Globe Life Insurance Review – My Take As An Agent
Ever heard of Globe Life Insurance? They are a life insurance provider that many people know of. When individuals start thinking about purchasing a life insurance policy companies like Globe Life Insurance, Colonial Penn, or other well-known insurance companies may come to mind.
But going with a bigger name, simply because you are familiar with them is not always the best idea. Companies that focus on marketing their products over providing a quality product usually have low customer satisfaction.
You may have heard about Globe Life’s insurance plan with $100,000 for just $1. But you need to ask, what does $1 dollar really get me? And even more importantly, does it only cost $1 a month and if not, how much does the plan really cost?
On top of that, here are important fine print and gotcha clauses that many people misunderstand. Consequently, some individuals have completely lost their insurance pay out because they did not understand the policy they were purchasing.
In this article I will provide information on what Globe insurance plans actually cost you and what the fine print says. I will also cover the pros and cons in great detail. If you are even slightly considering taking an insurance plan with Globe, you need to read this article.
Read on to learn more.
Looking for a quote for life insurance or burial insurance? Click here and send me a message with details of what you’re wanting to accomplish. If you’d prefer to talk live, call 888-626-0439 to speak with me directly.
Quick Navigation Links:
- Video Reviews
- Who Is Globe Life Good For?
- How Do Globe Life Products Work?
- Available Plans
- Available Riders
- What Are The Fine Print Issues?
- Globe Life Pro’s
- Globe Life Con’s
- Company Customer Reviews
- Customer Service
- Canceling Policies
- How Much Does It Cost?
- Application Process
- What Health Questions Are Asked?
- How Does Making A Claim Work?
- How Long Does It Take To Receive My Benefits?
- How Does Globe Life Compare To Their Competitors?
- Are There Better Options?
- Company Background
- What Should You Do?
Watch these videos or continue reading. Both my videos and this article provide very important information you need to know BEFORE you buy a Globe Life policy.
- Read an extensive overview of Globe Life insurance and understand how the fineprint can be misinterpreted.
Globe Life Insurance Review 2021 [Fine Print Revealed]
- Learn more about Globe Life term insurance.
Globe Life Term Insurance Review 
Who Is Globe Life Good For?
Globe Life is a good option for healthy individuals or families who want funeral expense coverage or a life insurance policy. Globe life will insure individuals between the ages 25 to 75 when you sign up.
They sell insurance of up to $50,000 for adults and $30,000 for children. They have an online bill payment option which is convenient for many individuals and a mobile app too.
While it initially sounds like a great deal, there are drawbacks and fine print that mislead people. Let’s take a look.
How Do Globe Life Products Work?
Globe Life offers a few different products to suit the needs of individuals in different age groups. Their products are life insurance plans that offer coverage between $5,000 to $100,000.
For most of their products, your premium stays the same. However there is one product that has a changing premium.
Globe Life also offers riders for their customers to further customize their coverage terms and amounts. These riders allow parents to cover their children or spouse.
Continue reading for detailed descriptions on all the products Globe Life offers.
Globe life offers a variety of plans for adults, childre, accidental deaths, and mortgage coverage. Read below to find a description of the plans.
Globe Life Term Insurance
Globe Life offers a term life insurance product with no medical exam and a limited death benefit. You have the option of getting anywhere from $5,000 to $100,000 in coverage.
Again, there are restrictions in New York, the coverage Globe Life offers in New York is capped at $50,000.
Globe Life only offers coverage within certain age ranges. Make sure to ask your agent about Globe Life’s age restrictions, it is very important to understand how long they will insure you and when your premiums go up.
The term insurance is only available in 5 year increments, meaning you need to renew the plan every 5 years, and this comes with a rate increase.
To clarify, the way Globe Life’s term insurance works is that your rates will increase every 5 years and the insurance will cancel at age 80.
If you want coverage that protects you for your whole life, I would suggest you consider a Whole Life plan. We at Buy Life Insurance For Burial can provide you with a quote in a matter of minutes. Give us a call at 888-626-0439.
Globe Whole Life Insurance
You do not need to undergo a medical exam to apply, you will, however, need to answer questions about your medical history on your application. This means if you have certain illnesses or health conditions you will not qualify for coverage. One of the downsides though, is that in New York, the insurance payouts are lower. They range from $1,000 to $25,000.
