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Globe Life Mortgage Protection Insurance: What Globe Life Offers Homeowners
Globe Life mortgage protection insurance is an accidental death and dismemberment policy, Globe Life says, with $50,000 to $350,000 of coverage.
Reviewed by Brian Carrozzi
Founder, RestAssured · Licensed life insurance agent
Updated · How we write and review
Short answer: Yes, Globe Life mortgage protection insurance is a real Globe Life product, but Globe Life describes it as “an accidental death and dismemberment insurance policy,” with coverage from $50,000 to $350,000 and guaranteed acceptance for ages 18 to 69. Its pages don’t say it pays for death from illness, and the Maryland Insurance Administration says accident-only and AD&D policies don’t pay due to sickness. Ask Globe Life exactly what the policy covers before you rely on it for your home.
Does Globe Life sell mortgage protection insurance?
Yes. Globe Life has a product page titled “Mortgage Protection Insurance.” It says, “Mortgage Protection Insurance from Globe Life is an accidental death and dismemberment insurance policy.” A second Globe Life page describes it as “an accidental death and dismemberment insurance policy that can help your loved ones pay the mortgage after you’re gone.”
Globe Life says the policy is meant “to protect your home and your family if an accidental death prevents you from paying your mortgage,” and that it “gives your family security in their home for just a fraction of your monthly mortgage payment.”
Globe Life’s footer names “Globe Life And Accident Insurance Company, McKinney, TX,” and says, “Globe Life is the marketing name for Globe Life Inc. and its subsidiaries.”
What does Globe Life say about its Mortgage Protection policy?
Here’s what Globe Life’s own Mortgage Protection pages say:
| Globe Life Mortgage Protection Insurance | |
|---|---|
| Policy type | “An accidental death and dismemberment insurance policy” |
| Coverage amount | “Choose your Mortgage Protection accidental death insurance coverage from $50,000 to $350,000” |
| Who can apply | “Acceptance is guaranteed, regardless of health if you are between the ages of 18 and 69” |
| Health questions | “No health questions or medical exams” |
| Premiums | “The affordable monthly premiums will never increase for any reason” |
| Inflation benefit | Principal Benefit increases “by 5% of the Initial Principal Benefit” each year in force, until it equals “125% of the Initial Principal Benefit” or the primary insured “turns age 70, whichever is earlier” |
| Seat belt benefit | “Pays 10% of the insured’s Principal Benefit if the insured suffers an accidental death while operating or riding in a car and wearing a seat belt.” |
| Dismemberment | “Pays for loss of a hand, foot or eye subject to a table of losses” |
| Airline benefit | An additional amount equal to the Principal Benefit for death “from accidental bodily injury received as a fare-paying passenger on a commercially scheduled airline” |
| Education benefit | Pays “an additional 10% of the death benefit for each dependent child” aged 15 to 22 at the time of the accident; “Available only on the Family Plan and limited to $10,000” |
| Refund period | “If you are not completely satisfied, simply return your policy within the first 30 days” |
| Availability | “This insurance product is not available in New York” |
Source: globelifeinsurance.com. Globe Life says, “Product availability and features vary by state and subsidiary.”
The Mortgage Protection pages we reviewed don’t name who receives the benefit. Ask Globe Life whether the benefit goes to a beneficiary you choose or to your lender.
Does it pay if you die from an illness?
The Globe Life Mortgage Protection pages we reviewed describe the product only as accidental death and dismemberment coverage. They don’t say it pays for death from illness or natural causes.
For background on this type of coverage, the Maryland Insurance Administration says, “Accident Only/Accidental Death and Dismemberment Insurance policies provide benefits only for loss due to an injury,” and “These policies do not pay you due to sickness.” It adds, “It is important that you read these policies carefully.”
Ask Globe Life for the policy’s definitions of “accident” and “covered accident,” and for its list of exclusions.
What does Globe Life say about term life for a mortgage?
Globe Life also publishes articles about using life insurance for a mortgage. In “Should I Buy Enough Life Insurance to Pay Off My Mortgage?” Globe Life says “you can either buy a standard life insurance policy (such as term life), or a mortgage life insurance policy.”
That article explains the difference in who gets paid. With a standard policy, “the death benefit goes to the beneficiary you choose,” and “they can use the full payout however they choose.” By contrast, “mortgage life insurance usually pays the death benefit to your mortgage lender.” Globe Life’s article also says “your mortgage should be just one of a number of factors that play into your total life insurance number.”
Globe Life’s separate general explainer on mortgage protection insurance as a category (not a description of its own AD&D Mortgage Protection policy, whose page describes an inflation benefit that increases the Principal Benefit) says, “Mortgage Protection Insurance has a benefit that usually decreases as the mortgage balance goes down over time,” and “The premium amount typically remains constant.”
See our guide to Globe Life term life insurance.
How is mortgage protection different from PMI and credit life?
