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Globe Life Insurance Review

Life insurance is a key part of most any financial plan. One reason for this is because the proceeds from a life insurance policy may be used for numerous needs, including the payment of debt, the continuation of ongoing living expenses of the insured’s survivors, and/or the payoff of the insured’s funeral and other final expenses.

Before purchasing a life insurance policy, it is important to first get some information about the insurance company that you are buying the coverage through so that you can determine whether or not the insurer is strong and stable financially, and whether it has a good, positive reputation for paying out its claims.

One insurance company that meets these criteria is Globe Life and Accident Insurance Company (or simply, Globe Life) – where just one dollar can purchase up to $50,000 in good, quality life insurance coverage, with no medical exam, and no waiting period for the coverage to begin.

The History of Globe Life Insurance Company

globe life insurance company reviewGlobe Life has been in the business of offering life insurance solutions to its clients since 1951. The initial – and current – mission of Globe Life is to offer inexpensive, but dependable, life insurance protection to Americans who were living in rural areas of the country.

Throughout the years, Globe Life has expanded, and today it holds a prominent position within the insurance industry. The company’s name is widely recognized, due in large part to the advertising campaigns that Globe Life uses. Also, as time has gone by, many Americans also know the Globe Life insurance company name, as their parents and/or grandparent’s own policies.

Today, the same management team has been employed by Globe Life for nearly two decades. The company also uses modern technology to market and offer its life insurance coverage, as well as top notch customer service. Globe Life is a wholly owned subsidiary of the Torchmark Corporation. The company is headquartered in McKinney, Texas.

Globe Life Insurance Review

With roughly $80 billion of insurance in force, Globe Life insurance company is committed to continuing its mission of providing quality, yet affordable life insurance protection to its customers. As of 2017, there are approximately 4.2 million current Globe Life policyholders.

Also headquartered in Texas – just 30 minutes north of Dallas, the parent company of Globe Life – Torchmark Corporation – is known for its financial strength. As of September 30, 2017, Torchmark had brought in more than $1.725 billion of just life insurance premium alone.

Torchmark has earned a long list of awards and accolades, including the receipt of a Top 50 ranking for Life and Health Insurance Companies in National Underwriter’s LifeHealthPro online magazine in 2016, and being ranked as number 590 on the 2016 Fortune 1000 list.

In addition to Globe Life and Accident Insurance Company, Torchmark Corporation has other affiliates, including American Income Life Insurance Company, Liberty National Life Insurance Company, United American Life Insurance Company, and Family Heritage Life Insurance Company of America.

Insurer Ratings and Better Business Bureau Grade

Globe Life is considered to be very strong and stable financially. It also pays out its claims promptly. Due in large part to that, the company has earned a high rating of A+ (Superior) by A.M. Best Company.

In addition, Globe Life has also been an accredited member of the Better Business Bureau (BBB) since 1952. The BBB has given Globe Life a grade of A+, which is on an overall grade scale of A+ to F.

Over the past three years, Globe Life and Accident Insurance Company has closed out a total of 305 customer complaints – of which 93 have been closed out within the past 12 months. Of these 305 complaints, 159 had to do with problems with the company’s product and/or service, 84 were related to advertising and/or sales issues, 53 were in relation to billing and/or collection issues, 6 had to do with delivery issues, 2 were in relation to guarantee / warranty issues, and the final one had to do with Other issues.

Life Insurance Products Offered Through Globe

Globe Life offers a variety of different life insurance coverage options to choose from. These include both term and permanent policies. With term life insurance, there is death benefit protection only, without any type of cash value or savings build up within the policy. Because of that, term life will frequently be cheaper than a permanent policy, with all other factors being equal.

A term life insurance policy is purchased for a set period, or term. These are typically ten years, fifteen years, twenty years, and thirty years. Many companies may also offer a one-year renewable term life policy option.

Permanent life insurance offers both death benefit protection and a cash value build up. There is no set time limit on a permanent life insurance policy’s coverage, as many of these plans are intended to provide coverage for the remainder of an insured’s lifetime (provided that the premium is paid).

The cash that is inside of the policy’s cash value component is allowed to grow and compound tax-deferred. This means that there is no tax due on the growth unless or until the money is withdrawn. (These funds may either be withdrawn or borrowed for any reason).

Term Life Insurance Policies from Globe Life

Globe Life offers several term life insurance coverage options, with death benefit protection of $5,000, $10,000, $20,000, $30,000, or $50,000. Policyholders need to only pay just $1 for the first month of coverage. Once the first month has elapsed, the premium rate is determined based on the insured’s current age.

Once approved, the amount of the coverage will not decrease, and the amount of the premium that is due will not go up. There is no medical exam required for approval, and there is no waiting period for the coverage to begin. Also, the same coverage is also available to the insured’s spouse or other family members.

Permanent Life Insurance Policies from Globe Life

The permanent life insurance coverage that is offered by Globe Life is whole life protection. With a whole life insurance policy, once the insured has been approved, the policy will last for the remainder of his or her life (as long as premiums are paid). This coverage cannot decrease, nor can the amount of the premium be increased.

The cash value within a whole life insurance policy grows, based on a rate that is set by the insurance company. Because the funds in the cash value grow tax-deferred, they are able to increase faster, and more, than a comparable taxable account.

As with the term life plans, policyholders can choose from a number of death benefit dollar amounts, including $5,000, $10,000, $20,000, $30,000 or even $50,000 – and just one dollar can lock in a policy of up to $50,000 for the first month.

