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Globe Life Insurance is a well-known corporation with a strong brand recognition. This is due to broad marketing campaigns aimed at potential consumers interested in purchasing funeral life insurance to cover the costs of burial.
Term life, whole life, and children’s life insurance are all available through Globe life insurance. The company promotes its low beginning cost, with $1 covering your first month of coverage – but the price gradually rises.
Globe Life is unique in that none of its life insurance policies require medical exams. It offers term, full, accidental death, mortgage protection, and children’s life insurance.
Instead, the company’s underwriting is solely based on your application and health-related questions.
Also, Globe Life may be an alternative for those who desire life insurance without the inconvenience of scheduling and having a medical exam.
So, if you’re debating whether or not to put your money in Globe Life Insurance, reading this review to the end will provide you with an answer.
About Globe Life Insurance
According to Wikipedia, Globe Life, established in McKinney, Texas, offers life and health insurance coverage nationwide, and as of June 2020, it has an A (Excellent) Financial Strength Rating.
Globe Life and Accident Insurance Company is a subsidiary of Globe Life and has offices in Oklahoma City and McKinney, Texas.
Simplified underwriting is one of their most unique features. They provide streamlined underwriting, which requires you to complete a medical questionnaire.
If you pass, you will be issued a policy without having to undergo a medical exam (if you do not pass, the policy will be declined). Over, 4.4 million people have life insurance plans with Globe Life.
Types of Global Life Insurance
There are five distinct life insurance plans available by Globe Life. You are not obliged to take a medical checkup as part of any of its rules.
However, based on your application, you may still be denied due to your medical history. While certain products allow you to acquire an estimate online, you’ll need to call Globe Life to get a finalized rate and purchase your policy.
#1. Accidental Death
The accidental death life insurance policy from Globe Life is designed to augment your existing life insurance coverage. It covers covered accidental deaths or losses up to $250,000.
The policy includes these features:
- Inflation benefit: The primary insured’s benefit will increase by 5% each year the policy is in effect, until the principal benefit reaches 125 percent of the initial principal benefit, or until the principal insured turns 70, whichever comes first.
- Seatbelt benefit: If the primary insured is murdered while driving or riding in a car while wearing a seatbelt, Globe Life will pay an additional 10% of the principle benefit to the primary insured.
- Education benefit: If the primary insured dies as a result of a covered accident, Globe Life will pay an additional 10% for each dependant kid aged 15 to 22 years old. This benefit is only available on the family plan and is limited to $10,000 in value.
- Common disaster benefit: If the primary insured and their insured spouse both die in the same accident, the insured spouse’s death benefit will be enhanced to 100% of the principle benefit of the primary insured.
- Dismemberment benefit: If you lose a hand, foot, or eye, Globe Life will pay you a reward.
- Paralysis benefit: The paralysis benefit covers quadriplegia, paraplegia, and hemiplegia.
- Commercially scheduled airline benefit: If the principle insured dies as a result of bodily injuries sustained while flying on a commercially scheduled aircraft as a fare-paying passenger, Globe Life will pay an additional benefit equivalent to the principal benefit.
You can also choose an accidental death family plan, which pays out a portion of the primary insured’s principal benefit at the time of the accident to the spouse and any dependent children.
Accidental death insurance is guaranteed issue policies, which means that if you’re between the ages of 18 and 69, you won’t be turned down because of your health.
However, study the covered accident criteria carefully to ensure that you understand when Globe Life will pay out a death benefit.
Read this: PHCS Insurance Reviews 2022: Is it legit or a scam?
#2. Children’s Life
You can buy full life insurance coverage for your children or grandchildren between the ages of 0 and 25 with children’s life.
You may get them coverage ranging from $5,000 to $30,000, and the policy can generate monetary worth for their future. There is no waiting time, and coverage starts the day you sign up.
#3. Term Life Insurance
Globe Life term life insurance policies range from $5,000 to $100,000 in coverage, with terms ranging from 10 to 20 years.
The accounts do not grow in value in terms of money. Rates differ by state, and premiums rise as you enter five-year age groups.
4. Whole Life
You can buy $5,000 to $50,000 of coverage with Globe Life’s whole life insurance, and your rates will be the same for the rest of your life.
Your coverage accrues cash value, and your insurance benefit will never be canceled or lowered as long as you pay your payments on time.
5: Mortgage Insurance
The mortgage protection policy is a type of life insurance that protects you if you die unexpectedly. You can acquire coverage ranging from $50,000 to $350,000, and plans are guaranteed issue, meaning that if you are between the ages of 18 and 69, you will not be denied coverage due to your health.
