Globe Life Burial Insurance Review

Globe Life Burial Insurance $1

Looking for Globe Life burial insurance review? You’ve come to the right place. You’ve probably seen Globe Life advertising “$1 buys $50,000 Whole life insurance.” We looked at the Globe Life final expense insurance products to see if it’s true. It is essential you know about this insurance company before buying a policy.

Globe Life insurance is not a scam. They are a legitimate life insurance company with real-life insurance products.

Globe Life Insurance offers burial insurance and final expense insurance for both adults and children. While most A-rated burial insurance companies provide burial insurance coverage to seniors, Globe Life understands that unexpected accidents can happen to children as well. When this happens, funeral expenses can be expensive – and having final expense insurance coverage can be beneficial in keeping a family in financial hardship.

Globe Life only offers no medical exam policies, and if you’re healthy, you’ll pay a higher premium for the same death benefit from the insurance carrier that asks health questions.

It is wise to review all marketing information from Globe Life Insurance in great detail and compare with other companies before making a decision.

Funeral Funds is an independent life insurance agency that can shop the market for you to ensure you will get the best product at an affordable price. We can help you obtain multiple life insurance quotes to help you decide which one fits your needs and budget.

We also have reviews for companies such as Globe Life, AARP Life Insurance, and Colonial Penn should you be interested.











John Singletary and Ralph Reece founded Globe Life and Accident Insurance Company in 1951 in Oklahoma City, Oklahoma. The company was initially started with $60,000 in borrowed capital. They started out by providing affordable life insurance policies to the rural Oklahoma area.

In 1964, they expanded and began selling life insurance products in 36 other states. Globe Life has grown and built its solid financial standing with an excellent payout reputation.

Today, Globe Life and Accident Insurance is a major U.S life insurance company, licensed in every state except New York. In New York, they issue life insurance under the Globe Life Insurance Company of New York. They have more than 3.9 million policyholders with $69 billion insurance in force.

In 1980 Liberty National acquired Globe Life Insurance Company and formed a new company, Torchmark Corporation.

Globe Life Insurance is now owned and operated by its parent company Torchmark Corporation. Other notable insurance companies under Torchmark Corporation include:

  • American Income Life
  • Family Heritage Life
  • First United American
  • Liberty National
  • National Income Life
  • United American

Globe Life Insurance had been selling direct and marketing to the public through TV ads, direct mail, online ads, and call centers.


It is essential to look into their financial ratings when evaluating a life insurance company. The financial rating indicates that Globe Life is financially stable and can pay insurance claims on time. It also indicates if the company will be financially secure and will remain in operation when you need it.

Globe Life Insurance is considered to be financially stable and sound with regards to paying out claims to its policyholder. The company maintains excellent ratings from more than one rating agency.

  • A.M Best – A+ (Superior) affirmed July 2017
  • Standard & Poor AA- (Stable and Secure)
  • Better Business Bureau – A+ (highest) accredited since January 1, 1952

These high ratings prove the company’s financial viability and commitment.


Globe Life and Accident Company promotes a wide variety of products, so that customers may have many options.

The products offered by Globe Life include:

  • Whole Life Insurance
  • Term Life Insurance
  • Children’s Life Insurance
  • Accidental Death Insurance
  • Mortgage Protection
  • Medicare Supplement Plans

These products can be purchased in different ways – including online, over the phone, and through the mail. These insurance policies require no medical exam just a few health-related questions to qualify.

Globe Life writes easy to obtain life insurance policies with the tagline “$1* Buys $100,000 Globe Life Insurance”. The advertisement offers $100,000 term life coverage for only $1 for the first month alone, on the second month and the subsequent months you have to pay the premium based on your risk assessment.

WARNING – The * that always follows the $1 means that there is a catch to their offer…and there is. It costs way more than $1 after the 1st month!

Globe Life burial insurance premium payments can be made monthly, quarterly, or annually, depending on your preference. You have the option to pay through direct billing, but payments can also be made via electronic fund transfer or credit card.

The company has an eService Center to make it easy for the current policyholders to access their account information 24 hours a day. Customers can log in online and check the status of a claim. They can also get their policy information, see their policy details, update their mailing address and other contact information, and Globe life payments can also be made online.

The policyholders can also contact customer service at 1-877-577-3860 if they have additional questions. Globe Life insurance policy login and quotes are available on their website


Globe offers three different types of final expense insurance or burial insurance products with no medical exam. They have whole life burial insurance for adults and children as well as their more popular product being a term life insurance plan marketed as final expense insurance.

