Globe Life Burial Insurance: Comprehensive Review 2022
Globe Life is a very well-known carrier of life insurance policies.
As a company, Globe Life has a high level of brand awareness, thanks to the widespread marketing awareness targeting prospects who are in dire need of funeral life insurance policies. But does popularity make Global Life a good life insurance company?
Well, Globe Life offers a variety of whole life insurance products to people looking for a final expense insurance policy with limited underwriting or who have underlying health issues that may impede them from qualifying for other policies.
They have products that might be suitable for your life insurance needs. Even so, it is always a good idea to understand different carriers and compare them before making the big decision of purchasing a policy.
In this post, you will find everything you need to know about Globe Life burial insurance to be informed before purchasing a life insurance policy with them.
Globe Life Insurance Company Overview
Established in 1951 as Torchmark, Globe Life is a legitimate life insurance company offering an assortment of term and permanent life insurance products. They offer simplified underwriting for all their policies, which makes application and coverage relatively faster.
That said, it should be no surprise they serve over 4.3 million policyholders. Unfortunately, this big number could be a lot of Americans who didn’t read the fine print of Globe Life’s cheap’ life insurance policy.
Globe Life is headquartered in McKinney, Texas, and has life insurance agents across the country.
When marketing its products, Globe Life highlights its initial low cost starting as low as $1 for $100,000 coverage. Of course, this piques the interest of many seniors who want to purchase a permanent life insurance policy.
Globe Life has three major products that it offers to prospective customers: term life for adults, whole life for adults, and whole life for children. Although it sells policies through subsidiaries, most of its products are sold through the internet or direct mail.
Importantly, each life insurance product by Globe Life works differently, making it extremely important to understand the policy you want to buy. After all, that is the only way you can determine if their policies are right for you.
Relative to rivals, Globe Life stands out in that none of its life insurance policies requires medical exams. Precisely, underwriting is wholly based on your application and a few health questions.
It might be a good option for seniors looking to defray their final expenses with a simple permanent life insurance policy that doesn’t involve scheduling and undergoing a medical exam.
Globe Life insurance products
Globe Life has a number of life insurance plans, and none of its policies requires you to undergo a medical exam.
Whether you are a young adult or approaching geriatric stages, Globe Life insurance company will almost certainly have a product that they can offer.
Importantly, their burial insurance policies are designed to provide a smaller payout, enough to only cover your burial and funeral expenses or small debts.
If you are looking to buy a final expense insurance policy and considering Globe Life, here are the products you will find.
Globe Life term life insurance
Globe Life’s flagship product is a temporary life insurance policy that can only cover you up to the age of 90 years.
While this sounds like a ripe age, it can be problematic for seniors buying a life insurance product to defray their final expenses as it is still possible to live past 90. The point is, be aware that Globe Life will cancel your term life insurance policy at the age of 90.
With this product, you can choose coverage amounts ranging from $5,000 to $100,000, but the highest coverage you can obtain will depend on your age.
They accept applicants between the age of 18 and 79, where the initial term varies between 1 – 5 years. Afterward, all renewal term periods begin at a 5-year plus one age, except for the final term period.
How to qualify for a term plan
Globe Life offers no medical exam term life insurance policies. However, this doesn’t translate to a straightforward qualification.
To qualify for Globe Life term life insurance, you will be required to answer some health questions.
Upon application, they will analyze your prescription history and review your Medical Information Bureau (MIB) file, along with notifying MIB regarding whatever information you reveal about yourself in the insurance application.
Besides completing the health and lifestyle questionnaire, you need to be between 18 and 79 years to qualify.
To make things clear, your application will be denied if:
- You are disabled due to illness or require a wheelchair
- You are confined to a hospital or nursing facility
- In the past three years, you have been diagnosed with or treated for coronary artery disease or any heart disease or disorder, cancer, brain disorder, liver diseases, kidney failure or chronic kidney disease, muscular diseases, mental or nervous disorder, AIDS, ARC, drug or alcohol abuse, diabetes, or chronic obstructive lung disease.