There is no medical examination required so that the policy can be issued much more quickly. In addition, there is a 30-day money back guarantee. So, if the policyholder is unsatisfied for any reason, they can simply return the policy within 30 days, and Globe Life will fully refund the premium that was paid in.

Children’s Life Insurance from Globe Life

Although nobody ever wants to think about it, accidents and illness can occur with children – and if that is the case, having life insurance coverage on the life of the child can help to reduce financial stress during this highly emotional time.

Globe Life offers child life insurance rate that are as low as $2.17 per month – and coverage can be locked in for the first month by simply paying just $1. The children’s life insurance coverage is whole life, so not only is there death benefit protection, but also cash value build up.

The amount of the coverage can be chosen from several options, including $5,000, $10,000, $15,000 or $20,000. As with the adult life insurance plans, there is not medical exam required for approval – and full coverage starts on the very first day.

Mortgage Protection Insurance from Globe Life

For many people, the largest purchase made in their lifetime is their home – and because of that, if the unexpected would occur, it can be helpful to know that the balance of the mortgage will be paid, allowing loved ones to remain there instead of having to uproot their lives.

The mortgage protection life insurance offered by Globe Life can provide up to $350,000 in proceeds via an accidental death and dismemberment insurance policy. Here, if an accidental death occurs, the policy will pay out to the beneficiary.

Acceptance is guaranteed, regardless of the insured’s health – provided that the applicant is between the ages of 18 and 69. Once approved, the policy’s premium will never increase for any reason. This policy offers rates that are as low as just $5,50 per month.

This mortgage protection insurance also offers additional guaranteed benefits, at no added premium cost. These include:

  • Inflation Benefit – For each year that the policy remains continuously in force, the principal benefit of the primary insured will automatically be increase by 5% of the initial principal benefit, until the principal benefit is equal to 125% of the initial amount, or until the principal insured turns age 70 – whichever occurs first.
  • Education Benefit – Upon the accidental death of the primary insured, the policy will pay out an additional 10% of the death benefit for each dependent child between the age of 15 and 22 (on the date of the accident)
  • Seat Belt Benefit – This benefit will pay out ten percent of the insured’s principal benefit if the insured suffers an accidental death while operating a vehicle and also wearing a seat belt.
  • Common Disaster Benefit – 10% of the principal benefit will be paid out if the insured dies as the result of a common disaster.
  • Dismemberment Benefit – This benefit pays for the loss of a hand, foot, or eye (based on certain guidelines).
  • Paralysis Benefit – This benefit covers quadriplegia, paraplegia, and hemiplegia (based on certain guidelines).
  • Commercially Scheduled Airline Benefit – This pays an additional amount if the insured dies in an accident while he or she is a fare paying passenger on a commercially scheduled airline.

Other Products and Services Available

In addition to pure life insurance coverage, Globe Life also offers some additional products and services to its customers. This includes Medicare Supplement insurance. This type of coverage can help to pay for the out-of-pocket expenses for Medicare Part A and B beneficiaries, such as deductibles, copayments, and/or coinsurance.

How to Get the Best Premium Rates on Coverage Through Globe Life Insurance

Getting the best premium rates on life insurance coverage is important. In order to compare rates, it can be helpful to work with an independent life insurance brokerage that can show you many different plans, carriers, and prices. We can help you in doing so. We work with many of the top life insurance companies in the industry today, and by comparing your options, you can find the policy that works the best for you. To begin the life insurance rate comparison process, all you have to do is just simply fill out the quote form on this page.

Should you find that you still have any additional questions or concerns regarding life insurance coverage through Globe Life – or any other carrier – please feel free to reach out to us directly via phone. We can be reached toll-free at 877-235-9299.

We understand that the purchase of life insurance can be somewhat confusing. There are many different variables to consider, and you want to be sure that you are choosing the right coverage for your needs. An expert can assist you with moving in the right direction. So, contact us today – we’re here to help.

Transcript: Globe Life Insurance Review

Looking for a fair and honest review of Globe Life Insurance? You’ll
find it in this video. So, you may have seen the commercials, Globe
Life Insurance, $1 for $50,000 worth of life insurance coverage. Well,
here’s the truth. It’s a gimmick. Basically, Globe life insurance
advertises this to get you hooked in.

But if you really get a quote from them, what you’ll see is that their
advertising is very misleading. They have a guaranteed rate schedule.
What does that mean? It doesn’t mean that it’s guaranteed level life
insurance. What it does mean is that their insurance quotes, they go
up every five years. So your life insurance premiums are going to go
up every five years with Globe Life Insurance.

They also only offer term life insurance. What I would suggest to you
if you’re looking at Globe Life Insurance, is go on their website and
get a quote. Then come and compare it; because you’re likely to find
much better rates through other insurance companies. The other thing
is that Globe Life Insurance does not specialize in high-risk life
insurance.

If you have a preexisting condition, you want to make sure that you
find the best life insurance company that’s going to cover you for
your specific condition at the best possible rates. At chooseterm.com,
we specialize in high-risk life insurance and comparing life insurance
for over 30 different carriers. We know we can beat the prices with
Globe Life Insurance.

Give us a call. Click our link below and visit our website so that we
can give you a quote, compare all the insurance companies out there,
and we know that we can get you a better rate than what Globe Life
Insurance offers.

Author: Liran Hirschkorn

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Liran Hirschkorn

Liran Hirschkorn is the founder of Chooseterm.com. His mission is to help individuals across the country in finding the best rates on life insurance as well as helping individuals with high risk life insurance.

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