Globe Life is a popular life insurance company that offers burial insurance to seniors over the age of 50.
But, just because something is popular, does it mean the company is right for you? Should you buy a Globe Life insurance policy?
Before making any decisions about purchasing a Globe Life burial insurance plan, it is important to understand both the pros and cons associated with them, as well as consider alternatives in order to make sure you choose the right plan for your individual needs.
We will look at what Globe Life burial insurance is, weigh up its advantages and disadvantages – plus provide some cost considerations when choosing between different options available on the market today.
Table of Contents:
- What is Globe Life Burial Insurance?
- Pros and Cons of Globe Life Burial Insurance
- How to Choose the Right Plan for You
- Cost Considerations
- Alternatives to Globe Life Burial Insurance
- Frequently Asked Questions
- Next Steps
What is Globe Life Burial Insurance?
Globe Life, a life insurance company that primarily focuses on policies to cover end-of-life expenses, has been in business since 1900. They are headquartered in McKinney, Texas and have an A rating from A.M Best Company, an independent organization that rates the financial health of carriers.
As with all burial insurance, Globe Life’s policies aim to provide financial protection for your loved ones in the event of your death.
It pays out a lump sum to cover funeral costs, debts, and other expenses associated with end-of-life arrangements. The amount you choose to insure yourself for will depend on your individual needs and budget.
There are two main types of Globe Life burial insurance policies: Whole Life and Term Life. Whole life plans provide coverage throughout the insured’s lifetime, while term life plans offer coverage for a specific period of time (usually 10 or 20 years).
Both types come with different levels of premiums depending on age and health status.
Key Takeaway: Globe Life has been in business since 1900 and has an A rating from A.M. Best. However, you need to look closely at the burial insurance products they offer before making a purchase.
Pros and Cons of Globe Life Burial Insurance
Here we will cover the benefits and concerns of a Globe Life burial policy.
In general, burial polices are used to cover:
This type of coverage is typically purchased by seniors over the age of 50 (and is even available for seniors over 80) who want to ensure that their final arrangements are taken care of in case something happens to them.
Let’s consider Globe Life specifically.
Globe Life Burial Insurance offers flexible payment options so seniors can choose the plan that best fits their budget.
The policies are easy to understand and don’t require any medical exams or health questions, making it easier for seniors who may not have access to healthcare resources or those with pre-existing conditions.
Coverage is guaranteed as long as premiums are paid on time, meaning you won’t have to worry about your coverage lapsing due to illness or other unforeseen circumstances.
There are no restrictions on how you use the funds from your policy; they can be used for anything related to funeral expenses such as caskets, flowers, obituaries – giving you peace of mind knowing that your loved ones will not be burdened with these costs after you pass away.
Globe Life term burial insurance does not offer any cash value accumulation. If you cancel your policy before death, there will be no money returned back into your pocket like some whole life insurance policies do.
The maximum amount available through this type of coverage is limited compared with other types of life insurance policies. There could be gaps in covering all necessary expenses related to funerals and burials depending on what kind of service one desires at the time when needed most .
There is a history of customer complaints related to Globe Life policies. Further, if you provide Globe Life your information, you may be hounded with phone calls.
In relation to face amount Globe Life’s policies are expensive. Other, more affordable, burial insurance options for seniors need to be explored.
Key Takeaway: Globe Life burial insurance provides seniors over 50 with two burial insurance options: term and whole life. However, numerous customer complaints have been made and their policies are expensive.
How to Choose the Right Plan for You
Choosing the right plan for your burial insurance needs can be a daunting task. With so many options available, it’s important to understand what you need and how each plan works before making a decision.
Determine Your Budget
The first step is to determine your budget. Burial insurance plans vary in cost depending on the coverage amount and type of policy you choose.
You should also consider any other expenses associated with the policy such as administrative fees or riders that may increase your premium payments over time. Once you have an idea of what you can afford, start researching different plans and comparing their features side-by-side.
Understand Policy Details
When evaluating different policies, look at factors like eligibility requirements, coverage amounts, premiums, payment terms and conditions as well as additional benefits such as accelerated death benefit riders or living benefits if applicable.
Make sure to read through all of the fine print carefully so that there are no surprises down the road when filing a claim or making changes to your policy later on.
Another important factor is whether or not pre-existing medical conditions will affect eligibility for certain types of policies or result in higher premiums than normal due to increased risk factors associated with them.
It’s best to speak with an experienced agent who can help explain these details clearly before signing up for any kind of burial insurance plan.
Doing research ahead of time will ensure that you get the most out of every dollar spent on burial insurance while giving yourself peace of mind knowing that loved ones won’t be burdened by large unexpected costs during this difficult time.
Choosing the right plan for you is an important decision that can provide peace of mind and financial security. The cost of burial insurance varies greatly, so it’s worthwhile to do your homework.
Key Takeaway: When choosing a burial insurance plan, it is important to consider your budget, research different plans and compare their features side-by-side, understand eligibility requirements and coverage amounts, and read through the fine print carefully.
When it comes to Globe Life burial insurance, cost is an important factor for seniors. The amount you pay will depend on several factors, including your age and health status. Generally speaking, younger applicants can expect to pay lower premiums than older applicants.
The coverage amount also affects the cost of a plan. Higher coverage amounts typically come with higher premiums, while lower coverage amounts tend to have lower premiums.
It’s important to consider how much coverage you need before signing up for a policy – if you don’t have enough coverage, your loved ones may not be able to cover all of your final expenses when the time comes.
Your health status impacts the cost of a Globe Life burial insurance plan, as well. If you are in good health or only have minor medical conditions such as high blood pressure or diabetes, then you may qualify for preferred rates that offer lower monthly payments than standard rates do.
