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Globe Life is a lesser-known life insurer offering basic policies for term life insurance, whole life insurance, and children’s life insurance. Globe Life doesn’t require a medical exam for any of its products, unlike other life insurance providers. This may benefit some applicants, but the coverage is also more limited, capping out at $100,000 for term life insurance and $50,000 for whole life insurance. Still, Globe Life can be a convenient option for those with small coverage needs who want hassle-free life insurance approval.
According to Globe Life, the company is a “top volume issuer of ordinary life insurance policies” in the U.S., with 4.2 million policyholders as of November 2018 and $82 billion of insurance in force. The company holds an A+ rating from the Better Business Bureau (BBB) as of May 2020. In April 2020, Globe Life reported a year-over-year increase of 9% of total health net sales.
Globe Life Insurance Overview
*J.D. Power’s 2020 Life Insurance Satisfaction Study. Based on a 1,000-point scale
Globe Life best for: Hassle-free approval
There are a multitude of benefits to the life insurance coverage that Globe Life offers. For example, customers are not required to get a medical exam to get their policy rates. This is great news because it ensures that your rates will not go up because of an underlying condition, which makes getting life insurance easier than it would be if you were required to have a medical exam.
Global Life also offers a wide variety of life insurance products, including whole life insurance for children. This can ensure that your children are fully covered if the worst-case scenario happens. Plus, all whole life insurance policies with Globe Life come at a fixed-cost. This ensures that your rates will not go up as long as you’re with Globe Life.
While Globe Life policies have many benefits, there are a few drawbacks that should be considered to ensure this is the right insurance company for you. While Globe Life’s policies do offer fixed rates, many of them have lower than average coverage limits. If having high coverage is important to you and your family, this may not be the insurance company for you. However, if you are looking for a simple policy to have for peace of mind, their simple plans could be your perfect fit.
Globe Life Insurance vs. The Competition
|AM Best Financial Strength Rating||J.D. Power 2020 U.S. Life Insurance Study Score||NAIC Customer Complaints|
|Globe Life||A+||810/1,000||More complaintsthan average|
|Northwestern Mutual||A++||790/1,000||Fewer complaints than average|
|State Farm||A++||838/1,000||Fewer complaints than average|
|Nationwide||A+||803/1,000||Fewer complaints than average|
|New York Life||A++||784/1,000||Fewer complaints than average|
|Mutual of Omaha||A+||789/1,000||Fewer complaints than average|
|Principal||A+||772/1,000||Fewer complaints than average|
The Bottom Line
Globe Life is perfect if you’re looking for short-term or supplemental coverage. It provides basic life insurance that is a good starting point for those just getting started or living on a limited income. Coverage is basic, but it may offer enough for your first policy, especially if you’re looking for coverage without the need for a medical exam. Still, it’s not likely to fit the bill if you are searching for a more well-rounded policy or if you prioritize good customer service.
Globe Life Insurance FAQ
Judging by Globe Life’s BBB and AM Best financial strength ratings, the company boasts a solid reputation in the insurance industry. The company does register high on the National Complaint Index Report, with complaints at 2.75 times as high as expected in the market. Globe Life guarantees to pay out death benefits as long as policyholder requirements are met.
Globe Life provides life insurance at monthly rates as low as $3.49 for adults and $2.17 for children. Costs generally increase with age and the amount of coverage you’re looking for. For a 35-year-old female, average costs are $3.57 per month for term life insurance with $5,000 in coverage and $39.67 per month for term life insurance with $100,000 in coverage.
There are no records that show Globe Life pays out dividends to policyholders.
No, Globe Life doesn’t require a medical exam to purchase any of its life insurance products. While this factor may offer convenience, those who choose to undergo a medical exam with a different life insurance company may be able to get a lower premium, especially when they’re in good health.
Yes. If you stop paying premiums on your life insurance policy, it will be canceled.
Yes. If you want higher coverage than the $100,000 maximum amount of term life insurance offered by Globe Life Insurance, the insurer will send you to its partner site, AIG Direct