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.
#3: There’s Usually an Age Limit & Health Condition Does Matter
Another reason why Globe Life Insurance usually gets bad reviews is that there’s usually an age limit on their policies. However, they still continue to market to seniors who have long since passed this benchmark. In fact, some consumers are completing the application process before finding out they’re not even eligible in the first place. Talk about frustrating!
Others are dutifully filling out the application forms only to find out later they don’t qualify. Their having a minor health condition or other lifestyle factor immediately disqualified them. Many of the Globe Life Insurance reviews online actually cite this scenario. This is leading some to believe that the process is actually commonplace.
#4: There Are Many Other Viable (and Better) Options Available
Unlike death, life insurance policies are not one size fits all. That’s why it is incredibly important to work with an independent agent to determine the financial needs of your family. For example, a single female parent in their late-twenties has her own unique needs. It’s something entirely different than a couple on the brink of retirement. And that’s part of the issue with Globe—they treat each policyholder the same right up until it really matters, when a death occurs.
Many people purchasing policies from Globe Life are now finding out that it isn’t what they thought. We’re looking forward to the opportunity to serve your insurance needs including showing you all the other available options. We treat each of our clients like family, helping them find the coverage they need without a huge hassle. Contacting our knowledgeable and courteous life insurance team today is the right move. We’re looking forward to helping you obtain the coverage you need to protect your family.