Globe Life Insurance Review of 2019

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  • No medical exams required
  • Competitive final expense coverage
  • High industry ratings
  • Good option for applicants with riskier health conditions
  • Simple application process
Globe Life Insurance company logo
  • Limited coverage options
  • Limited death benefit
  • Expensive compared to other companies
  • Rates increase every 5 years on their term insurance
  • Numerous customer complaints
  • Not the best option for healthy people
  • Costs much more than $1

Company Headquarters

Globe Life
3700 S. Stonebridge Drive
McKinney, TX 75070

Customer Service

866-298-9115
M-F: 7:30a.m. – 6:30p.m. CT

Year Established

1951

A.M. Best Rating

A+ (Superior)

Ranking by Market Share

#20 (Touchmark Corp)

Direct Premiums Earned

$857,918,879

Assets

$4,726,224,520

Liabilities

$4,354,426,061

Coverage Options Offered

  • Term Life Insurance
  • Whole Life Insurance 
  • Children’s Whole Life Insurance
  • Accidental Death Insurance
  • Mortgage Protection Insurance
  • Medical Supplement Plans

Editor Rating

3/5

Are you looking for cheap life insurance?  

There are dozens of companies offering it. Every time you turn on your TV you probably see another advertising for quick and cheap life insurance.

Here’s the one you’ve probably seen:

“$1 buys $50,000 of life insurance!”

If you’ve seen that catchy ad, you saw an ad for Globe Life.  

So what’s the story with such a good deal? It’s true, but there is a catch. This review will go through the background, product, and rates of Globe Life. We will also offer you the pros and cons, and a final recommendation if the $1 insurance product is worth it.

Let’s learn more about Globe Life together!

Who is Globe Insurance?

Globe Life and Accident Insurance Company is actually a subsidiary of the Torchmark Corporation. Globe is a huge part of Torchmark. They insure over $800 Million in life coverage and 4.2 Million Policyholders. 

Globe was founded in Texas in 1951 and has been offering life products since its founding.

In 1951, two men, Ralph Reece and John Singletary found the company with $60,000 in borrowed capital. Originally Globe offered inexpensive life insurance to rural Oklahoma.

Over time, they have grown in their offerings and financial strength. In fact, the company has grown so much that they are easily considered to be one of the top life insurers within the U.S.

Today, Globe primarily markets its products through direct mail, internet sales, and call centers. Their life insurance options are available in all 50 states with New York coverage being issued by Globe Life Insurance Company of New York.

If you are not familiar with Globe through advertising, you might recognize them through their affiliation with Major League Baseball. In 2014, Globe purchased the naming rights to Globe Life Park, the home of the Texas Rangers in Arlington, Texas.

The agreement stamps Globe’s life on the stadium through 2023 and can be renewed at that point. Globe also agreed to help the MLB financially support youth baseball and softball programs.

Company Ratings

All insurance companies and financial organizations are rated by various organizations for their financial strength and customer service.  Globe ranks high in financial stability.

The A.M. Best organization gave them a rating of A+ and the S&P gave a rating of AA-. Both of these ratings confirm the company’s financial strength to their current and potential customers. 

A.M. Best: A+ 
Fitch: A+
S&P: AA-
BBB: NR

Coverage Options Offered Through Globe Life

What Insurance Products does Globe Sell?

Term Life Insurance

This is simply pure insurance protection that doesn’t build cash value. It is temporary insurance that is purchased for a limited period of time. It is the least expensive option for most people when buying life insurance.

At Globe Life, you have the privilege of choosing your own coverage such as $5,000, $10,000, $20,000, $30,000, $50,000 or even up to a maximum of $100,000.

One benefit of the term life insurance coverage offered by Globe is the “no medical exam”. Just a simple application, and you can qualify. This allows you to get coverage quickly regardless of most health conditions.

Rates are based on your actual age and you have the option of renewing the policy every 5 years up to age 90. This coverage is also marketed by Globe Life to Seniors as “Senior Life Insurance” as well as “Life Insurance for Veterans” and Young Family Life Insurance.

As far as we can tell, there is no difference from the basic term life insurance coverage that is being offered to everyone through Globe Life.

Pros

  • No medical exam needed to apply
  • Quick approval times

Cons

  • Rates increase every 5 years!
  • No long term fixed premium contracts
  • Death benefit capped at $100,000
  • No preferred rates for healthy applicants

Whole Life Insurance

If life insurance needs are more on the permanent side, Globe offers its whole life insurance coverage. With this option, your rates remain the same for life.

Your policy builds cash value for your future, and your coverage will never be reduced as long as your premiums are paid on time. This package also doesn’t require medical exams, but there are a few questions you’ll need to answer.

Globe whole life insurance is considered non-participating whole life. This means that although it has a guaranteed cash value account it is not eligible to receive dividends. 

