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Globe Life Insurance has been around since 1951 and requires no medical exam. They offer simplified underwriting to make your application and coverage fast. Coverage limits are low with a maximum of $30,000 to $100,000 depending on the plan, which makes it better suited as a supplement to other life insurance policies or for those who only need a small plan.
Based on our review of more than two dozen life insurance companies, Globe Life Insurance was not one of the best companies we found. To see other options that may be better, visit our list of the best life insurance companies.
- Pros and Cons
- Key Takeaways
No medical exam
No waiting period
Family coverage & children’s life insurance
Coverage available for seniors over 75
Online policy management
Veteran’s life insurance plan
Simplified underwriting is not “Guaranteed Issuance”
Low limits of insurance
Higher than average complaints
The pricing structure is high for older children
Prices increase every five years.
Policy cancellation options may be confusing
- Give kids coverage with the option to convert into their own policy with a child-term rider.
- Strong underwriting standards allow Globe Life to offer policies to those who qualify over the age of 75.
- Simplified underwriting means you only answer questions and don’t need a medical exam in many cases.
- You have the option of getting a small policy with a death benefit as low as $5,000.
- Provides a special convertible policy for veterans who want to maintain the insurance they had with the Servicemembers Group’s Life Insurance.
- Year Founded 1900
- Kinds of Plans Adult term life, Children's whole Life insurance, Combination family plan.
- Number of Plans 3
- Official Website https://www.globelifeinsurance.com/globelifedirect
Globe Life Insurance advertises low rates for term life insurance, permanent life insurance, and “no medical exam” policies, but how do you know if they're the right company for you? Besides the price of a life policy, there are several important factors to review before you make a decision.
Here’s our review of Globe Life Insurance, including pricing, policy types, and everything you need to know to compare your options and help you decide.
Globe Life or Globe Life And Accident Insurance Company was founded in 1951 and is headquartered in McKinney, Texas.
Although they have a strong financial strength rating, they are not included in AM Best’s Top 200 U.S. Life/Health Insurers list.
One of their most unique benefits is simplified underwriting. They offer simplified underwriting, which means that you have to pass a medical questionnaire. If you pass, the policy will be issued without further medical exam (if you do not pass, the policy will be declined). Globe Life offers life insurance policies to over 4.4 million policyholders.
Globe Life offers three types of plans, one of which is an option to have a combined plan for families. They offer simplified underwriting term life insurance for adults and whole life insurance for children. Globe Life markets its plans as a good choice for seniors, families, and as a supplemental life insurance plan. It is noteworthy that although they market several “plans” all pages provide the same options to quote among these three options:
- Term Life for Adults
- Whole Life For Children
- Adults + Children
Their website is highly commercial, providing very slim details and few real options.
Both the Adult Term Life and the Children’s Whole Life plans offer immediate coverage (conditional on passing the medical questionnaire) and a money-back guarantee. Coverage starts at $5,000 and goes up to a maximum coverage amount of $100,000 for adults and $30,000 for children.
Veteran’s Group Life Insurance (VGLI)
Globe Life offers an individual option to veterans for the conversion of their active duty Servicemembers Group’s Life Insurance (SGLI) into a Veteran’s Group Life Insurance.
SGLI policies are convertible for up to one year plus 120 days after you leave active service, but if you sign up within 240 days you do not need to undergo a medical underwriting.
This is the standard according to the U.S. Department of Veteran Affairs, which offers group insurance for conversion through Prudential Insurance.
Globe Life follows the same timelines and the possibility of conversion without medical underwriting within 240 days for coverage up to $100,000.
Term Life Insurance
Globe Life offers a Term Life for Adults plan. Pricing is based on five-year age periods; this means your rate will go up every time you hit a new age band. Price categories start at ages 18 to 20, then increase every five years from 21 to 25, 26 to 30, etc. until your policy can no longer be renewed. Policys stop being renewable between ages 80 and 90, but this varies by state. Issue ages are limited to ages 18 to 75 or 80, but again, this varies by state.
Whole Life Insurance for Children
Globe Life offers whole life insurance for children; whole life is a type of permanent life insurance policy. Coverage is offered between ages zero to 25 and pricing samples were similar to the term life structure, with rates increasing for every five-year age band. You can explore the pricing details in our price section below.
Get whole life insurance for children to lock in great rates while they are young and healthy.
Globe Life offers family insurance and describes it as follows: “Family Life insurance is coverage through multiple life insurance policies, or policies with riders to cover dependent children.” Their website offers the option to request quotes for family insurance, no additional information was available.
Burial Insurance and Final Expense Insurance
Globe Life markets both burial and funeral insurance and final expense insurance, although these are both the same type of insurance. Again, quotes are not specific to this online, you always have the same three options to quote from.
Does Globe Life Insurance Offer Riders?
A life insurance rider is an endorsement or add-on to a life insurance policy that can provide added benefits. We did not find any information on riders from Globe Life.
Globe Life gives you the opportunity to apply for coverage by filling in a form online. Globe Life offers online policy management and a mobile app.
Their coverage information is simple to review on their website and the application process is simplified with no medical exam.
Claims must be sent via mail and take a couple of weeks to process.
To file a claim with Globe Life, the request must be mailed in and will be reviewed within a couple of weeks. They offer the option to check on the status of the claim by calling customer service at 844-593-8369. They do not provide hours of operation.
Globe Life has the number two spot in the 2020 J.D. Power Life Insurance Study, which ranked the top 23 companies in overall customer experience including price, product offerings, and application and orientation.
