Wondering if Globe Life insurance is good or bad?
We spent hours taking an in-depth look into their coverage to bring you the answers you’re looking for.
In this Globe Life Insurance Company review, we’ll explain the fine print, go over their complaint history, show you their prices and much more.
Feel free to keep reading or click a link below to instantly jump to a topic that may interest you most.
Article Quick Navigation Links
- Globe Policy Options
- Customer Complaints History
- Term For Adults
- Whole Life For Kids
- Globe For Final Expenses?
- Company Info & Ratings
- How To Get Better Coverage
Globe Life And Accident Company has multiple life insurance products to choose from.
Most of them are sold direct to consumer via the internet or direct mail. The three primary policies they are sell are term life for adults, whole life for adults and whole life for children.
They all work differently so it’s important you understand the fine print. Only then can you determine if any of their policies are right for you.
In 2018, Globe Life Insurance had significantly more consumer complaints relative the other insurance companies in the life insurance business.
According to the National Association of Insurance Commissioners, their complaint ratio was 8.44. The national median complaint ratio is 1.00.
That means Globe life (for individual life products) in 2018 had a complain ratio that was over 8 times what was expected in the market!
Clearly, Globe’s practices are resulting in some very unhappy customers. What they’re doing that is causing that is unknown.
It could be their marketing, their policy holder service, or the claim paying history. Whatever the reason(s) is, they’re making a lot of folks very unhappy given how high their complaint ratio is.
It usually takes a very disgruntled customer for them to go to the NAIC and file a formal complaint.
You can view the full report by following these steps:
Start by going here >>> type in “91472” under “NAIC Company Code” >>> click on “Click for report options” >>> click on “Go to complaint trend report” >>> choose the option for 2018 >>> click on “Individual Life” for policy type.
- Policy Type: Term Life Insurance
- Age When Policy Expires: 90 (they cancel your policy at age 90)
- Fixed Monthly Rates: No, they increase every 5 years
- New Applicant Age Range: 18-79
- Coverage Amount Range: $5,000-$100,000 (varies by age)
- Builds Cash Value: No
- Medical Exam Required: No
- Guaranteed Acceptance: No
- Do You Answer Heath Questions To Qualify: Yes
Globe’s flagship product is a temporary life insurance policy that will fully expire once you turn 90.
As if that was not bad enough, the rates will increase every five years.
Below is an exact description of their policy take directly from their website:
Policy Description: This is a modified premium term-to-age-90 product. The initial term period can either be 1, 2, 3, 4, or 5 years in duration, depending upon issue age. All renewal term periods begin at a 5-year plus one age (i.e. 21, 26, 31, 36 … 86) and will be 5 years in length except for the final term period. The final 4-year period, which will always begin at age 86, will expire and the policy will terminate at the policy anniversary following the insured’s 90th birthday.
In layman’s terms, this policy will terminate when you turn 90. You will not get any money back and you cannot buy another policy from them.
You simply no longer have life insurance protection.
Just know that pretty much any time you see marketing from Globe Life (online or via mail) they are almost certainly trying to sell you this term life policy.
Globe heavily promotes the idea that you can get up to $100,000 in life insurance for just $1.
While technically this is true, there’s more to the story. The $1 only applies to the first month. After the first month, the real monthly rate will kick in.
In addition to the $1 for the first month gimmick, the rates for this term policy go up every five years.
The monthly price will jump on you every time you become one of the following ages: 21, 26, 31, 36, 41, 46, 51, 56, 61, 66, 71, 76, 81, 86.
You can see their rates below. We used their online calculator directly from their website to get these prices.
** Remember you rate will increase to the new price as you enter a new age bracket **
Age Bracket Male
41-45 $11.11 $8.17 $20.51 $14.36
46-50 $14.18 $10.54 $26.34 $18.85
51-55 $17.91 $13.00 $33.49 $23.61
56-60 $23.16 $16.14 $43.60 $29.74
61-65 $30.84 $20.28 $58.49 $37.89
66-70 $42.24 $26.19 $80.73 $49.58
71-75 $59.54 $35.38 $114.79 $67.81
76-80 $79.46 $49.72 $154.59 $96.41
The rates will increase again at 81 and at age 86. These will be BIG rate increases (their website won’t show you what the price will jump to).
