Globe Life term life monthly rates start at $1.99 and go up to $1,592, depending on your age, gender, and death benefit. Also, the price will increase every five years, and the coverage will terminate on your 80th or 90th birthday (varies by state). On the other hand, their whole life policies for adults and children have a fixed rate.
- You can buy a small amount of term or whole life insurance (as low as $5,000).
- No medical exam is required to qualify.
- The term life policy does not build cash value, which is good because it won’t interfere with Medicaid eligibility.
- Coverage has no waiting period if you’re approved.
- Their website does not display quotes for their adult whole life insurance. You must call them or receive the quotes via US mail.
- Misleading introductory prices.
- Term life rates increase every five years.
- It’s difficult to find what the term life prices will be at ages 76, 81, and 86.
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 Life Insurance Rate Charts
The rate charts below show the monthly cost of Globe Life term insurance coverage for residents in various states, according to their official website.
Does Globe Life Insurance Really Cost $1 Per Month?
The $1-per-month life insurance offer from Globe Life is a marketing gimmick. $1 is the cost only for the first month of coverage. The real price will begin in the second month.
How Much Does Globe Life Whole Life Insurance Cost?
The cost of Globe Life’s whole life insurance is unknown. They don’t advertise the rates on their website or through their mailed advertisements. You must call them, and only then will they verbally reveal the cost.
Is Globe Life Insurance Worth Buying?
Globe Life is not ideal for people seeking life insurance to cover funeral costs for two principal reasons.
First, buying term life insurance to cover funeral costs is risky because most seniors live longer than a term policy lasts. If your policy expires before you do, your family will have to come out of their pockets to pay for your end-of-life expenses. That’s why you should seek a permanent whole life final expense policy to ensure you have coverage indefinitely.
The second big issue is that it’s tough to qualify for Globe’s coverage. They decline most seniors with common pre-existing conditions. Even if you wanted to roll the dice and buy a term policy to cover final expenses, there’s a slim chance Globe Life would approve you if you have common health issues among seniors.
As a side note, if you want a term policy for any reason, multiple companies offer lower prices (that don’t increase over time) than Globe Life.
How Does Globe Life Insurance Work?
Globe Life primarily sells an increasing premium term life policy that expires on your 80th or 90th birthday. How long the policy lasts depends on which state you live in. Whether it’s 80 or 90, when the policy ends, you’re no longer insured and won’t receive any money back.
Globe prices their term coverage using a five-year age group system. Everyone in each age bracket pays the same rate. For example, people ages 51-56 all have the same premium.
In addition, your rate will increase as you enter each new age bracket. For example, a 70-year-old female who lives in Nevada will pay $59.00 monthly for a $20,000 policy. On her 71st birthday, she will enter a new age bracket, and her price will automatically jump to $78.66.
Their whole life insurance (for adults or children) lasts forever, has a fixed rate, and builds cash value.
To qualify for any type of Globe Life Insurance, you don’t have to take a medical exam, but you will have to answer health questions. All Globe policies have no waiting period if approved, meaning you’re fully covered the day you make your first payment.
Frequently Asked Questions
Globe life insurance rates increase every five years. Every time you enter a new five-year age bracket, your premium jumps accordingly.
The monthly cost of Globe Life insurance is between $1.99 and $1,592. Your price will depend on your age, gender, state of residence, health, and how much coverage you select.
Globe life insurance is term coverage that ends at age 80 or 90. The age limit depends on which state you live in. For example, Globe coverage expires at age 80 in Alabama, but it ends at age 90 in Texas.
Globe Life does offer whole life insurance for children and adults. Globe’s child coverage can be quoted and bought on their website. However, Globe only quotes and sells their adult whole life insurance through the mail. You cannot buy their adult simplified whole life insurance online.
Our Insurance Review Methodology
Every company we review has an overall score that illustrates how well it stands out in the market relative to its competitors. These scores are not subjective. Instead, we utilize a defined 5-star scoring system that applies a weighted average of particular factors, all of which are outlined below and on our review methodology page.
