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Globe Life Insurance Review

see how Global Life Insurance compares

1 Minute Review

After 50 years in business, Globe Life Insurance has grown to over 4.2 million policyholders. It started with a focus on serving rural areas, selling inexpensive and dependable life insurance. This focus on cost-effectiveness continues as their website advertises policies for as little as $3.49 per month for adults and $2.17 for children.

Best For

  • Those with low debts, who don’t need a substantial death benefit
  • Policyholders who can’t afford high premiums

Pros

  • The 1st month of coverage costs just $1
  • Can buy policies with small premiums and death benefits
  • Globe Life doesn’t require medical exams
  • No waiting period on any of its policies

Cons

  • No policy payouts of more than $100,000; not enough for some families
  • No agents to meet with or face-to-face communications
  • No online application or quote process
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Life insurance protects your family and loved ones if you pass away unexpectedly. The payout helps them pay off a mortgage, credit cards or provide for a child’s education. Like most insurance, you hope you’ll never need to use it.

You want the best and most affordable policy to meet your needs. To find out if Global Life Insurance works for you, read our review.

Who’s Global Life Insurance For?

Globe Life insurance primarily sells life insurance policies, so they try to appeal to every buyer. They’re best for:

  • People who want simple, straightforward policies
  • Policyholders who need low premiums
  • Homeowners who want to buy mortgage protection insurance

Globe Life Insurance Products

Globe Life sells 2 types of insurance: term life and whole. Term life insurance doesn’t grow in value during the years you pay premiums, but this means that premiums are lower. Cheap insurance companies frequently quote term life premiums as an example of their cost savings. Whole life costs more to purchase but builds value and returns a cash benefit when the policy expires.

Under the banner of either term or whole, Globe Life sells these products:

  • Term life insurance: Available for adults, Globe Life’s term life insurance can be bought in payout amounts ranging from $5,000 to $100,000. They don’t require a medical exam or enforce a waiting period before coverage kicks in.
  • Whole life insurance for children: Whole life insurance builds cash value throughout its term, generating a return for the beneficiary. This product helps parents or grandparents save for a child’s future. Payout amounts are smaller, however, and you can only choose from $5,000, $10,000, $15,000 or $20,000. As long as you pay the premiums, the child’s policy will never be canceled or reduced.
  • Senior life insurance: If you neglected to buy a life insurance policy when younger, it’s not too late. Globe Life sells a senior life insurance policy for seniors who still want to protect their family against funeral expenses or give them a little extra when they pass.
  • Burial and funeral insurance: This type of insurance policy is solely intended to cover funeral and burial costs.
  • Final expense insurance: Similar to burial and funeral insurance, final expense insurance covers end of life costs. But it also includes coverage for medical bills and any debts incurred during your last few years.

Focus on Term Life: Globe Term Life Options

Term life insurance expires at the end of the policy’s term. Policies are typically sold for 10, 15, 20 and 30 years. None of Globe Life’s term life products require a medical exam or make you wait until coverage applies. Many customers may appreciate the lack of hassle, but the lack of medical exams can lead to more company risk so the payout is lower in death benefits. 

Lower payout amounts could be an issue for many families. A life insurance payout could be used to pay off a mortgage, provide for a child’s education, or replace a deceased spouse’s lost income. It can be tricky to decide how much life insurance do I need? but when you start adding up your debts and income, $100,000 may not go far.

Globe Life’s term insurance can give you coverage of $5,000, $10,000, $20,000, $30,000, $50,000 and $100,000. You can’t apply or get a quote online, which is inconvenient. Instead, you have to select your state and the insurance you want to buy and fill out a form with your address. They’ll send you information and an application in the mail.

Available Discounts and Tips on Getting the Best Rates

Globe advertises “$1 buys $100,000” across the top of its website. It’s a promotion for its policies, not the monthly rate you’ll pay. For most policies, you pay just $1 for the 1st month of coverage, after which your premiums go up to their standard quoted rate. 

This is, in effect, the discount they give new policyholders. What’s not clear, however, is if they increase the rest of your premiums to make up the money.

Because none of Globe Life’s policies require a medical exam or that you complete a health questionnaire, there’s no way to get a better rate.

