Globe Life Insurance Company Review
These days with all the advertisements on television and paid reviews, it’s hard to find an honest review of a life insurance company.
That won’t happen here. We are an independent life insurance agency whom represents the best life insurance carriers in America. We give you our honest and experienced opinion of each company and their products. Today we have decided to review Globe Life Insurance Company.
We are not paid to review any of these companies.
There are thousands of life insurance carriers doing business in America. We know how difficult it can be to find the right carrier. Then when you think you have comes figuring out which product to choose.
When I am out and about, the company I get questions about the most is Globe Life. The main reason for this is their huge advertising campaign aired on most channels and at all times of the day. There is a good chance you have seen one or two.
This review will go over the pros vs. cons of all the Globe Life policies. By no means is this review meant to discredit to the overall strength of Globe Life or their ability to pay claims.
Globe Life Insurance Company History
Globe Life and Accident Insurance Company was founded in 1951 and the home office resides in McKinney, TX. Globe Life is a subsidiary of Torchmark Corporation. The Torchmark family includes:
- Family Heritage Life
- American Income Life
- United American
- National Income Life
- Liberty National Life
Products Offered By Globe Life Insurance
Globe Life Insurance offers term life insurance, whole life insurance, and accidental death benefit products.
Globe Life Term Insurance
The term product offered by Globe Life Insurance Company allows you to choose a death benefit that fits your needs. Their are no exams required for the Globe Life Term Insurance. The death benefits range from as low as $5,000 up to $100K.
Death benefits remain level but the premiums are age specific and increase in 5 year increments. An example would be if you were 41 years old when you bought a Globe Life Term Insurance policy, then you would renew at age 46, which means a premium increase. This increase would happen every 5 years for as long as you keep the policy.
Globe Whole Life Insurance
Globe Whole Life Insurance is a policy that lasts the lifetime of the insured. No medical exams are required and the death benefit remains level for the life of the policy.
You can choose from five different death benefit options:
Rates for Globe Whole Life Insurance a based on your age and the amount of death protection chosen.
Premiums are guaranteed and based off what you pay the second month because Globe Life usually offers some type of premium incentive the first month of a policy. The policy premiums do not increase like they do with Globe Life Term Insurance.
Globe Whole Life Insurance also comes with cash value component which can be borrowed against if an emergency would arise. You are charged interest on the money borrowed and it does need to be paid back or will be deducted from the death benefit.
Globe Life Children’s Whole Life Insurance
Globe Life also offers a whole life policy designed for children. Death benefits range from $5K-$20K and are level throughout the policy. Premiums are guaranteed for the life of the contract and these policies build up some cash value. Coverage starts day 1 and no exams required.
Accidental Insurance offered by Globe Life
Globe Life Accidental Insurance is a life insurance product that pays if death is by an accident outlined in their terms. It’s available for anyone age 18-69 years old.
Globe Life Accidental Insurance is guaranteed issue which means you cannot be turned down for any reason. There are no medical exams or answering of health questions required.
Globe Life Accidental Insurance is also offered as a family plan, meaning additional death benefits are paid to your spouse and child. The way it works is if your policy has a payout of $100,000, your spouse will receive an extra $50,000 and your child would receive $10,000.
Globe Life Accidental Insurance Additional Features
Education Benefit: If you have children between the age of 15-22, they would receive an additional 10% of the death benefit. This is paid directly to them and is capped at $10,000. This feature is only available with the Family Plan offered.
Inflation Benefit: This benefit increases the benefit by 5% each year for the first 5 years or until you reach 70 years old, whichever is first.
Dismemberment Benefit: If you were to lose a limb or have loss of eyesight, this benefit would pay a percentage based on the extent of the injuries and any loss of mobility.
Seat Belt Benefit: If you are involved in a car accident and die while wearing your seatbelt, your beneficiary will receive an extra 10% added to the death benefit.
Commercial Airline Accident Benefit: If you die from an accident while on board a commercial airline, your beneficiary will receive an additional 100% of the benefit.
Paralysis Benefit: If an accident causes full or partial paralysis, such as paraplegia, hemiplegia, or quadriplegia, you will receive a payout based on your loss of mobility.
The Pros of Globe Life Insurance
Globe Life Insurance has over 4 million policies on the books with over $80 billion of insurance in force. It is one of the largest issuers of life insurance in America.
Globe Life Insurance has strong financial ratings with an A.M Best Rating of A+, Superior. This is a positive when it comes time to pay claims. They have maintained the A+ rating for the past 25 years. Bottom line, Globe Life is a strong, financially sound company.
Death Benefit Remains Level:
The benefit remains level throughout the life of the policy. As long as you pay the premium the death benefit remains the same.
No Medical Exam Products:
Globe Life offers no exam products or better known as simplified issue. These policies ask only a handful of applications but tend to be pricey.
Lots of Policy Options:
Globe Life offers a wide variety of policies meant to meet all your family’s needs. Some of those policies include:
- Term Life Insurance
- Children’s Life Insurance
- Whole Life
- Final Expense Life Insurance
- Accidental Death & Dismemberment Insurance
Great Marketing Campaign:
Globe Life Insurance has one of the most recognizable names in the Insurance industry. Their marketing and advertising teams have done a great job of branding their image through commercials and radio advertisement.
The Cons of Globe Life Insurance
Can Be Pricey:
If you are not worried about the cost and need the insurance coverage quickly then look no further than Globe Life. Globe Life is known for there:
“$1 for $50,000 worth of life insurance coverage” commercials.
Be very wary of this advertising gimmick. It’s used to lure you in and not shop around for the best coverage. Overall you will find much cheaper rates than Globe Life can offer. You just must look.
Globe Life’s term products increase every 5 years up until age 80 when it expires. These policies start out relatively inexpensive, but over time the increases can get un-affordable. This can be a problem for someone on a fixed budget.
Low Maximum Death Benefits:
The maximum death benefits for Globe Life are limited compared to other top insurance carriers. Globe Life offers unique products for specific customers, so the low death benefits may not be a problem.
f you’re looking for more than $100,000 of Term Life Insurance or $50,000 of Whole Life, then Globe is not your answer.
If you google Globe Life Reviews, you will find all you need to know. Most are first hand experiences and the amount of complaints that Globe Life has is a little worrisome. With that said make sure to do your own research before buying from any Insurance Carrier.
Globe Life Insurance is a very strong, financially strong life insurance company which is probably the most important when choosing the right life insurance company. With that said, Globe Life insurance is probably not the best choice for most people. They are limited in the amount of life insurance they can provide.
The cost of their policies is usually much higher than many other financially strong life insurance companies. Not all of Globe Life insurance products come with guaranteed premiums (like their term) which can become a costly decision over time.
Overall there are many other life insurance companies with the same strong financial ratings, but with much better/cheaper products. Always consult with an experienced agent before making any final decisions.