The purchase of insurance isn't usually something that people look forward to. Yet without it, even a small unexpected event could turn into a major financial catastrophe. While our Globe Life Insurance Company review is here to help you understand this one company, it is so important to not only have the right insurance coverages but to obtain that protection from the right insurance company.
Knowing that the insurance carrier will be there if or when the time comes to file a claim can provide you or your loved ones with the peace of mind in knowing that the financial payout will be made – and promises will be kept.
With that in mind, it is important to review thoroughly an insurance carrier before taking that next step and purchasing an insurance policy. Doing so should include taking a look at the financial strength of that insurer, as well as its reputation for paying out its past policyholder claims.
One insurance carrier that has had an extremely positive reputation in the industry for many years for being strong from a financial standpoint, and for paying out claims to its policyholders is Globe Life and Accident Insurance Company. Even though they did not make our list of the best term life insurance companies, they are a very good option if they end up having the best rates for you.
The History of Globe Life Insurance Company
Globe Life and Accident Insurance Company was founded in 1951. It was initially started with just $60,000 in borrowed capital – and today the company possesses more than $69 billion of insurance in force.
One of the key missions of this large insurer is to secure life insurance protection to its policyholders both now and in the future. And, because of that mission, the company has grown to be one of the most reputable and prominent insurance companies in the U.S.
The firm was founded – and continues to be headquartered – in Oklahoma. Although the policies that Globe Life offers provide coverage throughout the entire United States. In fact, the company has more than 3.9 million life and health policyholders across America.
Globe Life Insurance Company Review
Globe Life and Accident Company prides itself on being a “hassle free” company to work with. It also promotes the wide variety of different products that it offers, so that customers have many options, based on whatever phase of life that they are in.
The products that are offered through Globe Life can be purchased in some different ways – including through the mail, online, or over the phone, and many of these coverages require answering just a few simple health-related questions to qualify.
Globe Life and Accident Insurance Company makes it very easy for its current policyholders to access their policy information 24 hours per day. This can be done online. In being able to get to their policy information via the Internet, consumers can make payments, view their premium information, see their policy details, update their mailing address and other contact information, as well as perform other functions.
Policyholders of Globe Life can also contact a customer service representative if they have any additional questions or needs. Reps can be contacted in some ways, including through a toll-free phone number, direct email, and / or an emailed form.
Financial Strength Ratings and Reviews for Globe Life Insurance Company
Globe Life and Accident Insurance Company is considered to be both financially stable and sound regarding paying out claims to its policyholders. For this reason, the company is rated (as of June 2015) with an A+ by A.M. Best Company. This rating is considered to be Superior for financial strength, management skills, and integrity.
In addition, Globe Life and Accident Insurance Company has also been an accredited business through the BBB (Better Business Bureau) ever since January 1, 1952. The BBB has given the insurer a grade of an A+, which is on an overall grading scale of A+ to F. This is the highest possible grade.
Throughout the past three years, Globe Life and Accident Company has closed roughly 372 total complaints via the BBB, of which 99 of those were closed within the past year. Of the 372 complaints, 233 of those were having to do with the company's product and / or service, another 68 of those had to do with billing and / or collection issues, 54 were having to do with advertising and / or sales issues, 9 dealt with delivery issues, and the remaining 8 had to do with guarantee and / or warranty issues.
The Life Insurance Products That Are Offered By Globe Life
Globe Life offers many different life insurance product options to choose from. This can help customers to “custom build” the protection that works the best for them – and to switch to a different policy and / or add protection if or when their needs happen to change over time.
The life insurance coverage that is provided through Globe Life and Accident Company include the following:
Term Life Insurance
Term life insurance is considered to be the most basic form of life insurance coverage. This is because this type of life insurance provides just death benefit only, without any cash account for building up savings. Many people refer to term life insurance as “temporary” life insurance, and thus will purchase it for covering needs such as their unpaid mortgage balance.
Globe Life offers the opportunity to purchase term life insurance coverage for just $1 for the first month. This coverage can be in the amount of $5,000 up to $100,000. After that, extremely affordable premium rates are based on the insured's age at the time of the policy's issue. These policy types are especially good for those seeking larger death benefit amounts at an affordable price, such as a $1 million dollar life insurance policy.
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The term life insurance policies that are offered through Globe have benefit levels that cannot be reduced during the lifetime of the policy. This means that – as long at the premiums are paid that the policy is in force – the full amount of the life insurance benefit will be available to the policy's named beneficiary (or beneficiaries) should the insured pass away.
