Globe Life Overview
In the grand scheme of things Globe Life has an outstanding financial rating and operate over the entire US. They have been in business since 1951 and have had an A+ rating from the leading insurance analyst A.M. Best Company since 1899. They are available to consumers throughout the entire United States, except New York. If you haven’t heard of them exactly you may have seen their advertising somewhere for their $1 offer for life insurance.
Upon seeing it, you may have simply just ignored it. Who can buy life insurance for only one dollar?! Exactly…buying $100,000 worth of life insurance is going to cost much more than just $1. So how can they get away with that claim? Simple, it’s just the attention grabbing advertising that is a marketing ploy to get you to sign up for a plan that is anything but what you need.
Globe offers two different types of insurance products. They have whole life burial insurance for individuals who are 0-25 as well as their most popular product being a term life insurance plan. The peculiar thing being that they do not actually offer whole life burial insurance to people over the age of 25. Although their whole life burial insurance for children is actually reasonably priced their programs for seniors misses the mark. Which is why when comparing Globe Life to AARP they show similar deceptive characteristics of falling short with inferior burial insurance products when it comes to benefiting the customer.
Globe Life Policies
The Globe Life burial insurance program consists of two different insurance policies, below you can view a quick snapshot of each of their specific plans.
-Globe Life’s Whole Life for Children
To be eligible for the Globe Life burial insurance whole life for children plan, the child in question will need to be able to answer two health questions.
- Within the past 3 years, have any of the proposed insured(s) had any chronic illness or condition which requires periodic medical care?
- Have any of the proposed insured(s) ever been medically diagnosed or treated by a physician for acquired immune deficiency syndrome (AIDS), specifically for the purpose of obtaining insurance?With this benefit you can choose from the following amounts for each child that you wish to insure; $5,000, $10,000, $15,000, $20,000, or $25,000. If you would like to have some living benefits covered you have the opportunity to pay a little extra. This extra cost would cover the child insured if they happened to lose a limb, become blind, or any other type of accident that may occur. However these living benefits only cover the child until they turn 26. -Globe Life’s Term Life Plan
- To be eligible for the Globe Life burial insurance whole life for children plan, the individual in question will need to be able to answer five health questions.
- Overall, Globe life burial insurance offers a highly competitively priced whole life burial insurance for children in the grand scheme of things. Their program offers everything one would need coverage wise for any child under the age of 26.
- These two health questions seem simple enough but if they answer yes to either one of the questions they will not be considered a good fit for Globe Life’s whole life plan. If approved the coverage will begin immediately, this is also where the pay $1 comes into effect. Yes, you pay only $1 for the first month…however moving forward every month after that is where the actual monthly rate will begin. This policy is in fact a whole life burial insurance plan that will never expire; the monthly rate will not increase; and the policy will never decrease.
- 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?
- In the past 3 years, has the Proposed Insured been diagnosed or treated by a member of the medical profession for:
- Cancer, coronary artery disease, or any disease or disorder of the heart, brain or liver?
- Chronic kidney disease or kidney failure, muscular disease, mental or nervous disorder, chronic obstructive lung disease, drug or alcohol abuse, or hospitalized for diabetes?
- Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC) or test results indicating exposure to the Acquired Immune Deficiency Syndrome virus, specifically for the purpose of obtaining insurance?
- Does the Proposed Insured have any chronic illness or condition which requires periodic medical care or may require future surgery?
Unfortunately, if you answer yes to any of these questions you will be denied coverage. For the most part your coverage will be effectively immediately once approved with no waiting period.
Similarly to the whole life for children’s insurance you will pay $1 for your first month payment. However, starting the second month your monthly payment will be increase significantly to your actual monthly payment. The biggest problem with this plan is that it falls right next to AARP’s term life insurance in the fact that it doesn’t even include burial insurance. Similarly, if you remember, AARP’s burial insurance term life program expires once you turn 80 Globe Life’s policy expires once you turn 90. You get an extra 10 years but realistically you are taking a huge chance on relying on this plan to cover your burial expenses. What’s worse is that the monthly premiums increase as you age. The older you get the more you have to pay and then to outlive your policy and all of that be voided…definitely not worth the risk.
Globe Life likes to push this plan on most of their clients. It’s the plan that makes them the most money and is most beneficial to them. Unfortunately for the client it leaves a lot to be desired for especially since they are giving you a product that doesn’t even last forever. What’s worse is they tend to not be very forthcoming about what their policy actually offers. Very few individuals realize that their policy expires at the age of 90 and their monthly payments forever increase. If you miss even one payment or unable to pay you lose your coverage entirely. For most individuals we talked to they didn’t realize until it was too late. Don’t be another victim of Globe Life’s bait and switch tactics.
We hope this review for Globe Life burial insurance has helped you understand a little better into what they have to offer as well as their limitations when it comes to their policies. Although their whole life for children policy excels in the field for burial insurance Globe Life’s term life plan is anything but lacking. Don’t be another victim of their shameful marketing practices, be aware of the facts and move forward with that knowledge.
If you’re looking for burial insurance that is the best for you and most cost effective, look no further. Our focus here at Burial Insurance Pro’s is burial insurance. That’s what we do and what we excel in. The years of experience we have with our clients allows us the knowledge to know which insurer would suit your needs the best.
If you want an expert’s opinion, fill out the quote form or give us a call to help you out in all of your burial needs!