Globe Life Insurance: Overdose Coverage Explained

Life insurance policies often cover deaths caused by a drug overdose, but this depends on the type of policy and its exclusions. Globe Life Insurance is a provider of choice for people looking for a widely available life insurance provider with a no-medical exam option. The company offers term life, whole life, children's life, and burial life insurance. Their policies are available in all 50 states and do not require a medical exam. However, Globe Life has received a high level of complaints about its insurance for individuals, with complaints centering around claims payments and policyholder service delays or a lack of response.

Globe Life's no-medical-exam policies

If you're looking for a life insurance provider that offers no-medical-exam policies, Globe Life may be a good option. In fact, all of Globe Life's insurance products are available without a medical exam, making it a convenient choice for many individuals. However, it's important to note that no medical exam does not guarantee policy approval, and individuals with chronic or severe health issues may still be declined.

Here's what you need to know about Globe Life's no-medical-exam policies:

Types of No-Medical-Exam Policies Offered:

• Term life insurance: Coverage up to $100,000, which is lower than most other insurers. You can buy a policy online or through an agent.
• Whole life insurance: Coverage up to $50,000. You'll need to work with an agent or purchase coverage by mail, but no medical exam is required.
• Final expense insurance: A type of whole life insurance designed to cover burial or cremation costs, funeral services, and other end-of-life expenses. Coverage can be purchased online without a medical exam.
• Mortgage protection insurance: A guaranteed option that provides coverage in case of accidental death or dismemberment.
• Children's life insurance: Coverage for children or grandchildren, with a death benefit of up to $30,000. No medical exam is required, and coverage can be purchased online.

Benefits of Globe Life's No-Medical-Exam Policies:

• Convenience: No medical exam means a simpler and faster application process, which can be attractive to those with busy schedules or who prefer a more streamlined approach to obtaining insurance.
• Accessibility: Globe Life's no-medical-exam policies make it possible for individuals with health issues to obtain life insurance, although approval is not guaranteed.
• Variety: Globe Life offers a range of no-medical-exam policies to suit different needs, including term, whole, and final expense insurance.

Drawbacks of Globe Life's No-Medical-Exam Policies:

• Limited coverage: The coverage amounts for Globe Life's no-medical-exam policies are generally lower than those offered by other companies.
• Higher premiums: No-medical-exam policies typically come with higher premiums due to the increased risk for the insurer.
• Customer service issues: Globe Life has received complaints about its customer service, including difficulties in cancelling policies and long wait times.

Overall, Globe Life's no-medical-exam policies can be a good option for individuals seeking convenience and accessibility in their life insurance. However, it's important to weigh the benefits against the drawbacks, including limited coverage and higher premiums. Additionally, Globe Life's customer service has received mixed reviews, so prospective customers should consider their own priorities and needs when making a decision.

Globe Life's high level of customer complaints

While Globe Life has high customer satisfaction scores, indicating that most policyholders are likely satisfied with the insurer's level of service, the company has also received a high volume of customer complaints. The National Association of Insurance Commissioners (NAIC) evaluates the volume of complaints received by insurance companies using a baseline scoring method, and Globe Life has consistently received above-average scores, indicating that it could improve its standards for customer service.

A review of customer complaints reveals several recurring issues with Globe Life's products and services. One common issue is difficulty cancelling policies and obtaining refunds. Some customers have reported that the company continued to withdraw premiums from their bank accounts even after they had requested cancellation. Others have faced challenges in receiving refunds for policies that were cancelled or never took effect.

Another issue highlighted in customer complaints is aggressive sales and marketing tactics. Some customers have reported receiving incessant calls and junk mail from Globe Life, even after expressing disinterest in their products. The company's marketing materials have also been criticised for being misleading, with some customers signing up for policies that differ from what was advertised.

In addition, customers have complained about issues with billing and payments. There have been reports of double-billing, unexpected premium increases, and difficulties in updating payment information. Some customers have also had problems with the online bill payment system, including issues with accessing their accounts and making payments.

Poor customer service has also been a frequent source of complaints. Customers have reported long wait times, unhelpful responses, and rude behaviour from customer service representatives. There have also been instances where customers have struggled to reach the company by phone or email, or have been unable to access their online accounts.

Furthermore, there have been concerns about the handling of claims. Some customers have faced challenges in submitting the required documentation and have experienced delays in receiving their payouts. In some cases, Globe Life has denied claims or reduced the payout amount, leading to dissatisfaction among customers.

Overall, while Globe Life may offer convenient and accessible life insurance products, the high volume of customer complaints highlights areas where the company could improve its services. These issues span various aspects of the customer experience, from aggressive sales tactics to difficulties with billing, claims, and customer support. Addressing these concerns could help Globe Life enhance its reputation and better meet the needs of its policyholders.

