Globe Life and Accident Insurance Review
Are you looking for Globe Life Insurance reviews? People also search for Global Life reviews. Either way, you have come to the right place. Please read on for our Globe Life review covering the positives, the negatives and the alternatives to Globe Life Insurance.
Before you decide to buy Globe Life life insurance you need to read this.
Globe Life Insurance Company is at it again. They are sending out there marketing advertising $1 for $50,000 of life insurance for adults. On first glance, that is an awesome deal. You pay $1 and if you die your family gets $50,000. Sign me up. However, as the saying goes, if it sounds too good to be true, it probably is. Let’s investigate.
This article will cover the following:
- The Positives to choosing Globe Life.
- The Negatives to choosing Globe Life.
- And the Alternatives to choosing Globe Life.
Globe Life Insurance Review
Any fair review of Globe Life will start with its strong financial presence and brand image. Globe has been around since 1951. That is a relatively short term as financial companies go but one thing Globe Life has going for it is its A.M. Best rating of A+. A.M. Best is the premier insurance ratings agency and Globe Life has one of its highest marks for financial strength.
Globe Life will lock you into your face amount so you will not have to worry about your $25,000 life insurance policy only paying out $10,000. Your face amount is fixed for the life of your policy. That is great news for someone who is using their life insurance to plan for their burial expenses or to pay off various debts.
Another advantage of Globe is their pricing. Globe Life Insurance rates are competitive price wise. Now there certainly are better deals available but Globeontheweb.com is generally in the ball park so you are not going to be paying that much more for a Globe Life insurance policy.
Globe Life also offers no exam policies. They have just a few health questions. However, you might find that you can get more bang for your buck with an exam policy. Further, there are some non exam policies that are less expensive than Globe. So while this is a positive for Globe, the negative is there are better non exam policies available if you are relatively healthy. See, Exam v. No Exam
Finally, Globe Life has a great brand name because Globe Life is a reliable life insurance company. Although not as widely known as State Farm, Globe Life has done of good job of marketing and protecting their brand name. As a result, many people choose Globe Life for their insurance needs. Unfortunately, there are some negatives that most Globe Life customers do not know.
Many clients looking for Globe Life reviews are also in the market for a good medicare supplement. The best way to find a the best option is to compare medicare supplement plans.
Many people who go online and search for Globe Life reviews want to see if Globe Life Insurance is a good company or if Globe Life Insurance is a scam. As we pointed out above, Globe does have some positives and Globe Life is a legitimate company. However, unlike some other Globe Life reviews, we need to point out that Globe Life also has some negatives that you will need to weigh if you are considering buying life insurance through Globe Life or one of its affiliates.
The first and most important negative to point out in this review of Globe Life Insurance is that their primary product they are selling only insures you until age 80. So if you have paid on the policy for 20 or 30 years and you live past age 80, you have just wasted all your money. You will no longer have life insurance and you are now too old to find a life insurance policy. You are basically out of luck.
Another important fact that you need to be aware of is that on Globe’s most popular product, (the Step Rate 80), you can expect your premium to go up every 5 years until age 80. Globe Life structures their life insurance policy to go up at ages 46, 51, 56, 61, 66, 71, 76 and then end at age 80.
So the older you get, the more your life insurance will cost. A premium of $12 today may run in excess of $80 down the road.
That means when you are retired and on a fixed income, your Globe life insurance rates will continue to go up, causing stress to you and your budget. What usually occurs is someone who has a Globe Life life insurance policy where the premium goes up every 5 years cannot afford the policy. So the client ends up having to cancel the policy even before it expired at age 80. Either way, this is not a very good deal.
If you are interested in what actual Globe Life customers think about their life insurance you can visit Pissed Consumer and read through 67 complaints.
Article update: In our attempt to keep up to date with the current product offering we stopped by Globe Life’s website. The company looks to have made a few changes to the product offering. The term life insurance offered is now a modified premium term-to-age-90 product. The initial term period depends on your age when you start the policy, with ranges from 1, 2, 3, 4, or 5 years. The product renews every five years like the step rate 80.
The good news about this product is that it last until age 90 instead of age 80. However, the bad news is that like the old product, the premium still goes up every five years. Once again, anyone who locked into this product in hopes of leaving money behind for final expenses or burial might find that they cannot afford the premium payment when they are older and fail to make the payment. This will cause the policy to lapse and there will be no life insurance left even though the insured paid on it for 20 or 30 years. Once again, there are better option available and TermLife2Go can help you find them.
Update as of August 2014:
Spoke with a Globe representative. It turns out Globe Life offers several term products.The company offers a term to age 70, age 80, age 90 and Term to 100. Each term policy ends on the year that it goes to with no renewal. Please realize that there are alternatives to Globe Life that are better priced, last the rest of your life and come with a fixed premium instead of a premium that goes up every five years. Give us a call and let us show you what other options are available.
Your best alternative as a consumer who is seeking out Globe Life reviews because you are shopping for the best price on life insurance is to call an independent life insurance agency, like TermLife2Go. We shop over 60 life insurance carriers. If you call a specific company, such as Globe Life, you are limiting your options to that ONE company.
TermLife2Go has access to a variety of products, from Term Life to Universal Life to Whole Life. We understand the complex nuances associated with every product and can fill you in on the important points to be aware of with each company and product.
The bottom line is this: if you are considering Globe Life, why not give us a call and see if we can offer something better. If we cannot find you something better you can always choose Globe Life. However, if we can find a better offer (and most likely we will), we might be able to save you thousands of dollars and lock you into a policy that lasts the rest of your life.
We are a group of independent agents who are focused on finding our clients the best company, with the best product, at the best price. All too often people shopping for life insurance are taken in by fancy advertising and marketing that promises huge savings. But in reality, the policy they end up buying is not everything it was said to be. However, TermlLife2Go takes a different approach. We give you options and then make a recommendation based on what matter most “meeting your families needs!”
Do you have a pre-existing condition? Find out how we go the extra mile to get you insured for the best price available. See, TermLife2Go’s 4 Step Process for getting clients with pre-existing conditions approved for life insurance.
If you are interested in a free life insurance quote, please enter your information. If you have any questions, or would like some expert advice, please give us a call at 866-760-8740 and we will serve you to the best of our ability.
Thank you for reading TermLife2Go’s Globe Life and Accident Insurance Review. Please see similar life insurance company reviews by clicking on the blog category “reviews”.
You may also want to read our article How to Buy Life Insurance While on Disability and/or Top 10 Life Insurance Companies for pre-existing conditions in the United States.