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Are you searching for the best life insurance companies? If so, you might feel confused by the different plans and coverage options. We understand that. We write honest company reviews and provide access to free and easy quotes to help alleviate some of the stress from your search. Today, we’re going to explore Globe Life’s life insurance options.
In this review, we’ll cover the life insurance plans available through Globe Life as well as the company’s financial ratings and customer reviews. Read on to learn about the coverage available with a Globe Life insurance plan.
Globe Life Life Insurance Coverage Options
Globe Life’s life insurance coverage options include term life insurance and whole life insurance. Additionally, the company provides children’s policies, a final expense insurance plan, and several add-on benefit options to enhance your base coverage.
Globe Life Insurance Term Life
Term life insurance is protection designed for a limited amount of time. With term life insurance, you pay a set premium for a designated number of years or until you die. When your term ends, your coverage expires.
Globe Life offers affordable term life insurance plans with benefits up to $100,000. Term life policies are flexible and provide various options and term durations. The features of a term life plan with Globe Life include:
- Instant coverage. There is no waiting period with a Globe Life term life insurance plan, and your coverage takes effect on day one.
- Simplified application process. The approval process for a Globe Life term life policy is fast, and plans do not require medical exams.
- Remote approval process. You do not need to meet with an in-person agent to enroll in a Globe Life term life insurance policy. Plans are available online or through the mail.
- Risk-free. Globe Life offers a money-back guarantee on all of its insurance products.
Globe Life’s flexible term life insurance plans can be renewed when your term expires, and programs may be further customized with riders.
Globe Life Insurance Children’s Life
Although it may often be considered insignificant, children’s insurance can be a wise investment. Because they are young and typically healthy, children are less expensive to insure than adults.
With a Globe Life children’s life insurance plan, you can lock in your child’s premium rates while they are still young. These plans will then grow with your child and accumulate a cash value that may be used to pay for education or to purchase a house.
A children’s life insurance policy through Globe Life includes all of the same features as Globe’s term life plans and includes benefits of up to $100,000.
Globe Life Whole Life Insurance
Unlike term life, whole life insurance plans provide coverage for your lifetime, regardless of how long you live. Plans typically build cash value and include set premiums.
Globe Life’s whole life insurance plans provide a series of valuable features that include:
- Rates that never change. Your premium payment will never increase with a Globe Life whole life insurance policy.
- Coverage that cannot be reduced. Globe Life will never decrease your level of coverage at any time or for any reason.
- Guaranteed benefits. As part of a Globe Life whole life insurance plan, your benefits are guaranteed not to be decreased or revoked as long as premiums are paid.
Globe Life’s whole life insurance policies build cash value that can be used to cover expenses later in life and may be used during retirement.
Globe Life Final Expense Insurance
Final expense insurance helps cover the costs associated with death, such as medical treatment, funeral arrangements, and burial fees.
There is no waiting period for a Globe Life final expense insurance plan. Policies do not require medical exams or an agent visit. Globe Life offers a money-back guarantee for final expense insurance and its other insurance plans.
Globe Life Accidental Death Benefits
No one expects to die suddenly. But if you are involved in a fatal accident, you and your family must be financially protected.
Globe Life offers an accidental death benefit rider that can be added to any of its life insurance products. This additional coverage protects you and your loved ones if you die unexpectedly due to a covered accident.
Globe Life Mortgage Protection
Aside from its accidental death benefit rider, Globe Life offers a mortgage protection plan. This coverage is designed to protect your home if you die unexpectedly or are dismembered due to a covered accident.
A Globe Life mortgage protection policy includes the following features:
- Benefits inflation. For every year that you have this coverage, your benefit amount increases by 5% from the original sum. The benefit increases every year until it reaches 125% of its original amount, or you turn 70.
- Education for children. If you have a child between the ages of 15 and 22, you will receive an extra 10% on your mortgage protection plan to pay for education costs.
- Seatbelt bonus. If you die while wearing a seatbelt in a covered accident, your plan will pay an extra 10%.
- Dismemberment coverage. Your Globe Life mortgage protection policy will pay extra if you are dismembered as the result of a covered accident.
- Airline coverage. Globe Life will match your original mortgage protection benefit if you are fatally injured on a commercial air flight in a covered accident.
By protecting your house, a Globe Life mortgage protection plan can help ensure that your family keeps their home if you die unexpectedly.
What other insurance plans does Globe Life offer?
Besides life insurance, Globe Life offers health insurance in a few different forms and a comprehensive series of worksite insurance coverages.
Globe Life Insurance Financial Ratings and Customer Reviews
As you search for the best life insurance company for you and your family, it’s essential to consult a couple of critical sources. Third-party financial ratings and customer reviews offer valuable insights into a company’s financial credibility and customer service.
Globe Life Insurance Financial Ratings
Financial ratings are unbiased appraisals of an insurance company’s ability to meet financial obligations.
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Globe Life, Inc. has been rated as moderate to good by three of the country’s most trusted financial rating agencies.
Globe Life Insurance Reviews
Customer reviews are arguably one of the most important factors to consider when exploring insurance companies. These reviews help us understand how a company treats its customers and how well it honors its commitments.
Globe Life, Inc. holds an A+ accreditation with the Better Business Bureau (BBB). The BBB bases its accreditation ratings on customer-submitted complaints and information. There are 125 customer complaints against Globe Life with the BBB. However, the company has addressed many of these complaints, and a significant portion is classified as resolved.
Globe Life has a 1.15/5 star rating by the BBB based on 25 customer reviews. Similar to the complaints, most of the reviews cite poor customer service and long wait times for claims payments as reasons for their dissatisfaction.
With ConsumerAffairs, Globe Life’s customer reviews are more positive. Globe Life has a 3.5/5 star rating based on 405 customer submissions. Similar to the BBB, there are negative reviews citing poor customer service. However, the top reviews praise Globe Life’s helpful policy options and friendly agents.
Globe Life Insurance: What’s the verdict?
Globe Life, Inc. offers a variety of valuable life insurance products to choose from. Aside from life insurance, the company provides several health insurance coverages and workplace benefits packages.
Let’s break down the best features of an insurance plan through Globe Life:
- Instant coverage. Globe Life’s life insurance plans feature a quick and easy approval process, with no required medical exams and available same-day coverage.
- Risk-free. All of Globe Life’s insurance plans feature a money-back guarantee if you’re unhappy with your service.
- Flexible. Globe Life offers flexible policy options and access to add-on benefits.
- Guaranteed rates and benefits. Whole life insurance plans with Globe Life include premium rates that never increase and benefits that are guaranteed never to decrease.
While Globe Life offers a series of helpful policies and coverage options, it is only moderately well-rated by third-party financial rating agencies. It’s easy to have your life insurance questions answered online 24 hours a day by using Globe Life e-service, but it’s worth noting that Globe Life’s customer reviews are mixed, with many users complaining of poor customer service.
If you’re looking for a life insurance company that provides a wide range of coverage options with flexible features, Globe Life might be a good choice for you and your family. However, as with any decision, you must research all your options. Remember to always compare multiple companies and their rates to find the best plan for you.