Is Globe Life Insurance Legit? Authority For Seniors in 2021

Is Globe Life Insurance Legit
Is Globe Life Insurance Legit? Authority For Seniors in 2021

Disclaimer: Willamette Life Insurance is a direct competitor of Globe Life. This post is written to help consumers make a purchasing decision and to understand their options better.

Globe Life Logo

Globe life insurance is a very well know company and has a high level of brand awareness. This is due to the widespread marketing campaigns targeting prospective clients interested in acquiring funeral life insurance to pay for burial costs.

Seniors are often flooded with promotional direct mail promotions and emails bosting “$1 a month coverage” and other marketing campaigns used to pique interest. This could lead to wondering if Globe Life Insurance is a reputable company and if this offer is legitimate.

Is Globe Life Insurance Legit?

Globe Life is a legitimate company that has been in business for over 70 years. It has premier financial ratings from several independent rating companies, including AM Best and the Better Business Bureau (BBB). Globe Life is a well-managed company that will have no issues paying the beneficiary upon filing a claim. 

There are pros and cons to even the best burial life insurance plans. You must read the fine print before purchasing insurance to cover funeral expenses.

Company Details

  • Established: 1951
  • A.M. Best Financial Rating: A (excellent)
  • Headquarters: McKinney, Texas

Plan Types

  • Plan 1: Term Life for Adults
  • Plan 2: Whole Life for Adults

Term life for adults Plan 1

Plan 1: Term Life For Adults Review

Quick Facts

  • Age Eligibility: 18 – 79
  • Coverage Amount: $5,000 – $100,000 (depending on age)
  • State Availability: All 50
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: No
  • Builds a Cash Value: No

Policy Terminates

This policy will expire at the age of 90, which can be problematic for any seniors who plan on using this product to cover final expenses or funeral costs.

If you elect to get a term policy, make sure you clearly understand that the plan will eventually expire.

$1 for $100,000 of Coverage

Globe Life has established the marketing phrase “$1 for $100,000 of coverage”.  This is not the complete reality of the situation.

This final expense term life insurance is $1 for the first month and then jumps 1000% – 5000% in the following months. Globe Life brings clients in with the allure of bargain rates, but the price drastically increases in month two.

The following quote is taken directly from the signup process on their website.

globe life website quote

Premiums Increase Every 5 Years 

There are price brackets that you are placed into based on your age. Every 5 years, you’ll move into the next age bracket, which increases the monthly cost.

An affordable policy, to begin with, might not be as affordable several years down the road.

Age Brackets

  • 46 – 50
  • 51 – 55
  • 56 – 60
  • 61 – 65
  • 66 – 70
  • 71 – 75
  • 76 – 80
  • 81 – 85
  • 86 – 89
  • 90 policy terminates

globe life insurance rate chart

Term Life Quotes by Age Bracket

Globe Life Insurance rates increase every five years.

You can only get new coverage up to $10,000 if you are over the age of 70. If you are looking for initial coverage and are over 80, the company will not insure you at all.

Based on Globe Life Insurance reviews, the rates increase significantly for seniors ages 81 – 85 & 86 – 89.

Learn more about burial insurance for seniors.

Female

Initial Monthly Premiums

Age Bracket $10,000 $20,000 $50,000
46 – 50 $10 $15 $31
51 – 55 $12 $19 $40
56 – 60 $15 $27 $60
61 – 65 $20 $37 $86
66 – 70 $27 $50 $119
71 – 75 $36 NA NA
76 – 81 $53 NA NA
81 – 89 NA NA NA
90 Terminates  Terminates Terminates

Male

Initial Monthly Premiums

Age Bracket $10,000 $20,000 $50,000
46 – 50 $12 $21 $45
51 – 55 $15 $25 $56
56 – 60 $20 $35 $82
61 – 65 $27 $50 $119
66 – 70 $35 $66 $158
71 – 75 $49 NA NA
76 – 80 $79 NA NA
81 – 89 NA NA NA
90 Terminates Terminates Terminates

Term Life Health Questions

These medical questions will determine eligibility for the Term Life for Adults plan. The first 4 questions below need to be answered “no” to qualify for the term plan.

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?

2. 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?

3. Does the Proposed Insured have any chronic illness or condition which requires periodic medical care or may require future surgery?

4. In the past 5 years, has the Proposed Insured had his or her driver’s license suspended or revoked, been convicted of any felony; or is the Proposed Insured currently incarcerated?

