Globe Life Insurance Rate Charts By Age

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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 insurance 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).

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Pros

• You can buy a small amount of term life insurance (as low as $5,000).
• No medical exam is required to qualify.
• The policy does not build cash value, which is good because it won’t interfere with Medicaid eligibility.

Cons

• Misleading introductory prices.
• The rates increase every five years.
• It’s tough to find what the prices will be at ages 76, 81, and 86.

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

1.24/5

107 reviews

Trustpilot

2.5/5

11 reviews

Google

4.2/5

11616 reviews

Yelp

1.4/5

12 reviews

Facebook

0/5

0 reviews

Consumer Protection Organization Scores

NAIC Complaint Index

6.24

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.

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

…

Founding Year

1951

Official Website

www.globelifeinsurance.com

Headquarters

3700 S Stonebridge Dr, McKinney, TX 75070

Phone Number

800-742-6787

Globe Life Insurance Rate Charts & Cost Calculator

The rate charts below show the monthly cost of Globe Life coverage for residents in various states, according to their official website. Alternatively, you can view prices in your state by using this handy cost calculator.

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. Your actual price will begin starting in the second month.

How Does Globe Life Insurance Work?

Globe Life 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. Be it 80 or 90, when the policy ends, you’re no longer insured and don’t get any money back.

Globe prices their 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 66-year-old female who lives in Nevada will pay $49.58 monthly for a $20,000 policy. On her 71st birthday, she will enter a new age bracket, and her price will automatically jump to $67.81.

To qualify for Globe life insurance, you don’t have to take a medical exam, but you will have to answer health questions. There is no waiting period if approved, meaning you’re fully covered the day you make your first payment.

Because it’s a term policy, it will not accrue cash value like permanent life insurance does.

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.

Frequently Asked Questions