Purchasing 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.
|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 Insurance 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.
1: 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.
2: 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.
3: 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.
3: 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.
Is Globe Life Insurance a Legitimate Company?
While Globe Life is a legitimate life insurance company with an A+ (Superior) rating from A.M. Best, it has a disproportionate number of consumer complaints. Its 2016 NAIC Complaint Index, which measures the number of complaints a company receives against its size, was 5.10. The national median is 1.0, which means Globe Life gets many more complaints than expected for a company its size. It received 2.83% of all complaints in the individual life insurance industry, even though it only makes up 0.29% of the market.
Many of Globe Life’s customers said they had challenges contacting customer service or getting satisfactory help. The company’s sales team, on the other hand, is incredibly persistent with regards to calls and sending materials.
If you have a life insurance policy, make sure your beneficiary has the information necessary to file a claim and details of your premium payments. Some Globe Life customers said their parents failed to make payments because of illness or dementia, and they had trouble reinstating coverage after the policy lapsed. You don’t want to spend years paying for benefits your family doesn’t receive once you die.
Frequently Asked Questions
1: Can you cash out a Globe Life insurance policy? Only Globe’s whole life insurance policies include a cash value component, which grows over time and can be paid out if you surrender the policy. Like other insurers, Globe doesn’t include any cash value in its term life and accidental death policies.
2: How long does it take Globe Life to pay a claim? According to Globe, it takes 10 to 15 business days for your check to arrive following the date that your claim gets processed. If you haven’t received your check within 30 days of having your claim processed, you should reach out and contact Globe directly.
3: How do I make payments to Globe for my life insurance? Globe Life premium payments can be made on a monthly, quarterly or annual basis, depending on your preference. While it offers direct billing, policyholders can also pay by Visa, Mastercard or an electronic funds transfer from your bank. The company’s online service center makes it fairly easy to manage your payment information, set up a new method of payment and update your details.
4: Does Globe Life Have Good Customer Service? The Globe Life Insurance BBB Rating is an A+, but there has been a disproportionate amount of negative customer claims over the last few years. This data comes from the National Association of Insurance Commissioners.
After reading through the reviews for Globe Life Insurance, it states that customer service issues are most consistent and not getting questions answered correctly.
In the year 2019 alone, the company received over 70 customer complaints. The average insurance company sees half to less than half of this number of complaints yearly.
5: How Long Does it Take for Globe Life to Pay? The following statement was taken off its flagship website. The stance it has depends on a case-by-case basis for customer claims.
6: Is Globe Life Insurance for Seniors? With an acceptance age of 18 – 79, these policies are available to seniors and every other adult. Globe Life Insurance company reviews show that it is a legitimate company for seniors, but the plan’s structure and higher premiums might cause you to look elsewhere.