2024 Globe Term Life Burial Insurance Review
last updated on July 22, 2024Our Globe Life term burial insurance review will educate you on the burial insurance products that Globe Life offers (including if their “$1 buys $50,000” is true).
Globe Life Insurance offers burial and final expense insurance for adults and children.
It is wise to review all marketing information from Globe Life Insurance in great detail and compare it with other companies before deciding.
| GLOBE LIFE FUNERAL FUNDS 5-STAR RATING | |
|---|---|
| First-day Coverage | ★★★★★ |
| Ease of Approval | ★★ |
| Coverage Amount | ★★★★★ |
| Pricing | ★★★ |
| Riders | ★★★ |
FOR EASIER NAVIGATION:
- Does Globe Term Life Offers First-day Coverage?
- Pros of Globe Term Life Burial Insurance
- Cons of Globe Term Life Burial Insurance
- Globe Term Life Burial Insurance Product
- Globe Term Life Burial Insurance Riders
- When Does Globe Term Life Burial Insurance Makes the Most Sense?
- Globe Term Life Underwriting Guidelines
- Globe Term Life Pricing Examples
- Getting Approved for Globe Term Life Burial Insurance
- The Best Payment Option
- Globe Life Company Overview
- How Can Funeral Funds Help Me?
- Additional Globe Life Questions & Answers
Does Globe Term Life Offers First-day Coverage?
YES, the Globe term life burial insurance plan comes with first-day coverage, but they tend to be more expensive than other companies.
If you qualify, their TERM LIFE life insurance comes with immediate first-day coverage. You will be 100% covered from the first day, and your beneficiary will receive your full death benefit when you pass away.
Pros Of Globe Term Life Burial Insurance
Higher coverage amount – you can buy up to $50,000 in coverage amount
First-day coverage – their burial insurance plans come with first-day coverage and no waiting period
No smoker rate – you will pay the same premium even if you smoke
Cons Of Globe Term Life Burial Insurance
$1 for your first month to get started – this is a marketing trick…don’t fall for it!
Premiums increases – premium increases every 5 years (gets MASSIVELY EXPENSIVE over time)
You will probably cancel this policy – most people cancel these policies before they die because of the price increase every five years.
Expires at age 90 – cancels EXACTLY at a time when you need it the most.
Globe Term Life Burial Insurance Product
Globe term life is offered as final expense or burial insurance with no medical exam.
In this article, we will be discussing their term life product.
TERM LIFE INSURANCE
Globe Life offers term life as burial insurance. Term life insurance is NEVER advised for your burial or funeral insurance needs.
Term life insurance provides a pure death benefit without any cash value component. It provides coverage up to age 90 for up to a maximum of $100,000 in coverage.
Globe Life offers a cost of $1 for the first month of 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 policyholder’s age at the time of the policy issue.
The advertised premium only lasts the first five years!
Your Globe Life insurance rates increase every time you have a birthday that ends with a 1 or 6, and your premiums automatically 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 this:
Age Premium
54-55 $76.49
56-60 $97.49
61-65 $137.49
66-70 $183.99
There are many consumer complaints from policyholders who paid thousands of dollars in life insurance premiums just to outlive their policy. When they pass a certain age, they learn that they are no longer covered.
Term life insurance should never be used for burial or final expense insurance needs.
There is no waiting period when you buy term life insurance with Globe Life, which means the policy will 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 spending the same rates as a smoker. This feature is only beneficial to smokers.
Globe Life Burial Insurance Riders
1. Accelerated benefit for terminal illness – you can access up to 50% of your benefit if you’re diagnosed with a terminal illness.
2. Waiver of premium – this rider can be accessed if you become permanently disabled.
3. Children’s term to 25 – you can add up to $10,000 coverage for children between 30 and 23 years old.
When Does Globe Term Life Burial Insurance Makes The Most Sense?
Globe Life offers a “$1* Buys $100,000 Globe Life Insurance” promotion that is only good for the first month.
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.
Globe Term Life Underwriting Guidelines
Qualification for Globe Life’s 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 a wheelchair? (Yes – No)
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? (Yes – No)
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? (Yes – No)
c. Acquired Immune Deficiency Syndrome (AIDS) AIDS-Related Complex (ARC) or test results indicating exposure to the Acquired Immune Deficiency Syndrome virus? (Yes – No)
3. Does the proposed insured have any chronic illness or condition which requires periodic medical care or may require future surgery? (Yes – No)
4. In the past ten years, has the proposed insured had their driver’s license suspended or revoked, been convicted of a misdemeanor or felony, or is the proposed insured currently incarcerated? (Yes – No)
5. Does the proposed insured intend to replace or change existing life insurance policies or annuities in connection with this application? (Yes – No) If yes, list the company name.
