We get a lot of questions about Globe Life Insurance Company. Most people who ask have seen the “$1 for up to $100,000 worth of life insurance coverage” ads.
If you’re considering this company for your next life insurance policy, continue reading this Globe life insurance review to see how the company stacks up against other top life insurance providers.
Hundreds of insurance companies sell life insurance policies. All this competition can be great for new policyholders, but it can also complicate finding the best plan.
Mix in the paid online reviews and misleading TV commercials, and it’s easy to understand why shoppers get confused about life insurance products.
We have found over time that most people assume that if they buy final expense life insurance directly from the company, they can cut out the middle-man (insurance professional) and save money. This assumption is simply not the case. In fact, you will likely pay more for your life insurance.
We’d like to help.
In this review:
Is Globe Life Insurance Legit?
Although most of the major life insurance companies have been in business for a hundred years or more, Globe Life was founded a little more than 60 years ago. However in that relatively short time it has greatly increased their footprint to having more than $91 billion of life insurance premium on their books.
Globe Life and Accident Insurance Company is a legitimate company with an A rating from both A.M. Best and the Better Business Bureau.
If cost isn’t a factor, and you’re in a hurry to get insurance coverage, Globe might just be for you.
However, there are some important factors to consider before selecting Globe Life as your provider.
Globe Life Insurance Products
Globe’s term and whole life insurance policies are considered final expense insurance.
These policies are designed to provide a smaller payout — enough to cover your funeral or small debts.
Term Life Insurance
Globe Life’s term product is a little unusual when compared to other national insurance companies. Since they do not require a medical exam, the company limits the face amount on term insurance to $100,000 which will certainly fall short for consumers who want life insurance to replace their income. It’s a very small payout if you’re young and have a family to protect.
Regardless of the death benefit you select, your first month’s premium will be $1 but in the second month, your premiums will increase dramatically. Unlike traditional term life insurance that is sold in policy terms of 5, 10, 15, 20, 25 or a 30-year term with the premium remaining level over the term of the policy, Globe Life’s term insurance is rates are only guaranteed for 5-year intervals.
What this means is if you buy an insurance policy at age 30, your premiums will go up at age 35, 40, 45, and so forth until the insured turns 80 when the policy expires.
Here is their Policy Description that was found on their website:
“Policy Description: This is a term to 80. The initial term period can either be 1, 2, 3, 4, or 5 years in duration, depending upon the issue age. All renewal term periods begin at a quinquennial plus one ages (i.e. 21, 26, 31, 36, …, 76) and will be 5 years in length (except for the final term period). The final 4-year term period (always beginning at age 76) will expire and the policy will terminate at the policy anniversary following the insured’s 80th birthday.”
Here are Globe Life’s term insurance rates compared with our most popular insurance company. This comparison is for a $50,000 term life insurance policy:
The rates listed for Sagicor are for their non-medical exam product and as you can see, the rates are about half of what Globe Life charges. Also, the Sagicor policy is a level benefit policy so the rates will not increase every 5 years as the Globe Life policy will. Sagicor also offers several optional insurance riders that will allow applicants to broaden their coverage and have living benefits.
Whole Life Insurance
A whole life insurance policy can last the rest of your life and slowly accrues a cash value you can borrow against or cash out later in life.
Globe offers whole life insurance coverage in amounts ranging from $5,000 up to $50,000.
They also sell a Children’s Life Insurance Policy. Globe Life’s children’s whole life insurance could provide $30,000 in whole life coverage for minors. Since children don’t typically earn income or have debts, I tend to be skeptical about the necessity of these plans.
We attempted to make a comparison of Globe’s whole life insurance rates but were unable to get a quote from their website. Each time we entered our information, their rating system would respond with a quote for Globe’s term life insurance product. The problem here is that the term product only provides coverage up to age 80.
Globe Accidental Benefits Insurance
Accidental death benefit life insurance pays after an accidental death, such as an accident at work or a highway collision.
Globe Life’s accidental death coverage offers guaranteed acceptance for those ages 18 to 69. The maximum amount of coverage offered is $250,000. Though premiums are level throughout your lifetime, keep in mind that this type of insurance only pays out for a small percentage of deaths.
Some term life products add extra accidental death insurance coverage for free; others call this provision dismemberment coverage.
No-Exam Life Insurance
If you’ve ever been turned down for life insurance coverage because of a pre-existing condition, don’t assume that you can’t be insured. No medical exam policies offer another option for anyone rejected for life insurance in the past.
Globe Life offers a no medical exam policy that allows you to buy “$10,000 for $1”. The premise of the plan is similar to the $100,000 for $1 plan. You’ll pay higher premium payments as time passes.
Other Globe Life Insurance Products
Globe Life also provides:
- Mortgage Protection Insurance: This coverage would pay off your mortgage if you died with a balance on the loan. Term life can do a better job since it pays your family and not your mortgage lender. Your family could use the payout as they saw fit.
