Globe Life Insurance Review – 4 Things You Need to Know The only things sure in life are death and taxes. Thus, it is important to have a life insurance policy to help your family in the event of your passing. Unfortunately, not all insurers are created equal. For example, Globe Life Insurance Company is widely known for sending offers for policies that only start at a dollar or some other low figure. In the end, this seems to be some sort of gimmick in which they begin a premium low and raise the monthly rate considerably later.
Keeping that in mind, here are four things you need to know before purchasing a policy from Globe Life Insurance. #1: You Get What You Pay For in Terms of Service One draw for consumers is that Globe Life Insurance Company offers low rates and an easy questionnaire process. However, according to Consumer Affairs, that firm has a meager 2.5 star rating. While there are a few positive reviews on this website, they generally tend to be from people who have not yet had to use their benefits and are still making timely payments. It seems that most of the negative issues stem from incidents when beneficiaries try to collect on a policy, which is when any life insurance company should be providing their best service. This has led to consumers turning to local Department of Insurance (DOI) boards in several states, including California where there is a list of substantiated complaints against Globe Life. Some of the published reporting includes a lack of customer satisfaction. #2: Death Benefits May Not Be Immediately Available When a loved one passes, the first reaction is usually shock and grief. But shortly after, a monetary need to pay for the funeral or other final expenses usually comes up and this is when the life insurance company is contacted. All over the internet, there are multiple examples of Globe Life Insurance Company failing to pay a death benefit without a lengthy waiting period or even at all. The company’s bogus reasoning for non-payment of claims is hurting some families according to reports. According to reports, Globe is denying paying claims if the person is either in ill health at the time the policy is taken out or the policy is too new, or another bogus reason that leaves a devastated family scrambling during a time of need. This has led to multiple complaints, including some with government agencies. However, the company is usually found in favor because they hide this fine print in their policy contract agreements. Often policyholders fail to read their policy carefully enough or even at all.