Globe Term Life Pricing Examples
| FEMALE AGE | $5,000 | $10,000 | $20,000 | $30,000 |
|---|---|---|---|---|
| 50 | $5.49 | $9.99 | $18.99 | $27.99 |
| 55 | $6.99 | $12.49 | $23.49 | $34.49 |
| 60 | $8.49 | $21.49 | $29.49 | $43.49 |
| 65 | $11.49 | $29.49 | $38.49 | $56.49 |
| 70 | $14.49 | $26.99 | $51.99 | $76.99 |
| 75 | $19.99 | $36.99 | $70.99 | $104.99 |
| 80 | $27.99 | $52.99 | $102.99 | $152.99 |
| MALE AGE | $5,000 | $10,000 | $20,000 | $30,000 |
|---|---|---|---|---|
| 50 | $6.99 | $12.49 | $23.49 | $34.49 |
| 55 | $8.99 | $16.49 | $31.49 | $46.49 |
| 60 | $11.99 | $21.49 | $40.49 | $59.49 |
| 65 | $15.99 | $29.49 | $56.49 | $83.49 |
| 70 | $21.99 | $39.99 | $75.99 | $111.99 |
| 75 | $29.99 | $55.49 | $106.49 | $157.49 |
| 80 | $41.99 | $79.49 | $154.49 | $229.49 |
Getting Approved For Globe Term Life Burial Insurance
| BURIAL INSURANCE APPLICATION PROCESS | |
|---|---|
| Rates & coverage | Agent can help provide help with this |
| Underwriting | Agent will help you qualify for the best plan |
| Beneficiary | You determine who will get your death benefit |
| Application | Agent submits application to insurance company |
| Approval | Congratulations on your new policy! |
| Policy start date | Policy active after 1st payment date |
| Policy delivery | 7-10 business days after first draft date |
The Best Payment Option
| PAYMENT METHOD | RECOMMENDED? |
|---|---|
| Savings Account | Best way to pay |
| Checking Account | Best way to pay |
| Cash | Not recommended |
| Money Order | Not recommended |
| Cashier's Check | Not recommended |
| Debit Card | Not recommended |
| Credit Card | Not recommended |
| Direct Express | Not recommended |
| PAYMENT FREQUENCY | RECOMMENDED | ACCEPTED BY |
|---|---|---|
| Monthly | Recommended | All Companies |
| Quarterly | Not Recommended | Some Companies |
| Semi-annually | Not Recommended | Some Companies |
| Annually | Not Recommended | Some Companies |
Globe Life Company Overview
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.
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 sold direct marketing to the public through TV ads, direct mail, online ads, and call centers.
GLOBE LIFE INSURANCE FINANCIAL RATINGS
The company maintains excellent ratings from more than one rating agency.
- A.M Best – A+ (Superior)
- Standard & Poor AA- (Stable and Secure)
- Better Business Bureau – A+ (highest) accredited since January 1, 1952
The financial rating indicates that Globe Life is financially stable and can pay insurance claims on time. It also shows if the company will remain financially secure and operate when needed.
How Can Funeral Funds Help Me?
If you’re looking for the best insurance premium quotes, it is best to consult an independent provider like Funeral Funds which works with top-rated insurance companies.
We know 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 the 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 with 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.
Additional Globe Life Questions & Answers
Is Globe Life Insurance still in business?
Yes, Globe Life Insurance Company is still in business today.
Is Globe Life Insurance legitimate?
Globe Life and Accident Insurance is a legitimate U.S. life insurance company licensed in 49 states.
Is Globe Life a pyramid scheme?
No, Globe Life insurance is not a pyramid scheme. It operates as a legit insurance company in the United States.
Is Globe Life a ripoff?
No, Globe Life is not a ripoff. They are one of the largest life insurance providers in the country. They offer a variety of policies and coverage options.
How long is Globe Life been in business?
Globe Life was founded in 1951.
Is Globe Life a good company?
Yes, Globe Life is a good company, but some of their products are not ideal for final expense needs. Globe Life has been in business for over 60 years.
Is Globe Life insurance open today?
Yes, Globe Life is open for business today.
What time does Globe life insurance open?