Global Life Insurance: Pros and Cons
| Pros | Cons |
|---|---|
| Fast issuance | Simplified underwriting is not “Guaranteed Issuance” |
| No medical exam | Low limits of insurance |
| No waiting period | Higher than average complaints |
| Family coverage & children’s life insurance | The pricing structure is high for older children |
| Coverage available for seniors over 75 | Prices increase every five years. |
| Money-back guarantee | Policy cancellation options may be confusing |
| Online policy management | |
| Veteran’s life insurance plan |
Global Life Insurance Reviews: Customer Service
Globe Life allows you to shop for insurance and get rates over the phone, rather than selling products through agents.
Customer assistance can be reached at 1-877-577-3860. Its hours of operation are 7:30 a.m. to 6:30 p.m. CT Monday through Friday.
You can manage your account online at Globe Life’s eService Center if you’re a policyholder. You can amend your mailing address, make payments, and examine policy details.
Globe Life has a mobile app for both Android and iOS. You can use your mobile device to pay your monthly premiums, change your personal information, and learn about coverage alternatives.
Globe Life Insurance Reviews: Customer Complaints And Satisfaction
Globe Life Insurance has an A+ BBB rating. According to three years of statistics from the National Association of Insurance Commissioners, it received significantly more than the expected number of complaints to state regulators for a company of its size for life insurance.
Customer service concerns and not getting questions answered correctly are the most common customer service issues, according to Life Insurance reviews.
Over 70 customer complaints were received by the company in 2019. To put this in context, the average insurance firm receives half to less than half of these complaints each year.
Can I Cash Out A Globe Life Insurance Policy?
Only Globe’s whole life insurance policies have a cash value component, which accumulates over time and can be withdrawn if the policy is surrendered. Globe’s term life and accidental death policies, like those of other insurers, have no cash value.
How Long Does it Take For Globe Life Insurance To Pay a Claim?
Beneficiaries typically receive the death benefit check within 10 to 15 business days, according to Globe. If you have not received your payment within 30 days of submitting your claim, you should contact Globe immediately.
How Do I Make Payments To Globe For My Life Insurance?
Premium payments for Globe Life can be made monthly, quarterly, or annually, depending on your preferences. Policyholders can pay by Visa, Mastercard, or electronic money transfer from their bank, in addition to direct billing.
The company’s online service center makes it simple to manage your payment information, add a new payment method, and amend your information.
Price of Globe Life Insurance
Globe Life provides quotations over the phone or online. They also estimate the cost of their Adult Term Life and Children policies. The first month of coverage is free, however after that, regular premium price applies.
On their website, for example, they claim that term life insurance with Globe Life can cost as little as $3.49 per month, or less than $50.00 per year, however this could be for their minimal amount of life insurance, which is $5,000.
Their pricing is separated into five-year age groups ranging from 26 to 89 years old.
Following are the sample rates for the Globe Life term life insurance, adult plan, based on our research:
| Age | $5000 Male vs Female cost per month | $30,000 Male vs Female cost per month | $100,000 Male vs Female cost per month |
|---|---|---|---|
| Age 31 to 35 | $4.38 vs $3.98 | $14.93 vs $ 11.53 | $44.48 vs $32.69 |
| Age 51 to 55 | $9.58 vs $7.94 | $35.39 vs $25.79 | $107.64 vs $75.76 |
| Age 71 to 75 | $26.77 vs $20.34 | $138.52 vs $103.56 | $451.44 vs $336,53 |
Our sample ranges were for California to give you an idea of the pricing you may expect from Globe Life term insurance plans.
If you want to learn more about the details, you may visit their website or phone them for personalized quotations.
We identified the following price samples for children’s life insurance, based on the child’s age:
| Age | $5,000 | $15,000 | $30,000 |
|---|---|---|---|
| 0 to 4 | $2.17 per month | $5.49 per month | $10.47 per month |
| 5 to 9 | $2.47 per month | $6.49 per month | $12.52 per month |
| 10 to 14 | $3.01 per month | $7.85 per month | $15.11 per month |
| 15 to 19 | $3.62 per month | $9.36 per month | $17.97 per month |
| 20 to 25 | $4.44 per month | $11.52 per month | $22.14 per month |
Also, check this: What is Property Insurance? Overview and How it works
Globe Life Insurance Reviews: Is Globe Life a Good Insurance Company?
Globe Life is a good and financially sound insurance company, despite its bad customer reviews.
However, you should always double-check that the policy you’re asking for fulfills your specific requirements. Globe Life Final Expense Insurance is not the greatest solution for most seniors.
Furthermore, Globe Life is a legitimate firm with a history dating back over 70 years. Several independent rating companies, including AM Best and the Better Business Bureau, have given it top financial ratings (BBB).
Should You Invest Your Money In Globe Life Insurance Or Not?
Yes, you may invest your money, but first you must learn about the policies available so that you can choose the best one.
Globe Life Insurance Reviews: Verdict
Globe Life provides specialist coverage for customers who want to receive coverage quickly and without medical underwriting.
Before you buy this limited policy, consider searching around for life insurance options or speaking with a financial professional to help you make an informed decision.
Globe Life is an option to consider if you do not want to take a medical exam and merely require lower coverage limits.
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