This article is to the end to get full information about Globe Life Insurance Company. This is a review of Globe Life Insurance, its coverages, cost, and many other things you may need to know about them.
Globe Life Insurance Review
Globe Life, founded in 1951, provides both term and permanent life medical coverage. The company touts its low initial cost, with $1 purchasing your first month of coverage but that cost quickly rises.
Globe Life, formerly known as Torchmark, also sells policies through subsidiaries such as American Earnings Life, Liberty National Life, United American, and Family Heritage Life. It is based in McKinney, Texas, and has life insurance agents all over the country.
Insurance Policies of Globe Life Insurance
Through its network of agents, this insurance company offers a wide range of life insurance policies online. Some of these policies include;
- Term life insurance
- Whole life insurance
- Child whole life insurance
- Final expense insurance
- Accidental Benefit Insurance
Globe Life Term Life Insurance
Globe Life provides accidental death insurance with a maximum death benefit of $250,000. For the first five years of the policy, or until you reach the age of 70, this benefit grows by 5% per year.
Since you’re between the ages of 18 and 69, you’ll be accepted for its accidental death coverage with no health questions or medical exams during the application procedure.
As you might expect, Globe Life’s accidental death coverage pays claims only if the accident meets the company’s definition. Car accidents and choking incidents belong to the definition of “accidental death,” whereas cancer does not.
Globe Life Whole Life insurance
A medical exam is not required to purchase Globe Life’s whole life insurance, but you will be asked about your medical history during the application process. Because the underwriting is limited, so are the death benefits.
However, if you only need final expense coverage, this may be sufficient. Globe Life pays out between $5,000 and $50,000 in $10,000 increments.
Globe Life Accidental Benefit Insurance
Globe’s term life insurance also requires no medical exam and provides a limited set of death benefits. You can purchase coverage for $5,000, $10,000, $20,000, $30,000, $50,000, or $100,000.
Globe’s Children’s Life Insurance
A parent or grandparent can purchase a Globe whole life insurance policy on behalf of their child or grandchild. The policy pays a life insurance payout as well as accumulates cash value over time.
There are coverage options of $5,000, $10,000, $15,000, $20,000, $25,000, and $30,000.
After the first month of coverage, rates here are based on the child’s current age and remain the same for the rest of the child’s life.
Globe Life’s final expense insurance
Final expense protection, also known as burial insurance, is intended to cover funeral expenses, small unpaid debts, and even lost income if you die. Globe’s final expense insurance doesn’t really require a medical exam.
There are coverage options of $5,000, $10,000, $20,000, $30,000, $50,000, and $100,000.
Globe Life’s Mortgage Protection Insurance
Mortgage payments are covered by Globe Life’s mortgage protection insurance if the insured person dies or suffers dismemberment (such as losing a hand, foot, or eye) in an accident. There is no need for a medical exam.
The death benefit increases by 5% from the original death benefit for each year your mortgage life insurance remains in force until it reaches 125% or when you reach the age of 70, whichever arrives first.
If you purchase the family plan, Globe Life will increase your mortgage insurance death benefit by 10% if your child falls between the ages of 15 and 22 just on the date of your covered disaster.
More About Globe Life Insurance
Globe Life’s website contains only a limited amount of policy information. To learn more about its coverage, please contact an agent.
If you already have a Globe Life – life insurance policy, you can use the Apple or Android app to pay higher premiums, set up automatic payments, and add coverage.
To file a life insurance payout, you must first download and mail a form with supporting documentation.
Globe life also offers the following;
- Accidental death insurance
- Supplemental health insurance
- Mortgage protection insurance
Globe Life Additional Benefits and Riders
A rider, also known as an insurance endorsement, is a method of tailoring your insurance coverage. You can, for example, add more coverage with a rider or add relatives. You might also be able to get them if anything ever happens under particular instances.
Children’s Term to 25
A “Term to 25” rider for children can be added to your term or whole life insurance deal. You can purchase up to $10,000 in coverage for such a child with special needs between 30 days and 23 years with this rider. The legislation may be converted to a whole life plan before the child reaches the age of 25.
Terminal Illness Accelerated Benefit
If you are totally and continually disabled and add the premium waiver rider to their policy, Globe Life will waive your premiums on certain plans (see state availability). After you reach the age of 60, the rider expires on the following birthday of the certificate.
Waiver of Premium
If you have a qualifying life-threatening illness and add the terminal illness accelerated compensation rider to your policy, you may be able to receive 50% of your payouts right away.
Globe Life Insurance Cancellation Policy
If you are unhappy with your policy, Globe Life will refund your money within 30 days. Furthermore, if you do not like your Globe life insurance coverage for any reason, you may cancel it and receive a full refund.
The cancellation policy after the initial 30-day period may differ depending on your insurance program. Before signing and agreeing to the terms of a Globe life insurance deal, read all policy papers carefully and understand all of the penalties and costs associated with your insurance policy.
Frequently Asked Questions
Can You Cash Out a Globe Life Insurance Policy?
Only Globe’s whole life assurance policies include a cash value component that accumulates over time and can be paid out if the policy is surrendered. Like other insurers, Globe doesn’t include any financial value in its term life as well as accidental death policies.
How Long Does It Take Globe Life to Pay A Claim?
According to Globe, it takes 10 to 15 working days for your check to arrive after your claim has been processed. If you haven’t received your verification within 30 days of filing your claim, you must contact Globe directly.
How Do I Make Payments to Globe for My Life Insurance?
Premium payments for Globe Life can be crafted monthly, quarterly, or annually, depending on your preferences. While direct billing is available, policyholders can also pay by Visa, Mastercard, or electronic cash transfer from their bank.
The company’s online service center makes it relatively simple to manage your credit card information, set up a new payment method, and update your information.