Precisely, if you have any of these conditions, you shouldn’t bother applying for a Globe Life term life insurance policy.
Term life insurance cost
Globe Life has established the marketing phrase “$1 for $100,000 of coverage”. Unfortunately, this is far from being the complete reality of the situation.
While their marketing phrase is technically true, there is more to the story: the $1 if for just the first month, after which the price can reach as high as 5000% in the following months. Before you’re lured with a bargain rate, be aware that the price of your policy will increase dramatically.
With Globe Life term life insurance, there are price brackets that are placed, and rates increase every five years.
Precisely, the premiums will change when a policyholder reaches ages: 21, 26, 31, 36, 41, 46, 51, 56, 61, 66, 71, 76, 81, 86 and terminate at 90 years. The policy will be affordable when starting, but it will definitely become expensive down the line.
As if that is not bad enough, the rates for male policies are around 50% more expensive than those of female policyholders.
WARNING: THE RATE GROWS, BUT YOUR COVERAGE STAYS THE SAME!!!
When you buy a term life insurance policy, the premium rates will dramatically increase to a point where they are too high for you to afford. Worse, the coverage will terminate when you need it the most.
Considering that there are better and affordable term life insurance options elsewhere, it is safe to say that Globe Life term life insurance is far from being an ideal policy for people looking to buy temporary life insurance policies.
Well, if by any chance you happen to buy Globe Life term life insurance, keep in mind that your account won’t gain cash value
Globe Life whole life insurance for adults
If you need lifelong coverage, you might be interested in buying Globe Life insurance for seniors. Globe Life offers whole life insurance coverage ranging from $5,000 to $50,000.
Like most other whole life insurance policies, you don’t take a medical exam to qualify for Globe Life’s whole life insurance. However, because underwriting is restricted, the death benefits are also restricted.
As with other whole life insurance, Globe Life’s whole life insurance policies build a cash value over time, provided the policyholder continues to pay premiums on time. The cash value provides an option for you to borrow against if necessary.
Importantly, the cash value is never added to the death benefit in the event of the policyholder’s death.
For those considering whole life insurance, one of the interesting things about Globe Life’s permanent life insurance policies is that there is no waiting period. This means you are covered from the very first day your policy is approved.
To qualify for this plan, you need to be between 18 to 79 years old. Further, you will be required to complete a health questionnaire.
The only clear restriction applies strictly to New York residents. If you live in New York, you can obtain a coverage amount ranging from $1,000 to $25,000, depending on your age and gender.
Children life insurance
Globe Life offers life insurance products tailored for children. Essentially, it is a form of permanent life insurance that can provide up to $30,000 coverage for minors, depending on the state of residence.
Unlike their life insurance policies for adults, Globe Life’s child insurance coverage is really good and worth considering if you want to purchase a permanent life insurance policy for your children. It is not the best in the industry, however.
Globe Life’s children’s life insurance is one of the easiest to qualify for. The parent or guardian buying the coverage simply needs to answer a few questions regarding the child to be insured. For the most part, children qualify for coverage.
Depending on your state, an application for a child life insurance policy can be turned down if:
- The child has had a chronic illness or condition that requires periodic medical care within three years prior to applications
- The child has been medically diagnosed with or treated for Acquired Immune Deficiency Syndrome (AIDS).
The qualifying age is 0 to 24 years, and the policy doesn’t expire. Globe Life’s children’s life insurance policies are forms of permanent life insurance and, therefore, the policy never expires.
As for the cost, Globe Life’s child life insurance premiums have a price lock, meaning they remain the same throughout. For parents and grandparents considering this type of policy for their kids and grandchildren, it may be worth noting that the cost is the same for both males and females.
Typically, children’s life insurance policies cost between $3 to $23 per month, depending on the coverage amount and state. While this is by no means a bad offer, parents and grandparents looking to cover kids should compare options before making the big decision.
When it comes to life insurance for minors, one of the best alternatives to Globe Life is Mutual of Omaha. With Mutual of Omaha, parents and guardians can obtain coverage of up to $50,000 for their kids, which is relatively high.