We measure the price of a company’s most popular they promote relative to its competitors. The closeness of their cost to other companies determines the final score. Read a full breakdown of the price of coverage factor on our review methodology page.
This factor assesses whether a company offers immediate coverage and, if so, how difficult it is to qualify for it. Read a full breakdown of the no waiting period coverage factor on our review methodology page.
A company’s financial strength is based on its rating with A.M. Best. Read a full breakdown of the financial strength factor on our review methodology page.
The National Association of Insurance Commissioners’ complaint index measures an insurer’s frequency of consumer complaints compared to the rest of the market. The score the insurer receives is based on how it stacks up to the median score of other insurers. Read a full breakdown of the NAIC complaint index factor on our review methodology page.
Why trust Choice Mutual?
When we review products, our findings are unbiased and free of any influence from partnerships or methods of compensation. All findings, good or bad, are solely the derivative of our objective analysis of any given product or company.
As noted on our review methodology page, our researchers evaluate the financial stability of the insurer, policy costs, product limitations, state availability, customer satisfaction, waiting periods (if applicable), and other relevant factors. We aggregate all this cumulative data to develop objective overall scores based on pre-defined weighted factors.
In addition, a qualified expert who is well-qualified to speak on the matter will provide opinion-based feedback about the company or product being reviewed.
For over a decade, Choice Mutual has been an insurance agency specializing in final expense life insurance. Our expertise in this type of insurance is well-documented in numerous authoritative publications, some of which are listed below:
Choice Mutual’s mission is to provide consumers with unbiased expert commentary and explanations of the topics being discussed. We want our readers to be armed with information and tools that cannot be found anywhere else on the internet, so they can truly make an informed decision.
All content on this website is written by Anthony Martin, who is a licensed life insurance agent with over a decade of expertise in this industry and has been quoted as an expert source hundreds of times by many reputable news outlets.
Per our editorial guidelines, we have never, and will never, use artificial intelligence to create our content. Every word printed on this website is produced and curated 100% by human beings who have firsthand experience with the subject matter.
- Nationally licensed life insurance agent with over 15 years of experience
- Personal annual production that puts him in the top .001% out of all life insurance agents in the nation.
Anthony Martin is a nationally licensed insurance expert with over 15 years of experience and has personally served over 10,000 clients with their life insurance needs. He frequently authors entrepreneurial and life insurance content for Forbes, Inc.com, Newsweek, Kiplinger, and Entreprenuer.com. Anthony has been consulted as an expert life insurance source for dozens of high-profile websites such as Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia, Insurance.com, Yahoo Finance, and many more.
- Nationally licensed life insurance agent with over 19 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 14 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 14 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
- Nationally licensed life insurance agent with over 19 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 19 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 14 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 14 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
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.
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official website. https://www.globelifeinsurance.com/adult
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S&P Global. https://home.globelifeinsurance.com/about/financial-strength-and-insurance-ratings
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BBB. https://www.bbb.org/us/tx/mc-kinney/profile/insurance-companies/globe-life-inc-0875-2425
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Trustpilot. https://www.trustpilot.com/review/globelifeinsurance.com
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Google. https://www.google.com/search?client=firefox-b-1-d&q=globe+life+mckinney+texas+google#lrd=0x864c15e097e61a35:0xf574b4d6237060dd,1,,,,
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Yelp. https://www.yelp.com/biz/globe-life-and-accident-insurance-company-mc-kinney
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NAIC Complaint Index. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=91472&REALM=PROD&COCODE=91472&REALM=PROD
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BBB Score & Accreditation. https://www.bbb.org/us/tx/mc-kinney/profile/insurance-companies/globe-life-inc-0875-2425
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A.M. Best. https://news.ambest.com/PR/PressContent.aspx?refnum=35243&altsrc=2