However, if you suffer from more serious medical conditions such as cancer or heart disease, your premiums could be significantly higher due to increased risk associated with those illnesses – or you could be denied coverage altogether.
It’s also important to note that some plans offer additional benefits such as accelerated death benefit riders which allow policyholders access part of their death benefit early in case they are diagnosed with a terminal illness and need money for medical bills or other expenses related to their condition.
Finally, it is always wise to shop around and compare different policies from multiple providers before making a decision. Use an independent agent to walk you through your options. This way, you can ensure that you get the best deal possible without sacrificing quality or service levels.
Key Takeaway: When considering Globe Life burial insurance, seniors should take into account their age and health status, the amount of coverage they need, and any additional features that may be included. It’s important to compare different policies from multiple providers.
Alternatives to Globe Life Burial Insurance
There are other options available that may be more suitable depending on individual needs and circumstances.
Final Expense Policies
Final expense (also called burial insurance) policies are designed to cover the costs associated with funeral expenses and other end-of-life costs such as medical bills or unpaid debts.
These policies typically have lower premiums than traditional life insurance plans, due to the modest face amounts, making them an attractive option for those on a fixed income.
Many burial insurance plans for seniors are more affordable than Globe Life.
For instance, evaluate the the following top-rate final expense carriers:
Additionally, these policies do not require a medical exam. Some guaranteed issue polices do not require health questions, either, in order to qualify for coverage, so they can be easier to obtain than some other types of life insurance products.
In addition to life insurance, be sure you are making the most of your healthcare options, like Medicare.
Medicare supplement plans provide additional coverage beyond what is offered by Original Medicare (Parts A & B). These plans can help cover out-of-pocket expenses such as copayments, coinsurance and deductibles that are not covered by Original Medicare alone.
Depending on the plan chosen, it may also offer coverage for prescription drugs and emergency care outside of the United States. Seniors should carefully review their options before selecting a plan in order to ensure they get the best value for their money.
Health Insurance Plans
If Medicare is not an option, look into health insurance offered through the Affordable Care Act.
Health insurance plans provide protection against unexpected medical expenses due to illness or injury while providing access to preventive care services like annual checkups and screenings at no additional cost when using in-network providers.
Many health insurers offer special discounts or incentives specifically tailored towards seniors which can make these plans even more affordable than traditional life insurance products.
Cancer plans provide financial assistance if you’re diagnosed with cancer – including payment toward treatments such as chemotherapy or radiation therapy, along with reimbursement of related travel costs like transportation fees and lodging accommodations near treatment centers if needed.
While this type of plan does not replace traditional health insurance, it can help ease some of the financial burden associated with a cancer diagnosis.
By understanding all their options, seniors will be better equipped to choose the right type of life insurance product, as well as other forms of insurance, based on their individual needs.
With careful consideration given to each option, seniors will be able to find an appropriate solution that meets both their budget constraints and desired level of protection.
When it comes to burial insurance, there are many alternatives available that can provide seniors with the coverage they need.
Key Takeaway: Seniors should carefully consider all their insurance options in order to find the best fit for their individual needs. Options such as final expense policies, Medicare supplement plans, health insurance plans and cancer plans can provide varying levels of coverage at different price points.
FAQs in Relation to Globe Life Burial Insurance Plans
Does Globe Life Insurance pay for funeral expenses?
Yes, Globe Life Insurance does pay for funeral expenses.
They offer a variety of life insurance plans to help cover the costs associated with funerals and other end-of-life expenses. Their Final Expense plan is designed specifically to provide coverage for burial or cremation costs, as well as any outstanding medical bills or debts that may be left behind after death.
How much does a burial policy cost?
The cost of a burial policy varies depending on the type of coverage you choose and your age.
Generally, final expense policies for seniors over 50 range from $10 to $50 per month. The cost can be much more depending on your needs and circumstances.
Ultimately, it is important to research different types of policies available in order to find the best option that fits your budget and needs.
Is Globe Life burial insurance legit?
Yes, Globe Life burial insurance is a legitimate life insurance product.
It offers term, final expense, whole life, and accidental death plans to help cover costs primarily associated with end-of-life expenses.
The company has been in business since 1900 and has an A+ rating from the Better Business Bureau. They are also accredited by the National Association of Insurance Commissioners (NAIC).
However, numerous customer complaints about Globe Life are found online.
Which is better burial insurance or life insurance?
Burial insurance is designed to cover final expenses such as funeral costs, medical bills, and other end-of-life costs. Life insurance provides financial protection for your loved ones in the event of your death.
Both types of policies can provide peace of mind that your family will be taken care of financially when you pass away.
Ultimately, it depends on individual needs and preferences which type of policy is best suited for each person’s situation. It is important to speak with a qualified professional who can help determine which type would be most beneficial for you or your loved one’s unique circumstances.
Globe Life burial insurance plans are a viable option for seniors over the age of 50 who want to ensure their burial costs are covered. However, in terms of cost and quality of the policy, better options exist.
It is important to weigh the pros and cons of this type of insurance plan before making a decision, as well as considering cost considerations and alternatives.
Ultimately, it is up to you to decide which plan best meets your needs. By researching different options available in terms of globe life burial insurance plans and understanding how they work, you can make an informed decision that will provide peace of mind for yourself or your loved ones.
Are you looking for a way to ensure your final expenses are taken care of? Our plans provide seniors with the peace of mind that their families will not be burdened by costly funeral and burial costs.
With our range of burial insurance, Medicare, health and cancer plans available, we make it easy for seniors to find the right coverage at an affordable rate. Get in touch with iSeniorBenefits today.