Accidental death life insurance
As the name suggests, this is a life insurance policy that only pays out death benefits if the cause of the insured’s death is an accident.
Typically, Globe Life’s accidental death life insurance policy offers coverage with an initial death benefit of up to $250,000. This benefit rises by 5% each year for the first five years or until you reach the age of 70 years, regardless of which comes first.
Although it is listed as an independent policy, Globe Life’s accidental coverage is more or less a rider designed to supplement your other life insurance policy.
This is because it has the same or comparable benefits to Accidental Death and Dismemberment (AD&D) riders.
Globe Life’s accidental death life insurance offers guaranteed acceptance for applicants between 18 and 69 years. While the premiums are level throughout the insured’s lifetime, it only pays out for a small percentage of deaths.
Before buying this type of policy, here are some of its features you need to understand:
- Inflation benefit:
The primary insured benefit usually increases by 5% for the first five years or until the policyholder turns 70.
- Seatbelt benefit:
If the insured dies in a car crash while wearing a seatbelt, Globe Life pays your beneficiary an additional 10% on top of your death benefit.
- Common disaster benefit:
If the primary policyholder and their insured spouse die in a common accident, the death benefits of the insured spouse will be increased to 100% of the principal benefit of the primary policyholder.
- Dismemberment benefit:
Like AD&D riders, Globe Life’s accidental death policy pays a benefit if the insured loses a hand, foot, or eye.
- Paralysis benefit:
If you suffer from partial or full paralysis due to an accident while your policy is still in force, Globe Life assigns a value to your loss of mobility and pays out that amount.
- Accidental death on a commercial airline:
If you die while a passenger on a commercial airline, Globe Life will pay an additional benefit equal to 100% of your death benefit.
- Education benefit:
If you have coverage for your entire family and die from an accident, your beneficiary will receive an additional 10% of your death benefit for each of your children between 15 and 22 years. Importantly, this benefit is only available on a family plan and capped at $10,000.
Globe Life’s accidental death life insurance is seemingly cheaper relative to other life insurance policies offered by the company.
The biggest downside is that the coverage is not available in all 50 states. Notably, in New York, accidental death coverage follows an entirely different structure and the death benefit is significantly limited.
Further, some life insurance companies offer accidental death as a rider for free or at a few extra dollars. That said, it may not make any sense to purchase accidental death as an independent policy when you can get similar benefits for just a few extra dollars.
If you have been turned down for life insurance coverage because of pre-existing health conditions, Globe Life policies might provoke your interest.
The company offers a variety of no medical exam life insurance products. However, before buying any policy, you should keep in mind that premiums will grow (unreasonably) higher as time passes.
Cost of Globe Life burial insurance
Shopping and comparing quotes from multiple life insurance carriers is one of the best tricks to land better deals. For the most part, this involves understanding how individual companies price their offers.
Globe Life usually brings in clients with the allure of a bargain rate – using the well-known “$1 for $100,000 of coverage” phrase. This leaves many people wondering whether this offer is legitimate and how cheap their premiums could be.
Well, if you purchase Globe Life burial insurance, you will pay a great price in the first month of coverage. As it is advertised, you will pay $1 only, and the company’s 30-day money-back guarantee will return your $1 if you decide otherwise. Sounds great, right?
After the first month, Global Life burial insurance rates go up at scheduled intervals, and, at some point, they may be too expensive for an average person to afford.
Depending on where you live, your age, income, health history, and the coverage amount you obtain, the cost of your life insurance policy might rise up to 5000% of the initial cost.
For this reason, Globe Life’s burial insurance costs are classified as average to worse-than-average, particularly for individuals in good to excellent health.
If you are utterly new to the world of life insurance, it may be worth noting that the best life insurance companies charge level premiums from the first month onwards.
In other words, reputable life insurance companies do not have anything like scheduled increases in a policy’s premiums. The increasing premiums disqualify Globe Life insurance company from being the right company for anyone looking to purchase a burial insurance policy.