Once you turn 90, you will no longer be covered.
To qualify for Globe Life term life insurance, the insured will have to answer health questions. In addition, Globe will analyze all your prescription history to see what medications you’ve been prescribed.
Seeing your prescriptions tells them a great deal about your health.
Last but not least, they will also review your MIB file. MIB stands for Medical Information Bureau. MIB gets all their information from insurance companies.
Whatever information you reveal about yourself in an insurance application (such as health issues, height, weight, tobacco usage etc) will be sent to MIB.
That way when you apply for life insurance, the insurance company can see what information you revealed about yourself to other insurers.
Just know that Globe will check your MIB file as a part of the application. Also, Globe will notify MIB regarding whatever information you give them about your health.
The health questions
Below are the health questions they ask for most states. Please note, these questions could vary based on your resident state.
A YES answer to either of the first two questions will result in a decline. Don’t even bother applying.
- Is the Proposed Insured currently disabled due to illness, confined to a hospital or nursing facility, or does the Proposed Insured require the use of a wheelchair?
- In the past 3 years, has the Proposed Insured been diagnosed or treated by a member of the medical profession for: Cancer, coronary artery disease, or any disease or disorder of the heart, brain or liver? Chronic kidney disease or kidney failure, muscular disease, mental or nervous disorder, chronic obstructive lung disease, drug or alcohol abuse, or hospitalized for diabetes? Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC) or test results indicating exposure to the Acquired Immune Deficiency Syndrome virus?
- Does the Proposed Insured have any chronic illness or condition which requires periodic medical care or may require future surgery?
- In the past 5 years, has the Proposed Insured had his or her driver’s license suspended or revoked; been convicted of any felony; or is the Proposed Insured currently incarcerated?
Even if you can say no to all those questions, there’s no telling if they’ll accept you or not.
There are tons of health issues outside of what they ask about in that questionnaire. When they check your medical history, they could find something that would cause them to decline you (and we see this happen all the time).
$1 dollar for the first month and seemingly low monthly rates thereafter. It sure sounds good at first glance.
So should you buy this term insurance policy from Globe?
No you should not buy Globe Life’s term insurance.
Here’s why we say that…
- It expires at age 90. Most people want a permanent policy to coverage end of life expenses. If that’s what you want, this Globe policy will only last until 90. What if you live beyond that? More and more people are these days. You’d simply have no protection and your family would have to foot the bill for your funeral costs.
- The rates increase every five years. Initially the rates are affordable when you’re younger. What seems to happen to most seniors (usually after age 70) is the payments become too high for their budget which forces them to drop the coverage. Most seniors are on a fixed income. If that sounds like you, it’s critically important you buy a policy from a company where the payment cannot increase overtime. That way you can ensure it will always remain within your budget. What good is a low payment now if later on it becomes too expensive to afford?
- There are better term options elsewhere. If you truly want a temporary life insurance policy for some reason, you can get it cheaper elsewhere. Plus, dozens of life insurance companies offer cheaper term coverage with fixed premiums for the life of the term.
No matter how you slice it, Globe Life Insurance’s term policy isn’t best for anyone. It’s only a good deal for them.
- Policy Type: Whole Life Insurance
- Age When Policy Expires: Never
- Fixed Monthly Rates: Yes
- New Applicant Age Range: 0-24
- Coverage Amount Range: $5K-$30K (varies by state)
- Builds Cash Value: Yes
- Medical Exam Required: No
- Guaranteed Acceptance: No
- Do You Answer Heath Questions To Qualify: Yes
Truth be told, Globe Life child insurance coverage is actually really good. If you’re looking for a whole life policy for one of your kids or grand kids, it’s a good one to consider.
In our opinion, Globe doesn’t have the best children’s life insurance, but it’s one of the top ones out there.
Because it’s whole life, the policy won’t ever change. The payments are fixed for life and the policy won’t expire at any age.
