Globe Life Insurance Review

#6 in Life Insurance

Background-Globe Life

Globe Life and Accident Insurance Company began in 1951 and was originally formed to offer inexpensive life insurance to customers living in rural areas. Since then, the company has grown into the largest issuer of ordinary individual life insurance in the United States with $702 million in premiums as of 2014. To this day, Globe still offers simple, affordable policies tailored toward families on a limited budget that require no medical exam and no waiting period.

Policies include term, whole, children's life, accidental death, mortgage protection and Medicare supplement plans. The company's term life plans are capped at $100,000, while its whole life offerings are limited to $30,000 in coverage.
 

Company Reputation

Globe Life and Accident Insurance Company has strong financial ratings particularly an A.M. Best rating of A+ (superior). Globe outlook is stable as it is backed by its parent company Torchmark Corporation which has $77 billion in insurance policies issued. Globe also is accredited with the Better Business Bureau and carries a grade of A+. 

Standard and Poor’s

AA-

Moody’s Rating

n/a

A.M. Best FSR

A+

Fitch Ratings

A+

Customer Experience

The National Association of Insurance Commissioners reported a complaint score for Globe Life of 1.66. This is slightly higher than the national average however it must be noted this was based on an extremely small n of 7 complaints. The company was not rated in JD Power's 2015 U.S. Household Insurance Study, this is neither a negative or positive against the company. 

One good thing Globe does for its customers is offer life insurance directly from the company. This means they do not utilize independent agents, so the process is streamlined and you can get coverage relatively quickly.

Policies

Globe Life offers a wide range of straightforward policies that are directed toward the average consumer who may not be looking for an overly large coverage amount.  The company offers a promotional price of $1 for the first month of most of its policies, after which your premium will go to the amount agreed to in the contract. The following are examples of Globe's basic term and whole offerings.

Term Life For Adults

 

Issue Age

18-100

Terms

5 years

Coverage Limits

$5,000, $10,000, $20,000, $30,000, $50,000, $100,000

Guaranteed level premiums

Yes, for initial term. Rates will increase every five years up to age 100 after you reach an age that ends in 1 or 6.

Guaranteed renewal rates

Consult rate schedule for how much premium will increase every 5 years

Guaranteed Renewability

Yes, until age 100

Medical Exam

Not required, but you will have to answer a few health questions.

 

Whole Life Insurance

 

Terms

Lifetime

Coverage Limits

$5,000, $10,000, $20,000, $30,000

Guaranteed level premiums

Rates stay the same for life.

Guaranteed renewal rates

Rates stay the same, cannot be altered or canceled as long as premium is paid on time.

Guaranteed Renewability

n/a

Medical Exam

Not required, but you will have to answer a few health questions.

Additional Features

Globe Life offers certain additional features and plan riders depending on which policy you choose.

Features

Plan Riders

Inflation Benefit

Terminal Illness Accelerated Benefit Rider

Education Benefit

Waiver of Premium Disability Rider

Seat Belt Benefit

Accidental Death Benefit Rider

Common Disaster Benefit

Children’s Term to 25 Rider

Dismemberment Benefit

 

Paralysis Benefit

 

Commercially Scheduled Airline Benefit

 

 

Help and Support

Globe Life Insurance is available by phone Monday – Friday, 7:30a.m. – 5:30p.m. CST, and also by email.

Globe Life Insurance – Final Thoughts

Globe's life insurance policies are relatively straightforward, no nonsense policies designed for American's on a limited budget. And of course the $1 promotion for the first month is going to save you a bit of money. They offer a solid list of additional features and plan riders. Since they are targeting the everyday American family, it would be nice to see more online educational resources on the subject of life insurance like some other companies have. Globe is ultimately a good and affordable  choice if you know going in that you will need no more that $100,000 in term, or $30,000 in whole insurance. For more elaborate policies with higher coverage limits you'll have to look somewhere else.

Start your review for Globe Life Insurance