Disclaimer: We are NOT Globe Life Insurance. We're an independent life insurance agency. This is our independent Globe Life Insurance review.
At first glance, Globe Life Insurance is attractive - there's no medical exam, $1 for your first premium payment and you can apply online. However, when you dig a little deeper you'll find that you can do much better than what they offer through many different great companies out there. This is why we offer many great reviews on the pros and cons of many different companies.
Take 3 minutes to read this article and we'll show you why there are better options than Globe Life insurance.
Don't get fooled by Globe Life's tricky advertising.
Have you seen the advertisement (below) that $1 can buy you $50,000 of life insurance?
Globe Life Insurance doesn't try to earn your business based on their low prices because they can't compete with the open market. They hook many consumers in with this $1 initial monthly payment.
Truth is, after the initial $1 payment, their prices are MUCH more expensive than other comparable products with no medical exam, this is why with any life insurance purchase, you need to make sure that you learn about each company in depth and what they have to offer. Most consumers who shop around after buying Globe's life insurance realize the misconception and make the switch.
Life insurance companies love it when you pay a few months or years worth of premiums and cancel, including Globe. They keep your premiums and don't have to pay out. This $1 "gimmick" is just a way to reel you in...and it works for them. Don't fall for it.
In every situation where our clients purchased a Globe Life policy, we've been able to secure the same coverage at much lower rates. Or much more coverage at the same rates they're paying from the second month moving forward.
Globe's life insurance payments are NOT guaranteed level.
On their website, they give you some tricky wording to make you think your premiums are guaranteed level (screen shot below from their website):
This is VERY misleading. The truth is the premium (life insurance payment) schedule shows your premiums going up every 5 years. Globe makes it sound like your payments will be guaranteed level.
Why don't they mention the premiums going up every 5 years? Probably, because their competitors all have level premiums...AND lower payments.
Just know that as you get older, your payments will rise on top of already overpaying for this life insurance coverage. Not a good combination.
Globe Life Insurance Policy Facts
Globe Life sells 2 products. A whole life policy and a term life policy. The term life policy is the one people usually buy because it's the cheapest. Here are some facts about their term life insurance policy that you should know about.
- Your rates increase every time you have a birthday that ends with a 1 or a 6 (age 56, 61, 66, 71 etc.)
- Your policy cancels at age 90 and there is NO cash value or return of money.
- Smoker and non-smokers pay the same rates. This means if you're a non-smoker you're paying the same rates as a smoker does (smoking usually doubles your life insurance rates)
- There's no medical exam, but there are medical questions. This isn't guaranteed issued coverage.
Globe Life Insurance Ratings
AM Best is the industry benchmark for financial strength in the life insurance industry. Globe Life has an A+ rating with them which is excellent - I'll give them that.
Globe Life Is Just Too Expensive.
They have a great advertising budget, that's why you've heard of them. They get in front of you on TV, at the supermarket, in the mail and on radio. Much bigger than independent agencies like ours. Big advertising budgets don't equal the best rates unfortunately.
Looking for reviews of life insurance companies is a natural progression we've found and that's why we wrote this article. You can do much better.
If you're considering using any of Globe's life insurance products, you can get an instant quote on their website. Our recommendation is to get your quote and then shop it. You'll see there are plenty of better options.
Rootfin Online Life Insurance Agency represents over 60 of the nation's top rated carriers and will provide you with the best life insurance rates available. Even if you want life insurance with no medical exam (more expensive), we can shop all of those carriers as well - just let us know.
There has never been a situation when we couldn't offer something much better that what Globe Life Insurance offers. Whether it be cheaper coverage or more coverage at the same price.
If you're looking to scope out a company before applying, check out out "10 Best Life Insurance Companies" article.
If you're looking for the best life insurance rates from a financially sound company, please don't hesitate to contact us.