If you leave the job, you could lose the coverage. Also, what the salesman meant by ‘coverage’ might not match your understanding. ‘Covered’ doesn’t mean they’ll pay 100% of the cost, just that they’ll contribute something. For example, the ambulance ‘coverage’ in the PDF only goes up to $1,200, which might not even cover a full ride. You’re right to be cautious here—insurance salespeople are focused on selling, not making sure you get what’s best for your needs.
If you’re asking if it’s legit, then it’s probably not the best option. Better to be safe than sorry!
Clare said:
If you’re asking if it’s legit, then it’s probably not the best option. Better to be safe than sorry!
It’s not a scam. GlobeLife was acquired by Liberty National and is being positioned to compete with companies like Aflac. They used to be a smaller insurance company in Texas, but now they’re growing nationwide.
It feels a bit sketchy. You should look at the fine print carefully, and try to find reviews from people who have actually used it. DO NOT rely on the sales reps’ opinions.
Blake said:
It feels a bit sketchy. You should look at the fine print carefully, and try to find reviews from people who have actually used it. DO NOT rely on the sales reps’ opinions.
They said they’d mail me the forms and policy. He kept emphasizing that ‘it’s only 4 pages long,’ which could be good or bad, I guess.
@Rowan
Can you post some high-res pictures of the paperwork once it arrives?
Blake said:
@Rowan
Can you post some high-res pictures of the paperwork once it arrives?
Sure! I emailed them asking for a digital copy of the policy, so I’ll share it once I get it.
Honestly, just save your money. This insurance barely covers anything. You’re better off setting money aside yourself.
What state are you in, and what insurance do you already have? You might be better off putting that money toward boosting your current plan or looking into a separate whole life policy. Maybe post to a dedicated insurance forum for more advice?