Globe Life offers term life insurance plans starting at just $1 for the first month. After the first month, rates are fixed based on your current age bracket and increase with every new age bracket, renewable to age 90.
No medical exams are required, only a few health questions, and you may apply online, by telephone, or by direct mail. Once approved, you’re fully covered on day one, and your benefits can never be reduced or canceled as long as your premiums are paid on time.
Globe Life Pros
Globe Life Cons
Globe Life is an insurance company with over 120 years of experience in the insurance industry. The company offers a variety of life insurance products, including a term life policy with no medical exam being required.
Obtaining a life insurance policy is one of several ways that people can protect their loved ones after they pass. You can get the coverage needed to ensure your family is financially covered in the event of your death.
However, not all life insurance policies include the same features, such as coverage amounts, underwriting requirements, policy features, and rates.
Globe Life offers term life insurance with flexible options to suit a variety of situations. It may provide an effective solution for bridging the gap between other policies or adding extra coverage for specific periods of your life.
Before choosing a term life policy, you should learn more about its features, costs, and other factors. The following review provides a detailed examination of Globe term life insurance to help determine whether it’s right for you.
Globe Life Insurance Company
The history of Globe Life starts with the founding of the Heralds of Liberty in 1900 in Birmingham, Alabama. The company adopted the name Liberty Life Assurance Company in 1921 and Liberty National Life Insurance Company in 1929.
In 1951, two men started Globe Life with loans totaling just $60,000. The insurance company expanded into 36 states within just 12 years.
In 1979, the Liberty National Holding Company was created to expand Liberty’s reach. Globe Life was one of the company’s first acquisitions.
Liberty National also acquired United American Insurance Company around the same time, followed by nearly a dozen additional acquisitions in the 1980s.
The holding company changed its name from Liberty National to Torchmark Corporation, which it kept for over two decades. In 2019, Torchmark Corporation became Globe Life. Globe Life is publicly traded on the New York Stock Exchange under the “GL” ticker.
Globe Life has headquarters in McKinney, Texas. The company also operates several subsidiaries, including the United American Insurance Company and the American Income Life Insurance Company.
According to the 2021 rankings from AM Best, Globe Life Group ranked 65th out of the top 200 US life insurers. The company provides coverage to more than 4.4 million customers totaling over $91 billion worth of policies in force. The company employs thousands of agents who are located throughout the United States.
Globe Life Insurance Ratings & Customer Reviews
Along with the company’s long history, you should examine its ratings and reviews. Financial ratings and customer reviews help when shopping for a life insurance product. In addition, you can use reviews and ratings better to understand a company’s track record and financial outlook.
Here are the current financial strength ratings for Globe Life:
- AM Best: A (Excellent)
- S&P: AA- (Very Strong)
- Fitch: A+ (Strong)
While Globe Life has been awarded high financial strength ratings from some of the most recognized rating organizations in the industry, the insurance company has received its fair share of negative reviews from customers, starting with the Better Business Bureau.
Globe Life has an A+ rating from the Better Business Bureau (BBB). The company has been accredited since 1952 and maintains the highest rating from the bureau. However, Globe has received a higher than average amount of customer complaints. Within the past three years, customer has made 169 complaints against the insurance provider, and in the last twelve months, 83 complaints.
We recommend reading through the negative complaints as Globe has done an excellent job responding to nearly all the complaints, which has allowed the company to maintain its A+ rating with the BBB.
The National Association of Insurance Commissioners NAIC is another reliable source to measure complaints made by customers about a life insurance company. Globe Life and Accident Insurance Company has a customer complaint ratio of 2.59. This number is above the median complaint ratio for all insurance companies of 1.00.
Companies with a score below 1.00 demonstrate that they have received fewer than average customer complaints. Conversely, a score above 1 means the insurance company received a high volume of customer complaints. For example, the total number of customer complaints submitted to the NAIC on Globe Life Insurance Company for 2021 was 85.
