Globe Life and Accident Insurance Promise You the World, BUT… Let’s review Globe Life Insurance policy in detail.
Marketing is an integral part of selling any product. The marketing campaigns for some companies are big-budget items, with millions of dollars being spent on print, radio, television, and social media. We recognize the importance of getting the message out to consumers. We furthermore understand that there are times when the marketing is a little bit slick.
We, at Insurance for Final Expense, believe that anyone looking for insurance needs to be careful. Some companies promise you the world but don’t fully deliver. It is crucial, therefore, to do a little investigation behind the advertising copy. There are laws about truth in advertising, but sometimes the words paint a different picture than reality. Globe Life and Accident Insurance Company sells life insurance to the public. The product appears attractive at first glance, but scrutiny uncovers some issues.
About Globe Life Insurance Policy
Globe Life and Accident Insurance Company is headquartered in McKinney, Texas. They have an A. M. Best rating of A+ and their Moody’s rating is A1. Other financial ratings put Global in the higher levels of the insurance industry, which means it is a sound commercial company.
Global offers many life insurance products to the public, and there are three primary areas:
- Term Life Insurance for Adults
- Whole Life Insurance for Adults
- Whole Life Insurance for Children
Features of Globe Term Life Insurance for Adults
- Policy Expires at the age of 90 when they will cancel it
- The monthly rates will increase every five years
- Applicable age group is 18-79
- The coverage amount ranges from $5,000-$100,000, depending on the age
- No medical exam
- No guaranteed acceptance
- You have to answer some health questions to qualify
One of Globe’s marketing techniques tells a potential buyer that it is possible to buy as much as $100,000 of term life insurance coverage for only one dollar. You would have to be crazy not to jump at this possibility unless, of course, you read the fine print.
Globe Life and Accident Insurance offer a policy for one dollar for the first month only. After those 30 days have expired, the real rates kick in, and they are considerably higher. It does not end there.
Global Life Insurance Rates for Adults
With this policy, remember that the Globe Life Insurance rates will increase when you enter a new age bracket. Follow the table to understand better.
How Can You Qualify for the Globe Life Term Insurance?
You do not need to have a physical examination to get a Globe term life insurance policy. Instead, you need to answer some questions. An affirmative answer to these questions can result in you being excluded from getting a policy.
Globe Life and Accident Insurance Company does not like to see hospital stays, and someone who is confined to a nursing facility or hospital can be excluded. The exclusion for health conditions is a common feature of term life insurance policies, and Globe is no different than any other insurance company in that regard. However, a senior citizen needs to take a careful look at those health conditions.
Globe wants to look at your prescription history and your medications. That information can corroborate whether you have a condition that is ordinarily excluded from coverage. The Medical Information Bureau, or MIB, includes information an applicant had submitted to other insurance companies in the past.
Like the prescription history, the MIB file will corroborate if you have a condition that Globe Life Insurance policy will not cover. The bottom line is that if you have any condition that Globe asks you a question about, your chances of getting a policy are virtually zero.
What Are The Health Questions?
Though the health questions for Globe Life Insurance policy may vary according to the state where you reside, here are some most frequently asked ones.
1. Are you currently disabled, confined to a nursing facility, or a wheelchair due to illness?
2. Have you treated or diagnosed with any disease or disorder of heart, brain, liver, or coronary artery in the past three years? Have you received diagnosis or treatment for cancer, HIV/AIDS, chronic kidney disease, chronic obstructive lung disorder, muscular disease, nervous disorder, alcohol abuse, drug abuse, or hospitalized for diabetic conditions in the previous three years?
3. Do you have any medical conditions that may need surgery or regular medical care in the future?
4. Have you been convicted for a felony, had your driver’s license revoked or suspended in the past five years, and are you currently incarcerated?
If you answer the first two questions with yes, you will be declined immediately.
So, Is Globe Life Insurance Any Good for Adults?
Globe Life and accident insurance is a term policy, and it means that after a certain number of years, or if a person reaches a set age (for Globe, it is 90 years), the coverage expires. It doesn’t matter how many years you have paid a premium to the company, or that you may have spent thousands of dollars, you kiss your coverage goodbye on your 90th birthday.
A whole life insurance policy maintains the initial premium for the life of the policy. That is not the case with the Globe term insurance policy. What happens is that the policy premium goes up every five years; the final increase is for four years. That starts when you reach 86 and lasts until the policy expires on your 90th birthday. Those increases can be a drain on any fixed budget. The Globe Life insurance rates are also higher than some other carriers.
Read The Fine Print. In Our opinion, this is the worst kind of policy you can ever purchase unless you plan on dying within the next 30 days.
Globe’s practice of direct sales permits the company to sell the product quickly. A consumer who qualifies is thus able to get coverage without a long waiting period. Unfortunately, these direct sales do not guarantee quality customer service.
Globe has a problem when it comes to providing customer service to the insured. The National Association Insurance Commissioners keeps a record of the complaints filed on the insurance company.
