Life insurance is a financial protection that delivers money to others when the policyholder dies. This insurance can give you peace of mind, knowing your loved ones will gain a cash benefit that has no limits after you’re gone. Typical uses of individual life insurance payouts include paying for funeral expenses, paying off credit card debt and paying the balance of mortgage loans.
Globe Life offers a few specialized life insurance products, including the following:
Term Life Insurance
A term life insurance policy is a financial hedge that covers you for a specific period, called the policy’s term. If the policyholder dies while the term is active, beneficiaries receive a payout.
The Globe Life Insurance Company of New York offers term life insurance policies without a waiting period. Most applicants also won’t need to undergo a medical exam to get approved for coverage. You can buy a term policy from Globe Life that has terms from one to 30 years, which is more customizable than some competitors. But death benefits are lower than you’ll find with most other life insurers: a maximum of $100,000.
You can buy select term life policies online. Prices are more affordable than whole life insurance, making term life an appealing option for people on a budget for insurance. Globe Life offers $1 premiums for your first month of coverage, a sign-on bonus. Premiums increase to the agreed-upon rate once the offer expires.
Whole Life Insurance
Whole life insurance policies guarantee a payout for beneficiaries as long as premiums are paid on time. While term life insurance is significantly more expensive than term life coverage, it includes a cash value element that returns a portion of premium value in the form of investment income over time.
Globe Life offers whole life insurance options, but you won’t be able to apply for coverage online. Rates won’t increase when you lock into term coverage, which makes Globe Life an appealing option for those looking for whole life coverage with predictable costs.
In terms of coverage amounts, Globe Life insurance claims max out at $50,000 in death benefit value, lower than most competitors. While Globe Life issues whole life policies without an in-person medical exam in most cases, you will need to complete a health questionnaire before learning more about your rates.
Final Expense Insurance
Final expense life insurance is a policy that covers costs associated with a person’s funeral, burial and other death-related expenses. Policies may include additional customization from a family attorney or financial expert, depending on the needs of the family.
Globe Life’s final expense insurance policies are structured as term policies, with death benefits ranging between $5,000 to $100,000. The application process is also the same as its term life insurance options, with no waiting periods and instant online applications for most people who apply.
Children’s Life Insurance
While most people associate life insurance covering parents and grandparents, Globe Life has children’s life insurance plans with up to $30,000 in benefits. While the amount is lower than the maximum death benefits you’re likely to see from competitors, Globe Life’s direct applications can be more convenient for some parents.
Children’s life plans from Globe Life include locked-in premiums, which don’t increase as children age. Like most other policies, children’s life insurance is available without a medical exam.
Mortgage Protection Insurance
Many people buy life insurance to protect their spouse and children against financial shortfalls in the event they pass away unexpectedly. Mortgage protection insurance policies from Globe Life are unique because they factor in rising inflation rates. For each year your mortgage protection insurance remains in force, your death benefit increases by 5% until it reaches a 125% bump. This can be a major source of relief with adjustable rate mortgages (ARMs), whose monthly payments change based on current economic conditions.
Globe Life offers a single rider option, accidental death insurance. Accidental death insurance benefits deliver beneficiaries an extra payout if death is caused by an unforeseen or unnatural circumstance. Accidental death insurance benefits are compatible with both term and whole life policies, but you must purchase them by mail or over the phone.