Based on the information we have reviewed about Globe Life, the insurance company is financially secure and provides reliable customer service. Globe Life has shown to quickly resolves consumer complaints and receive high marks for its financial stability, which should give you peace of mind when choosing a policy from this company. In addition, you can trust that the company will fulfill any valid claims down the road.
Globe Term Life Insurance for Adults
If you have seen, inquired about, or received any marketing from Globe Life Insurance Company, they are likely offering their $1 a month premium term life insurance coverage. Just be aware that $1 only applies to the first months premium.
This is their most popular life insurance coverage, and it may just provide a practical option for anyone who needs a simple life insurance product with a streamlined application process. You can apply and obtain coverage quickly without needing to submit to a medical examination.
Globe Life term insurance is a type of renewable term life insurance policy. It is only intended for a specific term instead of providing permanent coverage. However, you may continue renewing the policy every five years, up to age 90, to maintain coverage.
Globe term life insurance includes the following policy features:
- $1 buys up to $100,000 of life insurance (first month only)
- No medical exam required – simple yes/no application
- Coverage is renewable every five years up to the age of 90
- Wide range of coverage amounts
- Policies available for children and other family members
- The accidental death benefit rider includes extra benefits
Globe Life’s term life product offers a unique option for those interested in obtaining a term life policy. However, it may not be the best option for life insurance, and you should check out the rest of the features and eligibility requirements to determine if it meets your needs.
Globe Term Life Insurance Overview
|Globe Term Life||Policy Features|
|Policy Type:||Term Life Insurance|
|Death Benefit:||Day one coverage|
|Coverage Amounts:||$5,000 up to $100,000|
|Contract Length:||Renewable to age 90|
|Rates:||Rates increase with every new age bracket|
|Cash Growth:||No cash value growth|
|Policy Riders:||Accidental Death Benefit Rider|
|Medical Exam:||No medical exam required|
|State Availability:||Available in all states|
|Globe Term Life Insurance – Policy Type|
|Term Life Insurance (term-to-age-90)|
Globe Life term insurance is a modified premium temporary life insurance coverage. That means your life insurance protection is not permanent and will expire if you choose to stop paying premium payments or when you have reached 90 years of age.
After your 89th birthday, your Globe term life insurance contract will officially expire.
|Globe Term Life Insurance – Death Benefit|
|Day one coverage|
This life insurance coverage is not a graded death benefit plan. Globe term life insurance plans offer day one coverage. That means once underwriting has approved you for a policy, your entire death benefit is payable to your beneficiaries from the first day your policy goes into effect.
There is no waiting period before the death benefit becomes payable to your beneficiaries other than the standard two-year contestability period, which includes death by suicide within the first two policy years. This standard contract clause is in nearly all traditional life insurance plans.
|Globe Term Life Insurance – Age Availability|
|Ages 18 through 80|
Globe term life insurance is available to males and females between the ages of 18 and 80. Although coverage is renewable to age 90, you cannot purchase a term insurance policy with Globe Life after age 80.
It should also be noted that your age influences the cost of your policy and available contract options.
|Globe Term Life Insurance – Coverage Amounts|
|$5,000 up to $100,000|
Globe Life term insurance plans offer coverage amounts of $5,000, $10,000, $20,000, $30,000, $50,000, $75,000 or $100,000 in coverage. However, your age at the time you apply for a policy will determine the maximum amount of life insurance coverage you can apply for.
- $5,000 – $100,000 (Ages 18-60)
- $5,000 – $50,000 (Ages 18-80)
|Globe Term Life Insurance – Contract Length|
|Renewable to age 90|
Unlike traditional term life insurance plans with contract lengths of either 10, 20, or 30 years, Globe term insurance plans offer one continuous contract length that lasts up to age 90, also referred to as term-to-age-90.
All renewal term periods begin a 5-year plus one age (i.e. 21, 26, 31, 36, 41, 46, 51, 56, 61, 66, 71, 76, 81, 86) and will be 5 years in length except for the final term period. The final 4-year period always begins at age 86, and the policy will terminate at the policy anniversary following your 90th birthday.
|Globe Term Life Insurance – Rates|
|Rates increase with every new age bracket|
Globe term life insurance rates are primarily based on five-year age brackets starting at age 18 and ending at age 89. With each five-year age bracket, your premiums will remain at a fixed price until you have reached the next five-year age bracket.