Globe Life's accidental death benefit rider

Accidental death and dismemberment insurance (AD&D) is an insurance policy that provides coverage for unexpected events such as life-altering injuries or accidental deaths. Globe Life's accidental death benefit rider is an example of an AD&D policy that can be added to both whole and term life insurance policies. This rider offers additional financial protection in the event of a covered accidental death.

One of the key advantages of Globe Life's accidental death benefit rider is its wide acceptance, with guaranteed acceptance regardless of health for individuals aged 18 to 69. Additionally, there are no health questions or medical exams required for this policy. The first month of coverage costs only $1, after which the rates are locked in for the life of the policy.

The rider includes several valuable features at no extra cost. One such feature is the Inflation Benefit, which automatically increases the primary insured's principal benefit by 5% each year until it reaches 125% of the initial benefit or until the insured turns 70, whichever comes first. Another feature is the Education Benefit, which provides an additional 10% of the death benefit for each dependent child between the ages of 15 and 22 in the event of the primary insured's accidental death.

The policy also includes benefits specific to certain situations, such as the Seat Belt Benefit, which pays 10% of the insured's principal benefit if they suffer an accidental death while wearing a seat belt in a car. Similarly, the Commercially Scheduled Airline Benefit provides an additional benefit amount equal to the insured's principal benefit if they die as a fare-paying passenger on a commercial airline due to an accident.

For families, Globe Life offers the Family Plan, which provides coverage for the spouse and any dependent children. The principal benefit for the spouse and children is determined by the family composition and the percentage of the primary insured's principal benefit. For example, in a family of four with a $100,000 policy, the accidental death benefits would vary based on the number of dependent children.

It is important to note that common exclusions from AD&D policies include deaths resulting from drug overdoses and suicide. Therefore, it is crucial to carefully review the coverage restrictions and exclusions before purchasing this type of policy.

Globe Life's final expense insurance

Globe Life offers final expense insurance, also known as burial insurance, which is a type of life insurance that covers funeral costs and other final expenses like medical bills and even lost wages due to time away from work. This type of insurance is important for those who want to pre-plan their funeral and ensure their loved ones are not burdened with unexpected costs.

Final expense insurance policies have a lower face value than traditional term or whole life policies as they are designed for a specific purpose. These policies generally don't require a medical exam, but premiums will be higher the older the insured person is, and some benefit payouts may be limited during the first few years of coverage for those with significant health issues.

With a strong financial rating from A.M. Best Company and positive customer reviews, Globe Life's final expense insurance is a good option for those seeking burial insurance or looking to pre-plan their funeral arrangements.

Globe Life's whole life insurance

Whole life insurance is a type of permanent life insurance that offers coverage for the entirety of the policyholder's life, provided that premiums are paid. Globe Life's whole life insurance does not require a medical exam, making it a convenient option for many. However, it's important to note that the absence of a medical exam does not guarantee policy issuance.

Here's a comprehensive overview of Globe Life's whole life insurance:

Coverage Options

Globe Life offers whole life insurance with coverage amounts ranging from $5,000 to $50,000. This coverage amount can be selected based on your specific needs and budget.

Application Process

The application process for Globe Life's whole life insurance is simple and can be completed without a medical exam. You can apply for coverage by calling an agent or purchasing it through the mail. The company also offers the option to buy directly from the comfort of your home, with an online application process that can be completed in minutes.

Premium Payments

With Globe Life's whole life insurance, your premiums remain the same for life. The rate you pay when the policy is issued is locked in, and you will never experience an increase in premiums for any reason. This provides peace of mind and helps with long-term financial planning.

Cash Value

One of the key advantages of whole life insurance is that the policy builds cash value over time. This cash value can be borrowed against or withdrawn by the policyholder. This feature adds a savings component to your life insurance policy, enhancing its overall value.

Coverage Permanence

Whole life insurance provides permanent coverage, meaning it lasts for the insured's entire life, as long as premium payments are made on time. This is in contrast to term life insurance, which only provides coverage for a specific period.

Coverage for Children

Globe Life also offers whole life insurance for children, providing an opportunity for parents and grandparents to give their children a head start financially. The coverage amounts range from $5,000 to $30,000, and the rates are very affordable. Additionally, the benefits are guaranteed and will never be reduced or canceled as long as premiums are paid on time.

Customer Satisfaction

Globe Life has received positive feedback from customers, with many praising the professionalism and courtesy of its employees. The company has also been recognized for its commitment to supporting communities and promoting sustainability through various charitable initiatives.

Company Ratings

In terms of financial strength, AM Best has given Globe Life an A (Excellent) rating, indicating strong financial stability. Additionally, in the 2023 J.D. Power U.S. Life Insurance Study, Globe Life scored above the industry average, reflecting its high customer satisfaction levels.

Frequently asked questions