- Medicare Supplements Insurance: Medicare doesn’t pay 100 percent of medical costs, so this insurance could kick in and help reduce medical costs for people 65 and older.
Beneficiaries must provide a death certificate before Globe Life will pay a claim. This is a standard practice in the industry.
Globe Life Insurance Rates
In the first month of coverage, you’ll pay a great price — $1. And the company’s 30-day money-back guarantee will return your $1 if you decide you don’t want the coverage after all.
Unfortunately, it won’t return the inflated life insurance rates that add up in the subsequent months.
How Much Does a Globe Life Insurance Policy Cost?
The $1 for up to $100,000 life insurance policy advertising gimmick draws consumers because it seems to simplify life insurance.
But this offer refers to a guaranteed rate schedule where your insurance premiums will continue to rise every five years.
The rates may seem inexpensive initially, but the rates will continue to go up at scheduled intervals.
Here are sample rates for a healthy, non-smoking male with a maximum amount of $100,000 in term life insurance coverage.
The best life insurance companies charge a level premium from the first month on. With quality life insurance, you should never see scheduled increases in a policy’s premiums.
How To Lower Your Premiums
Regardless of the life insurance company you choose, you can lower your premiums when you know how to shop.
A huge factor is your health and tobacco status. If you smoke, vape, or use smokeless tobacco products, you’ll pay a lot more for insurance from any quality life insurance company.
If you can quit using tobacco and limit your use of alcoholic beverages, you can qualify for lower premiums with any individual life insurance policy. In fact, if you’re listed as a smoker, you’ll pay at least twice as much for the same coverage, and possibly more!
Another way you can save money is by driving more carefully. Insurers check your driving records. Speeding tickets, DUIs, or at-fault wrecks can increase your life insurance rates.
Of course, your health is harder to control, but if you have a few months before you plan to apply, trying to lose a few pounds could help a lot.
If your blood pressure and cholesterol decrease, you’ll have an easier time getting coverage.
How Does Globe Life Handle Pre-Existing Conditions?
Another complicating factor you won’t see in the TV ads is the impact of your existing health conditions on life insurance.
Health conditions complicate life insurance. That’s just the way it works because underwriters have to consider your risk of mortality. Often, a medical exam or a series of health questions tell the insurance company about your health.
If you’re in less than perfect health, Globe Life is most likely not right for you. In just about every case, their insurance plans are going to be more expensive than other options.
Your health should never prevent you from finding the best life insurance. Still, there are companies with liberal underwriting that can help high-risk applicants who have conditions like diabetes or cardiovascular problems. More details on high-risk insurance can be found here.
Globe Life Customer Reviews
Chances are the captive agent will tell you about Globe Life’s A rating with A.M. Best. This means Globe has solid financial strength. A.M. Best is an independent credit agency serving the life insurance industry.
You’re less likely to hear about Globe Life’s NAIC complaint index. This is a number compiled by the National Association of Insurance Commissioners.
On this complaint index, 1.0 represents the median number of complaints per policyholder. Globe Life has a 3.72 complaint index. This means the company has almost four times as many complaints as the median number of complaints.
Globe’s Better Business Bureau rating of A+ shows the company at least listens and responds to these complaints, which is good news. You can read some of the complaints on their BBB page.
Does a Globe Life Insurance Policy Offer the Protection Your Family Needs?
Before you buy a life insurance policy — either a no exam or a traditional policy — you should first calculate your insurance needs.
Not having enough insurance protection could leave your loved ones with leftover bills and debts if you died unexpectedly.
Your policy’s death benefit should consider your existing debts and your annual income.
If you died, would your life insurance policy be able to replace your annual income? A standard policy should replace your income for 5 to 10 years.
Policyholders also want coverage to pay off existing debts such as mortgages, auto loans, private student loans, and credit card debt. If you’re heavy on debt, you’ll want a larger death benefit.
The perfect size policy provides just enough coverage to protect your loved ones from losing ground financially as they recover from losing you.
Alternatives to Globe Life Insurance
While Globe is a well-known life insurance company, in my experience, the following companies can do better for most shoppers.
- AIG Direct – A great option for just about any policy type due to their size and financial stability.
- Fidelity – One of the top options for no exam and final expense policies.
- Haven Life – They have the fastest turnaround for term life insurance. This includes no medical exam for many people under age 55. Get instant life insurance quotes online.
Globe Life Company Overview
Globe Life is a subsidiary of the Torchmark Corporation which is a holding company for several other insurance companies and is traded on the New York Stock Exchange.
- BBB Rating: A+
- A.M. Best Rating: A
- NAIC Complaint Index: 3.72
- Date Founded: 1951
- Based in: McKinney, Texas
- Former Corporate Name: Torchmark
- Phone Number: 800-811-3927
- Coverage In Force: $91 billion
- Policyholders: 4.2 million
- Availability: all 50 states through various subsidiaries
We encourage to shop first. You can use the quoter on this page to get started.