Globe Life Insurance Review

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Overall Score

Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:

Factor	Score Value
Price of Coverage	40%
No-Waiting-Period CoverageNo Waiting Period	20%
Financial Strength	20%
NAIC Complaint Index	20%
Overall Maximum	100%

Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.

3 out of 5

Rating methodology

5.0

Price of Coverage

Price of Coverage

40% of overall score

Using this quote calculator, we compare the price of the insurer’s coverage to competitors with equivalent products. The score they receive is based on how close their price is to those three least expensive providers:

• 50-5% more expensive
• 46-10% more expensive
• 311-20% more expensive
• 221-30% more expensive
• 1≥ 40% more expensive

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2.0

No-Waiting-Period CoverageNo Waiting Period

No-Waiting-Period Coverage

20% of overall score

This scoring factor assesses whether an insurer offers coverage with no waiting period and, if so, how difficult it is to qualify for it. If an insurer does not provide coverage with no waiting period, it gets an automatic 1. A score from 2 to 5 indicates that immediate coverage is possible, and the higher the rating, the easier it is for the average applicant to qualify for it.

• 5Most applicants qualify
• 4Fairly easy qualification
• 3Somewhat difficult qualification
• 2Very difficult qualification
• 1No-waiting-period coverage unavailable

4.0

Financial Strength

Financial Strength

20% of overall score

Our financial strength scores are based on A.M. Best’s Financial Strength Ratings (FSR), which measure an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores they receive are based on the following scale:

• 5Superior (A+ or A++)
• 4Excellent (A- to A)
• 3Fair/Good (B- to B++)
• 2Weak/Marginal (C- to C++)
• 1Poor (D or Not Rated)

1.0

NAIC Complaint Index

NAIC Complaint Index

20% of overall score

The NAIC (National Association of Insurance Commissioners) complaint index measures how frequently an insurer obtains consumer complaints relative to a median score across all insurers. Our scoring model is based on an insurer’s NAIC complaint index for the most recently available year and for ‘Individual Life’ products:

• 50.0 - 1.0 (avg or below avg complaints)
• 41.01 - 1.5 (slightly above avg complaints)
• 31.51 - 2.0 (up to 2x avg complaints)
• 22.01 - 3.0 (up to 3x avg complaints)
• 1≥ 3.01 (more than 3x avg complaints)

Rating methodology

Globe Life offers no-medical-exam term life insurance with the convenience of an online application and just $1 for the first month. The real monthly premium starts in the second month and increases every five years. It’s term insurance, which means the policy will terminate at 80 or 90 (varies by state), leaving you uninsured.

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Pros

• No medical exam to qualify.
• Immediate coverage if you’re approved.
• Online application and quotes, or you can apply via mail.

Cons

• Many applicants with pre-existing conditions will be declined.
• Numerous other providers offer cheaper term insurance with a fixed rate.
• An abnormally high amount of consumer complaints.

Financial Ratings

A.M. Best

A

Excellent

Moody's

NR

Not Rated

S&P Global

AA-

Stable

AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.

Moody’s Investors Service rates the creditworthiness of companies. The Moody’s Rating Scale has 21 possible scores ranging from “Aaa” (highest mark) down to “C” (lowest mark).

S&P Global Inc. issues credit ratings on a scale from “AAA” (highest rating) to “D” (lowest rating).

Customer Reviews

Customer Review Ratings

BBB

1.27/5

113 reviews

Trustpilot

2.5/5

11 reviews

Google

4.2/5

12485 reviews

Yelp

1.6/5

14 reviews

Consumer Protection Organization Scores

NAIC Complaint Index

6.19

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

BBB Score & Accreditation

A+

Accredited

The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.

Ratings and scores valid as of 10/31/2024.

Policy Details

Policy Type

Term Life

New Applicant Age Range

18-75 or 80 (varies by state)

Death Benefit Options

$5,000-$100,000 (varies by age)

States Where Available

All except MT, NY & WA

Builds Cash Value

No

Has Health Questions

Yes

2-Year Waiting Period

No

Medical Exam Required

No

Age When Policy Expires

80-90 (varies by state)

Prices Increase

Every 5 years

Company Overview

Globe Life was founded in 1951. Liberty National Life Insurance acquired Globe in 1980 and formed a holding company called Torchmark Corporation. In 2019, Torchmark officially rebranded to Globe Life Inc. and appears on the NY stock exchange as “GL.”

Globe has multiple subsidiaries: Globe Life Insurance Company of New York, United American Life Insurance Company, American Income Life, Family Heritage Life, United American, Liberty National Life, and Beazley Benefits.

Their home office is in McKinney, Texas, but they are licensed in all 50 states. They overwhelmingly focus on individual life insurance policies but offer annuities and supplemental health insurance products.

Founding Year

1951

Official Website

www.globelifeinsurance.com

Headquarters

3700 S Stonebridge Dr, McKinney, TX 75070

Phone Number

800-742-6787

Globe Life Insurance Policies

Globe Life primarily offers no medical exam term life insurance and whole life insurance for children and adults. Although no exam is required, Globe life insurance policies require you to answer health questions (except for their accidental death plans). Globe does not offer guaranteed life insurance.

Adults with severe or chronic health conditions will find it difficult to qualify with Globe Life. Many consumers with issues such as diabetes (and many other conditions) have reported that Globe denied their application.

Term life insurance

Globe term life insurance will last until you’re 80 or 90 years old, depending on your state. The premium increases every five years, every time you reach an age that ends in one or six (41, 46, 51, 56…).

Final expense insurance

Most insurance companies offer final expense insurance policies as whole life insurance. However, Globe’s final expense insurance is just their term life insurance policy packaged as “burial insurance.” Buying term life insurance to cover funeral costs is very risky because most people outlive the policy.

Whole life insurance

Globe whole life insurance policies are available to adults and children. It’s permanent life insurance without a medical exam (there are health questions) that builds cash value and has a fixed monthly cost. Globe children’s life insurance can be bought for up to $30,000 in coverage, but adults can purchase up to $50,000.

Mortgage protection insurance

Globe Life mortgage protection insurance is actually just accidental death insurance that will only pay out if you die from an accident. It’s not life insurance. With virtually every company, mortgage protection insurance is life insurance that would pay a death benefit for any natural or accidental demise to pay off your mortgage. It’s very deceptive for Globe to characterize their accidental death insurance as mortgage protection coverage.

How Much Does Globe Life Insurance Cost?

Globe Life customers always pay $1 for the first month. After the first month, the actual price will kick in, which could be as low as $10 monthly or as high as $500 per month, depending on your age, gender, state of residence, health, and how much coverage you buy.

Below are some Globe Life rate charts and a cost calculator that shows the monthly cost of their term life insurance.

Should You Buy Globe Life Insurance?

Globe Life Insurance is an excellent company if you need only a small amount of term life insurance ($20,000 or less). They also offer some of the best life insurance for children.

Besides those circumstances, many other life insurance providers offer both term and whole life insurance for a lower cost. In particular, if you need term life insurance, you can get a policy that costs less and has a fixed rate for the life of the policy.

Here are some superior options depending on what type of coverage you need:

• Final expense insurance (burial insurance): Mutual of Omaha (Living Promise policy) or Aflac
• Term life insurance: Americo
• Traditional whole life insurance: Foresters Financial
• Universal life insurance: Transamerica

Frequently Asked Questions