Globe Children’s Life Insurance Review

Choice Mutual Rating

4.5

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

Globe Life offers a well-priced life policy for children.

But there may be better options on the market.

This review article will teach you how their policy works and the cost compared to other insurers.

In addition, we’ll show you how Globe stacks up other children’s life insurance companies and clearly explain which company has the best policy for a minor.

How Does Globe Children’s Life Insurance Work?

Globe Life’s children’s insurance is a whole life insurance policy available to your kids or grandkids aged 0-24.

The application process does not include a medical exam. Also, you do not have to furnish copies of your children’s medical records.

You simply have to answer a few health-related questions.

Parents, stepparents, grandparents (and great-grandparents), or legal guardians are eligible to apply.

If your kids are approved, they are fully covered the day you make the first payment (there is no waiting period).

Since it’s a whole life policy, it will build equity over time called “cash value”.

The cash value builds up as time goes on, and you can use that money on anything.

So if you want to with the funds to help pay for your kid’s college expenses (or anything else), you are entitled to do so.

Globe will charge you $1 for the first month’s premium.

After the first month, the actual monthly price will kick in and stay the same forever.

Below is a table that outlines most of the critical details of how their coverage works.

Cost Of Globe Vs. Mutual Of Omaha & Gerber Life

The table below shows sample monthly quotes for Globe Life’s children’s coverage compared to Mutual of Omaha and Gerber Life. We used Globe Life’s online calculator to get these prices.

All rates shown are for $25,000 in whole life coverage.

As with any life insurance product, the specifics (age, gender, state of residence, and coverage amount) determine the exact price you’ll pay.

How To Apply For Globe Life Insurance

You can apply with Globe Life for their children’s life insurance in three ways.

1. Online application
2. Call them at 1-800-742-6787 and do it over the phone.
3. Request a paper application that you fill out and mail back to them.

If they approve the application, expect to receive the paper policy within 2-4 weeks.

How Does Globe Compare To Other Children’s Life Insurance Companies?

We analyzed the top children’s life insurance companies to compare them against Globe Life.

Here’s a breakdown of how Globe stacks up against Mutual of Omaha and the Gerber Grow Up Plan.

• Price: Globe Life costs nearly the same as Mutual of Omaha. After looking at a Grow-Up Plan review, both Globe and Mutual of Omaha cost about half as much as Gerber.
• Coverage: $30,000 is their maximum coverage, while most other carriers offer up to $50,000.
• Added benefits: Globe Life does not include any free add-on riders like Mutual of Omaha and Gerber Life does. Mutual of Omaha and Gerber guarantee that the child can purchase additional coverage later in life regardless of their health or lifestyle (at that time). Additionally, they both waive payments for months if the owner dies to ensure there’s ample time for someone to take over the policy.
• Application process: Globe is equivalent to other companies on this matter.
• Age availability for new applicants: This issue is the best thing about Globe. They accept children as old as 24. Most other companies cap out at age 17 for new applicants.
• Company reputation: This is one key area where Globe really falls short. Unfortunately, they have many complaints lobbied against them. No other companies have anywhere near the number of complaints that Globe Life has.

When you break it all down, you can see that Globe Life insurance isn’t the best option when looking for life insurance for children or grandchildren.

The table below shows the differences between Globe Life, Mutual of Omaha, and Gerber Life.

Who Has The Best Children’s Life Insurance?

After looking at all the details, it’s clear that Mutual of Omaha offers the best life coverage for grandchildren or children.

They have very low prices (within pennies of Globe), and you can buy up to $50,000 in coverage.

Mutual of Omaha is one of the world’s largest, most stable life insurance companies, so you trust they can and will pay claims as they arise.

Mutual of Omaha’s whole life insurance for children grants a 90-day grace period for someone else to assume the payments when the policy owner dies.

They also guarantee that the insured children have the guaranteed right to buy more life insurance for up to five times the original policy amount.

Below is a table that outlines all the policy details from Mutual of Omaha.