One strong contender in the insurance industry is Globe Life and Accident Insurance Company. This company provides a variety of different coverage products to its policyholders, and is well respected in the insurance industry.
The purchase of a life insurance policy can be a big decision in a person’s life – which is why it is so important to ensure that you are working with one of the best life insurance companies. The company that the policy is purchased from should be financially stable and will be there when the beneficiary needs the funds if or when the unexpected should occur.
With that in mind, prior to moving forward with buying any type of coverage, it is essential to review the underlying insurer. That way, knowing that the carrier has a good reputation for paying out its claims to its policyholders and that it has a positive reputation can help to ensure peace of mind.
The History of Globe Life Insurance Company
Globe Life and Accident Insurance Company (Globe Life) initially began its operation in 1951, in Oklahoma City, OK. It still has its headquarters there today. The company started out as a small insurer, begun by two friends, Ralph Reese, and John Singletary, who borrowed $60,000 in capital to get the insurer started.
When first getting off the ground, Globe Life sold its policyholders inexpensive, but dependable, life insurance coverage to consumers who lived in the rural areas of Oklahoma. And, although the company started out small, it quickly grew to become very successful within a short amount of time.
Globe Life has more than 4 million policyholders today who hold life or health insurance protection, and the insurer holds in excess of $60 billion in insurance coverage in force. This makes the company one of the more prominent life and guaranteed health insurers in the U.S. today. In 2014, Globe Life and Accident Insurance Company brought in roughly $702 in insurance premiums in total.
This has helped the carrier to grow in both financial strength, and in its overall brand recognition. Today, Globe Life is licensed to do business in all of the U.S. states, except New York. The company offers online quoting services, as well as policy issuing, along with a quote system that requires some basic personal information from those who are interested in obtaining insurance.
The insurer has very high ratings from the insurance company rating agencies. These include an A+ from A.M. Best, an A+ from Fitch Ratings, and an AA- from S&P. Globe Life and Accident Insurance Company has also been an accredited member of the Better Business Bureau since January 1, 1952.
Today, Globe Life is a subsidiary of the Torchmark Corporation, which is an S&P 500 company. The firm offers numerous products to its customers, in addition to just life insurance coverage. It also offers services that are helpful to its policyholders.
The company wants to ensure that its policyholders – as well as its potential policyholders – are well educated about the products and services that are offered by Globe. For example, one helpful method of doing so is the great amount of education that is offered on the company’s website. Here, there are many helpful tips about insurance and other related information such as how to manage money, and how to obtain affordable life insurance coverage at any age.
There is also additional helpful information on the site, such as how to avoid financial scams – which can be especially helpful for those who are senior citizens and are oftentimes the targets of such tactics.
The Globe Life brand name is still highly recognizable – which may be due in large part to the fact that many people know the company because their parents, and even their grandparents, have owned policies through the insurer.
In addition, Globe is also known for its high level of ongoing consistency. This is because the same management team has been in place for almost twenty years. This has helped to further ensure quality service to the firm’s policyholders, even long after a policy has been sold.
Globe Life is also an active participant in areas other than just insurance and the protection of assets. For instance, the firm is active in youth sports programs in Texas through its Softball Grant Program. The company also purchased the naming rights to Globe Life Park, the stadium of the Texas Rangers Major League Baseball team.
Products That Are Offered Through Globe Life Insurance Company
Globe Life and Accident Insurance Company offers a wide variety of insurance and financial products to its customers. These are geared to both adults and children, and as such, can be helpful should the unexpected and / or the unthinkable occur. Knowing that one’s financial stability is protected can help, even in the worst of situations.
Term Life Insurance
One of Globe Life’s most recognizable ads states that just $1 can buy $100,000 in life insurance coverage for either an adult or a child. The company prides itself on providing low-cost term life insurance coverage.
Term life insurance is one of Globe Life’s most popular products. Adult policyholders can obtain this type of coverage for a premium that is as low as $3.49 per month, and children may obtain this coverage for as low as $2.17 per month.