The death benefits are limited, as $10,000 is sufficient for an average funeral today, their coverage of $5,000 to $50,000 would be adequate for most individuals.
This plan costs $1.00 the first month. After that first month your premium does not change for the length of your policy. Since you do not have to get a medical exam, your premiums are usually more costly than other options. This is because the insurer is taking more risk.
You can purchase a whole life policy that covers your child or grandchild from 0 to 25 years of age. The coverage range is $5,000 to $20,000. The policy could build cash value.
There is no wait period and your coverage would begin on the first day.
Globe Life Accidental Benefits Insurance
Globe life has an accidental death insurance product that offers an initial death benefit that can reach up to $250,000. Their accidental death insurance offers guaranteed acceptance between the ages of 18 to 69. So there will be no medical questions or exams when applying.
If you live in New York state, you can get accidental death insurance but it comes with a different structure. Globe offers $3,000 for you and your spoce and $1,000 for each child. You pay no premium the first year and the after that coverage is $10.
The death benefit amount increases each year for the first 5 years of the policy or until you reach 70 years old, depending on what happens first.
This product does have certain restrictions, for the death benefit to be paid out, the policy holder’s death must fit Globes definition of “accidental”. A car crash or suffocating may fit their definition but getting a disease such as cancer wouldn’t qualify.
Globe life offers different kinds of coverage depending on the kind of accident and/or how you die.
|Paralysis||In the case of partial or full paralysis because of an accident while you hold term insurance, you will receive a payout that matches the value of your loss of mobility.|
|Education Benefit||This is involved in the accidental parent passing benefit. Any child between 15 to 22 will receive 10% of the payout. This can be used to cover their education costs. Up to $10,000.|
|Dismemberment||If you lose a limb during your term coverage, the insurance provider will provide a payout that matches the value of your loss of limb and mobility.|
|Death in a vehicle||If you were to pass away in a car crash (while wearing a seatbelt), your insurance provider will pay your beneficiary the death benefit + 10%.|
|Death on a commercial flight||If you were to die while on a commercial flight, then your insurance provider will pay out 100% of the death benefit.|
|Accidental death of one of your parents||If you have family coverage and a parent passes, the beneficiary will get the death benefit +10% of the benefit for each child between 15 to 22.|
With those coverage options, you also have the option to select a family plan. In the case of the policy holders qualifying accidental death, members of their family receive a percentage of the principal benefit.
- Spouse = 60%
- Child’s = 10% if there is a spouse, 20% if the is no spouse
Causes Of Death
While accident insurance can seem attractive, the CDC provides statistics that show accidental deaths account for 5.4% of overall deaths. Most deaths are due to disease or medical conditions. Read more about the percentages of deaths and what causes them here.
The leading cause of deaths for Americans 65 and older are: Heart Disease, Cancer, and Stroke.
For those 65 and older, the percentage of deaths caused by accidents goes down to 1.9%. So the likelihood of you passing due to an accident decreases the older you get. Read CDC this PDF report to learn more about the causes of death for seniors.
A rider is an add on to your current plan. Some plans have death benefits, extra coverage, or more benefit riders. These allow you to customize your coverage and meet your specific needs.
To learn more click here.
With Globe Life you have the option to get coverage for your whole family or children. These options may be delivered through riders.
Consider some common riders:
Critical Illness Rider
This rider allows you to get a lump sum payment if you become ill with a critical illness. Depending on Globe Lifes definition of “critical illnesses” some illnesses may be accepted and some will not be. Make sure to confirm first.
With Globe you can get 50% of the benefits to help cover your expenses.
Child Life Insurance Rider
The child life insurance rider allows you to add on your child or children to your policy. This allows you to get insurance for your child up to a specific age. When the policy will be terminated depends on their health and the insurance companies age limit.
With Globe you can get this rider for a child from 30 days to 23 years old.
Usually you can transition the child’s rider policy into their own insurance policy when they are older.
Return Of Premium Rider
This rider allows you to get back the premiums you paid if you live to the end of your term. You can also receive a premium rider benefit if the death is not covered or during a contestable period.
