Buying life insurance isn’t easy. There are more than 6,000 companies, which leaves you with a lot of choices.
Life insurance is the safety net you never want to use, but you need to know it’s there. When you’re shopping around for a plan, you need to find a quality carrier with affordable premiums.
One company we get a lot of questions about is Globe Life. They have several kinds of plans and plenty of advantages.
We are going to outline Globe life and help you determine if they are the best choice for you.
About Globe Life And Accident Company
Before we look at some of the insurance products offers, let’s look at Globe Life and who they are as a company. Globe Life is not the oldest company on the market, but they still have a rich history.
They were founded in 1951 when two men decided that they wanted to offer affordable life insurance to people that lived in rural America. They started selling insurance in Oklahoma, but after only 12 years, they were already selling in 36 different states.
After over 60 years, they aren’t new to the insurance game. They have had years to tweak their policies and hone their products and services.
As a company, they have an “A+” rating from A.M. Best Company, which is a third-party rating system. The rating is based on their financial strength and a projection of their financial future. If you’re worried about the stability of Globe life, the “A+” rating should calm your nerves.
Plans from Globe Life
There are three main types of life insurance coverage that you can purchase through Globe Life:
- term insurance
- whole life insurance
- children’s life insurance
Each of them is going to have different advantages and disadvantages that will impact your decision.
Globe Life Term insurance
According to their website, you can buy term life insurance for as low as $3.49 a month.
While this is quotes for a small life insurance plan, it’s still an impressive claim. With their term insurance plans, they don’t require a medical exam, and there is no waiting period when you buy through Globe Life, which means the plan is going to be active form the first month.
With other insurance companies, they might tack on a two-year waiting period with their no exam policies, which means if something were to happen to you in the first two years, your family wouldn’t get the full payout from the plan. With Globe Life, on the other hand, you don’t have to worry about those waiting periods.
Globe Life’s term insurance policies are very different from most other companies.
You don’t buy a specific term length. Instead, you buy a plan that lasts until you reach the next five-year age bracket. So, if you’re 38, you’ll get a three-year plan, which you can then renew once you reach 41, for increased premiums.
Another unique advantage of Globe Life is that you’ll only pay $1 for the first month of your insurance coverage.
After the first month, the premiums are going to go to the normal rate that you’re going to pay throughout your insurance plan. Paying $1 for the first month is a nice advantage, but don’t let the bells and whistles entice you to buy a less-than-perfect life insurance policy.
If you’re going to buy a no exam plan through Globe Life, there are a couple of different options you’ll be forced to choose from when you’re deciding how much coverage that you’re going to buy.
You can buy a plan for
This is one of the most notable disadvantages of Globe Life. You’re not going to have many options when deciding how much coverage to buy, and the most that you can get through a term plan is $50,000.
Globe Life Whole Life Insurance
The other main option of life insurance through Global Life is their whole life insurance plan.
These plans never expire. They are effective for your whole life (hence the name).
Much like their term insurance policies, you’re going to be limited on how much protection you can buy. In fact, they have the same options as the term, $5,000, $10,000, $20,000, $30,000, or $50,000.
One benefit of Globe Life whole life insurance policies is the premiums are never going to increase, regardless of how long you have your plan. The premiums are never going to increase, and the coverage is never going to decrease.
The whole life insurance policies also come with the, only pay $1 for the first-month advantage. After that, the premiums are going to the regular amount.
It’s a nice way to save some money on your life insurance.
Quotes for Globe Life
Your premiums from Globe Life are going to be impacted by a few different things, like your age, gender, any pre-existing conditions, and your tobacco usage. This means we can’t give you an exact quote on how much you’ll pay, but we can give you a rough ballpark figure.
Only after going through the process of applying and getting approved with you get your final rating from the underwriter.
For example, if you’re a 30-year-old female, you could pay around $27 a month for a $100,000 plan. On the other hand, if you’re a 40-year-old male, you’ll pay closer to $55 for the same sized policy.
My Verdict on Globe
There are several advantages to Globe Life, like the $1 for the first month, but I still wouldn’t recommend Globe to most applicants.
You can’t purchase a certain term length, and you plan is going to expire when you reach the next age bracket, which means you’ll have to renew your plan for a higher cost.
In most cases, you can find a cheaper policy that will get you the length of coverage that you want, without having to renew your policy every five years.
Globe Life offers coverage which is quick and simple to apply for, and if you only want life insurance for a couple of years, then they could be a good option. Their simplified issue plans are going to be slightly higher than other options on the market, but they aren’t drastically more expensive.
Globe is only one of the options out there. Maybe they will work for you, maybe they won’t. If they don’t, give us a call and we can give you access to your customized quotes.
Let us help.