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Essential Insights on Condo Insurance for Globe Life Employees: What You Need to Know Before You Buy

Globe Life employees may benefit from understanding how the ownership structure of a condominium unit is different from that of a single-family house. Here’s what you need to know when purchasing insurance for your condo.

1. Understand the Master Policy

For Globe Life employees worried about condo insurance, since the ownership of all common areas is shared with other condo owners, the association of owners typically purchases insurance coverage (a master policy) for the common areas, e.g., hallways, exterior walls, etc. The condo association’s policy will outline what is covered and what is not.

2. Three Types of Coverage

There are three basic types of coverage under a master policy that those employed at Globe Life should be aware of.

Primary buildings and common areas
Your unit and any items within your unit, other than personal belongings
Building, unit, and any fixtures

The individual coverage you may consider depends upon the scope of coverage of the master policy. Globe Life employees should also try to determine what is and isn’t covered under the master policy – this can influence the coverage you may need.

3. Know the Master Policy Deductible

Generally, an association’s master policy has a deductible that is charged pro-rata among unit owners in the event of a claim. Determining that obligation is important because while it may never materialize, it could represent a meaningful financial commitment.

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4. Consider Additional Coverage

Similar to any homeowner, Globe Life employees will need to make decisions about other coverage options, such as cash value or replacement coverage, adding personal liability coverage, and whether flood insurance may be appropriate.

Several factors will affect the cost of condo insurance, including the insurance coverage provided by the homeowners association. You should consider the amount of your deductible and level of coverage before purchasing a condo insurance policy. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

What type of retirement plan does Globe Life offer to its employees?

Globe Life offers a 401(k) retirement savings plan to its employees.

How can employees of Globe Life enroll in the 401(k) plan?

Employees of Globe Life can enroll in the 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

Does Globe Life match employee contributions to the 401(k) plan?

Yes, Globe Life provides a matching contribution to employee contributions up to a certain percentage, as outlined in the plan details.

What is the maximum contribution limit for employees participating in Globe Life's 401(k) plan?

The maximum contribution limit for Globe Life's 401(k) plan follows the IRS guidelines, which may change annually. Employees should check the current limits for the specific year.

Can employees of Globe Life take loans against their 401(k) savings?

Yes, Globe Life allows employees to take loans against their 401(k) savings, subject to the terms and conditions of the plan.

Is there a vesting schedule for employer contributions in Globe Life's 401(k) plan?

Yes, Globe Life has a vesting schedule for employer contributions, which means employees must work for a certain period before they fully own the employer's contributions.

What investment options are available in Globe Life's 401(k) plan?

Globe Life's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

How often can employees change their contribution amounts in Globe Life's 401(k) plan?

Employees of Globe Life can change their contribution amounts typically on a quarterly basis or as specified by the plan rules.

Are there any fees associated with Globe Life's 401(k) plan?

Yes, there may be fees associated with Globe Life's 401(k) plan, including administrative fees and investment management fees. Employees should review the plan documents for details.

What happens to an employee's 401(k) account if they leave Globe Life?

If an employee leaves Globe Life, they can choose to roll over their 401(k) balance to another qualified plan, withdraw the funds, or leave the balance in the Globe Life plan if permitted.