GLOBE

Globe Burial Insurance Pro's & Con's

By James Tobin, CFP®

Critical Takeaways

  • Instant issue policy with no exam
  • Teaser rate of $1 for the 1st month is a marketing gimmick (rates are higher than many competitors)
  • Policies are term not whole life. Rates change (go up ) every five years.

GLOBE

Life Insurance


Life Insurance Help Desk Rating

Disclosure

Please note the Life Insurance Help Desk is not in any way affiliated with Globe. This article is our personal review of the Guaranteed Issue life insurance product offered through Globe Life Insurance, as well as alternatives. If you are looking to contact Globe directly, call them at (800) 654-5433. If you are looking for a lost policy try the NAIC policy locator service.

Expert Review Of  Globe  Burial Insurance

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Reviewed by

Jim Tobin, CFP®

Why you can Have confidence in this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

Are you looking for a detailed review of Globe Life’s underwriting niches, pricing structure, history, financial offerings, and ratings? You’ll find all the information you’ve ever needed in this review.

Globe Life Insurance Company Details

Based in Oklahoma City, Globe Life Insurance is primarily a burial, accidental insurance, and Medicare Supplement company. They’ve been in the business since 1951 and have millions of customers.

You might have their ad campaigns on TV, where they promise a $50,000 life insurance policy for just $1. This is a "teaser rate" and Globe burial insurance is actually quite expensive compared to alternatives.

Because there are significantly less expensive options available, you need to consider a few important factors before you purchase a life insurance policy from Globe Life.

Rates for alternative Burial Policies are available right Here

Cost of Globe Insurance Life Policy

Let’s talk about the burning question first – is that ad campaign legit?

The ad for life insurance costing $1 is only for the first month,. The truth is it’s a plain old marketing gimmick to attract eyeballs and customers who have a limited ability to comparison shop.

Also known as guaranteed rate schedules, the premiums for these policies keep increasing every five years.

When you factor in all costs, you’ll realize that it wasn’t really a great choice. You could have saved more money had you opted for an alternate insurance company.

 A simple traditional whole life policy, without the sales gimmick  would have cost you considerably less over the life of a policy.

Age

Male

$10000

Male

$20000

Female

$10000

Female

$20,000

41-45

$11.11

$20.51

$8.17

$14.36

46-50

$14.18

$26.34

$10.54

$18.85

51-55

$17.91

$33.49

$13.00

$23.61

56-60

$23.16

$43.60

$16.14

$29.74

61-65

$30.84

$58.49

$20.28

$37.89

65-70

$42.24

$80.73

$26.19

$49.58

71-75

$59.54

$114.79

$35.38

$67.81

76-80

$79.46

$154.59

$49.72

$96.41

What About Pre-existing Health Conditions?

Irrespective of whether you have a deadly medical condition or have a clean bill of health, Globe Life will always be more expensive than alternatives (except for the first month). 

Do not be worried about your health issues blocking your ability to obtain a decent and affordable insurance policy. There are numerous insurance companies that offer no-exam policies that take care of all your needs!

No Medical Examination Life Insurance

Although Globe Life does offer no-exam insurance policies, the terms are based on increasing rate on a five year rate schedule.

If you need a no-exam burial insurance policy, don’t be worried – there are many decent options in the market. Most burial insurance companies are tolerant of  high-risk insurance applicants with serious conditions like diabetes or cardiovascular problems.

Even if you’ve been rejected for an insurance policy before, don’t be dissuaded. Many of these companies don’t care about your history of rejection and will approve you without any hassles.

Calculating How Much Burial Life Insurance You Need

Whether you purchase a no-exam policy or a simple, regular one, it’s crucial to be aware of exactly how much burial insurance your require. It will play a key role in determining your choice.

Unless you have sufficient insurance coverage, you might wind up leaving your family with high bills and debts that they might not be able to pay off. When you calculate the insurance amount you need, consider these 2 factors as well:

All anticipated funeral expenses and other liabilities

Your budget

Although losing your loved ones is never easy, it can often be difficult to accurately calculate how much your family may need to pay in funeral expenses.

You need to be careful enough not to overpay for your life insurance while also ensuring that your family is not caught off-guard by the funeral bills.

What Policies Can You Qualify For With Globe Life?

Let me be clear – Globe Life’s burial policies are no match for the offerings of their competitors.

For example, they only offer term life insurance policies to their customers. Although this might be a good option for certain individuals, you’ll eventually reach a point where it becomes necessary to go for a permanent insurance policy.

While most life insurance carriers allow you to convert to a better policy, you’ll have no such luck at Globe Life.

If you ever wind up needing a whole life insurance policy, Globe Life doesn’t offer them at all. It’ll all have been for nought.

Alternatives to Globe Life

Although Globe Life is indeed a highly popular insurance carrier, there are numerous other insurance firms with similar policies that are more value-for-money. Our top 3 recommendations are:

AIG: Go here for a guaranteed life insurance policy. If you can’t find any luck anywhere else, this should be your last stop.

Liberty Bankers: They offer a plethora of amazing whole life insurance policies with liberal underwriting terms.

Mutual of Omaha: They offer burial insurance policies at competitive rates.

Burial Premiums

Unless you choose a guaranteed issue carrier like AIG  , there are  factors that will also be considered while your premiums are being calculated. Among these include, your tobacco usage  and your history  health conditions.

If you’re listed as a smoker on your life insurance application, be aware that smokers have to pay 2x-3X the premium rate compared to non-smoker applicants.

Next Step

Did you find the information here useful? Well, if you’d like to talk more, we at Life Insurance Help Desk are always available to help people find the best burial insurance policies for their needs. Send us an email or call us up for a quick chat about what you’re looking for. 

Bonus: The most common mistakes people make buying life insurance and how to avoid them

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