What Is Globe Life Insurance? Everything That You Need To Know
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If you’re currently in the market for life insurance, chances are you’ve come across Globe Life Insurance. With a solid reputation and a significant history of serving the American population, Globe Life Insurance Company has positioned itself as a notable player.
However, deciding whether Globe Life Insurance is the right fit for your needs requires careful consideration.
This article intends to provide an impartial assessment by examining the range of products and services offered by Globe Life and comparing them to competitors in the industry.
Additionally, we’ll delve into the pros and cons of selecting Globe Life as your insurance provider, providing you with the insights needed to make a well-informed choice about your life insurance coverage.
Understanding Globe Life Insurance
Established in 1951, Globe Life is one of the oldest insurance companies in America. It offers diverse policy options that can be tailored to your specific requirements through customizable riders. The company stands out for its robust policies designed for children.
Globe Life is headquartered in McKinney, Texas, and operates nationwide through a network of life insurance agents.
It distributes its policies through subsidiaries like American Income Life, Liberty National Life, United American, and Family Heritage Life.
While Globe Life is recognized for its final expense insurance with limited underwriting, which can be suitable for individuals with health issues, those who are healthy or seeking substantial death benefits for income replacement might find better rates and more comprehensive options elsewhere.
Globe Life Insurance Policies
Globe Life offers life insurance policies online and through their network of agents that do not require medical exams. Let’s take a brief look at each product they offer.
Term Life Insurance
Globe Life provides term life insurance coverage for one year to 30 years. Their policies are available in various coverage amounts, such as $5,000, $10,000, $20,000, $30,000, $50,000, $75,000, and $100,000.
In some states, individuals aged 60 and older might be limited to coverage at most $50,000.
Globe Life’s term life insurance policy offers the first month of coverage for just $1, with subsequent premium rates based on the policyholder’s age.
Life Insurance for Children
Globe Life offers whole-life insurance policies for children, allowing parents to secure coverage while their children are at their youngest and healthiest.
Coverage ranges from $5,000 to $30,000, and the child’s age and health influence premiums.
This policy matures with the child’s age and accumulates cash value that can be utilized for significant life events in the future.
Whole-Life Insurance
Unlike term life insurance, whole life insurance remains active as long as premiums are paid, building cash value over time.
Globe Life’s full life insurance does not necessitate a medical exam, but some health-related questions might be part of the application process.
Final Expense Insurance
Final expense insurance is designed to cover funeral costs and other expenses while also addressing any outstanding debts.
This type of insurance does not require a medical exam and typically comes with relatively affordable premiums.
Mortgage Insurance
Mortgage protection insurance assists beneficiaries in paying off the deceased’s mortgage.
Globe Life’s policies feature an inflation factor that increases the death benefit by 5% annually, educational benefits for children, and a payout in case of amputation due to an accident.
Additional Insurance Products
Although Globe Life primarily focuses on life insurance, the company and its subsidiaries also offer supplemental health insurance and annuities, including:
- Cancer insurance: Covers medical expenses, transportation, lodging, childcare expenses, and income replacement during cancer treatment.
- ICU insurance: Provides coverage for stays in the ICU that traditional plans might not cover.
- Critical illness insurance: Offers protection from income loss and lifestyle changes due to a covered critical illness.
- Hospital insurance: Helps with deductibles, coinsurance, and copayments during hospital stays.
- Accident insurance: Provides a lump sum payment for significant covered accidents.
- Worksite insurance: Business owners can offer insurance plans to their employees.
In the past, Globe Life operated under Torch mark Corporation, with Globe as one of its subsidiary companies. The other subsidiaries are United American Insurance Company and Globe Life Family Heritage.
Why Opt for Globe Life Insurance Coverage?
Globe Life recognizes the importance of safeguarding working families against unexpected events.
The company offers straightforward applications for life and supplemental health insurance products, prioritizing simplicity and clarity for policyholders.
Their commitment to providing understandable policy benefits ensures you and your family receive exceptional service.
Accessibility to Globe Life representatives is hassle-free, with 24/7 availability through phone, online platforms, and face-to-face interactions.
The company’s range of products is designed to accommodate various needs and budgets, and purchasing can be done through multiple channels, including phone, online, in-person, or mail.
Globe Life boasts extensive experience and a commitment to fair and honest treatment of customers, agents, employees, and communities.
It actively works to make a positive impact in its operational areas, striving to enhance the quality of life for individuals and families.
Globe Life has long been committed to safeguarding the financial futures of working families, providing them with tools they need for success.
Pros and Cons of Globe Life Insurance
Understanding the advantages and disadvantages of Globe Life insurance is vital for informed decision-making.
Advantages
- Globe Life Insurance is a substantial presence in the United States, with subsidiaries like Liberty National and Family Heritage Life Insurance.
- They offer a variety of life insurance policies, including term, whole, and universal life insurance.
- No medical exam policies are available.
- ILower rates for the initial month.
- Convenient policy purchase over the phone or online.
Disadvantages
- Globe Life only provides life insurance and lacks other types of coverage like auto insurance.
- Policy options are limited.
- Rates are relatively expensive compared to other insurance companies.
- Quote for permanent insurance requires consultation with an agent.
- Term insurance is limited to 10, 20, or 30 years.
- The maximum coverage amount for term insurance is capped at $100,000.
- Complaints about the company are higher than expected, given its size.
- Applicants must provide proof of permanent residency in the United States; policies are not issued to foreign nationals.
FAQs
Who should consider Globe Life Insurance?
Globe Life might be suitable for individuals seeking a small amount of short-term life insurance coverage. However, most individuals can find better coverage options at lower rates from other providers.
What sets Globe Life apart?
Globe Life deviates from the standard by not offering level term convertible life insurance policies, which are the typical term life insurance choices. Instead, they provide a five-year renewable term policy with rates that increase every five years.
When should you explore alternative insurance companies?
For most individuals seeking life insurance, better options are available elsewhere, particularly with level-term policies that offer more stable rates.
What are Globe Life insurance rates?
Globe Life’s unique policy structure prevents direct comparison with typical policies like the $500,000, 20-year term. Their term policy has a maximum coverage limit of $100,000 and operates on a five-year renewable term basis, with rates that increase every five years.
How long does it take for Globe Life to process a claim payout?
Typically, Globe Life processes life insurance claim payouts within 30 days of filing, assuming no disputes arise.
Does Globe Life offer cash value?
Yes, Globe Life offers whole life insurance policies that accumulate cash value over time. Their life insurance coverage ranges from $5,000 to $30,000.
Parents or grandparents can secure whole-life insurance policies for children or grandchildren, which mature with age and build cash value.
How can you purchase Globe Life Insurance?
Globe Life insurance policies can be purchased online, over the phone, through an agent, or via mail.
Conclusion
Globe Life Insurance is a well-known company with a prominent brand presence, mainly due to extensive marketing campaigns aimed at individuals interested in funeral life insurance for burial expenses.
These campaigns often highlight “$1 a month coverage” and similar offers, targeting seniors through direct mail and emails. It might raise questions about the legitimacy of these offers.
While some customer complaints exist, overall customer service and recommendations for Globe Life are positive.