5. Does the Proposed Insured intend to replace or change any existing life policies or annuities in connection with this application? If yes, list company name:

Whole life plan 2

Plan 2: Whole Life For Adults Review

Quick Facts

  • Age Eligibility: 18 – 79
  • Coverage Amount: $5,000 – $50,000 (depending on age)
  • State Availability: All 50
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes

Premiums are Locked-In for Life

Whole life policies lock in the monthly price you pay, so you will never have to worry about rate increases. This is the exact opposite of the term policy from Globe Life.

Check out competitive burial insurance quotes.

Coverage Never Changes

When looking into securing coverage, you want it to be there when needed. Fortunately, with this plan, it will be. There is no expiration age or adjustments in the death benefit amount with a whole life insurance plan.

Builds a Cash Value

A cash value is standard with all whole life insurance policies. Over time the cash value builds and provides an option for you to borrow against its value if necessary. Any amount taken out will need to be paid back.

man looking at papers

Globe Life Insurance FAQ’s

Is Globe Life a Good Insurance Company?

Despite having poor consumer reviews, Globe Life is a good and financially sound insurance company. However, you should always make sure that the policy you are applying for truly meets your needs. For most seniors, Globe Life Final Expense Insurance is not the best option.

Is Globe Life Whole or Term Insurance?

There are two plans this carrier offers for adults, one is term life, and one is whole life. People can apply for term coverage online through the website, but Globe Whole Life applications require speaking to an agent or submitting paperwork through direct mail.

Globe Life’s website can be slightly tricky to navigate depending on which type of plan you are looking for. It promotes term coverage over the whole life option due to the ease of securing term funeral insurance quotes.

Should I Apply for Globe’s Term Life for Adults Plan?

Typically people that take out term coverage do so to replace their income if they have a young family financially relying on them. If you would like a policy meant to provide temporary coverage, you can find cheaper options from other providers.

The older you get, the higher your premiums will be with Globe Life’s term product, and eventually, the policy will expire altogether. This will be a costly mistake and should not be your only plan for final expenses. You would be much better suited with a whole life policy to cover funeral expenses.

Should I Apply for the Globe Whole Life for Adults Plan?

If you are looking to cover your final expenses and do not need to provide income replacement, whole life insurance is a good option, but not with Globe Life. Many other burial life insurance policies will provide the same coverage for much less, such as the Aetna Accendo plan.

Small whole life plans from other providers are often referred to as funeral insurance, burial insurance, or final expense insurance. If this is the type of policy you are looking for, make sure that you are, in fact, getting permanent whole life coverage.

Is Globe Life Insurance for Seniors?

With an acceptance age of 18 – 79, these policies are available to seniors and every other adult. Globe Life Insurance Company reviews show that it is a reputable company, but the plan’s structure and higher premiums should cause seniors to look elsewhere.

Is it True that $1 buys you $100,000 of Coverage?

The Globe Life Insurance review shows that this carrier offers $100,000 of coverage for $1, but this promotion only lasts one month. After that, the price will increase, and the premiums will be much more expensive. This is a marketing strategy and slogan to entice applicants to purchase coverage.

Does Globe Life Have Good Customer Service?

The Globe Life Insurance BBB Rating is an A+. However, there have been a disproportionate amount of negative customer claims over the last few years. This data comes from the National Association of Insurance Commissioners.

Globe Life Insurance reviews show that customer service issues are most consistent and not getting questions answered correctly.

In the year 2019 alone, the company received over 70 customer complaints. To put this into perspective, the average insurance company sees half to less than half of this number of complaints yearly.

How Long Does it Take for Globe Life Insurance to Pay?

Beneficiaries usually receive the death benefit check within 10 – 15 business days. If it takes more than 30 days, they ask you to contact their customer service department. The following statement was taken off its flagship website. The position Globe Life Insurance Company has depends on a case-by-case basis for customer claims.

globe life payout statement

Final Thoughts: Globe Life Insurance Review

a. Is Globe Life Insurance Legit? It is a legitimate company, but it comes with pros and cons. According to customer’s Globe Life reviews, even though they have a good BBB rating, it does not make them easy to work with or have the best funeral insurance.

b. Buying final expense insurance directly from the provider does not save you money. Purchasing funeral insurance coverage sent to your mailbox by an insurance company is one of the most expensive ways to get coverage.

c. Working with an agency that can review many insurance policies from several companies will save you time and money.

At Willamette Life, our job is to find the most affordable and best burial insurance coverage for you. We are an independent agency that specializes in this area of the life insurance market. 

Call us at 844-576-0019

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