If you are looking to buy a life insurance policy, there are a lot of life insurance carriers out there with better offers.
Even if you have pre-existing health issues that prevent you from qualifying for affordable policies, there are still better options than Globe Life, especially when factoring in price as one of the key considerations.
Globe Life burial insurance riders
Essentially, riders are add ons to a life insurance policy that provides additional protection and, of course, added benefits. Riders can be added to your policy by the insurer, or you can purchase them.
If you have purchased a Globe Life burial insurance policy and are looking for ways to customize it, here are some riders that you may add to your insurance policy to enhance coverage.
Children’s term to 25:
The children’s “Term to 25” rider allows you to obtain up to $10,000 in coverage for a dependent child.
The most interesting part is that the policy can be converted to whole life insurance before the child’s 25th birthday.
Waiver of premiums:
With this rider, Globe Life will waive your premiums should you become totally or permanently disabled. The only problem with this rider is that it is only available in selected states and on certain policies.
As if that is not enough, Globe Life terminates as you approach your 60th birthday, virtually when you need the rider most.
Terminal illness accelerated benefit:
Depending on the policy you buy and where you live, Globe Life insurance company might allow you to add a terminal illness accelerated benefit rider to your policy. With this rider, you will be able to access 50% of your benefits early if you are diagnosed with a terminal illness.
Globe Life has a limited number of riders and further limits the rider to certain policies and states. This is something to always keep in mind before buying any of their policies.
Pros and Cons of Globe Life burial insurance
Globe Life is a well-known life insurance company. However, this doesn’t guarantee they are a reputable and trustworthy life insurance company.
If you are looking to purchase burial insurance coverage and considering Globe Life burial insurance, here are pros and cons you need to consider:
- Offers coverage without a medical exam:
This is one of the biggest benefits of purchasing Globe Life burial insurance products. As a company, Globe Life offers a wide range of insurance products, and none of its life insurance products requires a medical exam.
This means you can apply for a life insurance policy without having to worry about scheduling and undergoing any medical exam. The lack of a medical exam can indirectly mean that qualifying is pretty easy, even when you have pre-existing conditions.
- There is no waiting period:
Many life insurance companies usually set a waiting period, often two years, for their burial insurance policies. Precisely, a waiting period is a duration that it takes before your life insurance policy goes into effect.
Thankfully, Globe Life doesn’t have a waiting period for all its policies, meaning coverage begins right away after approval. Notably, while this is fascinating, it may not be worth the overall cost, especially if you are young and healthy.
There are other companies that offer no-waiting period burial insurance policies and level premiums that are far much affordable than Globe Life.
- They offer a 30-day money-back guarantee:
Another exciting feature of Global Life burial insurance is the 30-day money-back guarantee. This means you are eligible for a full refund if you terminate your policy within 30 days of signing up.
For the most part, this benefit may not be worth it, considering that it is only $1. Globe Life insurance company doesn’t return the inflated rates that add up in subsequent months.
Further, considering that the cost of Globe Life insurance policies dramatically increases at scheduled intervals, getting a refund of $1 is not impactful and may not make sense.
- Simple application:
Since coverage is offered without medical exams, it means you can easily complete the entire application process online. Applying involves populating an online form and answering a few questions relating to your health history.
- Fast underwriting:
With the elimination of medical exams, Globe Life offers simplified underwriting for all its policies, ultimately making application and coverage faster.
- Quotes are available online:
Quotes from different companies are key when comparing life insurance offers. For those trying to decide from which company they can buy burial insurance policies, Globe Life makes this easy by allowing you to get instant quotes only. All you need is to populate the required fields with basic information.
- High coverage amounts:
Globe Life burial insurance policies allow you to obtain relatively higher coverage amounts compared to rivals.
Although they are more expensive in reality, with their policies, you can obtain up to $50,000, depending on your location, age, health conditions, and type of insurance you purchase.
- You can customize your policy with riders:
Although limited, Globe Life insurance company offers riders, giving policyholders an opportunity to enhance or customize their policies.
