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 be a benefit for 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. Globe Life can be a convenient option for those with small coverage needs who want hassle-free life insurance approval.
Globe Life Insurance Overview: Financial Strength, Availability, and History
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 wasn’t included in the J.D. Power 2019 U.S. Life Insurance Study and doesn’t register in YouGov’s top 50 most popular insurance brands in America. According to the National Complaint Index Report, Globe Life has a Company Complaint Index of 2.75, which means the number of complaints it receives is higher than what is expected in the market.
- In business since: 1951
- S&P Global financial strength rating: N/A
- Moody’s financial strength rating: N/A
- AM Best financial strength rating: A+
- States served: 50, plus Washington, D.C.
Globe Life best for: Hassle free approval
- No medical exam required
- Variety of life insurance products, including whole life insurance for children
- Whole life insurance at a fixed cost
- Low coverage limits
- Higher-than-average customer complaints
- No universal life insurance option
|AM Best Financial Strength Rating||J.D. Power 2019 U.S. Life Insurance Study Score||NAIC Customer Complaints|
|Globe Life||A+||N/A||More complaintsthan average|
|Northwestern Mutual||A++||5/5||Fewer complaints than average|
|State Farm||A++||5/5||Fewer complaints than average|
|Nationwide||A+||4/5||Fewer complaints than average|
|New York Life||A++||4/5||Fewer complaints than average|
|Mutual of Omaha||A+||4/5||Fewer complaints than average|
|Principal||A+||4/5||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