Globe life insurance is a little lesser-known life insurance company that offers the basic insurance policies for term life insurance, whole life insurance, and also children’s life insurance. There is no requirement of a medical exam for any of the products of Globe life insurance as compared to the other life insurers, and this might be beneficial for some applicants.
The Globe life insurance coverage is also more limited for its term and whole life insurance policies. For those people who have small coverage requirements and want to go for a hassle-free life insurance approval, Globe life insurance is quite a convenient option.
It has cheap coverage and quick turnarounds. The low customer ratings, high monthly rates, and lacking customer service mean that you might only go for the adult term life insurance package if you like to cover the final expenses.
Globe Life general review
Globe Life prides itself on being a hassle-free life insurance company to work with. It promotes a good variety of different products that it offers. Therefore, the customers have quite a few options based on whatever stage of life they are in.
The Globe Life products can be purchased in different ways i.e., Phone, online, and mail, and many such coverages require answering just a few simple health-related questions in order to qualify. For the current policyholders, it is very easy for them to access their policy information at any time.
The Globe life insurance policyholders have the option to contact the customer service representative if they have any requirements or queries. These representatives can be contacted in several ways that include telephonic conversation and email etc.
It is quite important to know what the industry experts say about Globe life insurance. The reviews of the about their life insurance provider are also important. In the case of Globe life insurance, the entire customers don’t share their nicest reviews.
- BBB: A+
- Consumers Advocate: 4.3/5
- Consumer Affairs: 2/5
- NAIC Complaint index: 8.33
The Better Business Bureau (BBB) gives Globe Life and American Income life insurance that is its subsidiary, an A+ grade, which is based on a variety of different criteria that include company advertising and customer complaints. For Consumer Affairs, the score of Globe Life is 4 out of 5 stars, while American Income life insurance has a score of 2 out of 5. Consumer Affairs directly rates its companies.
The National Association of insurance Commissioners (NAIC) happens to track the number of different customer complaints that are later sent to the state insurance department. A score of zero means that there are no complaints to count, whereas a score of 1 shows the baseline average. Global life has a rating of 8.33, which means that it has received eight times the amount of complaints than normal. This is one of the highest numbers that we see. Globe Life has almost 4.2 million policyholders, and most of these seem satisfied. Still, there must be many unhappy customers that are quite vocal on different customer rating sites.
Globe life insurance products
Globe Life offers no medical exam for its term life insurance, whole life insurance, and accidental death coverage. While the products of Globe Life are structured differently, its term and whole life insurance do fall in the category of final expense insurance. There are limited payouts that are quite suited to cover end-of-life costs.
- Globe term life insurance
The Globe term life insurance offers a restricted set of death benefits and has no medical exam. In the case of adult term life insurance, the maximum age is 90 years; after that, it will expire, and you will not receive a payout or any chance to buy another policy.
Globe Life term insurance lasts five years; therefore, you need to renew your policy every five years, and this causes your premiums to increase a lot over a period of time. For many people, this is not affordable. Globe Life has low coverage amounts as compared to what one can do with the insurers, and this looks fine if you only have to take care of the funeral and final expenses.
- Policy conversion
Globe Life does not offer an option to convert the term life policies into the whole. In order to apply for the whole life insurance policy, its customers have to wait until the term policy runs out or the current policy is canceled before reapplying.
- Temporary coverage
There is no temporary coverage available from Globe life insurance, so you should keep in mind that you won’t be covered between the time you submit your application and your policy starts.
- Available riders
There are no such available riders, and Globe Life does not offer any other packages. There are family plans that bundle together the adult and children’s life insurance, dismemberment and paralysis benefits, and also education benefits to pay an extra 10 percent for the dependent children.
- Globe whole life insurance
- Whole life insurance for adults
The adult whole life policy benefits max out at $50000. As compared to the term life insurance policy, the whole life premiums are locked in after the first month. Many curious buyers would be required to call Globe life insurance in order to find out any information regarding whole life coverage.
Many experts don’t recommend Globe’s whole life insurance for most people. Its whole life insurance normally gets more confusing and also expensive as compared to the term life insurance. Most of the buyers may end up dropping the whole life coverage fully, as they are not able to afford the premiums.
- Whole life insurance for children
The customers can able to select whole life insurance for the children that may never expire. The premium rates are fixed and depend on the age of the child at the time of the application, and the cash value also builds over time.
There are some experts who don’t recommend life insurance for children also. It is not recommended to use it to save for the child’s education, or to replace the child’s income earnings. If you like to save money for the future of your child, then it will be a better idea to open a bank savings account.