- People with chronic health conditions can qualify:
To qualify for Globe Life’s burial insurance policy, you don’t need to take any medical exams. They only ask a few questions relating to your health history, and you might qualify with certain pre-existing conditions.
- No smoker rate:
With Globe Life burial insurance, all policyholders pay equal amounts for their age bracket regardless of whether they smoke or not.
- Top-notch financial strength:
When buying Globe Life insurance, you will most likely hear agents telling you about the company’s A (Excellent) rating by A.M. Best, one of the reputable credit rating agencies that issue financial strength ratings (FSRs).
Before you can smile because of Globe Life’s financial strength, just remember that their FSR was downgraded in 2020 due to the company’s low level of risk-adjustment capitalizations.
- Online policy management:
Globe Life allows policyholders to view and manage their policies without needing the intervention of agents.
- Admits applicants as old as 79 years:
Globe Life is one of the few insurance companies that accept and approve applications from seniors who are already in their ripe age.
Seniors approaching 80 years may qualify for a Globe Life burial insurance policy and still defray their funeral and other end-of-life expenses.
- No guaranteed issue whole life policies:
Many burial insurance providers usually offer guaranteed issue whole life insurance policies along with other life insurance products.
Sadly, even at its pricey premiums, Globe Life insurance company doesn’t offer guaranteed acceptance policies. This is a very big disadvantage for people with pre-existing conditions or who want a burial policy but don’t want to answer any health questions.
- Increasing premiums:
Unlike many life insurance carriers offering a price lock for their products, Globe Life premiums grow at scheduled intervals, typically five years.
That said, the price of your policy will sooner than later grow very high than you can afford. Unfortunately, extremely high premiums may force you to terminate your policy when you need it most.
- Significantly higher-than-average customer complaints:
The National Association of Insurance Commissioners (NAIC) claims to have received far more complaints about Globe Life than is typical for a company of its size.
As far as complaints are concerned, the industry has an average index score of 1.0. In comparison, Globe Life’s complaint index was 6.56 in 2020, which is extremely poor. Worse, it seems like a trend considering that the complaint ratio was 6.74 in 2019 and 8.39 in 2018.
Overall, Globe Life receives more than average complaints, which increases the chances of not getting help whenever you have issues. According to NAIC, most complaints were about how the company handled policies and claims.
- You can’t file a claim online:
We are living in a digital world, and nearly every user can tell how impactful the internet is. Nowadays, many organizations support online operations, and the life insurance industry is not left behind.
Well, while many insurance companies have moved their operation online, Globe Life is still lagging, meaning you have to use the traditional way to file a claim.
- Claims take longer to be approved and paid:
Death benefits are meant to cover funeral and other end-of-life expenses. For the most part, this means claims need to be processed the fastest possible to make the fund available so that beneficiaries can take on the insured’s wishes.
Of course, we have seen burial insurance providers processing claims and making the funds available within 24 hours, which is really great.
In comparison, Globe Life takes 10 to 15 business days to pay claims, which can be very inconvenient.
- Only limited riders are available:
Relative to rivals, Globe Life insurance company offers very few riders. Ultimately, this limits the options policyholders have for customizing their burial insurance policies.
- Their flagship product expires at age 90:
Globe Life term life insurance is their company’s flagship product. The biggest downside is that it covers you strictly up to 90 years.
If you live past 90 years, it means you will have just given yourself peace of mind because the coverage and all premiums will expire. This can be very disappointing to you and your beneficiaries. It is one of the biggest disadvantages for people with lifelong dependents.
- You will probably cancel your policy:
The price of Globe Life policies grows dramatically at an interval of five years. While your very first premium will be just $1, the price of the policy will quickly grow to alarming figures that an average person struggles to pay.
When it reaches a point where you can’t pay your premium on time, you will have fewer options and, most likely, you will have to terminate the contract. Globe Life policy’s premiums can grow to a point where they are not worth the cost.
