There are hundreds, if not thousands of insurance companies that sell life insurance policies.
It can be difficult trying to find the one that works best for you.
On top of that, you also have to choose between an almost unlimited number of options for your life insurance needs.
With a plethora of advertorials and paid reviews out there, it can be challenging to find a trustworthy and honest review of a life insurance company.
However, you can feel secure in knowing that we are an independent life insurance agency, and we represent the biggest and best life insurance companies in America.
This Globe Life Insurance Review covers everything you need to know.
Globe Life Insurance Company
One of the common companies that we get questions about is Globe Life. Let’s look to see how the company and its products stack up against other top providers.
Globe Life and Accident Insurance Company is based in Oklahoma City. They have taken pride in providing insurance policies for its customer base since it was founded in 1951.
Having been known for its “$1 for $50,000 worth of life insurance coverage” advertising campaign, you may have already familiarized yourself with Globe Life Insurance.
If cost isn’t a factor, and you’re desperate for insurance coverage, it might just be a possible option for you.
However, before selecting Globe Life as your provider, you’ll want to consider some important factors.
How Much Does a Globe Life Insurance Policy Cost?
Let’s get back to that $1 for a $50,000 life insurance policy. This advertising gimmick is likely to draw consumers, but this offer refers to a guaranteed rate schedule where your insurance premiums will continue to rise every five years.
While the rates may seem inexpensive at the beginning, the rates will continue to go up at specific intervals.
What it comes down to is that you’ll pay much more money with Globe Life in the end than you would if you chose another insurance provider.
Sure, in the beginning, it’s an excellent deal, and you’ll get affordable rates. But eventually, your premiums are going to go through the roof. That’s how they make money on these policies.
In the end, you’ll pay more for the coverage that you would with a traditional policy.
Another noteworthy factor includes pre-existing medical conditions. Globe Life is not known for specializing in high-risk insurance policies.
No matter if you’re healthy or you have medical issues, you’ll find them to likely overcharge you because they lack the thorough follow through when it comes to assessing your medical history.
If you’re in less than perfect health, Globe Life is most likely not right for you.
In just about every case, their insurance plans are going to be more expensive than other options.
No Medical Exam Life Insurance
If you’ve ever been turned down for life insurance coverage because of a pre-existing condition, don’t assume that you can’t be insured. No medical exam policies are a great option for anyone rejected for life insurance in the past.
Globe Life offers a no medical exam policy that allows you to buy “$100,000 for $1”. The premise of the plan is similar to their other offers.
Much like the rest of their policies, they are not going to be the most affordable option. But while Globe Life may not offer the best no exam plan, you should still consider these policies.
Do not allow your health to keep you from finding the best life insurance for your needs; there are companies that offer no medical exam policies that may be best for you!
While Globe Life isn’t one of them, there are also a lot of insurance companies that have more liberal underwriting with high-risk applicants with different severe health complications like diabetes or cardiovascular problems.
Calculate Your Life Insurance Needs
Before you purchase a life insurance plan, either no exam or a traditional policy, you must calculate what your insurance needs are.
Not having enough insurance protection will leave your family with leftover bills and debts that they don’t have the money to cover. When you’re determining how large of a plan to buy, there are two main categories that you should consider.
Those two categories are your outstanding debts and your annual income.
The primary goal of a life insurance policy of any kind is to give your family the money they will need to pay off all of your bills and other debts.
All of your bills, like your mortgage, student loans, and business loans, will go straight to your loved ones. Losing someone that you lose will never be easy, but being left with a mountain of debt is going to make the situation that much worse.
Getting the perfect amount of coverage is a delicate balance between not getting enough protection or paying for more life insurance than you need.
Term Life Is The Only Policy Option with Globe
Globe Life has a difficult time matching up to its competitors.
An example of this comes with Globe Life only offering a term life insurance policy for its consumers.
Term life insurance policies are a good option for many people. However, at some point, you may want to convert your term policy to something a bit more permanent.
While most top term life insurance companies allow you to convert, you’ll find that Global Life doesn’t.
If you’re looking for the most affordable policy type, term life is almost always the best option.
These plans are only valid for a specific time-frame, typically 10, 15, or 30-years, and after that, you’ll have to purchase a new policy.
If you happen to want a whole life policy, Globe Life doesn’t have any options to fit your needs.
Globe Life Alternatives
While Globe is a well-known life insurance company, there are many competitors for the policies that Globe offers. The top three include:
- AIG Direct – A great option for just about any type of policy, due to their size and financial stability.
- Fidelity – One of the top options for no exam and final expense policies.
- HavenLife – They have the fastest turnaround for term life insurance. This includes no medical exam for many people under age 55.
Lower Your Premiums
Regardless of the company that you choose, there are several factors that they are going to account for when calculating your insurance premiums.
One of the biggest contributing factors is your health and if you use tobacco. If you’re looking to save money on your policy, you’ll need to improve your health.
The best way to save money on your coverage is by quitting smoking, using tobacco or drinking alcoholic beverages.
If you’re listed as a smoker on your life insurance application, you’re going to be twice as much as a non-smoker for your coverage. With some companies, you could pay three times more.
Another way you can save money is by driving more carefully.
Insurance companies pull your driving record, and if you have any speeding tickets or accidents on your records within the last year, your rates increase.
Speeding tickets and driving accidents mean that you’re a greater risk to the insurance company, which could translate into hundreds of more dollars every year for your insurance protection.
Globe Life Review Recap
The bottom line of this review suggests that if you have a pre-existing medical issue, you want to pay the lowest insurance rates possible for the best amount of coverage for yourself.
Since our specialty is high-risk insurance policies, and we work with over 30 different businesses, you’ll find that other companies can offer lower premium rates with better coverage beyond Globe Life Insurance.
We know that nobody wants to think about his or her death, but not planning for the worst could leave your family with a massive amount of debts and other final expenses.
Losing a loved one is never easy, but being responsible for a mountain of debt. Our agents can make the insurance process as quick and simple as possible.