Globe Life Insurance Review
No medical exam and no waiting period are a few perks
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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.
What We Like
No medical exam
No waiting period
Family coverage & children’s life insurance
Coverage available for seniors over 75
Money back guarantee
Online policy management
Veteran’s life insurance plan
What We Don't Like
No online quotes
Simplified underwriting is not “Guaranteed Issuance”
Low limits of insurance
Higher than average complaints
A medical questionnaire may eliminate your eligibility
The pricing structure is high for older children
Prices increase every five years, non-renewable after 89
Policy cancelation options may be confusing
Globe Life or Globe Life And Accident Insurance Company was founded in 1900 and is headquartered in McKinney, Texas. They have a Better Business Bureau rating of A+, with 286 reviews, giving them a BBB rank of four stars. Although they have a strong financial strength rating, they are not 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 4.2 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 on all their plans.
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 medical underwriting.
Globe Life offers veterans a private insurance option for the conversion of their active duty Servicemembers Group’s Life Insurance (SGLI) into a Veteran’s Group Life Insurance.
This is the standard according to the U.S. Department of Veteran Affairs, who 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 age 89 at which point the coverage is not renewable. Issue ages are limited to ages 18 to 80.
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.
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 other than the mention that “coverage is also available for your spouse or other family members.”
Globe Life gives you the opportunity to apply for coverage by filling in a form online, or by calling a customer service phone number. 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.
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 through their online portal.
Customer Satisfaction: Unrated
Globe Life is not rated among the top 25 life insurers in the 2019 J.D. Power Life Insurance Study, which rates various areas of 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 most recent complaint trend scores at:
- 3.15 in 2019 for a total of 62 complaints
- 3.8 in 2018 for a total of 78 complaints
As registered in the National Association of Insurance Commissioners' (NAIC) National Complaint Index Report. A score of 3.15 is about three times the expected average for a company of their size, and 3.8 would be close to four times the expected normal market results. 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.
If you are looking for child life insurance, consider that many life insurers offer riders that will cover your children on your own life insurance, with the option to convert to a whole life policy at the end of the term.
Financial Strength: A+ (Superior)
AM Best Rating A+ (Superior)
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+ (Superior) as part of the Torchmark Life Group, they have held this rating for several years running.
Price of Globe Life Insurance
Globe Life does not offer online quotes, but they 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:
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:
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 years 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.
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 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.
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.
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.
Insurance Information Institute. "How Do I Pick a Life Insurance Company?" Accessed Feb. 29, 2020.
Better Business Bureau. "Globe Life and Accident Insurance Company." Accessed March 3, 2020.
AM Best. "AM Best Top 200 U.S. Life/Health Insurers." Accessed March 3, 2020.
Globe Life. "About Globe Life." Accessed Feb. 28, 2020.
Globe Life. "Term Life Insurance." Accessed March 3, 2020.
Globe Life. "Children's Life Insurance." Accessed March 3, 2020.
Globe Life. "Life Insurance for Veterans." Accessed March 3, 2020.
U.S. Department of Veteran Affairs. "Veterans’ Group Life Insurance (VGLI)." Accessed March 3, 2020
Globe Life. "Family Life Insurance." Accessed March 3, 2020.
Globe Life. "Burial and Funeral Insurance." Accessed March 3, 2020.
Globe Life. "Final Expense Insurance." Accessed March 3, 2020.
Globe Life. "Download the Globe Life App." Accessed Feb 29, 2020.
Globe Life. "FAQ." Accessed Feb. 29. 2020
NAIC. "Globe Life & Accident Ins Co National Complaint Index Report." Accessed Feb. 28, 2020.
NAIC. "Globe Life & Accident Ins Co Reasons Why Complaints Were Submitted." Accessed March 3, 2020.
AM Best. "Globe Life and Accident Insurance Company." Accessed Feb. 28, 2020
Globe Life. "Term Life Insurance." Accessed Feb. 29, 2020.
Globe Life. "Juvenile Schedule." Accessed Feb. 29, 2020.
LIMRA. “Facts About Life 2019.” Accessed Feb. 20, 2020