Depending on your age, when approved for a policy, your premiums may be fixed for 1, 2, 3, 4, or 5 years. For example, let’s say you are 60 when you apply and are approved for a Globe Life insurance policy. Because the five-year age bracket is (56-60), the following year, when you turn 61, your rates will be based on the new five-year age bracket (61-65).
Cash Value Growth
|Globe Term Life Insurance – Cash Growth|
|No cash value growth|
Globe term insurance does not accumulate cash value growth. Therefore, if you terminate your coverage or outlive your contract, you will not receive any cash value benefit. If you want a life insurance policy with cash values, you will need to consider their whole life insurance plan that offers a guaranteed cash value account that builds the longer you keep the coverage.
|Globe Term Life Insurance – Policy Riders|
|Accidental Death Benefit Rider|
If you are between the ages of 18 and 69, you will have the option to add an accidental death benefit rider. The accidental benefit rider provides an extra death benefit in the event of an unforeseen accidental death. The cost to add the rider will depend on the additional protection you choose, but the rate is the same for everyone, regardless of age or gender.
You may choose from the following accidental death benefit options:
- $25,000 for $2.50 per month
- $50,000 for $5.00 per month
- $100,000 for $10.00 per month
- $150,000 for $15.00 per month
Medical Exam Requirements
|Globe Term Life Insurance – Medical Exam|
|No medical exam required|
No medical exam requirements are required to apply for a Globe term life insurance. Underwriting is simplified, meaning you must answer a few health questions rather than complete a medical exam.
Your eligibility is based on answers to the medical questions you provide during the application process. Globe Life verifies your medical information through third-party data sources such as MIB (Medical Information Bureau) and pharmacy prescription reports. Therefore, some of the responses to the medical questionnaire may disqualify an applicant.
There are a total of five yes/no questions. Four consist of health-related questions and one regarding replacement of existing life or annuity contracts. The picture below is an actual example of the health question you will need to answer on the Globe life insurance application.
|Globe Term Life Insurance – State Availability|
|Available in all states|
Globe Life term life insurance is available in all 50 states. However, the available features of the policy vary in some states. This review is based on a resident of Illinois applying for a Globe Life term insurance policy.
2022 Globe Term Life Insurance Rate Chart
This section of our Globe term life insurance review will look at the current monthly rates for each five-year age bracket starting at age 18 and ending at age 89. The rate chart below are actual Globe Life rates for their term life insurance coverage and have been obtained through the life insurance company’s website.
Remember that your rates increase every time you enter into a new age bracket. For example, if you purchase a life insurance policy with Globe Life, your first month’s premium is $1. After the first month, your premium will change to the rate of your current age bracket and then increase each time you enter into a new age bracket. Most age brackets are for five-year term durations.
If you are new to life insurance, increasing premiums are not typical. Not many life insurance providers offer a premium structure such as a Globe, and in all honesty, for many, it may not be the best option. Nearly all traditional term insurance plans have a fixed premium for the entire contract duration, whether 10, 20, or 30 years.
