If you’re a senior or aged 50 or older, chances are you’ve come across Globe Life Insurance advertisements. These ads specifically target seniors, leaving you curious about what they offer and whether it’s worth the investment. In this comprehensive Globe Life Insurance review, we’ll uncover the truth about this company and help you make an informed decision about whether they’re the right fit for your insurance needs.
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The Importance of Burial Insurance
Before diving into the details, it’s crucial to recognize the importance of burial insurance, especially as we age. Protecting our loved ones from the financial burden of funeral and burial expenses is a responsibility we all should consider. Let’s explore Globe Life Insurance to see if it can fulfill this essential need.
Globe Life Insurance Overview
Established in the 1950s, Globe Life is a reputable insurance company that offers various life insurance products catering to a wide range of age groups, including seniors. While there isn’t readily available financial rating information, Globe Life is a legitimate insurance provider with a strong presence in both group insurance and personal life insurance.
They are very popular with supplying Group insurance along with personal life insurance. Meaning they have companies under their “umbrella” that offer group health and group term insurance.
Globe Life Offers:
Globe Life offers a variety of insurance options, including:
- Whole Life Insurance
- Term Insurance
- Final Expense (form of whole life)
- Accidental Death
This is a pretty common lineup in today’s world regarding insurance. One thing you should know is that final expense, or burial insurance, are just ways of saying a type of whole life insurance policy. Burial insurance is lower coverage amounts designed for covering funerals and cremations.
It’s important to note that final expense and burial insurance are essentially types of whole life insurance policies structured to provide lower coverage amounts specifically for funeral and cremation expenses. There’s little distinction between these types of insurance; it’s all about how the policy is set up.
What seems to be a common theme with policyholders of Globe Life Insurance, is they usually have a term policy that they don’t completely understand.
This company advertises some of their features somewhat as being “exclusive” to them, but honestly other carriers have the same perks.
For example, with Globe Life, you have 30 days to decide whether you like the policy or not. If you decide you don’t, you can cancel the policy and get your first payment back no question asked.
While this is a great perk, this is the same across the board pretty much. All of my carriers that I represent offer this as well. This is a pretty popular tactic among inferior insurance companies, or companies that simply don’t have a great insurance product.
Globe Life Term Policies
One area where Globe Life is frequently criticized is its term policies. These policies initially appear attractive but have significant downsides. Globe Life’s term policies have a tendency to start with reasonable rates, only to increase over time until they become unaffordable.
Globe Life’s term policies sound great at first, but when you really start to look at them you will see a different reality. The truth is that the term policy lasts only a few years before the rates increase. This trend will continue until you simply can’t afford the coverage.
In fact, this isn’t just a Globe Life policy, there are many term policies that are structured in this manner.
Just this week I met a lovely lady who had term coverage for her and her husband. She had reached an older age, and was expecting to pay the low premium that she had been paying all these years. That simply is not how it works.
Her new rates were over $1,000 per month to cover her and her husband. I don’t know about you, but I would be furious if my new rate was that high, and all the money I had paid on the policy all of those years was just gone.
To avoid such pitfalls, it’s advisable to opt for longer-term policies. While we offer competitive term insurance options, they may not be the best fit for seniors. Instead, consider policies with longer terms, such as 10, 15, 20, 25, or 30 years, depending on your age and needs. These policies can range from $50,000 to $500,000 without requiring a medical exam.
What is a Good Term Policy?
A good term policy is one that is set for a longer amount of time. Here at Arkburialinsurance.com, I actually offer the best Term insurance for my clients as well, but do not typically recommend it for my senior clients.
Depending on the age of the client, and their needs, I offer 10, 15, 20, 25, and 30 year term policies. These policies range from $50,000 up to $500,000 with no medical exam.
If the client needs more I can certainly get it for them, but it may require a medical exam. This means a simple blood draw and urine sample potentially.
It is important to remember that even at the end of my term policies that I offer, the money put into them is simply gone to the insurance company. The good thing about getting a term policy with me and my carriers, is that there is a guaranteed insurability and convertibility.
One appealing feature of my term policies is guaranteed convertibility. This means that at the end of your term, you’re guaranteed to qualify for a whole life policy without the need for further medical evaluation. This assurance provides peace of mind, knowing that your coverage will continue without interruption.
For example, if someone that is 30 gets a 30 year term policy, they will be 60 when it expires. A lot can happen in those 30 years, but no matter what health issues come, they will get the best rate for a whole life final expense policy. No questions asked!
They will not even have to medically qualify, as it is already promised to them.
What better handshake can you get than that?
Now to be completely clear, if you have 500,000 of term coverage, it will not convert to 500,000 of whole life coverage. It will be a lower death benefit to suit a final expense or burial insurance policy. Just to be completely transparent!
