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Is Globe life insurance any good?

I requested info from them, and after looking at their brochure, I think I would like to sign up for it. Is it really any good?? And if you make your child the direct benificery of the ins., how do they get it if they are a minor??

Public Comments

1. My recommendation for you is to call a LOCAL agent, and request a free Financial Need Analysis (FNA), or other total needs program, to help you determine how much life insurance you actually need. The FNA will also determine if you need short or long-term disability insurance. Globe is a good company, but I believe you could get more for your money through a LOCAL agent. From the brochures that I've seen from Globe, the price is expensive, comparably speaking. For a minor to receive proceeds from a life insurance policy it must be set up in a trust fund. A set amount per year can be withdrawn to support the child until the age of majority (18), unless specified for an older age, like 21 or 25. At the specified age, the remainder can be withdrawn, unless it was previously stipulated in the policy how proceeds would be distributed (lump sum, or annuitized monthly, quarterly, semi-annually or annually).
2. Globe life is an A+ rated company. They are rock solid. They specialize in life insurance for children, and "guaranteed issue" policies for the elderly. Their prices are sky high, but they market heavily. I don't buy life insurance on my kids. I think it's a ripoff. You need to think heavily about what the GOAL of the life insurance is, and then RUN THE NUMBERS, and see how much it's going to cost you, until the child is 18. If you make a child the beneficiary of YOUR insurance policy, their guardian will get control of the money. You need to define the goal that you want the life insurance to acheive first, THEN you need to select the best product to meet that goal. You will probably be better off using an independent agent, that represents a whole bunch of companies, than trying just one or two.
3. Globe Life Insurance is a solid reputable company. No worries there. If you want to make sure you are getting the most for your money, then I would encourage you to shop around and see what similar plans cost. If you leave the benefit to a minor you can determine what happens to the money in your will. Usually you can set up a trust or make someone their financial guardian to make sure that the kids and the money are taken care of until they reach a certain age.