Features of Globe Life Insurance for Children
- It is a whole life policy
- The policy never expires
- There are fixed monthly rates
- The age of new applicants may range from 0-24
- No medical exam or guaranteed acceptance
- Coverage amount goes from $5000 to $30,000
- It needs an answer to some health questions to offer the insurance
Buying a whole life insurance policy for children or grandchildren is a customary way of starting financial planning for youngsters. The amount that you can get from Globe Life Insurance policy ranges from $5,000-$30,000, depending on your state. The policy will build cash value that may not be enough to pay for college tuition, but it can provide a nice graduation present for a young person heading out into the world.
Globe has a good whole life insurance policy for children, and it does require health questions to be answered, but the whole life insurance policy does not have the strings that make a term life insurance policy a hassle. We want to point out that it’s not the best children’s insurance product.
Price Quotes for Globe Life Children’s Term Insurance
Check this table to know about their quotes.
How Can You Qualify for the Children’s Term Insurance?
The application process is simple as you need to answer two questions about the children to be insured.
1. Has the proposed insured children had any chronic disease or illness that requires constant medical attention in the past three years?
2. Has the proposed insured child or children been diagnosed or treated for AIDS
Should You Buy Globe Life’s Children Life Insurance?
Globe has a good whole life insurance policy for children. But, we do want to point out that it’s not the best children’s insurance product on the market. You should compare Globe Life Insurance rates and conditions with other products to check if the prices are almost identical, will you get more coverage, and what is the company’s experience in the market.
What about Final Expense (Burial) Insurance?
Final expense insurance for Globe is either the term life insurance policy or the whole life insurance policy.
Buying the term life insurance would be a bad idea. The premiums increase five-year intervals, and the policy officially expires on your 90th birthday. Okay, no one lives forever, but more people are living longer. It is possible to be alive at 95, depending on your health.
The term life insurance policy you depend on will have expired by the, and you have no choice with Globe Life and Accident Insurance Company other than purchasing a whole life policy. The premium, while it never changes, is going to be substantial. An affordable whole life policy might not be enough to meet your needs.
It is better to buy a whole life insurance policy when you are younger, knowing the premium is fixed for the policy’s life. Globe does not make that purchase easy.
- You still must answer those health questions. Having a health condition or living in a care facility will make applying with Global a waste of time.
- The premiums are high. You will do better financially with another insurance company.
Globe Life’s Accidental Death Coverage
Irrespective of your hardships or how you may die, Globe Life and Accident Insurance provides accidental death benefits ranging up to $25,000, which increases every year by 5 percent for the first five years or up to age of 70, whichever comes first. It offers these payout opportunities:
|A parent’s accidental death||The beneficiary gets an additional 10% of death benefits per child in the age 15-22 up to the total amount of $10,000 if you have family coverage|
|Death due to vehicle accident||The beneficiary receives an extra 10% over your death benefits if you pass wearing a seatbelt|
|Accidental death in a commercial flight||The beneficiary gets a 100% bonus on death benefits|
|Partial or full paralysis||The insurer will assess and assign value to lost mobility and pay accordingly|
|Dismemberment or losing a limb||The insurer will assess and assign value to lost mobility and pay accordingly|
Globe Life Consumer Complaints
Globe has a high consumer complaint ratio. That ought to be a concern for any prospective buyer. You should expect more than coverage alone for the premium dollars you pay. Excellent service needs to be part of the package. There are too many consumer complaints about Globe and these are probably more than just high premiums. There are other companies with a better track record of servicing the insured. Most importantly, those other companies may be more sensitive about paying claims on time.
While we do not doubt that Globe Life and Accident Insurance Company is a stable financial institution, we think that the problems mentioned above are reasons to look elsewhere for coverage.
Frequently Asked Questions
1. Does Globe Life Insurance policy have a waiting period?
It does not have a waiting period, so you must qualify according to your medical history.
2. What is the Insurance Term?
Globe life insurance policy remains in force through 89 years, and coverage ends the day you turn 90.
3. Is It Allowed to Cash Out the Policy?
You can cash out your policy if it has a surrender value and cancel your policy anytime.
4. How Can You Make Payments?
You can pay monthly, annually, or quarterly through electronic transfers or credit cards.
We Believe a Business Relationship is a Necessary Element of Insurance Shopping
A face-to-face meeting is easy to arrange with us, and we will meet with you at a mutually convenient time. We feel there is no such’s thing as a dumb question. At Insurance for Final Expense, we will answer all your inquiries and provide the best advice we have. We are confident you that you will appreciate our insurance expertise and the professionalism we bring to the table.
It is a smart move to do a little shopping before you settle on an insurance product. Always remember that the policy must meet your needs first. Anything less than that is a waste of premium dollars. Researching many companies takes a lot of time and effort. We can save you a considerable amount of time as well as money with our services. What might be a tedious exercise can become an enjoyable walk through the insurance world and end up with you getting the policy coverage that helps your beneficiaries.
We will be happy to provide references if you like. If you wish to do other research on us, please feel free to do so. We do not mind and are confident we will be viewed favorably under any scrutiny. We have an established reputation for client service that very few agencies can emulate. We will spend the time you require to get to know us and understand our services.
All we ask is that you contact us at your convenience and arrange a meeting with us. We will be ready to respond to your inquiries, and we appreciate any opportunity to explain what we can offer to anyone looking to buy a good insurance policy.
Gary P. Cubeta
(Serving Americans In All 50 States)