- Globe accidental benefits insurance
The accidental death insurance offered by Globe Life has an initial death benefit of up to $250,000. This amount increases by 5% a year for the first five years or until the policyholder reaches the age of 70. There is a guaranteed acceptance of accidental death coverage if you are between the ages of 18 and 69; this means that there will be no medical exam or health questions during the application process.
The accidental death coverage by Globe Life pays a claim if you accidentally die according to the definition of the company. While Globe Life is liable to pay your beneficiary if you die due to an accident, but your family will not be able to receive a payout if you passed due to any disease.
It depends on how you die and what kind of hardships you face; Globe Life’s accidental death coverage offers some additional payout opportunities.
The Globe life insurance Pros and Cons
- No medical exam required
One of the biggest selling points of Globe life insurance policies is that you are not required to undergo any type of medical examination. You only have to fill out an application, and this has a few questions on your health condition.
If you are middle-aged or old and are suffering from any health issues, then there are chances that you may find it difficult to buy sufficient insurance coverage for yourself and your family that is affordable. There are chances that you will get turned down by the companies that don’t deal with the individuals of high-risk categories. This is the reason why most of the people from high-risk categories go for the no exam policies that are similar to the ones offered by Globe Life.
- The simple and convenient application process
The application process is quite simple and convenient, as you only have to answer a questionnaire. If you buy a policy directly from the company, then there is no waiting period. The insurance policies are available for adults and children of all age groups. You can choose to pay the premiums on a monthly, quarterly, or yearly basis according to your convenience.
- Wide range of accidental benefits
Globe life insurance offers one of the best accidental insurance plans that are available in the market today, and include various additional benefits. Though it cannot replace a term policy, it is a very fine addition to the term or whole life insurance policy in order to take care of the requirements of your family if you happen to pass away.
- Money-back guarantee
All of the available policies of Globe life insurance come with a 30-day money-back guarantee without any risk. If you are not satisfied with your insurance policy for any reason, you have the right to cancel it within 30 days and get the money back.
- Increasing premiums
The premium structure of Globe Term Life policies is incremental. It is revised every five years or when you are to move to another age bracket. This means that your premium keeps on increasing throughout your policy, but your death benefit remains the same.
- Low death benefits
The death benefit of term and whole life insurance for Globe Life is capped at $100,000 and $50,000, respectively. In most cases, this amount is obviously not sufficient to take care of the financial needs of your family on your passing.
- Poor customer service and misleading information on the website
There are misleading advertisements about the monthly rates, while there is very little available information about policies, rider options, and other aspects on the website of Globe life insurance. As far as the Globe Life customer service is concerned, you have to wait for a very long time, there are too many department referrals, and the customer representatives are not knowledgeable.
Even the basic questions that are related to the different circumstances of disqualification and others related to reconsideration are mostly met with confusion. Though the answer to both the questions is simply no, they prolong it and mislead the customer.
- Average turnaround time
It actually depends on how you answer the health questionnaire; your policy activation time with Globe Life is between 10 and 30 business days. This is what the customer service may inform you. Though a one month time may seem short, we should keep in mind that the business days count five working days a week, and this means that you really have to wait for around six weeks for the arrival of your policy. Therefore, this is quite an average turnaround for a life insurance company.
Consumer reviews and complaints
Globe life insurance is no doubt a legitimate life insurance company with an A.M. Best rating of A+, but they have a large number of consumer complaints. Most of the customer complaints of Globe Life referenced challenges getting any sort of satisfactory answers from customer service.
Globe Life’s sales team is very persistent in regard to the calls and sending other materials. If you are old, then you should make sure that your beneficiary has all the necessary information that is required to file a claim and the details of your premium payments.
Some of the Globe Life customers also reported that some parents that failed to make any payments due to dementia or illness had quite a lot of trouble while reinstating their coverage after the lapse of the policy. You would never like to spend many years paying for any benefits that your family cannot receive once you pass.
If you are looking for short-term or supplemental coverage, then Globe life insurance is perfect for you. It offers basic life insurance for the ones who have just started or are living on a limited income, which is a good starting point. Its coverage is basic but may offer quite enough for your first policy, especially if you want life coverage without any medical exam.
Hi, I’m Mitch Winstead with Advanced Mutual Group. I have been selling burial insurance for over 20 years. If you have any questions or would like a free quote, please call our office today toll-free 1-866-598-8170. Our email address is firstname.lastname@example.org Our website is http://www.advancedmutualgroup.com. Our Facebook page is http://www.facebook.com/advancedmutualgroup.