The Globe Life Insurance is open from 8:00 am to 4:30 pm Eastern time zone.
Who owns Globe Life insurance?
Globe Life is owned and operated by its parent company Torchmark Corporation.
Who founded Globe Life insurance?
Globe Life is founded by Ralph Reece and John Singletary in 1951.
How long has Globe Life been in business?
Globe Life has been in business for 70 years.
What is Globe Life’s financial rating?
Globe Life is awarded an A (Excellent) by A.M. Best, the nation’s leading financial rating agency.
What is the Globe Life website?
Check out Globe Life insurance home page at https://home.globelifeinsurance.com
What is Globe Life insurance’s phone number?
Globe Life insurance phone number – (800)-654-5433
What is the Globe Life fax number?
Globe Life’s fax number is (844) 726-4372
What is Globe Life’s customer service number?
Globe Life’s customer service phone number is (877) 577-3860.
What is Globe Life’s email address?
Globe Life’s email address is customercare@globeinsurance.com
Does Globe Life have an app?
Yes, Globe Life insurance does have a mobile phone app.
What is Globe Life members’ login?
Globe Life insurance provider https://home.globelifeinsurance.com/policyholder-login.
Where is Globe Life located?
Globe Life Insurance is located in McKinney, Texas
What is Globe Life’s corporate address?
3700 South Stonebridge Drive McKinney, TX 75070
Where can I find Globe Life insurance reviews?
Check out Globe Life insurance reviews here.
Where can I find Globe Life BBB reviews?
Read Globe Life Insurance BBB reviews and complaints here.
How can I get a Globe Life insurance quote?
Click here to get a quote from Globe Life.
How do I pay Globe Life?
You can pay Globe Life by calling (800) 811-3927.
You can also pay online through Globe Life’s eService Center.
Where do I send my Globe Life insurance payment?
Globe Life insurance payment through the mail should be sent to “Globe Life and Accident Insurance” as the payee.
How can I make Globe Life insurance online payment?
Pay Globe Life online by logging into their eService Center.
How can I access the Globe Life insurance claim form?
Click this link to access the Globe Life insurance claim form.
How long does it take Globe Life to process a claim?
It normally takes 15 working days after the submission of complete documents to process the Globe Life insurance claim.
How long does it take for Globe Life to payout?
You will receive a Claims Decision Letter in your email within 15 working days after you submit your complete documents.
Where can I check Globe Life insurance complaints?
Read Globe Life insurance complaints here.
What are the different life insurance products offered by Globe Life?
Globe Life offers both term life and whole life insurance products.
How old do you have to be to apply for Globe Life insurance coverage?
You need to be between 18 and 79 to qualify for Globe Life insurance coverage.
Can you get first-day coverage with Globe Life?
Yes, Globe Life’s term and whole life insurance for adults comes with a first-day coverage.
What is basic Globe Life term life insurance?
Basic term life insurance is a policy that provides coverage for a specific period, usually 10, 20, or 30 years. After the policy expires, coverage ends, and you would need to purchase a new policy if you want coverage again.
What is permanent Globe Life insurance?
Permanent life insurance is a policy that provides lifelong coverage. It has a fixed premium and a cash value that accumulates over time.
Is Globe Life insurance whole or term?
Globe Life insurance offers both whole life insurance and term life insurance products.
Does Globe Life have term insurance?
Yes, Globe life has a term life insurance plan for adults.
Does Globe Life term life insurance expire?
Yes, term life insurance does expire. However, it can be renewed at the end of the term (at a much higher cost every 5 years).
Do you get your money back at the end of a Globe Life term life insurance policy?
No, you do not get your money back at the end of a term life insurance policy. The policy is terminated, and the coverage ends. You would need to purchase a new policy if you wanted coverage again.
What’s the difference between Globe Life whole life and term life insurance?
The main difference between whole life and term life insurance is that whole life policies are permanent, while term life policies are temporary. Whole life policies have a fixed premium and a cash value that accumulates over time. Term life policies do not have a cash value.
Is there a conversion option to permanent coverage with Globe Life?
Yes, there is a conversion option to permanent coverage.
How long is the term for Globe Life insurance?
Globe Life insurance policies can range from 10 to 30 years.
How long is the term for Globe Life insurance?
One term lasts 5 years all renewals begin at a 5-year plus one (21, 26, 31, 35 until age 86, and the policy will terminate at age 90). The prices with this plan go up MASSIVELY every five years.