The Consumer Financial Protection Bureau (CFPB) says, “PMI protects the lender—not you—if you stop making payments on your loan,” and “PMI is arranged by the lender and provided by private insurance companies.” Globe Life’s article agrees that MPI “should not be confused with Private Mortgage Insurance (PMI), which is not voluntary.”
| PMI | Credit life | Term life | Globe Life Mortgage Protection | |
|---|---|---|---|---|
| What it does | Protects the lender if you stop paying (CFPB) | Pays the loan balance if you die before it’s paid off (TDI) | Pays the face amount if you die during the term (NY DFS) | Accidental death and dismemberment coverage (Globe Life) |
| Who gets the money | The lender (CFPB) | Toward the loan (TDI) | Your beneficiary (NY DFS) | Ask Globe Life |
| Who arranges it | The lender (CFPB) | Need not be bought from the lender (NY DFS) | Ask the insurer | Footer names Globe Life And Accident Insurance Company (Globe Life) |
The New York State Department of Financial Services (NY DFS) says, “If you die during the term period, the company will pay the face amount of the policy to your beneficiary.” Of decreasing term, it says, “Often such policies are sold as mortgage protection,” and “If the insured dies the proceeds of the policy can be used to pay off the mortgage.”
The Texas Department of Insurance (TDI) says credit life “pays the balance of a loan if you die before the loan is paid off,” and “If you already have life insurance, you might not need credit life.” TDI also says you can “assign some of the death benefits to the lender to pay the loan balance.”
For more on these differences, see PMI vs. mortgage protection insurance and what mortgage protection insurance is.
What is Globe Life Home Mortgage Group?
The Globe Life pages we reviewed don’t describe anything called “Globe Life Home Mortgage Group.” If you got a mailer or call using that name, contact Globe Life directly through its official website and ask whether it comes from Globe Life. You can also read about mortgage protection letters and what they generally are.
What should you ask before you buy?
- What’s covered. Does the policy pay only for accidental death and dismemberment? What counts as a covered accident, and what is excluded?
- Who gets paid. Does the benefit go to a beneficiary you name or to your lender? TDI says a life insurer pays “the person you name in your policy.”
- Coverage vs. your loan. Globe Life lists $50,000 to $350,000. How does that compare with your balance?
- Your state. Globe Life says the product is not available in New York. Is it offered where you live, and on what terms?
- Other coverage. Do you also need life insurance that pays for death from any cause? TDI says, “Be sure the policies you compare offer similar coverage.”
- Refund period. Globe Life describes a 30-day return window. TDI says, “Texas policies have a free-look period of at least 10 to 20 days.” Ask what applies in your state.
- Licensing. TDI says, “Make sure the agent and company are licensed to sell insurance.”
The bottom line
Globe Life does sell a product named Mortgage Protection Insurance, but Globe Life describes it as an accidental death and dismemberment policy with $50,000 to $350,000 of coverage and guaranteed acceptance for ages 18 to 69, and it isn’t available in New York. The Maryland Insurance Administration says accident-only and AD&D policies don’t pay due to sickness, while NY DFS says term life pays your beneficiary if you die during the term. Compare like-for-like coverage before you decide; we don’t rank companies.
If you’d like to compare mortgage protection and term life options for your age and loan, a licensed agent can go over them with you, with no obligation. Here’s how calling RestAssured works.
RestAssured is not an insurance company or an insurance agency; we connect callers with independently licensed insurance agents. RestAssured is not a lender and isn’t affiliated with any mortgage lender or servicer. RestAssured is not affiliated with Globe Life. Product names are trademarks of their owners.
Frequently asked questions
Does Globe Life offer mortgage protection insurance?
Yes. Globe Life’s website describes Mortgage Protection Insurance as “an accidental death and dismemberment insurance policy that can help your loved ones pay the mortgage after you’re gone.” It says coverage runs from $50,000 to $350,000.
Does Globe Life mortgage protection pay if I die of an illness?
Globe Life’s Mortgage Protection pages describe it as an accidental death and dismemberment policy, and the pages we reviewed don’t say it pays for death from illness. The Maryland Insurance Administration says accident-only and AD&D policies “do not pay you due to sickness.” Ask Globe Life to confirm exactly what is and isn’t covered.
Who can get Globe Life mortgage protection insurance?
Globe Life says, “Acceptance is guaranteed, regardless of health if you are between the ages of 18 and 69,” with “No health questions or medical exams.” It also says, “This insurance product is not available in New York.”
What is Globe Life Home Mortgage Group?
The Globe Life pages we reviewed don’t describe anything called Globe Life Home Mortgage Group. If you received a letter or call using that name, contact Globe Life directly through its official website to ask whether it’s connected to the company.
Is Globe Life mortgage protection the same as PMI?
No. The CFPB says private mortgage insurance is arranged by the lender and “protects the lender—not you.” Globe Life’s own article says MPI “should not be confused with Private Mortgage Insurance (PMI), which is not voluntary.”
Sources
- Globe Life: Mortgage Protection Insurance (buy direct page)
- Globe Life: Mortgage Protection Insurance (product page)
- Globe Life: What is Mortgage Protection Insurance?
- Globe Life: Should I Buy Enough Life Insurance to Pay Off My Mortgage?
- Globe Life: Life Insurance Vs Mortgage Protection Insurance
- Maryland Insurance Administration: Accident Only/Accidental Death and Dismemberment
- CFPB: What is private mortgage insurance?
- New York State Department of Financial Services: Types of Policies
- Texas Department of Insurance: Life insurance guide
This article is for general education. Policy features, prices and eligibility vary by insurance company and state; your agent will explain the specific terms of any policy before you apply.