We used their online calculator to see child life insurance quotes from Globe Life. They charge the same rate for both males and females.
We generated these prices using the state of Nevada.
Age $5,000 $10,000 $15,000 $20,000
0-7 $2.17 $3.82 $5.46 $7.11
8-15 $3.25 $5.41 $7.58 $9.74
16-21 $3.82 $6.55 $9.27 $12.00
22-24 $4.33 $7.58 $10.82 $14.06
Qualifying for Globe’s children life insurance is quite simple.
The parent or grandparent buying the coverage simply needs to answer the following two questions about the children who will be insured.
Please know that these questions could vary based on your state of residence.
- Within the past 3 years, have any of the Proposed Insured(s) had any chronic illness or condition which requires periodic medical care?
- Have any of the Proposed Insured(s) ever been medically diagnosed or treated by a Physician for Acquired Immune Deficiency Syndrome (AIDS)?
If you were to say yes to either of those questions, the child will likely not qualify. If you say no to both question, rest assured because they’ll be accepted.
As we said above, their whole life insurance for children is not a bad buy by any means.
If you buy their coverage, you can feel comfortable knowing you have a well-priced coverage for your kids or grandkids from a company that can and will pay the claim should you ever need them to.
That being said, it’s not your best option.
Grandparents buying life insurance for grandchildren should consider globe as a #2, but the best life insurance for children is from Mutual of Omaha.
Here’s why we say that…
- The price is nearly identical (they are usually within 50 cents of one another)
- With Mutual of Omaha, you can buy up to $50,000 in coverage (Globe only goes to $30K)
- Mutual has been in business since 1908 (Globe started in 1951).
- Up to 5 times later in life (based on life events), Mutual of Omaha allows you to buy more coverage on the insured children regardless of their health.
- Upon the passing of the policy owner, Mutual of Omaha will waive the payments for 90 days. This allows time for someone to take over the payments on the policy so it doesn’t lapse.
If you want to get a quote for Mutual of Omaha’s children whole life policy, go to this page. You can run quotes and fully apply online.
First and foremost, “globe life final expense coverage” is almost always them trying to sell you their term to 90 policy.
To that, we urge you to say no.
Here’s the thing.
When you will pass away is unknown.
If you pass away after your Globe Life term policy expires, how then will you pay for your final expenses?
The answer is you won’t. Your family will have to foot the bill out of their own pocket (or go into debt) and that’s the very thing you’re trying to avoid!
Now, Globe Accident and Life Insurance Company does have whole life insurance for adults. That would be significantly better, but there’s a catch…
First, their whole life coverage is hard to qualify for. After talking with hundreds of seniors who dealt with Globe, they don’t seem to be very accepting of a lot of common health issues seniors deal with.
So even if you wanted Globe burial insurance that is whole life, chances are they wouldn’t even accept you if you resemble any of the seniors we’ve talked over the years.
Secondly, there are much better companies out there (for a lower rate too) than Globe if you want a whole life policy for burial expenses.
All in all, funeral insurance from Globe Life just isn’t ideal for anyone. You can easily get much better policies from other insurance companies.
If you want, call us at 1-800-644-2926 and we’ll determine within 60 seconds what other carriers would offer you a better deal.
Globe Life and Accident Insurance Company use to be owned by Torchmark Corporation.
However, as of August 8 2019, Torchmark Corporation officially changed their name to Globe Life Inc.
Globe’s main headquarters are located in McKinney Texas. If you’re a current Globe policy holder and need service with your policy, call them at 1-877-577-3860.
Below are their ratings from the most respected rating agencies. These ratings are current as of 1/3/2020.
- M Best: A+
- Better Business Bureau: A+
- Fitch: A+
- Moody’s: A1
If you are attempting to file a claim with Globe, call them immediately or visit this page.
If you’re searching for an insurance plan to ensure your final expenses are paid for, there’s a better way to go about it.
To find the best final expense life insurance, the most important thing you can do is to work with an independent agency that represents multiple insurance companies.
An independent agency will compare offers from dozens of life insurance companies to see which one will offer you the best deal.