At Globe Life, one can purchase a term life insurance policy with a face amount of coverage of between $5,000 and $100,000. This type of life insurance provides death benefit coverage only and has no cash value or savings component attached to it. Because of this, the rates can oftentimes remain quite low and because of the low death benefits many consider these as Globe burial insurance.
A term insurance policy, as the name implies, can be purchased for a set number of years – or term – of usually 5, 10, 15, 20, or even 30 years. There are also 1-year renewable term life insurance options.
Some of the term life insurance options that are offered by Globe Life do not require that the applicant take a medical examination as a part of the underwriting procedure. These can mean that the time for approval is shortened up considerably, and the applicant can have his or her coverage within just a matter of days – or sooner – as versus weeks with a medically underwritten life insurance policy.
Applying for term life insurance through Globe Life and Accident Insurance Company is very easy, then, as there can be no waiting period, and the initial premium amount is only $1. Once the initial premium has been paid – and provided that the applicant has been approved for the coverage – the actual amount of remaining premium that is due will be based upon the individual’s age and health condition. Once the premium amount has been established, however, it will be guaranteed throughout the life of the policy.
If the individual does not wish to keep the term insurance policy, he or she is allowed to cancel it within the first 30 days, and they can receive a refund of their $1 premium. The coverage will at that time be canceled.
Should they wish to keep the policy, however, it may also be possible to obtain a policy for a spouse as well. In this case, the policyholder can contact Globe Life and request a second application for coverage. That application can be completed and returned to the company. Once approved, the policy will be mailed to the policy holder’s spouse.
Accidental Death Insurance
Globe Life and Accident Insurance Company also offers and accidental death insurance policy. This plan provides $250,000 in coverage. In order to qualify for coverage, there is no medical examination that is required by the applicant. Issue age for these plans is between 18 and 69.
Mortgage Protection Insurance
With Globe Life’s mortgage protection insurance coverage, policyholders can obtain up to $350,000 in protection for accidental death. This product has been designed for coverage of one’s mortgage payments in the case of accidental death of the insured.
Supplemental Life Insurance for Civil Service Employees
Globe Life and Accident Insurance Company also has an Employee Services Division. This branch of the company services the government market at the state and the federal levels. Globe has set up specialized life and health insurance products in order to serve this particular marketplace.
Via its supplemental insurance programs, the members of the government employment force, as well as their eligible family members, are allowed to purchase certain types of life insurance that is designed to pick up where their FEGLI (Federal Government Life Insurance) coverage leaves off. This can be an ideal way for these government employees to fill in any gaps in protection that is left by their employer-sponsored benefits.
Medicare Supplement Insurance Coverage
Globe Life also offers Medicare Supplement insurance. For those who are covered through Medicare Parts A and B, there are many deductibles and copayments that are left unpaid. By also having a Medicare Supplement insurance plan, these “gaps” in coverage can be filled in so that the insured does not have to pay so much out of pocket.
Additional Services Provided By Globe Life
Policyholders of Globe Life and Accident Company are able to obtain information regarding their insurance coverage online. This can make it convenient if they wish to find out additional details about their policy, as well as if they need to file a claim. The company also provides toll-free telephone lines for reaching its customer service representatives who can offer helps with providing insurance quotes and with questions regarding products and services that are offered by the company.
There is also an e-Service Center provided by Globe Life. This service, offered online, helps policyholders to obtain policy information, as well as to make their premium payments via the Internet, and to do other maintenance related details such as updating their mailing address.
Where to Get the Best Quotes for Life Insurance Coverage
If you are shopping for quotes for Globe Life Insurance products, or for life insurance in general, the best way of doing so is get quotes from multiple carriers at one time.
Using this method you can get a variety of burial insurance quote options that you may qualify for, as well as view the differences in premium quotes.
What many people may not be well aware of is that not all insurance companies price their products in an identical manner. This means that you could apply at two different insurers for the very same type of coverage but receive very different quotes for the premium.
Over time, this could add up to hundreds – or even thousands – of dollars of difference in your overall premium paid. Therefore, it pays to compare prior to making your final policy decision.