The rate they quote will be based on your age and gender, which are compared to actuarial tables. Actuarial tables contain data about the likelihood of death at your age and if you’re male or female, from which insurance companies create risk pools. Your premium is then calculated to reflect the risk you represent to them.

Globe Life Insurance Coverage Selections

Globe Life sells no riders which you can add to its policies, such as long-term care or accelerated death. Your coverage selections consist of selecting a death benefit payout. Death benefit payouts are a lump sum payment to your beneficiaries if you die during the policy’s term.

Globe Life also sells mortgage protection insurance. This accidental death coverage would pay out anywhere from $50,000 to $350,000 to pay off your house if the policyholder died in a covered accident. If your primary life insurance policy wouldn’t be enough to pay off your home, this policy gives you that peace of mind.

Globe Life guarantees acceptance for applicants up to age 69 and doesn’t ask any health questions or perform a medical exam. Monthly premiums won’t increase but will keep pace with inflation. Every year you own the policy, the Principal Benefit [D3] will increase by 5% until it’s equal to 125% of the Initial Principal Benefit. Or, it will stop increasing when the policyholder turns 70.

If you buy mortgage insurance on the Family Plan, it comes with an education benefit. If any dependent children are between 15 and 22 upon the policyholder’s accidental death, Globe Life will pay out an additional 10% per child for an education benefit.

Other benefits of its mortgage protection insurance include a seat belt benefit of 10% additional payout if the insurer dies behind the wheel while wearing a seatbelt, and payouts for dismemberment or paralysis [D4].

Two-income families who couldn’t pay the mortgage without both incomes should definitely think about buying this extra protection.

Globe Life also sells Medicare gap coverage. It fills in the gaps of Medicare coverage, paying for deductibles and copays. It also helps cover outpatient hospital services and physician costs. This allows seniors to avoid dipping into their savings or racking up debt that their life insurance policy would need to pay off.

Pricing and Value

With advertised policies starting at $3.49 per month for adults and $2.17 for children Globe Life looks like a great value. This insurer certainly makes its policies affordable, but it’s important to dig deeper.

If you’re paying $3.49 per month for a 10-year term life insurance policy, that’s $41.88 per year and $418.80 over the policy’s term. It’s a safe assumption that its lowest rates also represent its lowest payout, so assume that’s for a $5,000 death benefit policy. Is a net value of close to $4,600 worth it to you? Only you can decide.

Buying life insurance is a personal decision, from the reasons you buy it to the debt you’d need it to pay off. While an advisor can help you determine how much coverage you’d need, it’s up to you to decide if it’s worth it.

Customer Service

Globe Life customers have a variety of ways to get things done. You can create a log-in for its eService Center where you can make payments and view premiums, review policy details and update your address. Globe Life has an app that you can download also to take care of these administrative tasks.

If you need to talk to a customer service representative or need technical service, Globe Life doesn’t have a direct email. Instead, you have to fill out an online contact form.

If you want to talk to a person, Globe Life customer service can be contacted by calling 1-800-742-6787. Hours of operation are Monday through Friday, 7:30 a.m to 6:30 p.m. CST.

Globe Life doesn’t have offices or agents where you can go to get your questions answered. You’ll have to learn how to buy life insurance on your own though they’ll help you over the phone, if needed.

Claims Support

Claims must be filed by mail, which is standard in the life insurance industry. That’s because a claim must include a certified copy of a death certificate, and a fax or emailed copy doesn’t count.

When you file a claim, you’ll need to give Globe Life your beneficiary’s name, telephone and address. You’ll need the policy number in addition to the certified death certificate. Globe Life also asks to see the obituary and coroner’s report or police report in the case of death by accident, homicide or suicide. 

All of this information should be mailed to the following: 

Globe Life Inc.

PO Box 8076  Attn: Claims Department

McKinney, TX  75070

The company says it will take 10–15 days to process your information. It makes no promises about how long it will take for payout.

Should you Buy Life Insurance from Globe Life?

Globe Life could represent a great value to a lower income family with a smaller mortgage and fewer debts. Higher net worth families wouldn’t be able to cover mortgages and educational expenses with a death benefit capped at $100,000. Globe Life clearly serves the lower end of the market, making life insurance available and accessible to every family.