Globe Life Insurance is a good option for accidental death insurance, but their term and whole life insurance is more expensive for healthy shoppers.
Life insurance protects your family and loved ones if you pass away unexpectedly. The payout helps them pay off a mortgage, credit cards or provide for a child’s education. Like most insurance, you hope you’ll never need to use it.
You want the best and most affordable policy to meet your needs.
Globe Life or Globe Life And Accident Insurance Company was founded in 1900 and is headquartered in McKinney, Texas.
They have a Better Business Bureau rating of A+, with 286 reviews, giving them a BBB rank of four stars. Although they have a strong financial strength rating, they are not in AM Best’s Top 200 U.S. Life/Health Insurers list.
One of their most unique benefits is simplified underwriting. They offer simplified underwriting, which means that you have to pass a medical questionnaire.
If you pass, the policy will be issued without further medical exam (if you do not pass, the policy will be declined). Globe Life offers life insurance policies to over 4.2 million policyholders.
Pros and Cons of Globe Life
The 1st month of coverage costs just $1
Can buy policies with small premiums and death benefits
Globe Life doesn’t require medical exams
No waiting period on any of its policies
No policy payouts of more than $100,000; not enough for some families
No agents to meet with or face-to-face communications
No online application or quote process
Term Life Insurance
This is simply pure insurance protection that doesn’t build cash value. It is a temporary insurance that is purchased for a limited period of time. It is the least expensive option for most people when buying life insurance.
At Globe Life, you have the privilege of choosing your own coverage such as $5,000, $10,000, $20,000, $30,000, $50,000 or even up to a maximum of $100,000.
One benefit of the term life insurance coverage offered by Globe is the “no medical exam”. Just a simple application, and you can qualify. This allows you to get coverage quickly regardless of most health conditions.
Rates are based on your actual age and you have the option of renewing the policy every 5 years up to age 90. This coverage is also marketed by Globe Life to Seniors as “Senior Life Insurance” as well as “Life Insurance for Veterans” and Young Family Life Insurance.
As far as we can tell, there is no difference from the basic term life insurance coverage that is being offered to everyone through Globe Life.
No medical exam needed to apply
Quick approval times
Rates increase every 5 years!
No long term fixed premium contracts
Death benefit capped at $100,000
No preferred rates for healthy applicants
Globe Whole Life Insurance
If life insurance needs are more on the permanent side, Globe offers its whole life insurance coverage. With this option, your rates remain the same for life.
Your policy builds cash value for your future, and your coverage will never be reduced as long as your premiums are paid on time. This package also doesn’t require medical exams, but there are a few questions you’ll need to answer.
Globe whole life insurance is considered non-participating whole life. This means that although it has a guaranteed cash value account it is not eligible to receive dividends.
Ideally, this coverage is best for covering small death benefit expenses such as burial or final expense needs. The death benefit options range from $5,000 up to a maximum of $50,000
Children’s Life Insurance
Do you need an option for your children? Well, Globe Life offers life insurance coverage for children, too.
Children’s Whole Life is a smaller version of their Whole Life policy. Coverage can be purchased up to a maximum of $20,000. Children’s policy can start as low as $2.17 per month. The policy does build cash value and the parents can gift the cash value at some point in the future.
The age, health, and occupation of your child will not affect the benefits as long as premiums are paid on time. This life policy is great if you want to give your child a financial head start since it has a cash value account.
Other Globe Insurance Products
Apart from life insurance policies, Globe Life Insurance also provides their policyholders additional options to ensure they have the protection they need. The products include:
Globe Accidental Benefits Insurance
An Accidental Benefits policy is similar to a term insurance policy but with very limited benefits. In order to collect on an AD&D policy, the death of the insured must be of qualifying accidental nature.
AD&D coverage offer through Globe Life is guaranteed acceptance regardless of health both past or present.
Coverage can be purchased up to $250,000 as long as you are between the ages of 18-69. Like Globe’s Term product you will have the option to renew the policy every 5 years.
One of the biggest bonuses with Globe AD&D coverage is the several complimentary benefits. These include:
Inflation Benefit: Increases the overall death benefit by 5% each consecutive year the policy is active at no additional costs.
Education Benefit: Can payout an extra 10% death benefit to each dependent child that is between the ages of 15-22.
Seat Belt Benefit: Will payout an extra 10% death benefit if the insured died in an accident wearing a seat belt.
Common Disaster Benefit: If both spouses are insured and pass away from an accidental death in a common accident, the spouse’s death benefit will be increased to 100% of the primary insured benefit amount.
Dismemberment Benefit: Will payout a benefit due to a loss of a hand, foot or eye.
Paralysis Benefit: Will payout a benefit due to quadriplegia, paraplegia or hemiplegia.
Commercially Scheduled Airline Benefit: Pays out an additional benefit equal to the benefit of the primary insured at the time of death from an accidental bodily injury received as a fare-paying passenger on a commercially scheduled airline.
Globe Mortgage Protection Insurance
This policy is nearly identical to the Accidental Life policy. In fact, it is considered an AD&D policy but is being marketed as Mortgage Protection Insurance.
It is designed to pay out a lump sum benefit that is to be used to help pay off any remaining balance of a mortgage. The payout will only occur should the policyholder pass away from death related to an accident.
As you can see this is pretty much an accidental death benefit policy (AD&D).
The idea of this coverage is to help provide the funds for your surviving spouse to help cover mortgage costs or to make an entire payoff of the mortgage balance.
This coverage is available to applicants ages 18-69 and allows for coverage to be purchased ranging from $50,000 up to a maximum of $350,000.
This is a great policy to cover those expenses that Medicare doesn’t meet, thus protecting your retirement savings. Medicare Supplement plans offered through Globe Life do not require any waiting periods and is guaranteed acceptance coverage regardless of pre-existing conditions.
Globe Life Alternatives
While Globe is a well known life insurance company, there are many competitors for the policies that Globe is known for. The top three include:
AIG Direct – A great option for just about any type of policy, due to their size and financial stability.
Fidelity – One of the top options for no exam and final expense policies.
HavenLife – They have the fastest turnaround for term life insurance. This includes no medical exam for many people under age 55.
1. Can you cash in your Globe Life insurance policy?
Globe Life’s whole life insurance policies build cash value without having to add a rider, but their term life policies do not. This is an industry standard for these types of policies.
2. Is Globe Life insurance reliable?
Globe Life gets some high marks for financial stability, but its customer service and claims process have received a lot of complaints. You could find other insurance companies with higher reliability.
3. Does Globe Life have life insurance for seniors?
Yes, seniors can buy insurance from Globe Life, but it may cost more than the policies provided by many other insurers.
The bottom line of this review suggests that whether or not you have a medical issue that is pre-existing, you want to pay the lowest insurance rates possible for the best amount of coverage for yourself.
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