Globe Life – Mortgage Protection Insurance Review (2024)

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With the goal of selling reliable, yet cost-effective life insurance plans to rural Americans, Globe Life went into business in 1951. Since then, the company has built a reputation on honesty, fairness, and integrity, offering its life and mortgage protection insurance plans to individuals across the country.

Does Globe Life Offer Mortgage Protection Insurance?

Every homeowner remembers the excitement of making that purchase—and they all enjoy the rewards of homeownership. We work hard to pay our mortgages, and it’s tough to imagine what may happen when that loan is no longer affordable.

Mortgage protection insurance from Globe Life is a policy that helps families pay the mortgage and stay in their homes after a policyholder’s serious illness, disability, or death. Along with its guaranteed acceptance, these policies come with benefits like:

Inflation protection. For every year a policy stays in effect, the death benefit increases by 5% until the policy holder reaches the age of 70 or the rate reaches 125%, whichever comes first.

Educational payments. Available on family life insurance plans, this benefit provides an additional 10% on payouts for families with children aged 15 to 22. These funds can be used to pay for secondary education.

Seat belt coverage. If a policyholder dies in an auto accident and was wearing their seat belt, the family will receive an additional 10%.

Dismemberment. Payouts increase if an accident leads to the loss of an eye, limb, hand, or foot.

Plane crashes. If a policyholder dies in a commercial airline crash, Globe Life will match the original mortgage protection death benefit.

Globe Life makes it easy for families to get the coverage they need; policies can be bought by mail or online. Get in touch with Globe Life for rates and additional information.

Globe Life Mortgage Protection Insurance Cost

The amount paid for a mortgage protection policy depends on factors such as the buyer’s age, health, lifestyle habits, mortgage term length, loan balance, and desired amount of coverage. For a 20-year loan with a $500,000 balance and $500,000 in coverage, a 25-year-old can expect to pay about $34 a month. Rates rise with age and coverage requirements.

Riders for Globe Life Mortgage Life Insurance

An insurance rider or floater is an available add-on for a mortgage protection policy. These additions provide numerous benefits that depend on the policy’s rules and the type of payout. The most common riders cover:

Disability. If the policyholder becomes permanently disabled and cannot make their mortgage payments, the disability rider will help. Those in dangerous occupations and people with hereditary conditions may want to buy this type of rider.

Unemployment. If it’s not already included in a policy, most buyers should consider adding an unemployment rider. This coverage comes into effect if a person loses their job for a covered reason. Most of these riders come with waiting periods, but once they start, they can cover up to six months of mortgage payments while the policyholder finds new work.

Contact an insurance agent to learn more about Globe Life mortgage protection insurance riders.

Mortgage protection insurance plays an important role: it helps families cover their home loans in the event of an illness, disability, or death. To learn more about Globe Life’s coverage options, get in touch with an agent today.

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