See when you deal with Globe, they can only offer you Globe life insurance. If Globe declines you, you simply have no other options because they only offer one company.
However, when you deal with an independent agency, they will simply match you with whichever burial expense company is best for you.
And keep this in mind.
Working with an independent agency does not cost you any money. Their services are totally free!
Also, the insurance itself does not cost you more because you bought it via an agency. Even if you could buy it directly from the carrier, the price would be identical to what it would be through an agency.
Choice Mutual can help
As we said, to get the best burial life insurance, you need to work with an independent agency.
Even if you don’t work with us, you’ll still get a pretty good deal as long as you’re working with an independent who can shop the market for you.
That said, we highly encourage you to allow us to earn your business.
You simply will not find a more qualified reputable agency who can help you find a final expense policy.
Here’s why we say that…
- We offer over 15 different companies. We are independent and will compare offers from over 15 life insurance companies to see which one will give you the best rate.
- Final expense insurance is all we do. We don’t sell any other type of insurance. You’re dealing with true experts here. Trust that when you speak to our agents that you’re interacting with high level professionals who know this business inside and out. Our agents can answer all your questions and make educated recommendations regarding of your situation.
- Our customers love us! We have served thousands of customers of the years, and many of them have left very positive reviews. See what our past customers had to say about us.
Give us a chance to earn your business and we won’t let you down. Call us at 1-800-644-2926.
One of our friendly agents will answer all your questions and find you the best policy for you.
Below are some of the most common questions we’re asked about life insurance from Globe Life.
Is Globe life a good life insurance?
Globe Life Insurance is good in the sense that it will pay out if you pass away while the policy is in force (except for a health misrepresentation during the contestability period). However, you could easily get better coverage for lower rates from other insurance companies.
Is there a waiting period for Globe Life Insurance?
There’s no waiting period with Globe life insurance. You must qualify based on your health history. If you’re approved, the coverage is immediate and does not make you wait 2 years before the benefits are payable.
What are the pros and cons of Globe life insurance?
Globe’s policies don’t require a medical exam and can generally be purchased online directly at their website. The downside to Globe is their products are not the most competitive. There are many other insurance companies that offer better products at lower rates than Globe.
How long is the term for Globe Life and Accident Insurance?
For policies issued as of 1/3/2020, Globe’s Term life insurance lasts until age 90. That means your policy will remain in force through age 89. The day you turn 90, your coverage will expire, and you’ll no longer have life insurance coverage.
Is Global Life Insurance whole or term?
Globe Life has both term and whole life insurance options. Most of their online and mail advertisements are usually offers for their term insurance plan. You’ll need to read the fine print to clarify which one they’re offering you.
Is Globe Life a reputable insurance company?
Yes they are a reputable and trustworthy insurance company. Globe Life has an A+ rating with the Better Business Bureau and A.M. Best. Objectively speaking, there is no reason to suggest they cannot or will not be able to pay their claims.
Does Globe Life offer whole life insurance?
Globe offers whole life to both children and adults. They won’t require a medical exam. Your acceptance to their whole life insurance is based on your medical history and answers to their health questions.
Can you cash out a Globe Life Insurance Policy?
Yes you can cash out a Globe life policy if it has a cash surrender value. However, if there is no cash value, there is nothing to cash out. Some Globe policies have cash value that can be cashed out and some don’t. No matter what, you can cancel any Globe Life policy anytime you want.
What kind of insurance is Globe Life?
Globe Life offers multiple life insurance products all of which work different from one another. They offer term life and whole life for adults, whole life for children, accidental death and Medicare supplement insurance.
Does Globe Life Insurance have cash value?
Only Globe’s whole life insurance policies have cash value. Their term life insurance policies do not have cash value. Most of the time, Globe pushes their flagship product which is their term insurance policy. If you buy that plan, it will have no cash value.
Does Globe have burial insurance?
Yes. Globe Life burial insurance is probably their term policy that expires at age 90 or it could be one of their other life products. Globe funeral insurance is not always one or the other. It just depends on which one you buy. Regardless of the type of policy you buy from Globe, the proceeds can be used for anything including burial costs.