Company Overview
Globe Life Burial Insurance is a reputable provider of affordable burial insurance policies. Established in 1951, the company has over 70 years of experience in the insurance industry. With a mission to provide financial peace of mind to families, Globe Life is dedicated to offering accessible and reliable coverage.
Financial Stability
Globe Life maintains a strong financial position, earning an A+ (Superior) rating from A.M. Best, a leading insurance rating agency. This rating reflects the company’s ability to meet its financial obligations and pay claims promptly.
Customer Service
Globe Life is committed to providing exceptional customer service. The company has received high ratings from independent review platforms, including an A+ rating from the Better Business Bureau. Globe Life’s experienced agents are available to assist policyholders with any questions or concerns.
Policy Details
Globe Life Burial Insurance offers a comprehensive range of policies designed to cover final expenses and provide financial peace of mind for your loved ones.
There are three primary types of policies available:
Whole Life Insurance
- Provides coverage for your entire life, as long as you continue to pay premiums.
- Builds cash value over time, which can be accessed through loans or withdrawals.
- Typically more expensive than term life insurance, but offers lifelong protection.
Term Life Insurance
- Provides coverage for a specific period of time, such as 10, 20, or 30 years.
- More affordable than whole life insurance, but coverage expires at the end of the term.
- Can be a good option for those who need temporary coverage or who are on a tight budget.
Final Expense Insurance
- Designed specifically to cover final expenses, such as funeral costs, medical bills, and outstanding debts.
- Typically has a lower death benefit than whole or term life insurance.
- May be a suitable option for seniors or those with limited financial resources.
Eligibility and Underwriting
To be eligible for Globe Life Burial Insurance, you must meet specific requirements. The underwriting process assesses your health and lifestyle factors to determine your eligibility and the policy’s terms.
Medical requirements include providing medical records and undergoing a medical exam if necessary. Non-medical requirements include answering questions about your health history, occupation, and lifestyle.
Eligibility Requirements
- Age: 50-85 years old
- Residency: Legal resident of the United States
- Health: Generally good health, as determined by underwriting
Underwriting Process
The underwriting process evaluates your health and lifestyle factors to determine your eligibility and the policy’s terms. Factors considered include:
- Medical history
- Current health status
- Lifestyle factors (e.g., smoking, alcohol consumption)
- Occupation
Cost and Premiums
Globe Life Burial Insurance policies are designed to be affordable and accessible to people of all ages and income levels. The cost of a policy will vary depending on several factors, including your age, health, and the amount of coverage you choose.
Premiums are typically paid monthly, but you can also choose to pay annually or semi-annually. Globe Life offers a variety of payment options to make it easy for you to budget for your policy.
Factors Affecting Premium Rates
- Age: Younger applicants typically pay lower premiums than older applicants.
- Health: Applicants with good health may qualify for lower premiums than those with pre-existing conditions.
- Coverage Amount: The higher the coverage amount you choose, the higher your premiums will be.
Payment Options and Premium Discounts
Globe Life offers a variety of payment options to make it easy for you to budget for your policy. You can choose to pay your premiums monthly, annually, or semi-annually.
Globe Life also offers a number of premium discounts, including:
- Multi-policy discount: If you purchase multiple Globe Life policies, you may be eligible for a discount on your premiums.
- Auto-pay discount: If you set up your premiums to be paid automatically from your checking account, you may be eligible for a discount.
Claims Process
Globe Life Burial Insurance provides a straightforward claims process to ensure timely and efficient payment of benefits to beneficiaries.
Filing a claim is simple and can be initiated by contacting Globe Life’s dedicated claims department. Representatives will guide you through the process and provide necessary assistance. Essential documentation required includes the insured’s death certificate, proof of identity for the beneficiary, and a completed claim form.
The claim processing timeline typically takes between 10 to 15 business days from the receipt of all required documentation. Once the claim is approved, payment is usually issued within 24 hours. Globe Life’s commitment to swift claim processing provides peace of mind to families during a difficult time.
Customer Reviews and Testimonials
Globe Life Burial Insurance has received mixed reviews from customers. Some policyholders have praised the company’s affordability, ease of application, and prompt claims processing. However, others have expressed concerns about limited coverage options and potential delays in receiving benefits.
Positive Experiences
- Affordable premiums: Many customers have found Globe Life’s burial insurance premiums to be competitive and budget-friendly.
- Simple application process: The application process is straightforward and can be completed online or over the phone, making it convenient for applicants.
- Fast claims processing: Policyholders have reported receiving their benefits quickly and efficiently after filing a claim.
Negative Experiences
- Limited coverage options: Some customers have complained that Globe Life’s burial insurance policies offer limited coverage amounts, which may not be sufficient to cover all funeral expenses.
- Potential delays in receiving benefits: In some cases, customers have experienced delays in receiving their benefits, which can be frustrating and stressful during a difficult time.
Overall, Globe Life Burial Insurance offers affordable and convenient coverage options, but it’s important to carefully consider the coverage limits and potential delays in receiving benefits before making a decision.
Alternatives and Competitors
Globe Life Burial Insurance is not the only provider in the market. Here’s how it compares to other reputable companies:
Lincoln Heritage Life Insurance Company
* Advantages:
* Offers a wide range of coverage options, including funeral expenses, burial expenses, and cremation expenses.
* Has a strong financial rating (A+ by A.M. Best).
* Provides various payment options, including monthly, quarterly, and annual premiums.
* Disadvantages:
* May have higher premiums than some competitors.
* Coverage limits may be lower than other providers.
Colonial Penn Life Insurance Company
* Advantages:
* Known for its affordable premiums.
* Offers guaranteed acceptance policies with no medical exam required.
* Provides coverage for pre-existing conditions.
* Disadvantages:
* Coverage limits may be lower than other providers.
* May not offer as many coverage options as some competitors.
Assurity Life Insurance Company
* Advantages:
* Offers a variety of coverage options, including burial expenses, funeral expenses, and cremation expenses.
* Provides coverage for pre-existing conditions with an additional premium.
* Has a strong financial rating (A+ by A.M. Best).
* Disadvantages:
* May have higher premiums than some competitors.
* May not offer as many payment options as other providers.
FAQs
Below are some frequently asked questions about Globe Life Burial Insurance:
Coverage
- What is covered under Globe Life Burial Insurance?
- Funeral expenses, including burial or cremation costs, cemetery fees, and funeral services.
- Is there a maximum coverage amount?
- Yes, the maximum coverage amount varies depending on the plan you choose, typically ranging from $5,000 to $25,000.
Eligibility
- Who is eligible for Globe Life Burial Insurance?
- Individuals between the ages of 18 and 80 who are US citizens or legal residents.
- Are there any health requirements?
- No, Globe Life Burial Insurance is guaranteed issue, meaning there are no medical exams or health questions.
Premiums
- How much do premiums cost?
- Premiums vary based on your age, coverage amount, and policy term. Contact Globe Life for a personalized quote.
- Are premiums fixed or adjustable?
- Premiums are fixed for the life of the policy, meaning they will not increase over time.
Claims
- How do I file a claim?
- Contact Globe Life as soon as possible after the insured’s death. You will need to provide the death certificate and other required documentation.
- How long does it take to process a claim?
- Claims are typically processed within 24-48 hours after receiving all necessary documentation.