Globe Life Insurance Rate Chart
|Age 18-20||Male||$2.22 / monthly||$3.71 / monthly||$6.69 / monthly||$9.68 / monthly||$15.65 / monthly||$23.11 / monthly||$30.58 / monthly|
|Age 18-20||Female||$1.99 / monthly||$2.82 / monthly||$4.46 / monthly||$6.11 / monthly||$9.41 / monthly||$13.54 / monthly||$17.68 / monthly|
|Age 21-25||Male||$2.86 / monthly||$4.81 / monthly||$8.71 / monthly||$12.62 / monthly||$20.43 / monthly||$30.19 / monthly||$39.94 / monthly|
|Age 21-25||Female||$2.32 / monthly||$3.37 / monthly||$5.48 / monthly||$7.59 / monthly||$11.79 / monthly||$17.05 / monthly||$22.32 / monthly|
|Age 26-30||Male||$3.49 / monthy||$5.91 / monthly||$10.75 / monthly||$15.60 / monthly||$25.28 / monthly||$37.38 / monthly||$49.48 / monthly|
|Age 26-30||Female||$2.92 / monthly||$4.35 / monthly||$7.23 / monthly||$10.10 / monthly||$15.86 / monthly||$23.04 / monthly||$30.24 / monthly|
|Age 31-35||Male||$4.16 / monthly||$7.10 / monthly||$12.98 / monthly||$18.86 / monthly||$30.62 / monthly||$45.31 / monthly||$59.99 / monthly|
|Age 31-35||Female||$3.57 / monthly||$5.47 / monthly||$9.27 / monthly||$13.07 / monthly||$20.67 / monthly||$30.17 / monthly||$39.67 / monthly|
|Age 36-40||Male||$5.12 / monthly||$8.81 / monthly||$16.17 / monthly||$23.54 / monthly||$38.28 / monthly||$56.70 / monthly||$75.11 / monthly|
|Age 36-40||Female||$4.22 / monthly||$6.63 / monthly||$11.45 / monthly||$16.28 / monthly||$25.92 / monthly||$37.98 / monthly||$50.04 / monthly|
|Age 41-45||Male||$6.40 / monthly||$11.11 / monthly||$20.51 / monthly||$29.92 / monthly||$48.73 / monthly||$72.24 / monthly||$95.76 / monthly|
|Age 41-45||Female||$5.07 / monthly||$8.17 / monthly||$14.36 / monthly||$20.55 / monthly||$32.95 / monthly||$48.44 / monthly||$63.92 / monthly|
|Age 46-50||Male||$8.10 / monthly||$14.18 / monthly||$26.34 / monthly||$38.50 / monthly||$62.83 / monthly||$93.23 / monthly||$123.64 / monthly|
|Age 46-50||Female||$6.39 / monthly||$10.54 / monthly||$18.85 / monthly||$27.16 / monthly||$43.78 / monthly||$64.54 / monthly||$85.32 / monthly|
|Age 51-55||Male||$10.12 / monthly||$17.91 / monthy||$33.49 / monthly||$49.06 / monthly||$80.21 / monthly||$119.14 / monthly||$158.08 / monthly|
|Age 51-55||Female||$7.70 / monthly||$13.10 / monthly||$23.61 / monthly||$34.21 / monthly||$55.42 / monthly||$81.93 / monthly||$108.45 / monthly|
|Age 56-60*||Male||$12.94 / monthly||$23.16 / monthly||$43.60 / monthly||$64.03 / monthly||$104.90 / monthly||$155.99 / monthly||$207.09 / monthly|
|Age 56-60*||Female||$9.34 / monthly||$16.14 / monthly||$29.74 / monthly||$43.35 / monthly||$70.56 / monthly||$104.57 / monthly||$138.58 / monthly|
|Age 61-65||Male||$17.02 / monthly||$30.84 / monthly||$58.49 / monthly||$86.14 / monthly||$141.44 / monthly||$210.55 / monthly||$279.67 / monthly|
|Age 61-65||Female||$11.47 / monthly||$20.28 / monthly||$37.89 / monthly||$55.50 / monthly||$90.71 / monthly||$134.73 / monthly||$178.76 / monthly|
|Age 66-70||Male||$22.99 / monthly||$42.24 / monthly||$80.73 / monthly||$119.23 / monthly||$196.23 / monthly||$292.48 / monthly||$388.73 / monthly|
|Age 66-70||Female||$14.50 / monthly||$26.19 / monthly||$49.58 / monthly||$72.96 / monthly||$119.75 / monthly||$178.21 / monthly||$236.68 / monthly|
|Age 71-75||Male||$31.92 / monthly||$59.54 / monthly||$114.79 / monthly||$170.04 / monthly||$280.54 / monthly||$418.66 / monthly||$556.79 / monthly|
|Age 71-75||Female||$19.17 / monthly||$35.38 / monthly||$67.81 / monthly||$100.24 / monthly||$165.10 / monthly||$246.16 / monthly||$327.22 / monthly|
|Age 76-80||Male||$41.90 / monthly||$79.46 / monthly||$154.59 / monthly||$229.72 / monthly||$379.98 / monthly||$567.81 / monthly||$755.64 / monthly|
|Age 76-80||Female||$26.38 / monthly||$49.72 / monthly||$96.41 / monthly||$143.11 / monthly||$236.49 / monthly||$353.21 / monthly||$469.94 / monthly|
