So you are trying to get some feedback. Maybe you’re wondering if Globe Life insurance is legitimate or not? Your resolve: do some due diligence by finding some Globe Life Insurance reviews. Good decision on your part.
Now, before I get into our Globe Life Insurance review here today, I will put out a “disclaimer” up front. We do not have a business relationship with the Globe Life Insurance Company by choice nor are we a competing life insurance company. Actually, we are an independent life insurance agency that has access to the top life insurance companies in the industry. We have the knowledge, credentials and training to sort thru and fairly compare life insurance company and their products.
While there are many Globe Life insurance reviews out there, we have a strong base to assess Globe product offerings versus the competition. This posting is simply our review of Globe Life Insurance.
We do have a certain bias that should be disclosed. Globe Life promotes their life insurance by suggesting you don’t have to deal with an agent. It suggests that somehow that is in your best interest. The concept is entertaining, but it sure doesn’t save you money and takes away the professional advisor who will filter out subpar policies and put you into options that will truly meet your needs.
With that said…
Here comes the breakdown on Globe Life Insurance Company. Founded in 1951 with corporate headquarters in McKinney, Texas, Globe Life is a well established, household type name. Globe Life Insurance Company is owned by the Torchmark Corporation and operated as a subsidiary of the giant. Torchmark actually owns multiple different insurance companies.
Globe has an excellent financial rating of an A+ from AM Best, the most recognized name in insurer ratings in the industry. What this means is, Globe Life has plenty of cash in their coffers to pay out any legitimate claims to the life insurance policies they issue. You should not be concerned whether the company has the money to pay its legitimate claims.
Globe Life Insurance Reviews
If you investigate the Globe Life on the web, you will quickly see that they specialize in 2 products. The first of those is simplified issue term life insurance. Secondly is final expense (similar to burial insurance), whole life insurance.
Many people receive cards in the mail from the company with an advertisement for these products as well.
As a company, we have taken a close look at the company and its products.
You, as a potential life insurance consumer, can do a lot better with numerous other life insurance carriers out there. Our intent of these reviews is to layout the facts why we may or may not recommend a particular company.
Make sure you check into alternate carriers and products before you make any decision to purchase life insurance coverage with Globe Life. It does not appear to be a good value for the money spent in the majority of cases.
Life insurance is a very serious purchase. Too many people have had surprises thinking they had a good, reliable policy for a low price and found out the hard way they were wrong or worse yet, their beneficiary ends up with nothing at the time of need.
It is most important when buying life insurance that you work with an independent agent/broker or agency to help you find the best product that meets your needs. A good independent agent/broker may be the difference between getting good, affordable coverage or a poor quality, overpriced policy that will not get the job done right and end in frustration.
In a few minutes of reading here, you will have the skinny on the Globe insurance life policies, so continue on for more.
Manipulative Marketing or Advertisements
Just a little advance notice…I’m bringing the heat here!!
Many people have seen the Globe Life ad showing $1* buys $50,000 or even $100,000 of coverage for adults and children. That includes me, though I’m ambushed thru the mail.
Seems like a great deal doesn’t it?
You might even think about “clicking” on the “great deal.”
Whoa!! Let’s stop here and let’s look at what I just wrote about that ad.
The * is the key here. This is manipulative marketing in my mind. Seems like an attempt to confuse the consumer on what this Globe Life insurance policy really costs to own year in and year out. It appears that they may count on consumers being naive when it comes to life insurance. The initial $1 payment is alluring and many people assume it is a real good deal.
Let’s take a closer look at this offer. While your first payment is only one dollar, the real premiums are yet to come!! Those premiums are much higher than one dollar. In fact, Globe Life Insurance is much more expensive than many other top notch life insurance companies. It is important for you to check the rates of other companies and see what other products might better suit your needs and budget. No one I ever talk to will bother electing a Globe Life product once they realize the better options available to them. This even includes those who already have had a Globe Life policy, cancelled and replaced it with a more affordable one. They’re simply are better products and rates out there, period.