Qualification for Globe Life final expense insurance is very simple. You are not required to take a medical exam and you can qualify by answering a few simple yes or no to the following health questions:

  1. Is the proposed insured currently disabled due to illness, confined to a hospital or nursing facility, or does the proposed insured require the use of a wheelchair?
  2. In the past three years, has the proposed insured been diagnosed or treated by a member of the medical profession for:
    a. Cancer, coronary artery disease, or any disease or disorder of the heart, brain or liver?
    b. Chronic kidney disease or kidney failure, muscular disease, mental or nervous disorder, chronic obstructive lung disease, drug or alcohol abuse, or hospitalized for diabetes?
    c. Acquired Immune Deficiency Syndrome (AIDS) AIDS-Related Complex (ARC) or test results indicating exposure to the Acquired Immune Deficiency Syndrome virus?
  3. Does the proposed insured have any chronic illness or condition which requires periodic medical care or may require future surgery?
  4. In the past ten years, has the proposed insured had his or her driver’s license suspended or revoked; been convicted of a misdemeanor or felony; or is the proposed insure currently incarcerated?
  5. Does the proposed insured intend to replace or change any existing life insurance policies or annuities in connection with this application? If yes, list the company name.


Whole Life Insurance

Globe Life offers whole life insurance coverage without a medical exam, and they will only ask you a set of health questions provided above. The whole life policy is permanent life insurance that never expires, and the death benefit is fixed as long as you continuously pay your premiums on time.

The premium is locked in and will never increase even if your age increase or you have an adverse health condition.

With a whole life insurance policy, you can purchase death benefit protection up to a maximum of $50,000 with cash value accumulation. The cash value builds up on a tax-deferred basis. The gains in the cash value accumulate without being taxed – until the time it is withdrawn. It gives the funds the potential to grow and compound exponentially over time.

You can access the cash value, but you must be careful about getting loans because the whole life policy can accrue interest. Any loans and interest will reduce the final death benefit from Globe Life Insurance.

You are limited to the amount of protection you can buy.

  • $5,000
  • $10,000
  • $20,000
  • $30,000
  • $50,000

$50,000 is the maximum death benefit you can get with Globe Life whole life plan.

Globe Life and Accident Insurance Company only offer up to $50,000 permanent life insurance death benefit that is fixed, and it is guaranteed not to reduce for any reason. The whole life insurance plans are burial insurance which offers a 30-day money-back guarantee.

Globe Life Insurance whole life policy can also be secured for $1 for the first premium payment. After that, the premiums will be going to be the regular amount. Because it is whole life, premiums are leveled and will never increase, regardless of how long you have your plan. This one of the best burial insurance for parents.

Whole life policy from Globe Life goes into effect immediately, meaning your coverage will start as soon as you make your first payment.

Children’s Whole Life Insurance (Young American Plan)

Globe Life Insurance Company also has insurance plans for children. It’s called “The Young American Plan” it is a whole life insurance policy that gives protection to children for up to $25,000 in coverage that has a cash value component.

This cash value can build up on a tax-deferred basis – allowing the kid to save for the future. It will not be taxed until the time it is withdrawn. These funds can be borrowed or withdrawn in the future for any reason.

The Young American Plan can be obtained for only $1 for the first month. In the second month, the rate will be based on your child’s age at the time you purchase the policy. The rate will lock in after and guaranteed to never increase – regardless of your child’s increasing age or health conditions.

As with Globe Life’s other burial insurance plans, the Globe Life insurance for kids or the Young American Plan comes with a 30-day money-back guarantee if you are not fully satisfied. This plan is very easy to apply no medical exam is required. You only have to answer a few simple health questions on the application for coverage.

Globe Life Term Life Insurance

Term life is also a life insurance coverage offered by Globe Life as burial insurance. Term life insurance is NEVER advised for your burial or funeral insurance needs. Term life insurance only provides a pure death benefit, without any cash value component. It provides coverage up to age 80 for up to a maximum of $100,000 in coverage.

Death benefit protection starts as low as $3.49 per month. Globe Life offers a cost of $1 for the first month on term life insurance coverage of:

  • $5,000
  • $10,000
  • $20,000
  • $30,000
  • $50,000
  • $75,000
  • $100,000

After the first month, the premium rate is based on the age of the policyholder at the time of the policy issue.

The advertised level premium is only good for the entire policy term which is five years. Your term ends every time you move into a new age bracket, and you have to renew for a 5-year term with a higher premium. There is an increase in premiums every time you decide to renew coverage.

Your Globe Life insurance rates increase every time you have a birthday that ends with a 1 or 6. Your premiums increase every five years after that.

To illustrate, say you are a male who decided to purchase $50,000 coverage when you turned 54 and maintained coverage until you turned 70. Your term and rates would look like:

Age  Premium

54-55  $76.49

56-60  $97.49

61-65  $137.49

66-70  $183.99

The death benefit or coverage is guaranteed to never decrease during the life of the policy. As long as you continuously pay the monthly premiums on time, the full amount of death benefit will be given to the policy’s beneficiary should you pass away.

