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Globe Life Insurance is one of the most popular life insurance companies in the United States, but they’re not the only life insurance company out there. Before you choose your policy, it’s important to evaluate your options to make sure you’re getting the right amount of coverage and at the best possible price. The following benefits of Globe Life Insurance can help you decide if it’s right for you.
life insurance
Who should get life insurance
If you have a family to support and are an income earner, it’s likely that life insurance will be a worthwhile consideration. When researching your options, keep in mind that term life insurance is only a good option if you’re young and healthy; if you have health problems or are older than 35 or 40 years old, you might want to consider whole life insurance instead. Unlike term policies, whole life insurance has cash value that builds over time so it can provide protection throughout your entire lifetime. That way, even if you don’t get much use out of it early on, your coverage can stay active—and at no cost to you—for many years to come.
Types of life insurance
Common types of life insurance include:
Term life insurance.
Whole life insurance.
Universal life insurance.
Variable life insurance.
Indexed universal life insurance.
Simplified issue life insurance.
Guaranteed issue life insurance.
Group life insurance. What to consider when choosing a policy: When it comes to life insurance, you can’t put a price on peace of mind—but that doesn’t mean you shouldn’t try. In addition to figuring out how much coverage you need, there are other factors to consider before choosing a policy.
How much coverage you need
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The amount of life insurance you need will depend on your current financial situation and what would happen to those you leave behind if you were to die. Most insurance companies say a reasonable amount for life insurance ranges from five to ten times your annual income, but many factors can affect how much life insurance you should purchase. Your best bet is to discuss your needs with a licensed professional and talk about whether term or whole life insurance is right for you. What type of policy is right for you: There are two main types of life insurance policies: term and whole. Term life covers you only until a certain age—the term—and then expires.
What kind of coverage to choose
Term life insurance is generally much less expensive than permanent plans. However, you’ll have to make sure that you can afford coverage for a long enough time period and that you choose a term length that suits your needs. There are different types of health insurance plans that meet different needs; be sure to shop around if you want protection from medical expenses or if you want critical illness protection as well. Also, look into whether dental and vision benefits are included in your plan. If not, it might be worth it to get them separately through a high-deductible health plan (HDHP).
When to buy life insurance
The best time to buy life insurance is while you’re young, healthy and have dependents who rely on your income. There are times when it makes sense to purchase a policy even if you don’t have any immediate family members, such as when you’re self-employed and have a great deal of debt. However, most people will find it advantageous to get life insurance when they still have many years ahead of them in their careers. Remember that the age part of a term life insurance policy refers to how long you’ll be paying premiums on that particular policy—not when you actually receive payments from your plan or what age group your beneficiary can claim death benefits from.
How much it costs
The best thing about state life insurance is that it’s very inexpensive, especially if you opt for a relatively small policy. Consider your budget before deciding on how much coverage to get. While big-ticket items like school loans, mortgages and vacations are tempting to cover with state life insurance, do keep in mind that these debts will remain even after your death. Not covering these obligations could leave your survivors with an unexpected mess when they’re already grieving. It’s important to consider both tangible and intangible costs and how they might be impacted by your passing. This way, you can make sure that any debt is covered while still leaving enough money behind to live comfortably in retirement or send your kids to college.
How long it lasts
One of the most common questions we get from life insurance applicants is, how long does life insurance last? The answer is pretty simple: It depends on your policy. Some people choose term life insurance policies, which are designed to only cover you for a specific amount of time. Others opt for permanent plans that pay out as long as you’re alive. In both cases, though, once your policy expires or when you die, it’s over—but there are other considerations. Your beneficiary can claim their payout at any time (provided they follow your plan’s guidelines). Also, worth noting: If you do pass away before your policy expires, there may be an opportunity to switch your existing policy to a longer-term one.
Review your policy periodically
Don’t forget to review your policy periodically. Check out any modifications and new plan offerings that may make more sense. Keep up with any changes in state law as well—state life insurance can be surprisingly cheap if you reside in a no-fault state. It also might be wise to review your beneficiaries regularly to make sure they reflect current needs of your family and that information is up-to-date if any plans change (this could mean naming yourself as a beneficiary or an investment, or simply writing a will). Your next step: Get started shopping!
Make sure you have enough money saved up
One of the benefits of life insurance is peace of mind, but you’ll only feel secure with a policy if you’re prepared to pay for it. To make sure you have enough money saved up to pay your premium, keep in mind that a death benefit and term life insurance quotes will be based on your current age; once you turn 40 or 45, your rates may increase. If that’s not something you want to deal with right now, consider buying life insurance later in life or purchasing permanent insurance such as universal life. Another thing to remember: If you have children (or plan on having any), make sure they’re covered under your policy; many parents’ policies cover spouses only.
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