The company also offers a 30-day money back guarantee. This means that, if you decide not to keep the life insurance coverage at any time within the first 30 days that the coverage is in force – for any reason – the policy can be returned, and the premium will be refunded.
If you are worried about outliving your coverage, Globe offers a return of premium life insurance rider. So if you happen to outlive the policy you will receive back all of your premiums.
Whole Life Insurance
Globe Life and Accident Insurance Company also offers whole life insurance coverage. This type of coverage is a type of permanent life insurance coverage, meaning that the death benefit will remain as long as the insured continues to pay the premiums. The amount of the premiums will be locked in, never to go up – even as the insured's age increases, and even if the insured contracts an adverse health condition.
Whole life insurance policies also have cash value build-up. This cash will grow at a set, guaranteed rate of return. While the cash will initially grow slowly, after a while, it can begin to compound exponentially. One reason for this is the fact that it is allowed to grow tax-deferred. This means that no tax is due on the growth of the funds that are within the cash component of the whole life policy until the time they are withdrawn.
The whole life insurance that is offered via Globe Life offers up to a $50,000 permanent life insurance death benefit that cannot be reduced for any reason. As with the term policies offered through Globe Life and Accident Insurance Company, the whole life insurance plans also offer a 30-day money back guarantee. And, coverage can also be secured for just $1 for the very first month.
Accidental Death Insurance Coverage
Globe Life offers an accidental death insurance option. This coverage allows policyholders to add up to $250,000 in additional protection. With this coverage, an applicant will have guaranteed acceptance. There are no medical examinations as a part of the qualification process – and, once you are accepted, the premium is guaranteed never to increase.
Children's Life Insurance Coverage
Although nobody ever wants to think about it, the unexpected can occur to those who are young. And, while many people may not depend on their children for income, the death of a child can pose final expenses, uninsured medical bills, and other financial hurdles.
With that in mind, Globe Life and Accident Insurance offers children's life insurance coverage that can be purchased at a very affordable rate. Just $1 locks in the first month's worth of coverage. After that, the premium will be based on the insured's age – and it will remain the same going forward. This is the case, regardless of any change in health, future occupation, and increase in age going forward.
Because the children's life insurance that is provided via Globe Life and Accident Insurance Company is a permanent plan, it will build up cash value. This means that the child / insured can have a nice amount of savings built up over time. These funds can be borrowed against or withdrawn in the future for any reason.
Children's life insurance is easy to apply for. It just takes a few simple questions to answer on the application for coverage. These policies also come with a 30-day money back guarantee if you are not fully satisfied.
Other Types of Coverage Available Through Globe Life Insurance Company
In addition to life insurance protection, Globe Life, and Accident Insurance Company also offers other coverage products. These include:
- Medicare Supplement Insurance – Although Medicare Parts A and B will provide a great deal of protection against hospital and doctor's services, there are also many out-of-pocket expenses that people are unaware of that need to be paid every year. By having a Medicare Supplement insurance policy, consumers can protect themselves from potentially having to pay thousands of extra dollars every year. The Medicare Supplement, or Medigap, plans offered by Globe Life and Accident Company offer very affordable rates, as well as the freedom to choose the doctors and hospitals where you want to receive your services.
- Auto Insurance – As a trusted insurance partner, Globe Life works to find its customers the best rates on auto insurance coverage. Getting a policy can be easy, and often the transaction can be completed online by providing just an e-signature.
How and Where to Get the Best Quotes on Life Insurance Coverage
When shopping for insurance premium quotes, it is typically best to do so with an independent provider that works with more than just one carrier. This is so that you will be able to compare from many different carriers and then decide, after reviewing several different policies, carriers, and premium rates, which of them will work the best for you and your specific coverage requirements.
If you are ready to move forward with the purchase of an insurance policy, we can help. We work with many of the best life insurance carriers in the marketplace today – and we can easily assist you in coming up with all of the key details that you will require in making a well-informed purchase decision. Whenever you are ready to proceed, complete the quote form on this page.
Should you find that you still have any questions regarding Globe Life and Accident Company – or even if you just happen to have a question about life insurance in general – then please feel free to contact us directly. Our experts are here to answer your questions and concerns.
We understand that the purchase of life insurance can seem a bit overwhelming. There is a lot to think about during the buying process – and you want to make sure that you will be getting the right type and amount of coverage. But, we can help to ensure that you are covering all of the important bases. So, contact us today – we are here to help.