Globe Life Insurance Policies: Good or Bad?
The scale of life insurance is staggering yet there are hundreds of thousands of independent insurance providers operating at any given time. Collectively, these insurance companies are responsible for underwriting policies with a merged value of between 15 and 20 trillion dollars in the United States.
Global life insurance is one of the many companies in this category. It is a niche product that caters to the policy holders who significantly spend a lot of time overseas.
Most policies cover deaths deaths caused by accidents or illnesses contacted or sustained outside the USA and may be renewed yearly for up to 45 years after the insurance. Just like most insurance products, global life insurance policies do not cover deaths that are caused by the pre-existing medical conditions or long-term injuries that occurred earlier than the day the insurance was issued.
What Does Globe Offer?
Globe Life Insurance offers a full suite of life insurance policies. These include a whole life insurance, term life insurance, permanent life insurance and several other specialty packages.
In general, policies that are underwritten by by Globe Life insurance are competitive with those offered by other similar life insurance providers. Just like most life insurance policies, globe does not pay out death benefits to the policy holders who decide to commit suicide. Additionally, globe will not make payments to beneficiaries who might have caused a policy holders death.
Globe products may have some drawbacks. One claim is that some past beneficiaries have had issues in recovering death benefits on term life policies that pay out within 2 years of signing up. It may seem unfair but it’s actually a common practice in the life insurance industry.
So, of you wish to take a life insurance policy under Globe, or any other life insurance company, then it is wise to ask your agent about the probationary period. In some cases, it may be safer to pay more for polices that do not come with such limitations.
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