Globe Whole Life Insurance Review- Pros & Cons

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 WHOLE LIFE OFFERS FIRST-DAY COVERAGE?

YES, Globe Life has a burial insurance plan that offers first-day coverage.

If you qualify, their whole 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 WHOLE 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 WHOLE LIFE BURIAL INSURANCE

$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


GLOBE WHOLE LIFE BURIAL INSURANCE PRODUCT

Globe offers final expense insurance or burial insurance product with no medical exam. They have whole life burial insurance for adults.


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. 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 The gains in the cash value accumulate without being taxed – until the time it is withdrawn.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’s whole life plan.

The whole life insurance plans are burial insurance which offers a 30-day money-back guarantee.

Globe Life Insurance policy with no waiting period 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.

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


GLOBE WHOLE 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.

OTHER BENEFITS:

POLICY LOANS – you can borrow up to 100% of your cash value. This is tax-free. Loans reduce your cash value amount and are subtracted from your death benefit. The interest on policy loans varies by state.


WHEN DOES GLOBE WHOLE 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 WHOLE 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.


GETTING APPROVED FOR GLOBE WHOLE 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 (Excellent)
  • 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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