Ideally, this coverage is best for covering small death benefit expenses such as burial or final expense needs. The death benefit options range from $5,000 up to a maximum of $50,000

Children's Life Insurance

Do you need an option for your kids? Well, Globe Life offers a life insurance cover for children, too.

Children’s Whole Life is a smaller version of their Whole Life policy. Coverage can be purchased up to a maximum of $20,000. Children’s policy can start as low as $2.17 per month. The policy does build cash value and the parents can gift the cash value at some point in the future.

The age, health, and occupation of your child will not affect the benefits as long as premiums are paid on time. This life policy is great if you want to give your child a financial head start since it has a cash value account.

Other Globe Insurance Products

Apart from life insurance policies, Globe Life Insurance also provides their policyholders additional options to ensure they have the protection they need. The products include:

Accidental Benefits Insurance

An Accidental Benefits policy is really a term policy with very limited benefits. In order to collect on an AD&D policy, the death of the insured must be of qualifying accidental nature.

AD&D coverage offer through Globe Life is guaranteed acceptance regardless of health both past or present. 

Coverage can be purchased up to $250,000 as long as you are between the ages of 18-69. Like Globe’s Term product you will have the option to renew the policy every 5 years.

One of the biggest bonuses with Globe AD&D coverage is the several complementary benefits. These include:

Inflation Benefit: Increases the overall death benefit by 5% each consecutive year the policy is active at no additional costs.

Education Benefit: Can payout an extra 10% death benefit to each dependent child that is between the ages of 15-22.

Seat Belt Benefit: Will payout an extra 10% death benefit if the insured died in an accident wearing a seat belt.

Common Disaster Benefit: If both spouses are insured and pass away from an accidental death in a common accident, the spouse’s death benefit will be increased to 100% of the primary insured benefit amount.

Dismemberment Benefit: Will payout a benefit due to a loss of a hand, foot or eye.

Paralysis Benefit: Will payout a benefit due to quadriplegia, paraplegia or hemiplegia. 

Commercially Scheduled Airline Benefit: Pays out an additional benefit equal to the benefit of the primary insured at the time of death from an accidental bodily injury received as a fare-paying passenger on a commercially scheduled airline. 

Mortgage Protection Insurance

This policy is nearly identical to the Accidental Life policy. In fact, it is considered an AD&D policy but is being marketed as Mortgage Protection Insurance.

It is designed to pay out a lump sum benefit that is to be used to help pay off any remaining balance of a mortgage. The payout will only occur should the policyholder pass away from death related to an accident.

As you can see this is pretty much an accidental death benefit policy (AD&D).

The idea of this coverage is to help provide the funds for your surviving spouse to help cover mortgage costs or to make an entire payoff of the mortgage balance. 

This coverage is available to applicants ages 18-69 and allows for coverage to be purchased ranging from $50,000 up to a maximum of $350,000.

It also includes all of the same complementary benefits that are listed in the above Accidental Benefit Insurance plan. 

GlobeCare Medicare Supplement

This is a great policy to cover those expenses that Medicare doesn’t meet, thus protecting your retirement savings. Medicare Supplement plans offered through Globe Life do not require any waiting periods and is guaranteed acceptance coverage regardless of pre-existing conditions. 

Application & Approval Process

The application and approval process is one of the benefits of Globe. Because they do not require a medical exam, approval is fast because there is very little underwriting to slow down the process.

The complete application process can be done online, with almost no interaction with a live person If you visit their online website you will notice they mention no waiting period, buy direct.

The plans like most life policies come with a 30-day no-risk money back guarantee should you choose to cancel coverage.

Once the policy is approved, benefits cannot be canceled or reduced for the life of the policy. This creates security for the insured but prevents any flexibility on the part of the insured if they want to modify coverage in the future.  

Globe Life Customer Complaints and Reviews

When looking for a life insurance policy, it’s important to consider all the aspects, such as price, reputation, and types of packages, of the company to ensure you’re making the right decision.

There are various Globe Life’s complaints and reviews on ConsumerAffairs you need to look at before making your purchase. At the time of this writing, Globe Life had a rating of 3 stars out of the possible five based on 66 reviews that had been submitted in the last year.

34 of these reviews rated Globe Life with 1 out of 5 stars while 20 reviewers left the insurance company with a 5-star rating.

Some customers have complained about the company’s failure to pay whenever their loved one passed away or that the claim process was too slow. Others say that their insurance application was declined for no good reason. You can find reviews that the increased rates were nowhere near affordable with one reviewer stating it had increased 4x’s from what they were paying. 

The good reviews about the company included helpful customers service. There are some clients that said they’ve never had a problem with Globe Life since they bought their policy.