Many consumers do not realize how life insurance companies really profit. You see, life insurance companies are betting on a great percentage of people keeping their policy for a just a portion of the coverage period and cancel prematurely. At that point, they get to keep your premiums and you no longer have any coverage. So, a consumer just got drawn in by a teaser offer of $1 and then pays a higher than normal rate for coverage after that, and simply cancels down the road because of the cost of insurance. They just got tired of the ever increasing premiums or could not afford the rate increase. Heck, they had bought the life insurance for $1!! Who do you think won that game? Who’s happy, the former Globe Life policy owner or Globe Life? After all, they didn’t have to pay out on the policy.
In 2016, State level insurance regulators at the National Association of Insurance Commissioners reported data indicating that Globe Life had complaints against it above the median level for a insurance company of its size. While all life insurance companies have complaints against from upset people, this type of report does not reflect well on Globe Life’s image and reputation. With the excess complaints for a company with such a large number of policies in force do you believe this company to be top notch? There is no independent agent or broker to represent you here either. Not good and a major part of the problem. You draw your own conclusion.
Most folks who end up replacing their Globe Life policy are happy about the money that they save and/or the additional coverage they got for the same amount of premium. We are just able to obtain guaranteed rates for individuals for much less from the top life insurance companies in the business. No tricks used in the paperwork fooling trusting folk who wanted a life insurance policy to protect their family.
Globe Life Insurance Policies
Globe Life markets 2 different life insurance products. One is a Whole Life policy, a form of permanent coverage as well as a temporary offering. This temporary life insurance policy is the Globe term life insurance product. In addition, the company offers another product called Globe Whole Life Insurance. Whole Life coverage does last a lifetime and offers cash values inside of it so it costs a great deal more. Because this policy does not expire, you need to expect that is more expensive than term life insurance. Globe is on the hook for life. If you are interested in understanding whole life insurance you may go here for some details on why whole life insurance is more expensive. They key is, term life insurance expires at a predetermined time. The insurer is not on the hook for the rest of your life. There is also no cash value accumulation and the policy will expire.
Due to the cost of the policies, consumers are typically most attracted to the term life policy. It sounds cheap, but is it really?
So here is a breakdown of the Globe Life Term Life Insurance Policy, the pertinent facts you absolutely need to know.
- Smokers and Non Smokers pay the same cost. As a Non Smoker you have to pay the same as someone that does smoke. Smoking alone typically doubles the cost of term insurance.
- Your premiums will increase every birthday that end in a 1 or a 6. For example 41, 46, 51, 56 and so on.
- You must answer the medical questions to apply, but no medical exam is required. You must pass the health question interview to qualify. This is not guaranteed issue life insurance coverage. If you are relatively healthy, you are better of with a traditional life policy which will offer much better rates in exchange for answering a few more questions and having a free paramedical exam in your home.
- This policy expires at age 90. There is no return of premiums or cash value in this or any term life insurance policy.
Are Globe Life Insurance Rates Level for the Life of the Policy?
Questionable marketing on their policy benefits are even posted on their website. Some consumers are led to believe that premium rates are guaranteed level. From their website “The Premium Schedule You Establish Today will not change for any reason” does not mean guaranteed level premiums. What it means is, as of the purchase date of this policy, you will be paying a variable amount over the coverage period, according to the payment schedule you may or may not understand. Of course, one should always verify how much coverage is going to cost them over the years, but such a statement can easily be misconstrued to mean a locked in, level premium based on buying today.
Compared to the top life insurers in the business, this is misleading. It should clearly identify to consumers that the policy is NOT level and the premiums are illustrated and available to see. As it turns out, premiums will rise every 5 years. While a careful look at the words might make you think twice, it clearly is not forthcoming. The $1 offer is only good for the first month of coverage.
Why doesn’t Globe Life clearly indicate the premiums increase every five years? That is pretty simple and straight forward for consumers, right? The fact is, their competition offers level premiums and lower monthly payments. As a result, a lower cost of ownership over the life of the policy. What will most consumers turned around and do?
No one likes to overpay for their life insurance do they?
If purchasing this kind of life insurance coverage, be aware that as you get older your premiums will do nothing but increase regardless of your health. While you may be tempted to believe this is a very affordable package, the reality is that Globe term life rates are not competitive as you become older. That is when it is needed the most.
Who is a Globe Life insurance policy suited for?
If you are a smoker, you might consider a Globe term life Insurance policy. The simplified underwriting in the application process does not penalize a smoker as will most other insurers. Is it the best option for someone who smokes? No, but it does have a niche purpose to accommodate a very small portion of the population. Globe Life might also be worth some consideration if you have a serious health condition. Globe whole life (permanent) product could function for the use of covering final expenses for seniors.