The low death benefit is one of the most remarkable disadvantages of Globe Life. You don’t have many options on the coverage amount; the most you can get through the term plan is $100,000. Many larger life insurance companies offer a $100,000 death benefit as the starting point, rather than the maximum.

Globe term life policies are only available up to age 80. Many consumer complaints are from policyholders who paid thousands of dollars in life insurance premiums just to outlive their policy when they turned 81 and learned that they are no longer covered.

Term life insurance should never be used for burial or final expense insurance needs.

Globe Life’s term life cancels at age 80, and there is no return of money or cash value.

Most no exam policies have a two-year waiting period which means your beneficiary will not get the full death benefit during the first two years. But there is an immediate coverage from day one with Globe Life. There is no waiting period when you buy term life insurance with Globe Life, which means the policy is going to be in force when you pay the first premium.

Smokers and non-smokers pay the same premium. Smoking usually doubles the life insurance rates in other companies. It means if you’re a non-smoker you’ll be paying the same rates as a smoker. This feature is only beneficial to smokers.

The Globe Life insurance application process is quick and easy. You only have to answer a few health questions. These plans offer a 30-day money-back guarantee. If you are not satisfied with the policy, you can return it within the first 30 days, and the company will refund your payment.


No medical exam required

Globe life offers no exam policies also known as simplified issue life insurance. Purchase term, whole life, and children’s life insurance without going through a medical exam and physical screening. The application only requires you to answer a few health questions.

No medical exam can be beneficial for people who have trouble getting insured because of severe health conditions.

Fixed Amount of Death Benefit

One advantage of Globe Life is a level death benefit. The coverage is fixed for the life of the policy and guaranteed to never decrease. The policy will never be canceled by the company as long as you pay the premiums.

Globe Life has the face amount lock-in so you will not have to worry about your $50,000 life insurance only paying $25,000.

No waiting period

Globe Life offers immediate coverage from day one. Other insurance companies typically have a two to three-year waiting period with their no medical exam policies, which means if the insured dies in the first two years, the beneficiary won’t get the full death benefit.

With Globe Life, you don’t have to worry about the waiting period. You are immediately covered upon the first payment.


Increasing premiums

Globe Life premiums for term life insurance increase every five years. The premium after the introductory rate of $1 is subject to your age and age band. You will need to pay whatever amount the group rate is for your age band.

Your rate increases as you move up into the next age band. For example, the term to 30 policy amount increases at age 46, 51, 56, 61, 66, 71 and 76 with the policy ending at age 80.

If you’re in good health, it is not advisable for you to purchase this term life plan. Check out term life insurance that stays fixed for the entire term, be it 10, 20 or 30 years.

There is no reason for you to buy a term life insurance plan that is not fixed for the entire duration of the term. Never buy a term policy for burial or funeral needs.

Expensive Rates

Since there is no medical exam, the premium amount is significantly higher than if you buy a policy from an insurance company with full underwriting.

The increased premium amount of no medical exam policies means that it’s only a good option if you have difficulty getting approved for coverage if you take a medical exam.

Low Death Benefits

Globe Life final expense policies have a limited death benefit. The maximum amount offered $100,000 for term life and $50,000 for the whole life.  Many of the big life insurance companies require a minimum of $100,000 for term life and $50,000 death benefit for whole life as a starting point.

Many life insurance companies offer up to $500,000 coverage and not $100,000 only.


Globe Life’s whole life insurance death benefits are even more limited in New York. It only ranges from $1,000 to $25,000, depending on your age and gender.

Consumer Complaints

Globe Life NAIC Complaint Ratio is 5.10 with the national median being 1.00. The figures are quite high than the ordinary. Go over the Consumer Affairs website to see the various complaints lodge against Globe Life. The number of complaints is a bit alarming.

Most number of complaints are about slow claims processing. Most customers complaining online state that it takes a long time to turnaround claims paperwork and death benefit payout.


If you’re looking for the best insurance premium quotes, it is best to consult an independent provider like Funeral Funds that work with top rated insurance companies.

We have the knowledge to know which carrier would suit your needs the best. We will help you compare different companies, premiums, and policies; this will help you choose which is best for you based on your coverage requirements.

If you are ready to purchase an insurance policy, we will help you. We will guide you to make a well-informed buying decision.

Fill in the instant quote on this page whenever you are ready to proceed. We will provide you free burial insurance quotes. Call us at (888)862-9456 if you have any questions regarding Globe Life and Accident Company or if you have questions about life insurance.


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