About 6 out of every 10 Americans own life insurance with half of them having inadequate coverage to suffice the needs of their family. This figure basically shows that there are a lot of families out there that are uninsured and underinsured.
This beckons the question: Why are these numbers high when there are inexpensive options like Globe Life Insurance? This insurer offers various products, including term and whole life policies, to help you plan accordingly for your family.
Let’s learn more about Globe Life together!
About Globe Life
Globe Life was established in 1951 and has grown to be one of the top life insurers in the U.S. Today, the company is proud to offer coverage to over 4 million policyholders.
It’s now the subsidiary of Torchmark Corporation, a financial services holding company that was founded in 1900. A.M. Best Company gave Globe Life a rating of A+ after analyzing the firm’s integrity, financial strength, and management skill performances.
This insurer now boasts over $77 billion of insurance in force, and it’s committed to offering one of the best life insurance coverages in the market.
History of Globe Life Insurance
As stated above, the firm was established in 1951 by two men who had a business idea and a loan of $60,000.
At first, the two founders were dedicated to providing Americans living in the rural areas with inexpensive and reliable life insurance protection. Later, they opened an office in Oklahoma and continued selling their policies while building trust and reputation among their clients.
After 12 years of selling insurance to the locals, Globe life started marketing its packages in 36 states in the year 1964. This allowed the company to focus on winning new markets while still offering dependable protection to their clients.
Today, Globe Life operates in all states except New York.
Products Offered Through Globe Life
Globe Life offers several life insurance products including:
Term Life Insurance
This is simply pure insurance protection that doesn’t build cash value. Still, it’s a good option if you want to protect your family after your death, which can be burdening to some families.
At Globe Life, you have the privilege of choosing your own coverage such as $5,000, $10,000, $20,000, $30,000, $50,000 or even $100,000. You don’t need to work about taking a medical exam though expect to answer just a few questions.
Customers also enjoying buying their coverage directly with no waiting period. Your rate is based on your age, but you’ll need to pay only $1 for the first month of your policy.
Whole Life Insurance
If you want a package that will last for the rest of your life, then get whole life insurance from Globe Life might be your best bet. With this option, your rates remain the same for life.
Your policy builds cash value for your future, and your coverage will ever be reduced. This package also doesn’t require medical exams, but there are few questions you’ll need to answer.
Your benefits won’t be reduced or canceled as long as your premiums are paid on time. If you’re not contented with this package, you can request a refund within 30 days of your policy.
Children’s Life Insurance
Do you need an option for your kids? Well, Globe Life offers a life insurance cover for children, too. This package doesn’t need a medical exam, too. Plus, you buy direct, so not waiting period for you.
The age, health, and occupation of your child will not affect the benefits as long as premiums are paid on time. This life policy is great if you want to give your child a financial head start since it has cash value.
Other Insurance Products
Apart from life insurance policies, Globe Life Insurance also provides their policyholders additional options to ensure they have the protection they need. The products include:
- Accidental benefits insurance – This policy provides up to $250,000 for an insured accidental loss or death.
- Mortgage protection insurance – With this insurance, you can protect your home if an accidental death prevents you from completing mortgage payments.
- Medicare supplement plans – This is a great policy to cover those expenses that Medicare doesn’t meet, thus protecting your retirement savings.
Globe Life Customer Complaints and Reviews
When looking for life insurance policy, it’s important to consider all the aspects, such as price, reputation, and types of packages, of the company to ensure you’re making the right decision.
There are various Globe Life’s complaints and reviews on ConsumerAffairs you need to look at before making your purchase. At the time of this writing, Globe Life had a rating of 2.4 out of the possible five based on 25 reviews.
Some customers have complained about the company’s failure to pay whenever their loved one passed away. Others say that their insurance application was declined for no good reason.
The good reviews about the company include the easy application process and their competitive rates. There are some clients that said they’ve never had a problem with Globe Life since they bought their policy.
Insurance Prices Offered Through Globe
Unlike other life insurance companies, Globe Life Insurance has an unusual pricing model. As a new subscriber, you’ll pay $1 for the first month of your policy. After this first month, the new rates are based on your age.
Their coverage starts at $5,000, and it’s available up to $100,000 for those who need it. The term for your policy is the number of years from your current age to the firm’s next five-year age bracket, which can be 31, 36, 41, 46, etc.
For example, if you buy a life insurance from Globe Life when you are 28 years old, your initial term will be three years before you get to 31. After that, you can renew your policy every five years, and the costs can be higher.
Globe Life Insurance – The Takeaway
Globe Life offers term, whole, and children’s life insurance packages at competitive rates. Plus, you have an introductory offer of $1 for your first month. It’s possible to get instant coverage since there are no medical exams and waiting periods.
That said, the choice depends on what you want for you and your family. You can review their prices, requirements, policy, and claim process after death to see if they are a good fit for you. Don’t forget to compare quotes from other companies during your search.