Buying life insurance for the first time can be overwhelming. There are so many different providers, and it can be difficult to know which ones are going to provide the best value. Globe Life Insurance is a company that offers a range of insurance products, including some life insurance options. You may be considering them for your insurance products – in particular, they’re often marketed at those who have a hard time qualifying for life insurance elsewhere. Here’s what you need to know about Globe Life Insurance before purchasing a policy.
About Globe Life Insurance
Globe Life Insurance is based in McKinney, Texas, and is known for offering life insurance, supplemental health insurance, and other financial products like annuities. Founded in 1951, they were initially a subsidiary of Liberty National Life Insurance and are now part of Torchmark Holdings. Globe Life Insurance sells its products directly through its website as well as through captive agents.
A notable player in the U.S. life insurance industry, Globe Life and Accident Insurance Company is one of the numerous companies under the greater Globe Life umbrella. Founded in 1951, Globe Life is headquartered in Texas and offers health insurance in addition to its life insurance products. If the name sounds familiar, you may recognize it as a result of the naming rights it holds for the Texas Rangers baseball stadium in Arlington, Texas.
So, what can Globe Life Accident Insurance Company offer you in your search for the right life insurance coverage? That’s what we are here to figure out. We are going to go over the basics of the kinds of life insurance products available through Globe Life, and we’ll help you determine if this is a brand worth closer inspection for your needs. Let’s get started!
|Globe Life Insurance|
|Products Sold||Term Life, Whole Life, Children's Life, Accidental Death|
|States Available||All 50 states|
|Address||3700 S. Stonebridge Drive |
McKinney, TX 75070
|Hours||Monday – Friday, 7:30a.m. – 6:30p.m. CST|
What Kind of Policies Does Globe Life Offer?
Globe Life Insurance offers a number of different types of life insurance policies. They specialize in policies that do not require a medical exam. They often market their products to those who have chronic health conditions or who otherwise might not get approved for a life insurance policy.
– Term life: Term life policies provide coverage for a specific amount of time. Globe Life offers term coverage without a medical exam, with coverage ranging from $5,000 to $100,000. This is much lower than the term life insurance benefits you would get with other companies. Their term structure is also much different than other companies. Their terms last for five-year increments, and you have the option to renew at the end of each five-year cycle. There are age limits to some of their term life insurance policies, so it’s important to keep an eye out for those if you sign.
– Whole life: Whole life policies are designed to provide coverage for your entire life without expiring. Globe Life offers whole life insurance with limited death benefits for the purposes of final expense coverage. They offer whole life policies up to $25,000 for funeral costs and other end-of-life expenses. These policies are available without a medical exam, although they are not guaranteed issue. These policies also have a cash value portion, although it isn’t added to the death benefit when you die. Instead, you can opt to borrow against the cash value while you are alive if you need it.
– Children’s life: Global Life offers life insurance policies for children. These policies are designed to offer ongoing coverage as the child grows up. Once the child reaches adulthood, they can opt to continue paying the premiums themselves. The potential advantage of purchasing a life insurance policy at a young age is that the rates are much lower, so you can lock in a low premium for an extended period of time.
– Accidental death: While not technically a form of life insurance, many people use accidental death coverage for a similar purpose. Globe Life offers accidental death coverage of up to $250,000. The death benefit increases as you get older. They also offer guaranteed acceptance for most customers, so you won’t have to worry about answering health questions or taking an exam. However, accidental death coverage will only pay under specific circumstances that qualify as an accident, like a car crash. If you die from an illness or another circumstance that doesn’t fit their criteria, your beneficiaries will not receive a payout.
– Guaranteed acceptance life insurance. If you don’t want to go through a physical exam to qualify for life insurance, or if you don’t think you would pass such an exam and qualify for coverage, Globe Life offers guaranteed acceptance options. These are limited to relatively low benefit coverage amounts but can be a helpful tool to protect yourself and your family should the unexpected occur.
– Mortgage protection. When the primary earner for a household dies, the mortgage on their home can become a significant burden for those surviving members of the family. By taking out a mortgage protection policy, the balance due on the home will be paid off in the case that the covered individual passes away. Having this type of policy in place can provide great peace of mind for the whole family, and it is available from Globe Life as well.
There are other categories of life insurance available through this large carrier, but those listed above will apply to most individuals who are looking for coverage. To get started, you’ll want to request a quote from Globe Life along with many other companies that you are considering. With quotes in front of you to review, it will be pretty easy to pick out the best policy for your needs. It is important to compare prices because the same coverage can be much cheaper at some companies than others.
Available Riders from Globe Life
If you are new to the task of purchasing life insurance, you may be confused by the term “rider”. In reality, it’s quite a simple concept – riders are just additions to life insurance policies that change how the policy works or what it provides. You can think of riders as a way to customize your coverage so that the policy you take out more accurately reflects your needs as a family.