Waiver Of Premium Rider
With this rider, Globe Life will waive your premium if you become permanently or totally disabled.
This rider does terminate however. It terminates on the certificate anniversary closest to your 60th birthday.
What Are The Fine Print Issues?
There are three main fine print issues you need to be aware of.
The $1 for $100,000 is not totally true. You will pay $1 the first month, then you will pay a higher than average premium each month.
Globe Life’s term insurance does not have a rate lock. This means every 5 years, your rates will increase.
Look at the chart below, notice the rates increase every 5 years without fail. There is no rate lock for Globes term insurance. You will pay a higher rate every 5 years.
Globe Life Rates with $30,000 coverage
Globe Life’s term insurance cancels at age 80. You will not have coverage after that, this means if you live to 80 and beyond, you will have paid for a policy that no longer benefits you.
In this case, it is better to purchase a Whole Life policy that lasts the entirety of your life. That way your coverage will never automatically cancel at a certain age.
If you are interested in exploring your options, contact us at 888-626-0439.
Globe Life Pro’s
Globe Life has a variety of policies they offer. They insure younger individuals and older seniors.
The main benefits Globe Life has are:
- Policies for children and adults
- No medical exam
- No wait period
- They offer term, whole, and universal life insurance policies
- Convenient application process
Globe life has insurance products for individuals between the ages of 18 to 79 years old.
Globe Life does not require that you pass a medical exam to be insured. They do however need you to pass their underwriting policy to be insurable.
They also offer a 10 day free look period. During the first 10 days after purchasing your insurance coverage, you can decide to cancel your coverage and receive a full refund of your premium. This allows you to decide you want to continue the coverage.
They have no wait period when you sign up. Some companies require you to wait two full years before your coverage begins. Globe Life does not have this policy.
They have multiple insurance products they offer their customers. This allows customers to choose a plan that works for them. They have coverage of up to $30,000 for children, a plan for adults with up to $50,000. The most coverage they provide is $100,000. This coverage level is available in their term life insurance plan.
They have a convenient application process over the phone, via mail, or online. This allows customers to complete their applications pretty quickly.
While there are certain factors that may seem like a good deal, Globe Life insurance has certain clauses that are less than helpful.
Globe Life Con’s
Globe life has a few cons that individuals may feel are deal breakers.
The cons are:
- Low coverage amounts available
- Can’t file a claim online
- Higher number of complaints than other competitors
- They are more expensive than initially advertised
- Globe mostly promotes term life insurance which automatically canceled between 80-90
- The term insurance has a rate increase every 5 years (More later!)
- The minimum coverage amount is $5,000
- No Guaranteed Acceptance Whole Life product
Globe life offers coverage amounts between $5,000 to $100,000. Not everyone qualifies for their maximum coverage amount because of the medical questions you are required to answer. If you want coverage above $100,000 you will have to contact another company.
You cannot file a claim on their website. To file a claim you need to email Claims@globe.life or call 1-800-654-5433. In this case, it may take a bit longer to file a claim as you will need to wait until their office hours to speak to someone.
Globe Life has a much higher complaint number. The national average ratio of complaints is 1.0. These ratios are determined by the National Association of Insurance Commissioners (NAIC). Browse the NAIC rating of Globe Life and their most current information here.
Globe life carries a ratio of 3.52. That is well over 3 times the amount of complaints. This would suggest customers are not very happy with their product of the service Globe Life provided.
Globe Life is more expensive than initially advertised. Life insurance rates for each individual can vary dramatically, however Globe Life advertises a $1 for $100,000 insurance policy. This is a very misleading statement. You may think your premium is low but you could be surprised to find out it doesn’t stay low for very long.
They offer no Guaranteed Acceptance Whole Life product and Term product. For many, this may be an annoyance as a Guaranteed Acceptance policy is a good policy for someone who is very sick and needs coverage fast.
A whole life policy is preferred as it never cancels, since Globe Life does not offer a Guaranteed Acceptance Whole Life policy some customers may choose another insurance provider. Since they do not offer this product, those who need it will have to look into another insurance provider.
Company Customer Reviews
Globe life does not do well in the customer review section. They have received close to two hundred complaints in the last 3 years. And only 70 of those complaints have been resolved in the last 12 months.