Are there any medical exams required?
No medical exams are required for coverage, but you will need to answer some health questions.
Does Globe Life have whole life?
Yes, Globe Life offers whole life insurance for adults and children.
Does Globe Life have guaranteed life insurance?
No, Globe Life does not offer guaranteed life insurance.
What are the Pros and Cons of Globe Life insurance?
Globe Life Term Life Pros:
- Higher coverage amount – you can buy up to $50,000 in coverage amount
- First-day coverage – their burial insurance plans come with first-day coverage and no waiting period
- No smoker rate – you will pay the same premium even if you smoke
Globe Life Term Life Cons:
- $1 for your first month to get started – this is a marketing trick…don’t be a silly shopper and fall for marketing tricks like this!
- Premiums increases – premium increases every 5 years (gets MASSIVELY EXPENSIVE over time)
- You will probably cancel this policy – most people cancel these policies before they die because of the price increase every five years.
- Expires at age 90 – cancels EXACTLY when you need it the most.
Globe Life Whole Life Pros:
- Higher coverage amount – you can buy up to $50,000 in coverage amount
- First-day coverage – their burial insurance plans come with first-day coverage and no waiting period
- No smoker rate – you will pay the same premium even if you smoke
Globe Life Whole Life Cons:
- $1 for your first month to get started – this is a marketing trick…don’t fall for it!
- Expensive – their pricing is higher than most whole life insurance plans from other companies.
What is the minimum coverage amount with Globe Life?
The minimum coverage amount is $10,000.
How much life insurance can you get with Globe Life insurance?
You can get a maximum of $100,000 with Globe term life insurance.
You can get a maximum of $50,000 with Globe’s whole life insurance.
What does Globe Life insurance cost?
Globe Life insurance cost varies according to your age, gender, and overall health of the insured.
Where can I get Globe Life insurance pricing?
Globe Life insurance rates chart (Globe Life Term Life Pricing)
| FEMALE AGE | $5,000 | $10,000 | $20,000 | $30,000 |
|---|---|---|---|---|
| 50 | $5.49 | $9.99 | $18.99 | $27.99 |
| 55 | $6.99 | $12.49 | $23.49 | $34.49 |
| 60 | $8.49 | $21.49 | $29.49 | $43.49 |
| 65 | $11.49 | $29.49 | $38.49 | $56.49 |
| 70 | $14.49 | $26.99 | $51.99 | $76.99 |
| 75 | $19.99 | $36.99 | $70.99 | $104.99 |
| 80 | $27.99 | $52.99 | $102.99 | $152.99 |
| MALE AGE | $5,000 | $10,000 | $20,000 | $30,000 |
|---|---|---|---|---|
| 50 | $6.99 | $12.49 | $23.49 | $34.49 |
| 55 | $8.99 | $16.49 | $31.49 | $46.49 |
| 60 | $11.99 | $21.49 | $40.49 | $59.49 |
| 65 | $15.99 | $29.49 | $56.49 | $83.49 |
| 70 | $21.99 | $39.99 | $75.99 | $111.99 |
| 75 | $29.99 | $55.49 | $106.49 | $157.49 |
| 80 | $41.99 | $79.49 | $154.49 | $229.49 |
Is Globe Life insurance expensive?
Yes, Globe Life is extremely expensive compared to other life insurance companies offering the same type of insurance products.
Is Globe Life insurance go up every year?
You must be aware that Globe Life term life insurance increases in price every five years.
Do you need a medical exam to qualify for Globe Life insurance?
No, both Globe Life’s term life and whole life insurance do not require a medical exam. You can qualify without submitting blood and urine samples either.
Does Globe Life ask health questions?
Globe Life insurance asks health questions as part of their insurance underwriting process.
Does Globe Life have a waiting period?
No, Globe life term life and whole life insurance do not have a waiting period. The policy is active from the first day.
Does Globe Life insurance accumulate cash value?
Globe Life’s term life insurance does not accumulate cash value, but the whole life insurance accumulates cash value.
Does Globe Life offer riders?
Yes, Globe Life offers several riders, including a waiver of premium rider and a death benefit rider.
What other benefits does Globe Life offer?
Globe Life has accelerated benefits for terminal illness riders, waiver of premium rider, and children’s term to 24 riders. These riders provide additional benefits for the policyholders.
What age does Globe Life insurance end?
Globe Life insurance lasts until age 90.
What is Globe Life term to age 90 life insurance?
