Globe Life is a top insurance provider dedicated to providing people with life and supplemental health insurance. To protect your family and loved ones from financial stress so they can focus on important matters This company offers a few policies without any medical examination. This makes the purchasing policy more convenient than those of other competitors in the industry. Adults can purchase whole life and term life insurance with Globe Life Insurance. And add on policies that cover critical illnesses, cancer, end-of-life expenses, and accidental health.
Globe Life offers different convenient ways you can buy life and supplemental health products, such as online, by meeting with an agent, over the phone, or even through the mail. Unlike other competitors, other common policy types, such as auto and home policies, are not offered. This insurer may be a good option for people who want to purchase whole-life or term insurance. It is also a good choice for people who are in poor health, who have cancer, or who need final expense coverage.
Types of Life Insurance offered by Globe Life
Life insurance is a financial help that delivers money to the beneficiaries when the policyholder passes away. It gives you peace of mind knowing that your family will receive a cash benefit when you are gone. Typical uses of the payout include paying off mortgage loans, paying for funeral expenses, and paying off credit or debit cards.
This insurer sells whole life for children and adults as well as term life for adults. This company offers burial insurance as well as accident insurance and mortgage protection policies. Just as I have mentioned above, medical examinations are not required. Plus, add-ons are available for some policies. Here are the several types of life insurance coverage offered by this company:
Term Life Insurance
A term life insurance policy is a financial safety net that provides coverage for a specific period, known as the policy’s term. If the policyholder passes away during this period, their beneficiaries receive a payout.
The Globe Life Insurance Company of New York offers term life insurance policies with no waiting period. Most applicants also don’t need to undergo a medical exam to qualify for coverage. You can purchase a term policy from Globe Life with terms ranging from one to 30 years, giving you more flexibility compared to some other companies. However, the death benefits are lower, with a maximum of $100,000.
Some select term life policies can be bought online, and they come at more affordable prices than whole life insurance, making them an attractive option for budget-conscious individuals. Globe Life also offers a special sign-on bonus of $1 in premiums for the first month of coverage, with premiums increasing to the agreed-upon rate after the initial offer period ends.
Whole-life insurance
This coverage from Globe Life guarantees a payout for beneficiaries as long as premiums are paid on time. Unlike term life insurance, which is more expensive and provides coverage for a specific period, whole life insurance includes a cash value component that grows over time, offering investment income. Globe Life’s whole life insurance is a type of permanent coverage that lasts until you pass away, as long as premiums are maintained. You can choose coverage amounts ranging from $5,000 to $50,000, and the policy includes a cash value feature that you can access during your lifetime.
Similar to their term life policy, there are no medical exams required for Globe Life’s whole life insurance, and there’s no waiting period if you’re approved. Additionally, the policies offer an introductory premium of $1 for the first month. As you age, the rates will increase according to a schedule that adjusts the cost of coverage in 5-year increments.
Children’s life insurance
This company offers whole life insurance specially designed for children aged 0 to 25, providing coverage options ranging from $5,000 to $30,000. Similar to other Globe Life plans, there’s no need for a medical exam or waiting period.
With this children’s life insurance, the rates remain the same throughout the coverage period, regardless of the child’s age, and the coverage lasts for life as long as premiums are paid.
These whole life insurance policies also include a cash value feature that the child can use in the future if needed.
Final Expense Insurance
Final expense life insurance is a type of policy that helps cover the costs related to a person’s funeral, burial, and other expenses after they pass away. These policies can be customized further with the help of a family attorney or financial advisor, depending on the family’s specific needs.
This insurer offers final expense insurance policies structured like term policies, with coverage ranging from $5,000 to $100,000 for death benefits. The application process is similar to their term life insurance options, with no waiting periods. And most people can apply online instantly.
Additional options that are offered by the company include accident insurance, cancer, hospital, critical illness, and ICU insurance.
Mortgage Protection Insurance
Many people purchase life insurance to safeguard their spouses and children from financial difficulties if they unexpectedly pass away. This insurer’s mortgage protection insurance stands out because it considers increasing inflation rates. Each year, the death benefit of your mortgage protection insurance grows by 5% until it reaches a 125% increase. This can provide significant relief for those with adjustable-rate mortgages (ARMs), where monthly payments fluctuate based on economic conditions.
Additionally, Globe Life offers an optional rider called accidental death insurance. This coverage provides extra benefits to beneficiaries if the insured’s death is caused by an unforeseen or unnatural event. Accidental death insurance can be added to both term and whole-life policies. But it must be purchased through mail or over the phone.
How much Does it Cost?
The cost of a life insurance policy is highly variable. Factors that may affect the cost include age, current state of life, gender, medical history, and family health history. However, according to the Globe’s official website, adult policies may cost about $3,4.9 each month.
The children’s policy begins at $2.17 each month. The company charges customers just $1 on their first-month premium on a new policy. You can contact the company by phone or email for more information on the cost of the policy.
How to purchase Life Insurance from Globe Life
You can get a free quote and purchase term life online, on the mobile app, by phone, or via email. Also, you cannot purchase whole lives on the official website. You will need to contact an agent or apply via mail. For the two policies, there is no medical exam required and no waiting period.
To receive a quote online, you will have to provide information such as your name, age, email, and home address. You will then receive a letter from the company, and you will be asked to confirm your information. Just so you know, final expense and children’s life insurance policies can easily be purchased through an agent or online.
Is Globe a good life insurance company?
This company may be a good one for people who want term and whole life insurance. And for people looking for no-exam supplemental insurance or have a critical or terminal illness.
The company makes it easy to apply for and purchase a policy in person, online, by mail, or by phone. Fortunately, there is no waiting period required once you have purchased coverage.