Globe Life Burial Insurance Review 2023 – Good Or Bad?
Posted in Final Expense Life Insurance Reviews last updated on January 3, 2023
Globe Life Burial Insurance Review
Summary
Globe Life’s premiums increase every 5 years, making it unaffordable later in life.
| Pros | Cons |
|---|---|
| ✅ Premiums are very low at the beginning | ❌ Premiums increase every 5 years |
| ❌ Unaffordable premiums later in life | |
| ❌ Policy expires at age 90 |
Globe Life is one of the most well known insurance companies out there and many people buy their life insurance. So how good are they, and is it a good deal?
In this article we are going to go over prices, history of Globe Life, and our take on Globe Life. While Globe Life has a few different types of policies, their most marketed and well known is their term life insurance policy that is made to cover final expenses. That is the product we will be discussing here.
Table Of Contents
Final Expense Burial Insurance Term Life
Age Range: 18-79
Coverage Amount: $5,000-$100,000
Waiting Period: No
States Available: All
Will It Expire: Yes at age 90
Premiums: Increase every 5 years
This is Globe Life’s final expense policy that they market widely and what most people have. The prices for Globe Life are very low, lower than anything else on the market for similar products, at least on first.
This is because they raise the price every 5 years to very high rates to make up for the low rate at the beginning.
Because of this increase in their prices every 5 years, most people end up canceling their Globe Life policy later in life. Globe Life has a very high cancellation rate because of this. Many people sign up thinking the prices will remain the same the entire time, but they can get very expensive in your later years.
Also, while some people do not live to age 90, many do, and at this time the policy expires and no benefit is paid. This is not common among other burial insurance products.
Below are some sample prices. Remember, prices increase as soon as you go into the next age bracket.
| Age Bracket | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 51-55 | $13.00 | $17.91 | $23.61 | $33.49 |
| 56-60 | $16.14 | $23.16 | $29.74 | $43.60 |
| 61-65 | $20.28 | $30.84 | $37.89 | $58.49 |
| 66-70 | $26.19 | $42.24 | $49.58 | $80.73 |
| 71-75 | $35.38 | $59.54 | $67.81 | $114.79 |
| 76-80 | $49.72 | $79.46 | $96.41 | $154.59 |
| 81-85 | Unknown (Not Public) | Unknown (Not Public) | Unknown (Not Public) | Unknown (Not Public) |
| 86-90 | Unknown (Not Public) | Unknown (Not Public) | Unknown (Not Public) | Unknown (Not Public) |
As you can see, the prices can quadruple on you in your later years. Also, the rates at 81 and the next increase at age 86 are big increases, but the exact amount is not published on their website.
If you are interested in seeing prices from many other companies, fill out our quote form to see instant prices from the top insurance companies in the business.
Globe Life Reviews
Globe Life has an above average number of complaints for the life insurance industry. This is probably because they get a lot of people on their insurance that don’t know they will be paying much higher prices in the future or don’t know that the policy will expire.
You can get policies that never expire and with prices locked in with many other well known carriers in the industry like Mutual Of Omaha that don’t have bad reviews.
Other Options
If you want to know the top 10 best burial insurance companies click here.
The truth is there are literally hundreds of insurance companies all competing for your business. You should look around when trying to find a final expense burial insurance policy to cover everything. The truth is, Globe Life is not a great option for anyone. If you want to find the best quotes you should shop around to find the best rates.
We work with over 14 different companies to find the best rates for anyone in any state. This means you know you are getting the best deal for you.
If you are looking for term life, whole life final expense, or just want to know all your options, give us a call or fill out our quote form to see sample rates and we will be in touch to talk. Best of all, working with Seniors Mutual is completely free and always will be.
FAQs
