Globe Life Insurance??

Question

Does anyone know if Globe Life Insurance (the one that advertises $1 buys your first month's premium) has a limited benefit factor? In other words, if the insured person dies within 1 or 2 years after the policy is bought, will the beneficiary get the total policy amount (ex. $10,000) or only the total amount from premiums paid? Thanks.

Answer 1

Yes, for adult coverage.  For child coverage, it doesn't have that.

Answer 2

Globe sells different types of policies under their $1 for the first month of coverage.  I think I have seen term, whole life, and combination term and accidental death insurance all used with that offer.  On all of those policies you get the full amount from the time the policy is inforce.  I'm not aware of any waiting periods.  

The only reason that you would only get your premium back is if they deny your claim because you lied on your application and you die within the first 2 years.  

Usually the only policies with waiting periods are those that are guaranteed issue.  They'll give you the insurance with no questions asked, but you have to live and pay premiums for a couple of years before your insurance goes into effect.  I'm not aware of Globe selling a guaranteed issue product but be sure and read the fine print just to be sure.

Answer 3

Globe Life is part of the Torchmark family of companies that include American Income, Liberty National Life, United Investors, and United American. All life insurance policies have a 2 year contestibility period. Globe Life does massive mailings and advertising and that cost a bundle so their rates are higher due to all the advertising.

You can purchase a better policy for a better price with a company who does not do business through the mail. Talk to a local independent Life Agent or Broker who will shop for the best rate for you and will explain all the fine print in the policy. I strongly advise not to buy insurance through the mail.