Are there better options for most folks regardless? Yes.
I would recommend simply using the quoting widget on the right and find out what a quality policy will cost you. A policy that has a level premium and benefits that never go down. Why waste more of your time? Your thinking about buy life insurance and protecting your family, right? Your not getting any younger which certainly affects your rates.
Globe Life Insurance really fits a very small segment of the population. The products they offer just really don’t get the job done right for the vast majority of consumers. We see and hear of many people left very disappointed down the road. Not good!!
Be aware that there are hundreds of life insurance companies… many of whom offer numerous products designed specifically to meet your needs. They are marketed typically thru independent agents and brokers who specialize in life insurance and are better able to advise you on what you need to protect your family thoroughly and affordably.
Why turn to one insurance company with very limited offerings? What advice do you think the salesperson at the Globe home office is going to give you? That’s right, buy one our policies!!
Wouldn’t you prefer a policy of greater value and lower cost of ownership as well?
Did you know that it costs you nothing to speak to a professional who can guide you into the best life insurance product or products for your needs.
If You Need Term Insurance, Buy True Level Term Life Insurance
Typical term life insurance is sold in different periods or “terms” such a 10, 20 or even 30 years. Most of these applications do require a free in home medical exam. You can opt for a no medical exam policy which will still keep your cost level, but the cost will be a bit more. Hey, some folks don’t like needles!!
So, if you buy a 20 year level term policy and pay $25 a month, the death benefit and the premium will never change until the “term” expires.
This is not how this Globe term life plan is designed. Ultimately the policy gets more and more expensive…every 5 years the cost rises!!
The common problem we hear…it becomes unaffordable just when they need coverage the most. So now that small price to pay of a $1 “investment” became a huge disappointment. You wished you had had access to better options.
All you really have here with Globe is a 5 year price guarantee, not a level term life insurance policy which guarantees full coverage for the same premium for the full 10, 20 or 30 year “term” of the policy.
If you feel you only need 5 years of coverage, you might opt for this coverage, but it is simply much more affordable for the long run to purchase 10-30 term policies from the top flight insurance companies. These policies stay the same price month to month throughout the entire policy term you pick.
Globe Life Whole Life Insurance
Globe whole life insurance is another product designed for simplified issue. In other words, easier to qualify for. Life insurance of this nature is typically designed for seniors or those approaching their golden years that may have “rocky” health.
A simplified issue policy like this features ease of application, a smaller panel of health questions and no medical exam required. You can obtain coverage amounts between $5,000 up to $50,000 with Globe based on health questions on the application.
With any whole life insurance policy, you are guaranteed a lifetime of coverage for the face amount (death benefit) of the policy as well as a premium that will remain the same for the life of the policy. There is also a cash value account built into the policy.
Is there anything special about Globe Life’s whole life policy?
These policies are dime a dozen folks. Many highly rated life insurers offer policies like this and are more affordable. Whole Life insurance policies like the Globe policy are often used for final expenses, burial insurance…general end of life expenses.
If you would like to learn more about no exam, easy to qualify life insurance policies click here.
Needing Whole Life Insurance?
Often time senior citizens will plan for end of life expenses by using a dependable, permanent life insurance policy to cover all their final expenses. Whole life insurance has been the mainstay for years. While the Globe whole life insurance is clearly the better of the two products reviewed here today, we know there are better offerings on the market to consider. The cost of the coverage when compared to other carriers takes the air out of it.
Some people looking for permanent protection are better served by a different product all together. For higher amounts of coverage, you might want to look at Guaranteed Universal life insurance. It is more considerably affordable than any comparable whole life policy for those that need a larger policy and aren’t concerned with cash accumulation inside the policy. It offers a permanent, level premium and benefits that will never change.
Third Base on Our Globe Life Insurance Review
Ladies and Gentleman, Globe Life is a well known name. It has been aggressively marketed for many years. While it also has an excellent financial rating of A+ by A.M Best, it does not mean you are getting a quality product, top service or price.
Globe Life is certainly a legitimate company and will pay their claims provided the terms of the policy have been met by the policyholder and the insured party. Misrepresentation, nonpayment of premiums and dishonesty on the consumer side will result in a negative outcome with any life insurance company down the road.
