Review of Globe Burial Insurance Offering
If you are considering purchasing Globe burial insurance policies, you have landed in a good place. This review will briefly address the company’s history, financial ratings and offerings, underwriting niches, pricing, and alternatives.
Globe Life Insurance Company Review
Globe Life is an accident and burial insurance company, based out of Oklahoma City. They’ve garnered a wide customer base for their insurance policies, since inception in 1951.
You may know about them from their advertising campaigns, promising $50000 in life insurance for a mere $1 payment.
If you aren’t bothered by cost and are desperate to qualify for life insurance coverage, this could be a viable choice for you.
But before choosing Globe Life to be your insurance provider, here are a few vital factors to be considered.
Cost of Globe Insurance Life Policy
First of all, is the ‘Pay $1 and receive $50000 insurance policy’ advertisement legit? Not really, it is nothing but a marketing gimmick, meant to attract customers into purchasing their policies.
Called guaranteed rate schedules, your premiums will keep rising once every 5 years.
While you may find the rates to be inexpensive in the beginning, they will be hiked at regular intervals.
When you calculate the final costs, you’ll find that you’ve paid a lot more money to Globe Life than you would’ve paid, had you gone for another insurance carrier.
While it seems like a great deal when the policy kicks off, due to affordable rates, that advantage will soon diminish as your premiums shoot north drastically.
And this is how their business model works. By the time it's over, you’ll have paid far more for insurance coverage, compared to the amount you would’ve paid for traditional policies.
What About Pre-existing Health Conditions?
Regardless of whether you’re perfectly healthy or suffering from medical conditions, you’ll be overcharged by them significantly. Why? Because they don’t conduct a comprehensive follow-through while assessing your history of medical conditions. If you happen to be affected by even minor issues, do not go for Globe Life.
In almost every case, you’ll find their policies to be far more costly than policies from other carriers.
Don’t let your health conditions keep sabotaging your search for a life insurance policy that caters to your needs. Many companies are out there, offering no medical examination policies, which could be perfect for your requirements!
No Medical Examination Life Insurance
While Globe Life provides no medical examination policies, This plan’s conditions are just like their other policies. Like all other policies offered by them, these won’t be an affordable option in the long run.
If you require a no exam policy for burial insurance there are plenty of solid options. Several insurance carriers have liberal underwriting conditions for applicants at high risk who have many serious health conditions like cardiovascular problems or diabetes.
Also, if you have been turned down in the past, don't let that stop you. Several carriers will not be dissuaded by a previous declined application.
Calculating How Much Burial Life Insurance You Need
Prior to purchasing a burial insurance policy, regardless of whether it's a traditional one or a no-examination policy, it is important that you have a clear idea about your burial insurance requirements.
Without ample insurance protection, you are liable to leave your loved ones with debts and bills which they may be unable to cover. While deciding the amount of insurance to purchase, two factors must be kept in mind:
1. All your anticipated final expense bills, funeral costs, burial costs.
2. Your budget- what can you comfortably afford?
While losing a loved one can never be good, when it comes with funeral expenses, it is simply harder to handle.
Having the right coverage protection is to walk a fine line between not having ample protection and overpaying for life insurance.
What Policies Can You Qualify For With Globe Life?
Globe has difficulties in offering policies that match up with its competition.
For instance, the company offers only term life policies to its consumers. While these may be good for many, there will eventually come a point where you’d like to change your term insurance policy in favor of something permanent.
While many life insurance firms provide you with an option to convert, Globe Life has no such provisions.
If you need whole life policies, then Globe Life offers no options that fit your requirements.
Alternatives To Globe Life
While Globe Life happens to be a popular life insurance firm, many other rival firms also exist with policies similar to Globe Life’s offerings. The top 3 firms are:
- Mutual of Omaha- Competitive rates from a well known burial carrier.
- Liberty bankers - Liberal underwriting of true whole life policies.
- AIG - This company is a good option for guaranteed life insurance. A good choice when all other avenues are closed to you.
Globe Burial Premiums
No matter which company you eventually pick, there are many factors which they will consider while calculating premium amounts.
Among the biggest factors include health condition and your usage of tobacco. For those looking to pay less in premiums, you will need to better your health.
If your insurance application lists you as being a smoker, you could wind up paying 2x times premium amounts compared to non-smokers.
Your Next Step
Thank you for choosing NODLB.com to research Globe burial insurance policies. Should you have any questions, please do not hesitate to call or send over an email.