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Globe Life Insurance Pros & Cons
Pros
Globe Life Insurance has no waiting period, meaning that upon approval you are eligible for your payout. Globe Life’s policies, most of the time, activate immediately upon purchase and allow beneficiaries immediate payout if unforeseen circumstances were to occur.
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You may be eligible for your first month of Globe Life Insurance for free. Although time-sensitive, Globe Life commonly has specials toting the first month free of premium.
Lots of coverage options. As mentioned above, Globe Life and Globe Life subsidiaries may only offer their affiliated services but said services have a wide range of coverage. From coverage with your mortgage to child whole life insurance policies, there are a plethora of options.
30 days money back guarantee. As with most insurance agencies, there is a contracted, 30-day money-back guarantee, if you aren’t satisfied with your purchase
Cons
They only offer their own products Although not uncommon for brokers to do, this means that if there’s a disconnect in any of the processes, you’re stuck with globe-life-affiliated products. This can also be a good thing if Globe Life is what you prefer
Terms are restrictive, existing in successive terms by renewing them every 5 years. Globe Life policies that aren’t whole life exist in terms, of renewing themselves every 5 years
Globe Life expires at age 90. Yeah, you read that correctly… we’re stumped too.
Generally considered expensive within the industry compared to its peers
Long-term, Globe Life’s policies can be considered more expensive than average. Since the first month is either free or 1$, the remaining months incur a successive premium that begins to snowball.
Maximum coverage is set at $100,000. Minimum coverage is $5,000. Overall, coverage ranges aren’t too broad, as other plans may offer minimum coverage as low as $1,000, and maximums of over a million
Globe Life does not issue life insurance to foreign nationals. This may include if you, the beneficiary of a plan, are not within America at the time of death
