Choice Mutual Rating
2.0

Choice Mutual's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

Globe life offers no medical exam life insurance with the convenience of an online application and just $1 for the first month.

But they don’t tell you that many seniors fail to qualify because of prior medical conditions.

Additionally, for those who do qualify for their life insurance products, the cost is much higher compared to other life insurance companies.

In this globe life insurance review, you’ll learn how their policies work, the pros & cons, the cost, and what their past customers had to say about them.

 

Globe Life Insurance Policies

Globe life primarily offers no medical exam term life insurance with an increasing premium every five years.

They also sell whole life insurance with no exam and accidental death insurance.

Although no exam is required, Globe life insurance policies require you to answer health questions.

So if you have severe or chronic health conditions, there’s a high chance that you simply will not qualify.

Globe does not offer guaranteed life insurance.

 

  • Term life insurance: Globe term life insurance coverage requires no medical exam. However, there are health questions you must answer during the application process. This policy will last until you’re 90 years old. On your 90th birthday, you would no longer have insurance. Additionally, the premiums will increase every five years. The rates jump every time you become an age that ends in one or six (41, 46, 51, 56, etc.).If you’re 59 or younger, you can buy up to $100,000 in coverage. Seniors aged 60-69 can buy up to $50,000. They only offer up to $30,000 in life insurance for seniors over 70.
  • Final expense insurance: Globe is known to sell final expense insurance, often referred to as “burial insurance.” It’s important to remember that Globe life’s final expense insurance is their term life policy. That’s key to keep in mind as you compare burial insurance prices. The best life insurance companies selling final expense insurance utilize permanent whole life as the policy type. Whole life is the most common type of coverage for final expense needs because it’s permanent. A policy meant to cover funeral costs that expires before you die isn’t helpful, even if it’s cheaper.
  • Whole life insurance: Globe whole life insurance policies are available to adults and children. It’s permanent life insurance without a medical exam (has health questions) that builds cash value and has a fixed monthly cost and death benefit. Globe children’s life insurance can be bought for up to $30,000 in coverage. Adults can purchase up to $50,000. Adult whole life insurance quotes are only available via US mail or by calling them.
  • Accidental death insurance: Globe’s accidental death insurance will only payout for non-accidental causes of death. Your beneficiaries will not receive a death benefit if the policyholder dies from natural causes such as a heart attack or stroke. It’s guaranteed acceptance, so you cannot be declined. You can even add your loved ones to your policy, so they have accidental death coverage too. Globe now offers a mortgage protection insurance policy. It’s another type of accidental death coverage with higher coverage options.

 

Policy DetailsTerm Life
(Final Expense Insurance)
Whole LifeAccidental Death
Minimum Age For New Applicants18018
Maximum Age For New Applicants808075
Policy DurationUntil Age 90LifetimeUntil Age 80
PremiumsIncreases Every 5 YearsFixedFixed
Coverage OptionsAge 18-59:
$5,000-$100,000
Age 60-69:
$5,000-$50,000
Age 70-80:
$5,000-$30,000
Children:
$5,000-$30,000
Adults:
$5,000-$50,000
$50K-$250K
Medical ExamNoNoNo
Health QuestionsYesYesNo
Can Be Denied For Pre-Exisiting ConditionsYesYesNo
Pays Out For Natural CausesYesYesNo

 

How Much Does Global Life Insurance Cost?

Globe Life customers always pay $1 for the first month of their life insurance products.

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 how much coverage you buy.

In addition, your exact age and gender affect the cost. Also, remember that each state has different rates, but they are pretty similar to one another.

Below is a rate chart (for Nevada) that shows the monthly cost of their term life insurance.

A Globe whole life insurance rates chart would show prices significantly higher than these quotes (whole always costs much more than term).

 

globe rate chart

 

Globe Life Insurance Pros And Cons

The Good
  • No medical exam is required for all products
  • No waiting period if approved
  • Offers both term and whole life insurance
  • Policies for both children and adults
  • Offers final expense insurance
  • Low-priced accidental death insurance
  • Strong financial ratings
  • You can buy online, through the mail, or by talking to a licensed insurance agent
  • Allows you to try out their coverage for the first month for $1
The Bad
  • Extensive history of consumer complaints online
  • No guaranteed acceptance life insurance
  • Strict underwriting that often results in many seniors being declined due to medical history
  • Low coverage amount maximums
  • Age 75 is the oldest a new applicant can apply for a policy
  • The primary product they promote for final expense coverage is a term policy that expires at age 90
  • Term and whole life products are much more expensive than other insurance providers
  • You cannot get quotes or apply online for adult whole life insurance
  • The term life option has an increasing payment every five years

 

Globe Life Customer Reviews, Complaints, And Financial Ratings

Despite strong financial strength ratings, Globe Life has an incredible amount of negative consumer feedback.

For example, their 2021 NAIC (National Association of Insurance Commissioners) complaint index for individual life products was 5.84. That is nearly six times the industry average (the median average is 1.0).

Additionally, their customer satisfaction ratings on consumer review websites aren’t much better.

Below are their ratings as of 11/07/2022:

  • Trustpilot: Six 1-star reviews with a 2.3 rating
  • BBB: Accredited with an A+ rating. However, they have a 1.27 score and 177 complaints in the last 36 months
  • Fitch: A+ (Strong)
  • Standard & Poor’s Global Ratings: AA- (Very Strong)
  • AM Best rating: A (Excellent)

Overall, Globe Life’s financial stability is stable.

However, just like Colonial Penn and the AARP life insurance program, Globe’s disproportionate number of negative consumer reviews should be a cause for concern for anyone considering them.

 

Globe Life And Accident Insurance Company Background

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 rebranded to Globe Life Inc.

Globe has multiple subsidiaries, including 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.

 

The Bottom Line

2.0/5 rating
Globe Life earned 2.0 stars out of 5 for overall performance. Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, complaint data from the National Association of Insurance Commissioners, and financial strength ratings.

Learn about our rating methodology.

Price
4.0
Policy rates relative to other carriers
Financial Strength
5.0
Credit ratings from A.M. Best
Customer Reviews
2.5
Consumer feedback from third-party websites like Facebook, Yelp, and Trustpilot
NAIC Complaint Ratio
5.0
Up-to-date complaint score from the National Association of Insurance Commissioners
Advertising Practices
1.0
Accuracy and trustworthiness of marketing
Available Products
2.0
Number of policy types, including no-exam options

 

Frequently Asked Questions

No Globe Life insurance policy has a waiting period. You must medically qualify for their term or whole life coverage. If approved, you’re fully covered with no waiting period 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. Across the board, they have strong financial ratings. However, they have an unusually high and disproportionate number of negative consumer reviews, which is alarming.

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 cashback. Conversely, if you have their whole life coverage, Globe will give you the cash surrender value if you formally cancel it.

How long a Globe Life policy lasts depends on which type of coverage you buy. Their flagship product is a term to 90 plan that will remain in force until your 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.