As was mentioned before, Globe Life has a much higher complaint ration than the national average. Their complaint ratio is sitting at 3.52 percent, over 3 times the national average. In 2016 NAIC Globe Lifes ratio was 5.10, that’s is over five times above the average.
Reading through the complaints, you can see there are issues with filing paperwork, recording customer data, and communication.
Customer Service Reputation
In terms of customer service, Globe Life does not do well. Many of their complaints are regarding Globe Life agents not completing the filing process.
Globe Life has received an A+ rating from A.M. Best. This rating takes into account the company’s operation performance, finances, and business profile. It doesn’t take into account customer reviews and complaints. Read their rating here.
As I mentioned earlier, Globe Life receives between three to five times more complaints than the national average based on NAICs data.
Investopedia gives Globe life a 2.6 rating, Investopedia touches on their higher than average complaints and increasing premiums. Click here to see Investopedias rating.
Nerdwallet gives Globe Life a 3.0 rating. Again the mention of their much higher number of complaints is included in Nerdwallet’s review. Click here to see their rating.
Globe Life offers a very good 30-day money back guarantee. If you are not happy with your product you can sense it and get a full refund. Great, right?
To cancel your policy call 1-877-577-3860.
How Much Does It Cost?
Now let’s consider the price. Globe Life is known to be a bit higher than other companies. Their premiums and rates can be different depending on your age and the state but they generally follow this chart.
Their premiums are different depending on the kind of insurance you get. Take a look at an example of their term insurance prices. Keep in mind, for their term insurance, the rates increase every 5 years.
|Ages||Female $10,000 coverage||Male $10,000 coverage|
|41 to 45 years old||$8.17||$11.11|
|46 to 50 years old||$10.54||$14.18|
|51 to 55 years old||$13.00||$17.91|
|56 to 60 years old||$16.14||$23.16|
|61 to 65 years old||$20.28||$30.84|
|66 to 70 years old||$26.19||$42.24|
|71 to 75 years old||$35.38||$59.54|
|76 to 80 years old||$49.72||$79.46|
|Ages||Female $20,000 coverage||Male $20,000 coverage|
|41 to 45 years old||$14.36||$20.51|
|46 to 50 years old||$18.85||$26.34|
|51 to 55 years old||$23.61||$33.49|
|56 to 60 years old||$29.74||$43.60|
|61 to 65 years old||$37.89||$58.49|
|66 to 70 years old||$49.58||$80.73|
|71 to 75 years old||$67.81||$114.79|
|76 to 80 years old||$96.41||$154.59|
Coverage over $30,000 is not available after age 70. For males above the age of 70, the most coverage you can get is $30,000 and it will cost 229.72. For females over 70, $30,000 of coverage will cost you 143.11.
To apply for a Globe Life policy, you can use their online quote tool and choose your coverage level. You could also call into their office and speak to an agent or mail in your application.
You enter your personal information and continue to the next page. You will need to answer a few medical questions too.
Globe Life gives a 30-day money back guarantee. If you need any help with the application process you can call Globe Life to speak to someone.
What Health Questions Are Asked?
Globe Life does require you to answer some medical questions. If you answer No, you will qualify. However if you answer Yes to any of the following questions, I would suggest you contact us and consider other options.
Globe Life applications ask the following questions:
- Does the Proposed Insured have any chronic illness or condition which requires periodic medical care or may require future surgery?
- Is the Proposed Insured currently disabled due to illness, confined to a hospital or nursing facility, or does the Proposed Insured require the use of a wheelchair?
- In the past 3 years, has the Proposed Insured been diagnosed or treated by a member of the medical profession for: Cancer, coronary artery disease, or any disease or disorder of the heart, brain or liver? Chronic kidney disease or kidney failure, muscular disease, mental or nervous disorder, chronic obstructive lung disease, drug or alcohol abuse, or hospitalized for diabetes? Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC) or test results indicating exposure to the Acquired Immune Deficiency Syndrome virus?
- In the past 5 years, has the Proposed Insured had his or her driver’s license suspended or revoked; been convicted of any felony; or is the Proposed Insured currently incarcerated?
