Most consumers cringe over the thought of purchasing life insurance, the last thing a consumer needs when searching for the best products and pricing is an ad with small fine print and or a misinformed agent promising cheap insurance. Globe Life Insurance Company has a handful of marketing pieces that all consumers should review thoroughly before buying life insurance
- $1 buys $50,000 of life insurance, really? I know there are Dollar General Stores all over the country selling items for one dollar, but I don’t think that should translate into consumers believing they can actually get good cheap life insurance for one dollar. Globe Life Insurance offers the first month’s coverage for one dollar and then subsequent months are priced based on age. I would never want to protect my children or wife in case of my early demise off of a one dollar investment, would you? And would you feel comfortable planning a funeral on that same dollar? With technology today it’s so easy to compare insurance by looking for a life insurance quote from an independent broker.
- Some Globe Life Insurance rates and policies are not long term level guaranteed premiums. The term pricing advertised for Globe Life Insurance is based on the first five years and therefore you are only buying a five year guaranteed price. Unless there is a need for only five years of coverage, pricing ten, twenty and in some cases thirty year level term policies from companies like Banner Life Insurance or Snoopy at Met Life which guarantee rates for the entire level period are probably more affordable. As an example when pricing fifty thousand ($50,000) of twenty year level term @ Banner Life Insurance, (I am a preferred best risk) I qualify for rates under eleven dollars per month that will remain level for twenty years . Globe Life Insurance charges thirty-six dollars per month for their cheap term life insurance and no where on their website do I see that they disclose that the thirty-six dollars per month price is only good for five years, and then five years later when I turn forty-one the price increases to forty-five dollars per month and so on. ( I got this info by calling their toll free # and asking)
- No exam applications . For healthy folks, if you buy life insurance over the phone or through the mail and there are no medical records exchanged nor exams administered you are buying a cheaper life insurance product in which every applicant is pigeon holed into a substandard risk class on a black and white approval basis. The no exam policies sold through Globe Life Insurance and other life insurance companies (Monumental Life, Colonial Penn, Fidelity Life) assume the consumer to be below average in health and therefore over charge the healthy for coverage. The flip side is that some consumers are not in perfect health and there are some circumstances in which a policy without physical or medical records makes sense. The best ammunition for the consumer is to compare insurance and shop. Find an independent life insurance broker who can provide multiple life insurance quotes.
- Compare rates with a licensed independent life insurance broker. When a consumer contacts a company like Globe Life Insurance, the consumer only gets Globe Life Insurance Quotes. If the same consumer calls an independent life insurance broker like me, the consumer will get rates from all the life insurance companies which allow them to compare insurance, avoid getting cheap life insurance, and review quotes from all the top insurance companies in the world.
When shopping for life insurance it’s best to compare multiple companies. Globe Life Insurance Company is one of many that use marketing pieces that all consumers should review in depth to compare before making their next purchase. In order to insure that you are getting the best product and price seek out an independent life insurance broker who can help you obtain multiple free life insurance quotes.
Broader Information on Globe Life Insurance Company
While their marketing leaves something to be desired, it is important to know more about the company. Here is the best information we can
Globe Life and Accident Insurance Company has been in the business of offering life insurance products to its customers since 1951. For more than 65 years, Globe Life has grown and built its solid reputation by paying out claims and helping families go on following the loss of a loved one.
The company began when two individuals pooled a $60,000 start-up investment of borrowed capital in order to offer the best accident and health insurance to those who resided in rural Oklahoma. Throughout the years, the company has grown to be one of the more reputable life insurance carriers in the marketplace.
This carrier currently holds more than $69 billion in insurance in force, and it has more than 3.9 million policyholders. Because of its solid financial standing and its great reputation for paying out claims to its policyholders, Globe Life and Accident Insurance Company also has very high ratings.
Products Offered Through Globe Life
Globe Life and Accident Insurance Company offers a wide variety of products for its customers. These include life insurance for both adults and children, as well as Medicare Supplement coverage.
For adults, Globe Life offers both term and whole life insurance protection. With term life insurance, policyholders are offered pure death benefit protection at an extremely affordable premium price. In fact, Globe Life and Accident Company offers a cost of only $1 for the first month on term life insurance protection for coverage of $5,000, $10,000, $20,000, $30,000, $50,000, $75,000 or $100,000. After the first month, the premium rate will be based upon the policy holder’s age at the time of policy issue.
With these term life insurance plans, the rate will never increase during the policy period. The application process is easy, and it only has just a few health questions to answer. These plans also offer a 30-day month back guarantee. Therefore, if the policyholder is not satisfied with his or her policy for any reason, then they can just simply return the policy within the first 30 days, and Globe Life will refund their premium that was paid in.
Whole life is also available for adults through Globe Life and Accident Insurance Company. With a whole life insurance policy, a policyholder will obtain death benefit protection, along with a cash value component. The cash value is allowed to grow on a tax-deferred basis. This means that the gain in the cash value is allowed to increase without being taxed – until the time it is withdrawn. This can allow these funds to grow and compound exponentially over time.
For those who wish to protect their children with life insurance coverage, Globe Life and Accident Insurance Company also has plans for kids. The Young American Plan is a whole life insurance policy that will protect a child for up to $25,000 in coverage that will also build up cash value within the policy. This is cash value that grows on a tax-deferred basis – allowing the child a saving for the future that will not be taxed on the growth until the time it is withdrawn.
For only $1 the first month’s premium can be paid. After that, the rate will be based upon the child’s age at the time of policy purchase. Then, the rate will be locked in and guaranteed to never increase – regardless of the child’s increasing age or any change in health down the road. And, as with Globe Life’s other life insurance plans, the Young American Plan also comes with a 30-day money back guarantee.
For policyholders who wish to increase their coverage in the case of an accident, Globe Life also offers Accidental Death coverage. Those who are between the ages of 18 and 69 can lock in their coverage – that is because acceptance is guaranteed. These individuals can obtain up to $250,000 in added protection. There is no medical exam necessary, and the premiums on this coverage are guaranteed to never go up.
Many individuals purchase life insurance for the purpose of paying off large debt such as their mortgage. For this reason, Globe Life and Accident Insurance Company offers mortgage protection insurance. If, due to an accident, a policyholder is suddenly unable to pay their mortgage payment, having up to $350,000 of accidental death coverage can be a great help to their loved ones. With this policy, the premiums will never go up – for any reason – and, acceptance is guaranteed if the policyholder is between the ages of 18 and 69.