Every insurance carrier has its own unique set of riders, but there are some common options that appear with nearly every carrier. Some of those you might look into from Globe Life include the following:
Return of premium. Getting back the money you paid as premiums during an insurance policy might sound impossible, but it’s actually an option with this rider. When this is added, term life customers who live beyond the end of their term can get back the money that was paid over the course of the term. In this way, the policy can almost act like a savings account, holding money for you until the term has passed.
Child rider. You can add life insurance coverage for your children as a rider on your primary policy. If you are interested in this addition, be sure to ask for details to understand how it works before you get started.
Critical illness. Using this rider is a way to gain a payout on your policy even without death occurring. In this case, payment will be made if a critical illness impacts the individual covered on the policy. You’ll have to pay close attention to what qualifies as a critical illness on your policy, to make sure the terms are suitable for what you’d like to see covered.
What Is Globe Life’s Pricing Like?
Since Globe Life offers insurance without a medical exam, it may be one of the only ways for those with chronic health conditions to find relatively affordable insurance. However, for healthy people, their prices are typically slightly more expensive than the average cost of insurance. Globe Life’s policies also don’t provide as much financial benefit as those from other insurance companies.
Notable Features of Globe Life Insurance
The all-around nature of Globe Life insurance policies is a standout feature that makes this brand worth considering. In other words, there really aren’t big weaknesses here or gaps in what is available – nearly everyone should be able to get what they need.
More specifically, there are some products that you might be looking for that are found at Globe Life. Children’s life insurance is one example of such coverage. If you want to buy life insurance for a child, Globe Life offers competitive rates in that arena. You can also buy coverage that will provide a payout for an accidental death, which is usually an affordable way to protect your family financially against a completely unexpected accident.
It’s hard to find a life insurance company with a stronger rating profile than what is carried by Globe Life. The ratings this company has received include an AA- from Standard & Poor’s, an A+ from Fitch, and an A+ from the Better Business Bureau. Across the board, those who rate the financial position of life insurance companies are impressed with the standing of Globe Life.
What do strong financial ratings mean for you as a consumer? It’s simple – you can count on Globe Life to make your payment when a claim is filed. If you need to claim a death benefit on a life insurance policy, the financial strength of this company puts it in a position to make that payment without any trouble. You should feel good that the premiums you are paying will result in a benefit being received after a claim, and dealing with a reliable company is your best bet on that front.
There are a couple of important features of Globe Life that has led to plenty of positive reviews. The first of those is a lack of any waiting period to start your coverage. Once you accept your policy and begin to make premium payments, the coverage is in effect. Also, you’ll enjoy the money-back policy that is offered by Globe Life, which gives you 30-days to reconsider your decision and get your premium payment back. This is a helpful feature for anyone who is overwhelmed by the life insurance purchasing process. You can make a choice knowing that you’ll still have an opportunity to go in a different direction if you have second thoughts.
Application Process Overview
Many life insurance applicants will appreciate the process that is required by Globe Life for one simple reason – no medical exams are needed to take out a policy. While you apply, you will need to give the company some basic information about your health so it can generate a quote and policy options, but there is no need to visit the doctor for a check-up. That part of the application picture alone will be appealing and will be reason enough for some people to turn toward Globe Life for coverage.
As far as options for working with the company to get a quote, there are plenty of methods available. You can use the Globe Life website, of course, but you can also work out your policy details through the mail or over the phone. Licensed agents are also available to work with you directly if you would like that type of assistance.
What Is Globe Life’s Customer Service Like?
Globe Life doesn’t get high marks for customer service. You can get a quote and apply for it on their website, but their agents are not particularly responsive, so it may take a while for your policy to be finalized. For most inquiries, you’ll have to contact their team by phone, which can also take a long time. Their agents have a reputation for not being particularly helpful when it comes to answering questions. Once you have a policy in place, you can make a monthly premium payment online, although you’ll have to call them if you want to file a claim.
In terms of financial stability, Globe Life is trustworthy. They currently have an ‘A’ rating from AM Best, which is a company that rates the financial stability of insurance companies. This means that you can trust Globe Life to pay their claims, regardless of the current economic climate.
Is Globe Life Insurance a Good Buy?
For most people, Globe Life Insurance isn’t going to provide the value that you would expect from a life insurance policy. Globe Life Insurance’s policies are actually more expensive than average for most people, and they don’t provide particularly robust death benefits. They also have very poor customer service, with a team that’s more focused on making sales than helping to answer questions.
However, if you have a chronic illness or injury and are struggling to get coverage elsewhere, Globe Life Insurance could be the right choice for you. While their policies aren’t the most comprehensive, they will provide you with enough to cover your funeral expenses. It’s important to note that while they don’t require a health examination, they aren’t guaranteed issue, so you’ll still need to fill out an application and potentially answer a few questions about your health.
In general, Globe Life Insurance doesn’t provide as much value as other life insurance companies. It’s always best to get quotes from multiple life insurance companies before making a final decision.