1. Why choose GlobalLyfe?
After more than 35 years in the industry our area of expertise is in carefully selecting insurance companies with a proven track record of highly rated products, reliability and customer service.
We are registered with the Puerto Rico Office of the Commissioner of Insurance (a member of the National Association of Insurance Commissioners – NAIC). All of our insurance carriers either have financial strength ratings of “B+” or higher or they are financially backed by reinsurers (Partner Re, Reinsurance Group of America, etc) with ratings of “A” or higher. Where you reside does not affect your policy’s death benefit amount: as long as your policy’s premiums are paid, your beneficiaries will always receive the full US dollar benefit amount. Most importantly, your benefit amount is not affected by local market currency fluctuations.
2. How can I be sure my policy will be guaranteed/Globallyfe will be around in the future?
Our company has been around for more than 35 years. What’s more, Globallyfe and the life Insurance companies we work with are all based in the US and Puerto Rico, so you have the added security of knowing that your policy will be backed by the state’s insurance guarantee system. All 50 states including Puerto Rico have insurance guarantee associations. What does this mean? If an insurance company goes bankrupt, the state guaranty association steps in. The association will either transfer your policy to another insurance company or it will continue
providing the coverage itself.
3. What is term life insurance?
Term life insurance is life insurance coverage for a specified time period. This means the duration of the coverage depends on the time period you choose (10, 15, 20 or 30 years). If you pass away while the policy is in force, the insurance company pays the coverage you chose to your beneficiaries.
4. What kind of life insurance does Globallyfe offer?
We offer term life insurance with term periods of 10, 15, 20, or 30 years. Protect your loved ones with coverage options anywhere from $100,000 to $1 million. No medical exam necessary.
Our application process takes less than 15 minutes.
5. Do I qualify for coverage?
Most people between the ages of 18 and 75 who are generally healthy, will qualify for coverage.
We will ask you a few basic questions about your health and lifestyle. You may still be able to qualify even if you have some existing health problems.
6. How much will life insurance cost me?
Policies start at just $10 per month. Premiums (the amount you pay for your policy) will depend on your age, location, health profile, and the coverage amount and term period you choose.
Once your policy is issued, your premium will not change. The rate stays the same for the chosen (10, 15, 20, or 30 years) term period of your policy.
7. Can I cancel any time?
Yes, you can cancel your policy at any time with no penalties. You will receive a full refund of any premium paid, if you cancel your policy within the first 10 days. After 10 days you can still cancel your policy, but premium payments will not be refunded.
8. Will my policy be cancelled if I move to another country or my health status changes?
No, the only reason a policy can be cancelled is if premiums are not paid.
9. Why do I need life insurance?
Life insurance gives you the peace of mind of knowing your loved ones will be taken care of when you are no longer around. This means you do not have to worry about whether your family will be able to make ends meet or be able to pay for ongoing expenses such as education or home mortgage, after your death.