Some policies follow a different structure in New York:
Globe Life offers its products to New York residents. While this can be seen as a disadvantage compared to rivals that don’t offer products to New York, it is worth noting that their products follow an utterly different structure in New York.
The most significant difference is in coverage, where they are capped at lower values.
- One has to qualify:
Although Globe Life’s insurance products do not require a medical exam, one has to complete a health and lifestyle questionnaire to qualify. This means you may not be eligible for a policy to defray your final expenses.
- Options are minimal:
Globe Life offers strictly life insurance products and only limited options. This can be considered a disadvantage when compared to insurance companies offering an assortment of insurance products.
Global Life customer service, reviews, and complaints
Globe Life allows you to get quotes and shop for burial insurance and other life insurance products by filling a form online.
They offer a mobile app (for Android and iOS devices) and online policy management, which makes it pretty straightforward for policyholders to manage their accounts online via Globe Life’s eService Center.
After purchasing a policy, you can make payments, review policy details, and update your mailing address without needing the help of customer care.
As for claims, you need to send claims via mail, and it may take a couple of weeks for the claim to be processed. After filing a claim, you can make a follow-up by calling customer services at 844-593-8369. Globe Life’s hours of operations are Monday through Friday, from 7:30 a.m. to 6:30 p.m. CT.
Notably, while Globe Life seems to have excellent customer service, they have received far more complaints than a typical company of its size should.
According to the National Association of Insurance Commissioners, an organization that compiles insurance companies’ complaint ratio annually, Globe Life’s complaint index for individual life insurance was 6.56 in 2020.
Typically, the complaint ratio reflects the number of complaints an insurance company receives relative to its market share. The complaint index score, on the other hand, reveals how the company in question compares to rivals.
With that in mind, it is safe to say that Globe Life’s complaint index is extremely poor. This can be confusing considering that Globe Life gets a rating of A+ from Better Business Bureau (BBB), which reveals that Globe listens and responds to customer complaints.
Frequently Asked Questions
Is Globe Life a good life insurance company?
Globe Life is a legitimate life insurance provider and, although the company has poor consumer reviews, it is financially sound. However, considering that the premiums increase every five years, it may not be the best option for most people.
If you are a senior looking to buy burial insurance policies, you could easily get better coverage for affordable rates from other life insurance providers. Before buying any policy, make sure the policy truly meets your needs.
Do Globe Life policies have a waiting period?
No. Globe Life insurance company doesn’t impose a waiting period for all of its products. If you buy Globe Life’s life insurance policy, you will receive coverage immediately.
Does Globe Life have burial insurance?
Yes. Globe Life offers a variety of life insurance products, and while they are not specific to offer a product called burial insurance, the proceeds from either policy can be used to cover burial expenses.
Do Globe Life insurance policies build cash values?
Globe Life offers a number of life insurance products, but only its whole life insurance policies have a cash value component. The cash value grows over time and can be borrowed against.
Notably, Globe Life pushes its flagship product which is the term insurance policy. This product does not build cash value.
Does Globe Life offer senior life insurance?
With an acceptance age of 18 to 79 years, Globe Life’s policies are available to seniors who want to defray their end-of-life expenses. Even so, seniors can land better deals elsewhere.
Is it True that $1 Buys $100,000 of Coverage?
While it is true that Globe Life offers $100,000 of coverage for $1, it is worth noting that this offer lasts only one month of signing up. The $1 for $100,000 of coverage is more or less a strategy to entice new applicants to purchase policies.
Does Globe Life have good customer service?
Globe Life has an A+ rating by BBB. While this rating means that the company listens and responds to customer complaints, there has been a high amount of negative customer reviews in the last few years.
Choosing the right insurance company can be challenging. If you are in the market for a burial life insurance policy, Globe Life offers a limited selection of life insurance policies designed to meet various needs.
They offer simplified underwriting and no medical coverage. On the other hand, their premiums increase dramatically and can quickly reach a point where you can’t afford to pay them anymore.
Considering that they have a large set of disadvantages, it is safe to say that Globe Life is far from being the best option for people looking to buy life insurance policies.