Is Globe Life insurance good?
Globe Life may be a good option if you’re looking for an adult whole or term life insurance policy that offers $100,000 or less in coverage or a low-coverage children’s life insurance policy for a child (up to $30,000).
Globe Life’s maximum coverage amounts, which are low when compared to many other life insurance companies we reviewed, may make this insurer worth considering if you already have a policy but are shopping for additional coverage or supplemental life insurance.
In addition, Globe Life does not require medical exams for any of its policies and there is no waiting period if approved. That may be an attractive benefit if you want a streamlined approach to buying life insurance.
Still, there are a few things to keep in mind before choosing Globe Life as your primary life insurance company.
Globe Life’s whole and term life insurance policies for adults don’t have level rates, for instance. You’ll pay more for your policy as you age, with rate bands set in five-year increments. For instance, if you’re 31 to 35 years old, your rate will remain the same but increase once you reach age 36. It will increase again at age 40 and continue to do so over time.
Another thing to keep in mind is customer satisfaction. Globe Life earned the second-highest spot in the 2022 U.S. Individual Life Insurance Study, which measures customer satisfaction. However, the company also has an above-average number of complaints to state insurance departments, according to the most recent data from the National Association of Insurance Commissioners (NAIC).
Before you purchase a life insurance policy, always get at least three life insurance quotes before you make your decision. If you’re considering Globe Life, get and compare quotes from at least two other insurers for the same amount and type of coverage.
Type of life insurance sold by Globe Life
Globe Life offers several types of life insurance coverage.
Globe Life term life insurance
Globe Life term life insurance offers coverage from $5,000 to $100,000, with terms from one to 30 years. Applicants do not have to complete a medical exam, and there is no waiting period if approved for coverage.
Globe Life term life insurance policy rates are only $1 for the first month, and the company offers a no-risk money-back guarantee. However, its term life rates are not level, meaning you will not pay the same amount for the duration of your policy. Instead, rates will increase with age, with a rates schedule that uses five-year bands, such as 18 to 20 years and 21 to 25 years.
No medical exam is required, there’s no waiting period, and the first month costs $1 regardless of your level of coverage.
Globe Life whole life insurance
Globe Life also offers whole life insurance, which is a type of permanent life insurance that lasts until you die, as long as premiums are paid. Its whole life insurance product is available for $5,000, $10,000, $20,000, $30,000 or $50,000 and includes a cash value component that you can access while you’re alive.
Like Globe Life’s term policy, there are no medical exams required, and if you’re approved, there is no waiting period. The whole life insurance policies also offer an introductory premium of $1 for the first month, and rates will increase with age, using a rates schedule that increases the cost of coverage in 5-year bands.
Globe Life children’s life insurance
Globe Life offers a whole life insurance policy specifically for children between the ages of 0 and 25, with coverage options from $5,000 to $30,000. Like other Globe Life policies, there is no medical exam or waiting period.
Globe’s children’s life insurance policy provides level rates for the duration of coverage, regardless of age, and coverage will remain in place for life as long as premiums are paid.
These whole life insurance policies also include a cash value component that the child can access in the future.
Globe Life final expense insurance
Globe Life does advertise a “final expense” insurance, but it’s important to note that this is not a true final expense or burial insurance product.
Final expense and burial insurance policies are typically whole life insurance products that are designed to cover the cost of funeral arrangements and any outstanding debts (medical, legal, credit card etc.).
Globe Life’s final expense product is its basic term policy, which offers $5,000 to $100,000 in coverage and expires at age 90.
Globe Life insurance riders
Globe Life offers one rider: Accidental death benefit (ADB). Policyholders can add the ADB rider to their whole or term life insurance policy for an additional cost.
Globe Life offers ADB as an optional rider to a whole- or term life insurance policy. Coverage options include $25,000, $50,000, $100,000 and $150,000 and cost roughly $2.50 to $15 per month to add.
This optional rider can pay out additional benefits on top of the regular life insurance death benefit if the insured’s cause of death is considered a covered accident, such as a fatal car crash.
Accidental death benefits should not be mistaken for accidental death and dismemberment (AD&D) insurance, which extends benefits to cover accidents that result in dismemberment, not death. An AD&D policy may also cover other critical injuries that affect your ability to function, such as the loss of sight or paralysis.
Other insurance products offered by Globe Life
Globe Life customers may also be able to purchase the following types of life insurance:
- Mortgage protection insurance.
- Medicare supplement plans.
Globe Life insurance reviews
Based on an analysis of information made available by the National Association of Insurance Commissioners (NAIC), Globe Life has an above-average number of complaints to state insurance departments, compared to the national average.
NAIC data indicates that the primary reasons for Globe Life insurance complaints are delays in claims handling and premium notice or billing issues.
It’s worth noting, however, that Globe Life secured a second-place spot on the J.D. Power 2022 U.S. Individual Life Insurance Study. This study measures overall customer satisfaction among the largest life insurance companies in the United States.
If you’re considering Globe Life or any life insurance company, always take time to read reviews by reputable companies and outlets as well as social media and other online reviews.
How to get Globe Life insurance
You can apply for Globe Life term life insurance on the insurer’s website or you can apply via mail or by calling 800-831-1200 to work directly with an agent. You cannot apply for whole life insurance on the Globe Life website, but you can contact an agent or apply by mail.
See our best life insurance ratings
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- Best no-exam life insurance companies of 2023
- Best senior life insurance companies of 2023
Globe Life insurance FAQsDoes Globe Life sell no-exam insurance policies?
Yes, Globe Life sells no-exam life insurance policies.
Though you may be required to complete a health questionnaire when you apply for a life insurance policy with Globe Life, none of its products require a medical exam.