If your answer to any of those questions would be YES then do not apply. You would not be accepted. If this is the case for you, contact us to learn more about other insurance providers who will provide you with coverage.
How Does Making A Claim Work?
Globe Life’s claim process can be different depending on the underwriter of your policy. Claims that are less than two years old could be subject to review. Those policies that are less than two years old are “contestable.”
Policies that are over two years old are considered “incontestable” and are paid out when the claim is made and reviewed.
The beneficiary on the policy must complete and submit the claim form. They must also provide a certified copy of the deceased’s death certificate and the original insurance contact.
Where Can I Find How Much I Will Be Paid?
You can confirm how much you should be paid by looking at the policy or certificate. Your coverage amount will be listed there. You could also call your insurance provider and confirm your coverage amount.
What If The Primary Beneficiary Has Passed Away?
If the primary beneficiary has passed, the secondary or alternative beneficiary should submit the claim. They would need to follow the same process, submit the forms and any other requested documents. If there is no second beneficiary, the local government can appoint a representative to submit the claim for you.
If the benefits are to be paid to the estate a court appointed representative should be the one to complete the claim forms. A copy of the Court appointment document will need to be provided along with any other requested documents.
How Long Does It Take To Receive My Benefits?
Usually, an insurance provider will process your claim and pay out your benefit within 30 to 60 days of you submitting the forms and other documents. If you submit the wrong from or send in the wrong documents your claim could be delayed.
Make sure you provide the correct documents and confirm the documents are in an acceptable form. For example some documents may need to be certified by a lawyer.
How Does Globe Life Compare To Their Competitors?
When comparing insurance providers there are a few factors that make a difference. They are:
- Price Point
- Customer Reviews
- Ease of Application
- Coverage Amount
Globe Life cost more than their competitors and they do not have a rate lock on their term insurance. Based on their prices, they are not the best company in terms of competitive rates.
The number of complaints Globe Life has received has been about 3 and a half times the national average. It seems customers are pretty unhappy with the company’s products and/or their customer service.
Ease of Application
They do have an easy online application, you can also apply over the phone or by mail. This, however, does not differentiate Globe Life from other companies. It is common, even the norm now, to have an application online.
While they do technically offer coverage of up to $100,000 and accident coverage of up to $250,000 not everyone can qualify for this policy. If you do not pass the underwriting process you would not get coverage. There are also more affordable options out there.
As you can see, while Globe Life has its purpose, it is by no means the best choice for most individuals. Its higher than average premium cost, misleading advertisement of $100,000 coverage for just $1, and very high number of complaints does not make Globe Life a very good choice from many.
When looking for the right insurance company for you it is important you shop around. I know this can be time consuming, that’s why we can do it for you. We work with multiple insurance companies and have access to a number of plans. Give us a call today and get a free no hassle quote. Call us at 888 626 0439.
Are There Better Options?
Yes, given the cons of Globe Life, I can assure you there are better options. There are insurance companies that can give you lower premium rates if you need to consider your budget. There are companies that offer Guaranteed Acceptance, and there are companies that have much higher coverage levels.
Whatever you need, there will be a provider who can offer the coverage you need at a reasonable rate, Contact us and we will do the shopping around for you. Let us know your needs and we will go to work. Call 888 626 0439.
Globe Life is an insurance company founded in 1951. Their main products are whole life and child’s life. They have a total of 5 plans and take monthly premiums as the payment plan option.
They provide customer service online or over the phone, Call Globe Life at 800-742-6787. Or visit their website by clicking this link:
What If I Have Pre-Existing Health Issues, Can I Still Be Covered?
The general answer is, yes, anyone can receive coverage no matter your health. The Guaranteed Acceptance product allows those with bad health to qualify for coverage. While I would not suggest a very healthy and insurable individual get a Guaranteed Acceptance plan, if you do have serious health issues, it may be a good option for you.
However, Globe Life does NOT have Guaranteed Acceptance Term or Whole Life insurance. The ONLY Guaranteed Acceptance plan they have is accidental coverage. And as we learned, accidental death accounts for less than 2% of all seniors deaths in the USA, so it is MUCH more likely you will need Term or Whole life coverage than Accident coverage.
Your insurance options will depend on your age and health. Even if you have had health issues recently, you will qualify for some kind of life or final expense insurance.