The greatest identified issue with Globe Life is the cost of insurance and the weakness of their products. Their competitors have much stronger performing products at a lower out of pocket of ownership. That alone is a valuable benefit to you.
So, what is most important to you? Ask yourself what your goal is with purchasing life insurance? How does the Globe Life Insurance offerings get the job done for you? Why wouldn’t you want a lower cost of ownership and a good independent agent/broker to assist you shopping the coverage and offer support for the future? It costs you nothing and you have everything to gain. Run a quote yourself in the quoting engine on this page. See the best offers out there.
Independent agent and broker services are free. Your out of pocket costs are the same whether you contact an insurer directly or not. The cost of insurance is the same whether you have the support of an independent agent/broker or talking a home office of an insurer. State law folks.
If you deal “directly” with Globe Life, all you will get is Globe Life home office agent giving you Globe life insurance options and their pricing.
Other Thoughts On The Globe Insurance Life Products – The Real Problem…
The Globe life term insurance offering will get no endorsement from this office. We feel these type of products are simply opportunistic and don’t suit the majority of life insurance consumers. Globe is not the only insurer offering this type of product. Most people are just looking for a company they can trust and that the coverage is going to be affordable and dependable for the long run.
There is a reason independent insurance agents avoid products like the Globe insurance life offerings.
There is also a reason why Globe Life tells you no agent will visit you.
Independent agents in the life insurance business have companies they work with that clearly offer superior products and are more affordable. Globe Life knows this. They are not particularly concerned with your best interest. Like any insurance company, they are in it to make a profit. A reputable independent agent will steer you away from non competitive products.
Remember a good, seasoned life insurance agent is your ally and advocate.
Wrapping Up The Review on Globe Life Insurance
If you check other reputable sources that have reviews on Globe Life insurance, you will find plenty of controversy over their particular products. Complaints are usually related to product limitations that were not understood by the consumer or rates that went up unexpectedly. Globe will be it legitimate claims.
As a consumer, it is your responsibility to do you due diligence.
Remember, a serious independent agent/broker will be working with dozens of the top life insurance companies and will steer you away from “questionable” products. Your options are laid out for you so you can make an educated decision. This is free, unbiased representation and assistance. Unfortunately, many life insurance consumers don’t know or understand this and place faith in a company name versus the product itself.
With Globe, many people are just unaware of the terms in the policy they have purchased and what their real options for coverage are. Consumers including myself are bombarded with Globe solicitations thru the mail regularly.
Here is the take home. Reviews on Globe Life insurance may be helpful
Life insurance is not apples to apples. It is not just term life insurance or whole life insurance etc. There are limitations to the many different products on the market.
While we all want a company that pays its claim well, the wrong policy purchased by a well intending consumer…could be very disappointing down the road for you or your loved ones.
Globe Life does pay its legitimate claims but seems to leave a good number of disgruntled people in its wake.
More often than not, it is dissatisfaction with the policy with the rates jumping up or simply expiring due to the policy provisions.
The Take Home
There is no savings without having an advocate…an independent agent/broker to make sure your needs taken care of. There are a lot of good ones out there who will provide a very positive experience for you. If you don’t like who you are working with, find another.
The top life insurance products are available thru professional life insurance agents who can help you obtain your desired peace of mind more affordably.
Trying to sort thru the ads and postcards is not easy and you will never know what is really out there for you without consulting with a pro who knows the limitations of the different products on the market.
Do you really believe you can get $50,000 or even $100,000 of life insurance for $1? If it sounds to good to be truth then it usually is. Of course it works out to be a lot more expensive than that.
Check into your options. You are going to be shocked to find out that Globe Life policies are not a good choice for most people.
You can get started by using the quoting widget on the right side of the screen to get yourself an instant quote as a baseline of comparison.
However, so many companies and products that can overwhelm many people. A followup phone call to us is highly recommended. Take 5 minutes and get guidance. It doesn’t cost you a nickel!!
Remember, an independent agent works for you, not one insurance company. He or she should wants to earn you as a client and make sure your loved ones are protected from financial loss first and foremost.
Look for someone with access to a couple dozen life insurers and you have a good start on putting that Globe Life ad in the circular filer.
We are always here to help you better understand life insurance. Feel free to comment, or contact us at 800-598-6445.