|Age 81-85**||Male||$57.99 / monthly||$111.99 / monthly||$219.99 / monthly||$327.99 / monthly||$543.99 / monthly||$813.98 / monthly||$1,083.98 / monthly|
|Age 81-85**||Female||$39.49 / monthly||$75.99 / monthly||$148.99 / monthly||$221.99 / monthly||$367.99 / monthly||$550.49 / monthly||$733.00 / monthly|
|Age 86-89||Male||$81.99 / monthly||$161.49 / monthly||$320.49 / monthly||$479.49 / monthly||$797.49 / monthly||$1,194.99 / monthly||$1,592.50 / monthly|
|Age 86-89||Female||$54.49 / monthly||$106.99 / monthly||$211.99 / monthly||$316.99 / monthly||$526.99 / monthly||$789.48 / monthly||$1,051.97 / monthly|
Monthly male/female non-tobacco premium rates current as of 9/23/2022 representing the cost of a $5,000 / $10,000 / $20,000 / $30,000 / $50,000 / $75,000 / $100,000 Globe Life term insurance policy. Rates increase with each age bracket.
*Ages 60-89: $75,000 and $100,000 coverage amount are not available. The rates shown are the monthly rates for renewal.
**Ages 81-89: Not available for new issue. The rates shown are the monthly rates for renewal only.
Globe Life Insurance Frequently Asked Questions - Overview
Use the following answers to frequently asked questions to further explore Globe Life’s term life policy. If you still have any follow-up questions, do not hesitate to contact us. We will provide an answer as quickly as possible.
How Do You Apply for Globe Term Life Insurance?
Globe Life offers several convenient ways to apply for its life insurance coverage. The insurance company does a significant amount of direct marketing through the mail. You may have even seen marketing pieces in your local newspaper without ever requesting information on their life insurance coverage.
You can view rates instantly and apply directly online if you visit the company’s website. Globe Life also provides the option to apply over the phone, work with a local agent, or request an application by mail.
Should you request an application packet by mail, Globe will send you an application packet that includes a rate chart, a paper application, and a postage-paid envelope to return your completed application. There is not a lot of paperwork involved with the application process.
The life insurance application is one page long and is double-sided should you and a spouse want to apply for coverage together. Once you have completed your application, you will need to enclose a $1 first-month payment and return the application with the free postage-paid envelope that has been provided.
This allows the policy to be in force instantly without any waiting period after the underwriters approve the application.
What Determines Eligibility for Coverage?
Globe Life does not require a medical exam. Eligibility for Globe Life term insurance depends on details, including your age, medical history, and driving record. Although there are only five application questions (four related to your health and one regarding replacement of existing coverage), Globe Life and its underwriters will utilize third-party sources to help verify an applicant’s eligibility. Approval is not guaranteed.
Certain pre-existing conditions, such as heart disease and HIV/AIDS, may disqualify you from obtaining a policy. In addition, a poor driving record, including driving under the influence (DUI) citations, could also make you ineligible for a policy.
Globe Life will run a check of your MIB and pharmacy records. In addition to being medically eligible, you must be within the age guidelines to qualify for a policy. For example, anyone between 18-80 may apply, but if you are over 60, you will be limited to $50,000 or less in coverage.
How Quickly is Approval for Coverage?
Approval may take one day to one week. The amount of time needed to approve your application may depend on your medical history and the backlog of applications that the underwriters need to review.
What Happens After You Are Approved for Coverage?