We can find you the best plan that meets your specific needs at a reasonable price. Contact one of our agents by clicking the Get A Quote Now button or calling 888 626 0439. We shop around for you and can match you with quality coverage.
What Is A Two Year Waiting Period?
A two year wait period is a clause that MANY people misunderstand. This clause basically means that you will not actually be for the first two years of owning the policy.
Some guaranteed issue products have a two year wait period. If someone were to die within 24 months of buying the policy, depending on the cause of their death, their beneficiary may not get the benefit payout.
What Should You Do?
So, what should you choose? Globe Life? Or another option. Well, to answer that question you need to understand the amount of coverage and options you need.
Do you need:
- Cheap payments
- A high benefit
- No medical exam
- Coverage really fast
- Coverage for your kids
- Coverage for your spouse
- Something else
Consider what you want and need. Once you understand what you should look for, you can now start to look at your options. You could do the research on your own and contact insurance companies separately. Or you could work with us. This saves you time, energy, and stress. The insurance provider can access 10+ companies and compare ALL the plans you qualify for.
I encourage you to give us a call and take a few minutes to get a quote. Within a few minutes you can have the answers to important insurance questions and a few quotes to consider.
Here’s the bottom line. When you buy insurance for final expenses, you want to make sure the insurance product is not just the best price, but the most coverage from the beginning. This is pivotal. This is why I’m doing this because I can help you out.
Once you click on that link – or go to buylifeinsuranceforburial.com –you’ll see all sorts of different information on how I can help you. You can submit a form to get more information.
I would be more than happy to talk to you, give you information on how things work under a no-obligation, no-pressure approach. If you like what I say, great. If not, that’s fine too. My job is just to give you the facts, and you decide for yourself if it’s a good deal for you and your family.
- Take a look at some common questions people ask about making an insurance claim. Click the link below. Life Insurance Claims – Frequently Asked Questions
- Take a look at how an insurance claim could be delayed or refused. Click the link below. How Life Insurance Payout Works After Death?
- Compare Globe Life to Colonial Penn. Click the link below. 2022 Globe Life Insurance Review (Prices, Pros & Cons)
- Take a look at this blog about Colonial Life. Click the link below. Globe Life & Colonial Penn | Why They Are Overrated! 5 Reasons
- Read an overview of Globe Life insurance. Click the link below. Top 405 Globe Life Insurance Reviews
- Review the national average for company complaint and see how Globe Life compares. Click the link below. CIS Refined Results
- Read a short review of Globe Life, click the link below. Top 405 Globe Life Insurance Reviews
- Read Globe Life insurance information on riders. Click the link below. Customizing Your Insurance Policy with Riders
- AM Best’s rating of Globe Life insurance company, click the link below. AM Best Affirms Credit Ratings of Globe Life Inc. and its Subsidiaries
- Consider an extensive review of Globe Life and the cost of their policies. Click the link below. Globe Life Insurance Review: Family Final Expense Plans – ValuePenguin
- Investopedia Globe Life insurance company review. Click the link below. Globe Life Insurance Review
- Nerdwallet’s review of Globe Life and their policies. Click the link below. Globe Life Insurance Review 2022: Pros and Cons – NerdWallet
- Review the NAICs data on Globe Life and their yearly complaint ratio. Click the link below. Results by Complaint Code
- Globe life overview, click the link below to read more. Globe Life Insurance Review
- Review Globes rates and compare with the national annual average. Click the link to read more. Globe Life Insurance Review [Best Coverages + 2021 Rates]
- Read over Globe Lifes Term insurance, click the link below. Globe Life Insurance Review
- CDC report on the causes of death for those 65 and over. Trends in Causes of Death among Older Persons in the United States
If you’re looking for a plan that’s going to pay a guaranteed death benefit at a guaranteed price so you don’t have to worry about price increases or ever outliving it, then you need to check out what I have to offer.
I’m a broker, meaning I represent multiple companies so I can shop around to get you the best coverage at the best price.
Check out my website at buylifeinsuranceforburial.com. Once you’re there, either call the number listed or go to the contact page and fill out an informational request. I’ll give you a no-obligation quote. If you like what I say, great. If not, I’ll leave you be.