Life Insurance Rates Offered Through Globe

Unlike other life insurance companies, Globe Life Insurance has an unusual pricing model. Let’s talk about Globe’s pricing strategy.

For Term policies, Globe allows the customer to lock into a rate.

The lock-in is only good for 5 years and will jump substantially in 5-year increments. Rate increases are based on the age of the customer and not any medical condition. As a customer, you do not have to re-apply at the end of five years. Acceptability for coverage remains for the life of the policy term up to age 90.

What about the $1 for $50,000 in coverage?

It’s true, but it is only introductory. Yes, you can purchase a policy for a $1, but that $1 only pays for the first month’s premium. The following months will be rated based on your age and the coverage amount.

Their coverage starts at $5,000, and it’s available up to $100,000 for those who need it. The term for your policy is the number of years from your current age to the firm’s next five-year age bracket, which can be 31, 36, 41, 46, etc.

For example, if you buy life insurance from Globe Life when you are 28 years old, your initial term will be three years before you get to 31. After that, you can renew your policy every five years, and the costs can be higher.

Globe Life Sample Rates

Locating life insurance rates for Globe was extremely difficult. The insurance company does not allow the customer to view sample rates online.

Instead, if you’re interested in a quote you will need to either contact their customer service directly or fill out an online form to be mailed information. We are assuming they will mail out a rate chart for the coverage you are interested in along with an application. 

Pros of Working with Globe Life

#1. Quick

If you need life coverage fast without waiting for approval processes, health results, or lengthy underwriting, Globe can provide coverage fast.

#2. Health Problems

Because of their stance on “no exam’s”, Globe might be a good option for someone, especially younger people, with significant health issues.

#3. Tobacco Friendly

Again because pricing is based solely on age with no thought to a medical or health underwriting, questions about tobacco usage are not asked.

#4. At Risk Lifestyles

Just like tobacco usage, unhealthy lifestyles are not considered. Rates are based solely on your age and the coverage you choose. 

Cons of Working with Globe Life

#1. Expensive

For most people without serious health issues, Globe will be pricey compared to the amount of coverage you can buy. Because of the “no exam” policy, the company assumes poor health for everyone who applies, and rates accordingly. Also, premiums jump substantially after the first 5 year lock-in period.

#2. Complaints

When examined by customer service organizations, Globe has higher than average complaint ratio. The National Association of Insurance Commissioners calculates the complaint ratio of Globe at 3.5.

This means they receive 3.5 times more complaints than the average life company. The reason for complaints is customers often have a hard time finding a live person to talk with whenever they have questions or problems.  

#3. Difficult Claims

Because everything is so automated, filing a claim can be difficult and it could be even harder to find a person who can walk you through the claims process. When looking at other online company reviews, this is one consistent negative.

Working with an experienced life insurance agent or agency can always provide a greater benefit than buying directly from a life insurance company. Seek the assistance of an independent agent or agency. Independent agents are not tied to any one company so their main goal is to service the customer not a company.

#4. Lower Coverage

Death benefit options are much lower compared to other life insurance companies. If you are looking for coverage to protect your family from debt and future expenses, you may not find the amounts you need with Globe.

The coverage amounts needed to fund debt and replace salary cannot be covered adequately with Globe’s products. Most coverage amounts with Globe are only designed to pay for end-of-life and funeral expenses.

#5. No Sales People

This may seem like a benefit to many people. However, life coverage can be confusing, and it really does help to have a professional with your interests at heart do an analysis of your needs and provide you with multiple options built around you.  

Globe Life Insurance - The Takeaway

Many people find shopping for life insurance difficult and confusing.

It can be. There are so many coverage options, companies, underwriting rules, and pricing varieties.

Globe can seem like an attractive option because it is quick and avoids medical exams and questionnaire. That is a good option if you need quick, temporary coverage, but it is not a good long term solution. Also, you run the risk of service and claims issues in the future.  

Unless you need something quick, while you wait to approved for a better policy, you should consider more affordable 10, 20, or 30-year term products. These products not only guarantee coverage for that length of time, but they will also guarantee the premium for the same term as well.  

Shopping with Globe is also like shopping with a captive agent with only one product. Whether it fits your needs or not, only one product will be offered.

We are a life broker with access to a wide variety of companies with different products and guidelines. We can help you analyze your life insurance needs and then shop for you among all our carriers.

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Jeffrey Manola

Jeffrey Manola

Jeffrey Manola is the owner and an experienced life insurance agent at Top Quote Life Insurance. His goal is to provide online consumers with the absolute top quotes for all term life insurance, permanent life insurance, and no medical exam life insurance. Not only does he strive to provide you with the best premium for your life insurance coverage, but he also wants you to be well informed about life insurance coverage options and its importance. Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency. We want to help you save money, protect your future, and earn your trust (888) 777-7574.

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