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The Globe Life and Accident Insurance Company offers no medical exam term life insurance, whole life insurance (for adults and children), as well as accidental death coverage. While these products are all structured differently, the term and whole life insurance policies would fall within the category of final expense insurance, as they have limited payouts that are better suited to covering end-of-life costs than income replacement. Globe Whole Life Insurance Purchasing Globe Life’s whole life insurance doesn’t require a medical exam, but they will ask you a set of questions about your health during the application process. Since the underwriting is limited, the death benefits are as well, though this is fine if you’re interested in final expense coverage as the average funeral costs around $10,000. Globe Life offers payouts of: $5,000 $10,000 $20,000 $30,000 $50,000 Globe Life’s whole life insurance has a cash value which grows over time, and is essentially the amount of money you would receive if you decided to surrender the policy. The cash value grows at a guaranteed rate annually and can be borrowed against to pay for certain things (such as an emergency hospital bill), but is not added to the death benefit. Cost Similar to most whole life insurance policies, premiums are level for the duration of the policy, with the only exception being the first month of coverage (you only have to pay $1). However, since there’s no medical exam, premiums will be significantly higher than if you purchased a policy from an insurer with full underwriting. The increased cost of no medical exam whole life insurance means that it’s typically only a good option if you know that you would have difficulty getting approved for coverage if you had to take an exam. Restrictions In New York, Globe Life’s whole life insurance payouts are even more limited, only ranging from $1,000 to $25,000, depending on your age and gender. Globe Term Life Insurance Globe’s term life insurance similarly has no medical exam and offers a restricted set of death benefits; you can only purchase $5,000, $10,000, $20,000, $30,000, $50,000 or $100,000 in coverage. Cost While Globe Life advertises level premiums for the entire policy term (the length of coverage), the maximum term available is only 5 years and premiums increase each time you decide to renew coverage. In addition, the way Globe Life determines your initial term length is somewhat unique. Essentially, Globe Life’s premiums are set according to 5-year increments of age, so your initial term ends whenever you move into a new age bracket, at which point you renew for a 5-year term with higher premiums. To illustrate, say you decided to purchase $50,000 of coverage when you turned 52 and maintained coverage until you turned 70. Your term lengths and rates would look like: Age Term Length Sample Premium 52-55 3 years $42 per month (after the first month, which is $1) 56-60 5 years $55 per month 61-65 5 years $80 per month 66-70 5 years $115 per month Restrictions Globe Life’s term life insurance policies are only available up to a certain age, typically 80 or 90. This isn’t a feature the company highlights, so you need to ask if considering coverage from them. A number of consumer complaints are from people that paid hundreds to thousands of dollars in premiums to Globe Life, only to live past 80 and discover that they no longer had coverage. In addition, Globe Life only offers up to $50,000 of coverage in New York. Globe Life Accidental Benefits Insurance Globe Life offers accidental death insurance with an initial death benefit of up to $250,000, and this figure increases by 5% each year for the first 5 years of the policy (or until you reach age 70, whichever happens sooner). Their accidental death coverage has guaranteed acceptance if you’re between 18 and 69, meaning there are no health questions or medical exam during the application process. As you might guess, Globe Life’s accidental death coverage only pays a claim if you die “accidentally”, according to the company’s definition. So, while they should pay your beneficiary if you die to due a sudden car crash or choking incident, your family wouldn’t receive a payout if you passed due to a disease, such as cancer. Depending upon how you die or what hardships you face, Globe Life’s accidental death coverage has additional payout opportunities: Incident Payout Accidental death of a parent If you have coverage for your entire family, your beneficiary will receive an additional 10% of your death benefit for each of your children between the ages of 15 and 22 (up to a total of $10,000) Accidental death while in a vehicle If you passed in a vehicular accident while wearing a seatbelt, you beneficiary receives an additional 10% on top of your death benefit Accidental death on a commercial airline If you passed while a passenger on a commercial airline, your beneficiary would receive a bonus of 100% of your death benefit Paralysis If you suffer from partial or full paralysis due to an accident during the term of coverage, the insurer assigns a value to your loss of mobility and pays you that amount Dismemberment If you lose a limb due to an accident during the term of coverage, the insurer assigns a value to your loss of mobility and pays you that amount Cost Premiums are level for your lifetime and seem inexpensive as compared to other life insurance policies, but this is due to the restricted set of circumstances under which Globe Life would have to pay out a claim. According to the CDC, accidents only accounted for 5.4% of deaths in 2015, with the vast majority (over 67%) occurring due to diseases or medical conditions. Restrictions Accidental death coverage is not available in every state. If you live in New York, Globe Life offers accidental death coverage, but it’s an entirely different policy in terms of its structure. While there’s no premium for the first year, and coverage costs just $10 per year after that, the death benefit is extremely limited. Globe Life offers $3,000 each for you and your spouse, and $1,000 for each child. So, if you were on your way home from work and killed by a drunk driver, your beneficiary would just receive $3,000.
