That is the only thing that is negative about the Globe Life and Accident Insurance Company. Most consumers are looking to acquire value for money, but constantly changing premium rates in a life insurance policy is a red flag. You can choose different death benefit amounts in the policy, which will include the following:
The term life policies come with a level death benefit, and the only difference is that the premium only stays level for a short period. Globe Life doesn’t ask a lot of health questions to qualify people for term life insurance, but that means everyone is pooled with high risk applicants, even if they aren’t. This means you are paying more for your term life policy, than you would at another company.
Ø Whole Life Review- Globe Life
The Whole Life Insurance policy from Globe Life has some similarities with term life, as you are asked few health questions, and the premium for the first month is set at $1. The major difference here is that the coverage is only set at $50,000, but the premiums never increase, since it is a whole life policy. The initial monthly cost will be higher.
You will also get a small cash component, a guaranteed minimum death benefit, and a level premium with the whole life insurance policy. It may seem like a good idea to build loans with your whole life policy, but be careful here, because the policy will accrue interest. This will reduce the final death benefit from the company, as the money will be taken out to pay out outstanding loans and interest.
Ø Children’s Coverage Review- Globe Life
Globe Life and Accident Insurance Company also offers children’s life insurance, and have a separate policy, named Young American Plan®. This is like a whole life policy, and offers a death benefit of $25,000, which is made available to children later in their life.
Other Products Offered by Globe Life Insurance
Globe Life and Accident Insurance Company also offers an extensive range of other insurance policies and products, which include car insurance and Medicare Supplements. We are going to be reviewing some of the other products offered by Globe Life, which are as follows:
Ø Accidental Death Insurance with Globe Life- Full Review
You can acquire accidental death insurance from Globe Life, which is a policy designed to be used as a supplement for an existing life insurance policy, or for anyone that couldn’t acquire life insurance due to a pre-existing medical condition. The policy is available for anyone that is between the ages of 18 to 69, and face amounts go up to $350,000.
The accidental death insurance policy does have its benefits, but you should remember that it isn’t life insurance. You don’t get life insurance coverage, and if you die due to natural causes, the beneficiaries aren’t going to receive a death benefit. They will get nothing, unless you die due to an accident, since this policy is only meant for accidental death.
Ø Mortgage Protection Insurance with Globe Life- In Depth Review
Globe Life also offers mortgage protection insurance, which is a part of its dismemberment and accidental death policy.
Ø Medicare Supplement Plans
Globe Life offers Medicare Supplement plans to people to help cover any remaining costs that Medicare doesn’t cover. This is like a guaranteed acceptance insurance policy that doesn’t have any waiting periods, and the main areas of the Medicare Supplement plans will help you with covering costs associated with physicians, outpatient hospital services, co-payments, and deductibles.
One of the best things about Globe Life is that it participates heavily in charitable events, and makes a lot of great contributions. The insurance company supports softball and baseball, and contributes regularly to 10 different non-profit organizations, while they also have a partnership with Texas Rangers.
The company has also partnered with the Oklahoma PD to sponsor a golf tournament, and has also previously sponsored the Special Olympics team, set up soccer camps for children, and contributed to numerous renowned charities like Make A Wish Foundation, the United Way, and more.
Company Summary- Globe Life Insurance Reviews Part 3