- No medical exam to qualify.
- Immediate coverage if you’re approved.
- Online application and quotes, or you can apply via mail.
- 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.
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).
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.
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.
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.
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
All Globe Life Insurance has no waiting period. To qualify for Globe’s insurance, you must answer questions about your health history and subsequently be approved. If your application is approved, you’re fully covered with no waiting period from the day you make your first payment.
Globe Life is a legitimately licensed insurance company authorized to sell insurance in all 50 states, including DC, and it has strong financial ratings. That said, Globe has a disproportionately high number of negative consumer reviews, similar to companies like Colonial Penn. While that may indicate poor service or inferior products, it doesn’t mean that Globe is a scam or not an actual insurance company.
You can cancel a Globe Life policy at any time. However, if you have their term policy and cancel it, you will not receive any money back. Conversely, if you have their whole life coverage, Globe will give you the cash surrender value if the policy accrued any cash value when you formally cancel it.
The length of a Globe Life policy depends on which type of coverage you buy. Their flagship product is a term to 80 or 90 (varies by state) plan that will remain in force until your 80th or 90th birthday. However, their whole life coverage lasts forever.
Only Globe’s whole life insurance policies have cash value. Their term life insurance does not.
Buying Globe Life insurance to cover your final expenses is not advisable because their term life insurance policy will terminate on your 80th or 90th birthday. The best final expense companies sell whole life policies to cover funeral costs. That way, you have coverage guaranteed to last a lifetime.
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
- term life. https://www.globelifeinsurance.com/termlifeinsurance
- Globe's final expense insurance. https://home.globelifeinsurance.com/life-insurance/final-expense-insurance
- Globe whole life insurance. https://home.globelifeinsurance.com/life-insurance/whole-life-insurance
- Globe Life mortgage protection. https://home.globelifeinsurance.com/life-insurance/mortgage-protection-insurance
- A.M. Best. https://news.ambest.com/PR/PressContent.aspx?altsrc=1&RefNum=33731&URatingId=3213454#:~:text=AM%20Best%20has%20affirmed%20the,)%20%5BNYSE%3A%20GL%5D.
- S&P Global. https://home.globelifeinsurance.com/about/financial-strength-and-insurance-ratings
- BBB. https://www.bbb.org/us/tx/mc-kinney/profile/insurance-companies/globe-life-inc-0875-2425
- Trustpilot. https://www.trustpilot.com/review/globelifeinsurance.com
- Google. https://www.google.com/search?client=firefox-b-1-d&q=globe+life+mckinney+texas+google#lrd=0x864c15e097e61a35:0xf574b4d6237060dd,1,,,,
- Yelp. https://www.yelp.com/biz/globe-life-and-accident-insurance-company-mc-kinney
- Facebook. https://www.facebook.com/GlobeLifeInsurance/reviews_given
- NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=91472&REALM=PROD&COCODE=91472&REALM=PROD
- BBB Score & Accreditation. https://www.bbb.org/us/tx/mc-kinney/profile/insurance-companies/globe-life-inc-0875-2425
- rebranded. https://www.prnewswire.com/news-releases/torchmark-corporation-has-officially-been-renamed-globe-life-inc-300899302.html
- GL. https://www.nasdaq.com/market-activity/stocks/gl
