Globe Term Life Burial Insurance Review

Globe-Whole-Life-Insurance-Review

Our 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 insurance and final expense insurance for both 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?

YES, the Globe term life burial insurance plan comes with first-day coverage.

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 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 insurance or burial insurance product 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 only 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 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 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 and 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 days 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 the use of 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 insure 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
FEMALE 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 you select both
UnderwritingAgent will help you qualify for the best plan
BeneficiaryYou determine who will get your death benefit
ApplicationAgent submits application to insurance company
ApprovalCongratulations 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 METHODRECOMMENDED?
Savings AccountBest way to pay
Checking AccountBest way to pay
CashNot recommended
Money OrderNot recommended
Cashier's CheckNot recommended
Debit CardNot recommended
Credit CardNot recommended
Direct ExpressNot recommended
PAYMENT FREQUENCYRECOMMENDEDACCEPTED BY
MonthlyRecommendedAll Companies
QuarterlyNot RecommendedSome Companies
Semi-annuallyNot RecommendedSome Companies
AnnuallyNot RecommendedSome 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 and 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 be financially secure and remain in operation 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 that works 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 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 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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