Life insurance offers financial protection for your loved ones by paying out a death benefit to your nominated beneficiary/beneficiaries. Globe Life Insurance is a leading provider of simplified life insurance products in the United States. In this article, we will explore Globe Life Insurance and the different types of life insurance policies they offer. From term to whole life, we will cover the key features, benefits, costs, and things to consider for each. By the end, you’ll have a good understanding of how Globe Life can help secure your family’s future.
Term Life Insurance
Term life insurance from Globe Life provides coverage for a specific period, commonly 10, 20 or 30 years. The main benefit is affordable pure death benefit protection. Some key things to know about term life with Globe Life:
- Coverage expires at the end of the term unless renewed, at which point premiums may increase.
- Premiums remain level for the initial term period chosen and are cheaper than other permanent policies.
- Ideal for covering debts and dependents’ living expenses for a set time frame like children’s education years.
- Convertible term allows converting the policy to permanent coverage like a whole life without medical tests at pre-set dates.
- The renewable term gives the option to keep renewing coverage each term with premiums adjusting to age and health.
- Terms of 10-30 years are common though shorter terms of 1-5 years may be available too.
- Face amounts typically range from $25,000 to $1 million depending on your needs and premium paying ability.
For strict risk coverage without a long-term savings element, an affordable term life plan from Globe Life is worth considering during your young working years.
Whole Life Insurance
Whole Life provides permanent lifetime coverage as long as premiums are paid. Some distinguishing factors are:
- Coverage and premiums remain constant for life (barring non-payment). Premiums aren’t guaranteed to stay level forever.
- It combines protection with savings/investment aspect as cash value grows tax-deferred inside the policy.
- Face value is paid to the beneficiary and the remaining cash value is reimbursed to the policyholder on death.
- Minimum premium payment periods are much longer (20-30 years) to fully fund increasing costs.
- Suitable for those looking for lifelong coverage even into retirement years.
- Not ideal if you want flexibility to stop payments – cash surrender value may be less than premiums paid.
For steady lifelong coverage with an investment component, whole life from Globe Life is a good guaranteed option.
Universal Life Insurance
Universal Life from Globe Life offers flexibility and long-term coverage like whole life but is more customizable:
- Flexible premiums can be changed anytime to vary the policy’s cash value growth.
- Coverage may be adjusted up or down annually (within limits) based on life-stage needs.
- Cash value earns competitive interest and funds the cost of insurance charges deducted from it.
- Premiums must cover charges annually so coverage doesn’t lapse even if premium payments stop.
- Suitable if long-term goals or income may change, requiring insurance levels to vary accordingly.
- Requires diligently tracking account value and keeping premiums sufficient to maintain coverage.
For its flexibility and customizability, Universal Life may serve diverse long-term coverage needs through Globe Life.
Globe Life Insurance Riders
Riders are additional provisions added to life policies to supplement basic coverage. Common riders offered by Globe are:
- Accidental Death Benefit Rider – Pays extra in case of accidental death. Premiums are nominal.
- Waiver of Premium Rider – Waives premium payments if totally disabled before age 60 for the duration of disability.
- Children’s Insurance Rider – Covers children at low individual rates instead of one large family policy.
- Terminal Illness Rider – Pays a lump sum early if diagnosed with less than 12 months to live.
- Overfunded Policy Protection Rider – Protects beneficiary from taxes on policy gains above premiums paid in.
Adding suitable riders enhances protection tailored to risks and family needs while not overburdening the finances.
Globe Life Insurance Premiums
Factors affecting premiums for a given Globe Life coverage amount (or face value):
- Age – Younger ages are cheaper as risks are lower and the premium dollar earns more interest income.
- Health – Medical tests allow prices based on health and risks. Smokers pay higher rates.
- Policy term – Longer term or lifetime policies carry more costs than shorter term.
- Riders – Added costs for any extra benefits beyond basic death coverage.
- Face value – Higher amounts mean larger premiums due to greater payout liability.
- Underwriting – Simplified issue or fully underwritten impacts final price points.
- Payment mode – Pay annually or more frequently like monthly adds loading costs.
- Discounts – Nonsmoker, good health, large policies over $100k get affordable rates.
With the insurer’s quote tool, explore premiums upfront for different options to fit your budget.
Applying for Globe Life Insurance
Getting a Globe Life insurance proposal involves an easy application process:
- Submit basic information online or fill short paper/teleapp to indicate coverage needed.
- Underwriting determines insurability based on health, habits, and finances through questionnaires.
- Medical tests like blood/urine tests may be required depending on the age and amount sought.
- Qualified agent assists in gathering relevant details to provide accurate quotes quickly.
- Review premium quotes for desired face amount and coverage term/type options.
- Once the selected policy is approved and paid for in full or in installments, coverage is effective.
- Policy documents are delivered confirming cover and claim procedure details.
- Moderately healthy candidates (age 40 or less) get most Globe policies within 2 weeks.
With streamlined processes and transparent underwriting, securing needed Globe Life cover is quite straightforward.
Globe Life Insurance Claims Process
While unfortunate, insured deaths do occur and claims arise. The key steps Globe follows are:
- Beneficiary informs company and submits claim form with death certificate within the proof period.
- The company verifies coverage validity, claimant, and cause of death details.
- If accidental, any accident investigation reports or other claim proofs are required.
- Once a claim is found payable as per policy terms, Globe processes payment promptly within 10 business days.
- Claim rejection only happens in case of non-disclosure, and waiting period applicability.
- An insurer has to justify rejecting any legitimate claim legally for payment refusal.
This simplified process ensures timely claim settlement to beneficiaries during their difficult time of loss.
Maintaining & Reviewing Globe Life Policies
It’s prudent to periodically review purchased Globe Life coverage:
- Check the adequacy of the sum assured as incomes, and liabilities change over time.
- Review beneficiary details if relationship statuses or dependents change.
- Ensure premium payments don’t lapse policies, especially with flexible premium contracts.
- Revisiting coverage objectives and alternatives keeps you optimally covered.
- Alerts any health changes so underwriting may continue as accurately as possible.
- Opt for nonforfeiture options if stopping premiums to retain some cash surrender value.
Globe Life agents stay ideally available to assist in reviewing coverage as per life stages to prevent coverage mismatches or lapses over time.
In summary, securing life insurance from Globe Life helps safeguard your loved one’s financial security in the unfortunate event of death. With life stages and goals evolving, tailored solutions across their suite of products can aid in protecting dependents at an affordable price. Understanding the benefit structures, suitable applications, claims procedures, and maintenance best practices puts you in the driver’s seat of your financial protection with Globe Life Insurance. Please reach out to their licensed representatives for any specific policy details or assistance in choosing life covers.