Globe Life Final Expense Policy
Globe Life’s final expense policies can be misleading. They often advertise low prices but fail to disclose the full picture. Premiums for life insurance are determined by age and health, making it unlikely for a 65-year-old to secure substantial final expense coverage for just a few dollars a month.
They are one of the companies like Colonial Penn that will advertise very low prices, but don’t show the full picture.
Many times clients will be thinking they will be getting a large policy for a few dollars a month, or even $1 as was advertised in years past. Unfortunately, this is simply not how it works.
With all life insurance, the policies are priced based on the insureds health and age. The older you are, the higher your premium. The worse health you are in, the higher your premium. You see where I’m going here.
To think that a 65 year old male or female for that matter can get a large final expense policy for $5 or $10 a month is very misleading. It is simply not true.
What happens many times is these clients get policies through Globe Life, are put in a waiting period, and never get paid. The beneficiary is left hanging when they are given a check of only what has been paid on the policy.
Clients sometimes end up with Globe Life policies that involve waiting periods and limited payouts, leaving beneficiaries in difficult situations. In contrast, my clients enjoy transparent policies with no waiting periods, ensuring their loved ones receive the promised benefits.
Globe Life Pros and Cons
Above all, I believe it is important to be completely transparent. While I do believe 100% that the products offered at Ark Burial Insurance are incredibly better than Globe Life, I do want to list the pros and cons of Globe Life products. For the sake of being Transparent.
- No Medical exam required
- Can potentially get coverage immediately with no waiting period.
- Globe Life is heavily advertised and even owns a Stadium in Texas.
- Usually have decent supplement plans that you can buy.
- Globe Life Term policies will increase every 5 years as you get older.
- Very strict underwriting causes people to have waiting periods most of the time.
- Reviews are not very good at all.
- Overpriced for the value of coverage, especially when compared to the top carriers in the industry.
Is Globe Life a Scam?
Globe Life is undoubtedly a legitimate insurance company offering life, accident, and some health insurance products. However, it ranks lower in terms of product quality and customer satisfaction compared to top industry competitors.
Keeping in mind that there are hundreds of companies that offer these products, Globe Life does not land anywhere near the top of that list as far as quality goes. In fact, they would be near the bottom close to Colonial Penn.
The reason is due to the fact that most of the policies will expire, as they are more of a “group term” type policy. So once the client reaches a certain age, the policy will 10X in price ultimately leaving the client in a very bad position.
Due to those issues, they fall at the bottom of my list and I refuse to use them to insure my clients. Instead, my clients rest easy at night knowing they are covered no matter what comes their way, or how old they get. They will never have their coverage expire or go away, unless they simply don’t pay the premium.
Above all, clients should be able to live worry free when they have life insurance. They should not have to be concerned with when the rate will increase on them, or if they will be able to qualify for the renewal of the policy.
Burial insurance should be there to cover the burial, not go away or jump tremendously in price.
Actual Burial Insurance Prices
To find an accurate price, the best thing to do is get a free quote here on the site. It is very simple and straight forward, you put in your information, the site will show you the prices, and you can even pick what company you want to have your business.
It is that simple! You don’t have to get in contact with me just for a quote, although I would advise it to be sure you don’t over insure or under insure yourself.
Above all, you should be 100% in the know of what exactly you are getting. These prices below are whole life burial insurance policies, that will never expire, or increase in price once it is locked in.
You don’t have to worry about 10 or 15 years from now, the rate going through the roof because the “Term” expired. That is simply not how my policies work.
These rates are with the best carriers in the country, and are what my clients will expect to pay for $10,000 in coverage if they are healthy.
Globe Life Insurance Reviews
If you are a person who likes to look around before they purchase something, I commend you for it!
Unfortunately, if you have checked out the Globe Life insurance reviews, you probably are scared to even purchase a policy from anyone.
There are many that are horror stories in my industry. Not to say that they are all accurate or told to the full extent. We all know that most of the time when people will leave reviews, they could very well just be the bad ones and the good ones stay silent.
However, with insurance companies it is always safer to go with the companies that are showing strong financial standings, and great customer reviews.
Above all, it is so important to be with a company and agent that always delivers, and has a perfect 100% rate of doing so. You don’t want to have your life insured through a company that has a history of not paying their beneficiaries.
More than anything, I want you to know that Final expense or burial insurance is a great policy to have, and one that you should have. Do not get discouraged by the confusing advertisements you see, simply get in touch with me and I will point you in the right direction.
Even if you don’t become my client, I believe it is my duty to do what is right by you and make sure you are taken care of in the best way possible.
As always, feel free to leave your questions or comments for me down below. I look forward to serving you and your family!