If you are approved for coverage, Globe Life sends a copy of your policy to you in the mail. You can review the policy and keep it for your personal records.
Globe Life also charges the first payment, which is just $1. Whether you choose $5,000 or $100,000 in coverage, you only pay $1 for the first month before starting your normal payments.
You will also receive details for logging into the eService center. The eService center allows you to view and change the details of your account.
Globe Life released a mobile app for iOS and Android devices. You can install the app to access the same information available through the eService center. You can use the app to view your premiums, update your personal details, and explore other coverage options.
Does Globe Life Accept People with Pre-Existing Health Conditions?
Globe Life accepts people with certain pre-existing health conditions. However, the company is likely to deny applications from people suffering from the following conditions:
- Heart disease
- Kidney disease
- Liver disease
- Lung disease
Certain mental health disorders and nervous system disorders may also disqualify applicants. For example, if you are confined to a hospital or nursing home, your application will not be approved for coverage.
Globe Life reviews your medical history using information from the Medical Information Bureau (MIB). They also review your prescription history. Many pre-existing health conditions are accepted.
Is It Possible to Increase the Death Benefit After a Policy Has Been Purchased?
You may be able to increase the death benefit after purchasing a policy, depending on your income, age, and health history. If the increased amount exceeds the initial $100,000 limit, you need to contact customer service to determine eligibility.
How Much Does Globe Term Life Insurance Cost?
Globe Life offers a not-so-common pricing structure regarding its term life insurance cost. Traditionally, term insurance is offered in contract lengths. Contract lengths are typically 10, 20, or 30 years, and your premium remains the same throughout the contract.
Globe Life, on the other hand, offers its term insurance and the cost of its coverage based on age brackets. The rates increase with each five-year age bracket, meaning that older individuals are less likely to receive the best value over time versus a traditional term insurance contract length that can offer a fixed premium for a longer duration.
How Long Does Coverage Last?
The term insurance offered by Globe Life is a modified premium term-to-age-90 product. That means that your life insurance coverage is guaranteed to last up to age 90, provided you pay the premium.
Rates are based on age brackets generally structured to offer a fixed rate for at least five years per each new age bracket. Remember, premiums increase each time you enter into a new age bracket, and the cost of coverage can become very expensive the longer you keep your plan.
What Is the Cancellation Policy with Globe Life?
Globe Life insurance products come with a 30-day money-back guarantee. You can cancel the policy within the first 30 days to receive a complete refund. You can cancel for any reason during the introductory period.
Canceling the policy requires you to contact the customer service department. You can call 1-877-577-3860 or use the contact form on the company’s website.
Globe Life will also cancel a policy if you stop paying the premiums. Your coverage lapses when you stop making payments, which results in the cancellation of your policy. Insurers do not report payments and non-payments to credit reporting agencies.
How Do You File a Globe Life Death Benefit Claim?
A beneficiary can file a claim by submitting all required information to the Globe Life headquarters in McKinney, Texas. The claims department requires the following details:
- The policy number
- Name, address, and phone number of the beneficiary
- Copy of the obituary
- Certified death certificate
- Coroner’s report (for accidental death)
Globe Life states that it may take the claims department 10 to 15 days to process the claim after receiving the documents in the mail. The company will notify the beneficiaries if they require any additional information.
How Do You Get a Globe Term Life Insurance Quote?
You can get an instant quote for Globe term life insurance through the company’s website. You simply need to provide the following information to get a quote:
- Email address
- Telephone number
- Coverage amount
You can also choose whether to add the accidental death benefit rider and coverage for children or spouses. After deciding on your policy features, Globe Life reviews your information and provides a free quote.
If you find the quote agreeable, you can immediately complete the application process online. Applying takes just a few minutes, as you need to answer some medical questions and enter your billing information.
What Other Kinds of Insurance Does Globe Life Offer?
Along with term life insurance, Globe Life offers a variety of life insurance products, including:
- Whole life insurance
- Life insurance for children
- Final expense insurance
- Accidental death insurance
- Mortgage protection insurance
Whole life insurance offers protection for life instead of temporary coverage. A whole life policy also includes a guaranteed cash value accumulation, which can help cover potential financial expenses later in life.