Globe has a consistently high level of complaints in comparison to what is expected in the market for their premium volume. We researched Globe Life Insurance complaints trends for the past four years and they have been consistently high, with the National Association of Insurance Commissioners (NAIC) complaint trend scores at:
- 3.52 in 2020 for a total of 68 complaints
- 2.54 in 2019 for a total of 76 complaints
- 2.96 in 2018 for a total of 105 complaints
A score of 2.96 is about three times the expected average for a company of their size. This trend was consistent over the past three years.
Due to the high level of complaints we went further in our research and checked out the reasons for the complaints, we found the majority were for claim handling delays and surrender problems.
Financial Strength: A (Excellent)
AM Best Rating A (Excellent)
If you are researching life insurance companies to choose the best one for you, it is a good idea to check the financial strength of the company. Globe Life has an AM Best financial strength rating of "A" (Excellent). They were downgraded from "A+" (Superior) in 2020.
Price of Globe Life Insurance
Globe Life offers quotes online or by phone. They also give price estimates for their Adult Term Life and Children policy. They offer your first month of coverage for $1, but then regular premium pricing kicks in. For example, on their site, they say term life insurance with Globe Life could be as low as $3.49 a month, which would work out to under $50.00 a year, but this could be for their minimum amount of life insurance, which is $5,000. Their pricing is divided among age ranges in increments of five years from 26 to 89 years old.
We researched the pricing and found the following sample rates for the Globe Life term life insurance, adult plan:
|Age||$5000 Male vs Female cost per month||$30,000 Male vs Female cost per month||$100,000 Male vs Female cost per month|
|Age 31 to 35||$4.38 vs $3.98||$14.93 vs $ 11.53||$44.48 vs $32.69|
|Age 51 to 55||$9.58 vs $7.94||$35.39 vs $25.79||$107.64 vs $75.76|
|Age 71 to 75||$26.77 vs $20.34||$138.52 vs $103.56||$451.44 vs $336,53|
We included sample ranges to give the idea of the pricing you can expect from Globe Life term insurance plans, our sample was for California.
If you are interested in the specifics you can access the information on their website or call them for customized quotes.
For children’s life insurance, we found the following price examples, depending on the child’s age:
|0 to 4||$2.17 per month||$5.49 per month||$10.47 per month|
|5 to 9||$2.47 per month||$6.49 per month||$12.52 per month|
|10 to 14||$3.01 per month||$7.85 per month||$15.11 per month|
|15 to 19||$3.62 per month||$9.36 per month||$17.97 per month|
|20 to 25||$4.44 per month||$11.52 per month||$22.14 per month|
The cost of the term children’s life insurance with Globe Life is very high for older children when you consider:
- The limited amount of coverage.
- The fact that through other life insurance companies, you may be able to add life insurance to your children as a rider on your own life insurance policy.
- As a price point comparison, in a recent life insurance study, the average price of term life insurance for a healthy 30 year old is $160 per year for $250,000 of coverage.
Globe Life offers a limited selection of life insurance policies. Their main feature is the simplified underwriting and potential no medical exam coverage.
Cancellation Policy: Get the Details Before You Sign-On
All the Globe Life policies are advertised with a no-risk money-back guarantee. Due to the high level of complaints citing surrender values as an issue registered with the NAIC, make sure you find out exactly how policy cancellation and cash values work before you sign on for your policy. For policies like children’s life insurance, where you may find yourself wanting to switch to a different policy as your children get older, understanding cancelation options is important.
How Globe Life Compares to Other Life Insurance Companies
Globe Life offers a very limited selection of life insurance policies. Their main feature is the simplified underwriting and no medical exam coverage, however, it is not guaranteed issuance life insurance. If you have health issues, you may not be eligible. Globe Life has nearly the highest financial strength rating, but their experience in complaints with the NAIC is very high compared to other life insurers.
Although Globe Life offers child life insurance, you should consider that many of the other insurers offer riders that will cover your children, with options to convert to a whole life policy later on, and this could save you money.
You can compare Globe Life coverage offerings and pricing to other insurance companies that also offer no medical exam, guaranteed issue coverage, some of which offer more policy options to choose from such as:
- Banner Life
- Colonial Penn
- Gerber Life
- John Hancock
- Mutual of Omaha
- Protective Life
Due to a concerning high level of complaints and limited coverage offerings, Globe Life is not a top pick for us.
Globe Life offers specialized coverage geared at people interested in getting coverage fast, and with no medical underwriting. Consider shopping around for life insurance options or speak to a financial advisor to help you make a well-informed decision before you purchase this kind of limited product. If you do not want to take a medical exam or only need lower limits of coverage, then Globe Life is an option to consider.
All of our reviews of life insurance companies are based on extensive research and analysis of each company based on offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated.
AM Best. "AM Best Top 200 U.S. Life/Health Insurers." Accessed Dec. 2, 2021.
U.S. Department of Veteran Affairs. "Veterans’ Group Life Insurance (VGLI)." Accessed Dec. 2, 2021.
J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed Dec. 2, 2021.
NAIC. "Globe Life & Accident Ins Co National Complaint Index Report." Accessed Dec. 2, 2021.
NAIC. "Globe Life & Accident Ins Co Reasons Why Complaints Were Submitted." Accessed Dec. 2, 2021.
Businesswire. “AM Best Affirms Credit Ratings of Globe Life Inc. and its Subsidiaries.” Accessed Dec. 2, 2021.
Businesswire. “AM Best Downgrades Credit Ratings of Globe Life Inc. and Its Subsidiaries.” Accessed Dec. 2, 2021.
LIMRA. “Facts About Life 2019.” Accessed Dec. 2, 2021.