Term life insurance
Term life insurance is the most commonly purchased and the most affordable form of life insurance which you can buy. Although the insurance coverage is for life, you actually buy it in chunks of time such as 10, 20 or 30 years, so this is why it is called ‘term life insurance’.
Towards the end of each term you are given the option of renewing your policy or even to convert to a permanent life insurance policy such as whole life.
During the life of the term the premiums remain constant and can be significantly higher when you renew. This is why it is a good idea to buy a longer term policy if you think you will need the insurance for a longer period of time. Term insurance covers death benefits only. Globe offers anyone who buys a policy the option of a 30 day money back guarantee on any policy they sell.
Permanent life insurance
Permanent life insurance provides you not only with death benefits such as you would find under a term policy, but it also provides you with a cash accumulation feature. You can us this cash value accumulation for a variety of uses when making a financial plan. It could be used for your retirement, an additional financial aid for your family and can even be borrowed against in times of need.
Although there are a number of different permanent policies which are available such as whole life, universal life and variable life, Globe insurance only provides whole insurance for sale to its customers.
Whole life insurance
Whole life is one of the most common permanent life insurance policies chosen by buyers. It is a relative standard in how it works as the premiums you pay remain constant for the life of the policy. The death benefits which are payable are not taxable and the cash value is tax deferred until it is cashed in.
Complaints against Globe Life Insurance Company
Every large company has some form of consumer complaint and Globe Life Insurance Company is not exempt form these complaints. When checking out how a company rates, you have the option of using a consumer compliant site of which plenty abound online.
However, I look at these online consumer complaint sites with a jaundiced eye and prefer some of the more time tested agencies such as the BBB (Better Business Bureau) to get a pulse on how a company fares in dealing with complaints.
Globe Life Insurance Company is listed with the BBB and has an A rating which is a very high rating for consumer satisfaction and in how the company has dealt with complaints.