Term to age 90 life insurance will automatically terminate when the policyholder turns 90.
What’s better – Globe Life term or whole life?
You are age 50-85 years old whole life insurance is probably a more appropriate option for you.
Does Globe Life have a grace period?
Globe Life provides a 30 days grace period.
Can you cash out a Globe Life insurance policy?
Yes, you can cash out a Globe life whole life insurance with a cash surrender value. Their term life insurance has no cash value.
Does Globe Life insurance expire?
Yes…Globe Life term insurance plans will expire when you reach your 90th birthday (if you don’t cancel your plan before that due to the MASSIVE price increases every 5 years).
Can you have more than 1 Globe Life life insurance policy?
Yes, you can have more than one life insurance policy. Most people have multiple policies. It’s important to compare rates and coverage to find the best policy for your needs.
How do I file a claim with Globe Life insurance?
To file a claim with Globe Life insurance, you will need to contact their customer service department. They will help you through the process and work with you to get your claim processed as quickly as possible.
What happens at the end of a 20-year term Globe Life insurance policy?
At the end of a 20-year term life insurance policy, the coverage will expire, and you will no longer have insurance. To continue being insured, you must purchase a new policy.
Can I get Globe Life life insurance if I’m not a US citizen?
No, you must be a US citizen to purchase a life insurance policy from Globe Life.
How can I find a replacement for my Globe Life policy?
You can find a replacement for your Globe Life policy by working with an independent life insurance agent who can price shop for you and recommend the best insurance policy at the best price.
Make sure your Globe Life policy is active while looking for a replacement policy. When your replacement policy is active, you can cancel your Globe Life insurance by calling the customer service hotline.
How do I cancel my Globe Life insurance policy?
You can cancel your Globe Life Insurance by calling the customer service hotline.
Is Globe Life life insurance worth it Dave Ramsey?
Dave Ramsey recommends getting term life insurance if you have young children. He believes it is important to have enough coverage to take care of your children if something happens to you. He does not recommend getting whole life insurance, as he believes it is a waste of money.
Is Globe Life term life insurance worth it Dave Ramsey?
According to Dave Ramsey, term life insurance is best for those with young children. In Ramsey’s opinion, whole life insurance is not as good of an idea because it is a waste of money.
What are the rates for Globe Life insurance?
The rates for Globe Life insurance vary depending on the amount of coverage you need and your age.
What does Suze Orman say about Globe Life life insurance?
Suze Orman recommends that everyone have life insurance, as it provides peace of mind if something happens to you. She recommends getting a term life insurance policy if you need coverage for a specific period, and she recommends getting whole life insurance if you want lifelong coverage.
Does Globe Life insurance pay claims?
Yes, Globe Life insurance pays claims. They have a customer service department that will help you through the process and will work with you to get your claim processed as quickly as possible.
Can a person take 2 Globe Life term insurance?
Yes, a person can take 2 term insurance policies. Most people have multiple policies. It’s important to compare rates and coverage to find the best policy for your needs.
How long does it take to get paid from Globe Life insurance?
It typically takes 2-3 weeks to get paid from Globe Life insurance. They will work with you to process your claim as quickly as possible.
Does Globe Life life insurance make sense after 60?
Yes, life insurance does make sense after 60. Most people who need to cover final expenses need burial insurance.
Do you get money back if you outlive term life insurance?
You do not get money back if you outlive term life insurance. Term life insurance aims to provide coverage for a specific period. Once the term is up, the policy expires, and you no longer have insurance.
Can I sell my Globe Life term life insurance policy for cash?
Yes, you can sell your term life insurance policy for cash. This is called a life settlement, which allows you to get a lump sum of money in exchange for your policy.
How many Globe Life term plan a person can buy?
A person can buy as many term life insurance policies as they need. Comparing rates and coverage is crucial to find the best policy for your needs.
4 Comments
Jean Olibrice
I am looking for a whole life burial insurance. How much would that cost me a month?. I am a Canadian living in Manitoba.
Thank you
Funeral Funds
Jean – We only help people in the United States with these programs.
Elam Holly
Can I get burial insurance for my mother or does she have to do it?
Funeral Funds
Elam – You can help your mother get this insurance. Keep in mind that these insurance policies are legal contracts between the insurance company and the insured (your mother in this case). You cannot purchase a policy on your mother without her knowing about it. We can help you get everything figured out and get your mother approved. Call us at (888) 862-9456 or get a free quote here – https://funeralfunds.com/free-quote/