Globe Life also offers an incredibly popular life insurance for children plan where you can get up to $30,000 in coverage for each child, with rates starting at about $2.17 per month.
Final expense insurance includes coverage of up to $25,000. As with Globe term life insurance, the final expense option does not require a medical exam.
Globe Life has an accidental death insurance product that you can purchase separately instead of adding it using a rider. The accidental death insurance policy offers coverage up to $250,000.
Mortgage protection insurance is available through Globe Life. It offers low monthly premiums and is intended to reduce or pay off a mortgage if the policyholder dies due to a covered accident.
How Do I Contact Globe Customer Service?
You can contact Globe Life customer service at 1-877-577-3860. The customer service department is available from 7:30 am to 6:30 pm CT Monday through Friday. You can also contact customer service through the online form on the company’s contact page.
Advantages of Purchasing a Globe Term Life Insurance Policy
Globe Life term insurance comes with several advantages that may appeal to those comparing term life insurance products:
- The fast, simple application process
- No medical exam required
- No waiting period for death benefit
- Low minimum coverage amount
- Multiple payment options
- Convenient online service center
Globe Life allows you to obtain a life insurance policy quickly. You can apply online without the need for a medical exam. You could receive a decision within just a few days.
Globe Life also allows you to choose from $5,000 to $100,000 in coverage. The low minimum amount makes this a good alternative to other final expense insurance products. You may also prefer a lower death benefit if you need to supplement existing life insurance policies.
You can pay your monthly premium using the payment method of your choice. Globe Life accepts bank drafts and online payments. You can also submit a payment over the phone or via mail.
The online eService center allows you to pay your bill, view your paid bill history, and change your payment date or banking information. You can also contact customer service to make any changes to your payment options.
Disadvantages of Purchasing a Globe Term Life Insurance Policy
Globe term life insurance stands out for providing fast, simple coverage, but it may not work well for everyone. Here are a few potential drawbacks to be aware of when considering a policy from Globe Life:
- Not the best option for young families
- You may find lower rates elsewhere
- Rates increase every five years
- Limited policy riders
The maximum amount of coverage you can get with a Globe Life term insurance plan is $100,000 if you are between the ages of 18-60. That is often much less than most families with small children still in their early working years would need should either spouse pass away.
While a Globe Life term insurance plan can be purchased as an addition to an existing employer or individually owned plan, you will likely find cheaper rates with many other providers.
Globe Life and the rates for their term insurance coverage are expensive. We imagine that it is partly because of the simplified non-medical underwriting and limited medical questions on the application. With their coverage, you do not need to be in excellent health to qualify.
Plus, rates will increase each time you enter a new age bracket which is generally every five years. Keep in mind that most providers offer their term insurance in longer contracts than five years, so rates are locked throughout for a more extended period of time.
However, Globe Life still offers a convenient option for bridging the gap between other policies or those who want fast approval with no hassle.
Yet, some people may dislike not having a variety of policy riders to choose from.
Globe Life only offers an accidental death benefit rider. The company does not include a waiver of premium rider or an accelerated death benefit for terminal illnesses.
Conclusion — Is Globe Term Life Insurance Worth It?
Globe Life provides a good term life insurance product for those who want life insurance without a long-term commitment. The plan renews every five years.
Instead of deciding on a five-year to a 30-year term policy, you can simply renew as needed. You do not need to go through the application process again or complete a medical exam. The policy is straightforward and includes coverage options for spouses and children.
You can add to the size of your policy or cancel it at any time. The lack of required commitment helps this policy stand out compared to other term life products out there.
You should still get a quote and compare it to other plans before making a final choice. Healthy individuals without major pre-existing health conditions are likely to qualify for lower rates from other insurers.
However, the convenience of Globe Life may offer the best solution for those with certain health issues or those who want temporary coverage without any fuss. You can often get approved within just a day or two without needing to speak to an agent.
Get a free quote for Globe Life term insurance today to start comparing options.