Globe Life Insurance Review
Globe Life is a small insurance company offering little beyond basic coverage, but there is something to be said for the short-term coverage that Globe Life delivers. It also does not require medical exams for both term or whole life insurance, so the application process is easy.
Globe Life offers some unique coverage options, with limited life insurance for children and additional coverage like accidental death benefits and mortgage protection. Globe Life is a great starter company for life insurance, a good fit for those with few needs, but be prepared subpar customer service.
Limited coverage options
Few death benefits
The Life Insurance Factors We Analyzed
The National Association of Insurance Commissioners (NAIC) reports that Globe Life received far more complaints relative to size than other companies like State Farm and New York Life. Complaints include poor customer service and slow turnaround times for general inquiries, policy cancellations, and claims payments. The NAIC complaint index is troubling, especially since Globe Life isn’t rated by any other agencies like J.D. Power.
Coverage and rider information
Probably the biggest benefit to working with Globe Life is that customers don’t have to take a physical medical exam to qualify for coverage — though they do have to answer a few basic health questions on their application. These typically ask about alcohol and tobacco use, your family health history, and any significant complications in your own health history.
Along with basic life insurance, Globe offers fairly comprehensive accident coverage, which pays out if the policyholder passes away due to a motor vehicle accident. This coverage can be purchased in amounts up to $250,000, and acceptance is guaranteed if you’re between the ages of 18 and 69.
Globe’s accident coverage also comes with a number of supplementary benefits included. For instance, the policy will pay out an extra 10% if the insured person was wearing a seat belt during the accident, another 10% for education costs if they had a child between the ages of 15 and 22 at the time, and a separate benefit if they survive but are paralyzed.
The biggest drawback to Globe Life is its policy limitations. Death benefits are capped at $50,000 or $100,000 (depending on your state and the type of insurance you buy), which means it’s not well suited for people who require a lot of coverage. In addition to capping death benefits, Globe Life lacks a good selection of riders, so there are fewer ways to customize your policy.
Life insurance coverage features
|Insurance types offered||Term, whole, children’s|
|Term lengths offered||Term-to-age-80, term-to-age-90|
|Standout coverage features|| Accident coverage|
No-exam term coverage
No-exam whole coverage
Globe Life Insurance Overview: Financial Strength, Availability, and History
Globe Life Insurance is a mixed bag, receiving conflicting scores from industry experts. While customer satisfaction is reported as below average, the company itself holds top ratings from respected financial leaders. When you put customer service aside, Globe Life Insurance is a steady financial institution that has stood the test of time and continues to boast high scores from the Better Business Bureau (BBB), AM Best, Moody’s, and S&P Global.
- In business since: 1951
- S&P Global financial strength rating: AA-
- Moody’s financial strength rating: Baa1
- AM Best financial strength rating: A+
- States served: 50 plus Washington, D.C.
|AM Best Financial Strength Rating||J.D. Power 2019 U.S. Life Insurance Study Score||NAIC Customer Complaints|
|A+||N/A||More complaints than average|
|A++||5/5||Fewer complaints than average|
|A++||5/5||Fewer complaints than average|
|A+||4/5||Fewer complaints than average|
|A++||4/5||Fewer complaints than average|
|A+||4/5||Close to no complaints|
All information accurate as of February 4, 2020.
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
Globe Life is a stable life insurance company; all research shows the company is financially secure, so despite the many consumer complaints about long wait times and poor customer service, the company will pay your claims when needed.
Globe Life Insurance offers traditional term life insurance and whole life insurance. It also provides children’s life insurance, something not commonly seen with most insurance companies. Accidental benefits insurance and mortgage protection insurance is available, and you can purchase Medicare supplement plans if you need additional insurance to increase existing coverage.
Globe Life boasts the low price of $1 for your first month’s premium, but the truth is that your price after that first month could be much more. Life insurance pricing is highly individual, so the only way to know how much you’ll pay is to get a quote.
There is no record of Globe Life paying out dividends to its whole life policyholders.
Many life insurance companies require a medical exam before issuing a life insurance policy. Globe Life is one of the few life insurance companies that do not require a medical exam in order to purchase a new policy. It makes obtaining life insurance that much faster than a policy with other companies.
Globe Life Insurance does allow you to cancel a life insurance policy, but that rule only applies to certain policies. Term life policies have no cash value, but your whole life insurance policy may have funds that you can cash out. Before you purchase a new policy, take care to review the details of your policy and inquire about any cancellation options and fees.