Cost & Coverage
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Globe Life is a below-average company with high premiums and misleading advertising.
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Short application length
No physical or medical exam required
Average turnaround time to activate policy
Higher-than-average monthly rates
Below average customer ratings
Misleading information on website
Poor customer service
THE BOTTOM LINE
Globe Life Insurance advertises cheap coverage and quick turnarounds. But high monthly rates, low customer ratings, and lacking customer service mean you should only consider the adult term life package if you want to cover final expenses.
Globe Life is number 14 on Policygenius' list of the best life insurance companies, based on cost, financial confidence, third-party customer ratings, life insurance policy options, and ease of application.
GLOBE LIFE COMPANY SPOTLIGHT
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Short application length. Globe Life hosts a straightforward online application on its website. All you have to do is fill in your information, including name, address, and contact info before you’re taken to a page where you can receive a quote and answer questions about your health. From there, you can enter payment information and await your policy. The whole process takes a few minutes — unless you live in New York, then you must fill out a 4-page paper application or apply by phone.
No medical or physical exam required. There’s no medical exam required for any policies, which means Globe Life may be a great choice for applicants who have previously had difficulty applying for life insurance due to health.
Average turnaround time. Depending on how you answer the health questionnaire, Globe Life will activate your policy between 10 and 30 business days. That’s what customer service will tell you over the phone. While that sounds short, remember that business days count the five working days of the week, which means you’re really waiting up to six weeks for a policy to arrive. That’s a fairly average turnaround for life insurance companies.
Higher-than-average monthly rates. On its site, Globe Life advertises a special rate of “$1 for $100,000” for new policyholders. However, that’s a promotional rate for the first month. Afterwards, your premiums immediately go up based on your age, health, and gender. Globe Life’s site also states rates can start as low as $3.49 per month for adults or $2.17 per month for children. That’s misleading since those numbers are based on who-knows-what. Globe Life’s adult term life insurance is actually a renewable policy, too, meaning your premium costs increase as you age. Meanwhile, Globe Life guarantees the monthly premium stays the same for children’s whole life insurance.
Below average customer ratings. Despite positive industry ratings from firms like A.M. Best, Globe Life has a large amount of negative customer ratings. On Consumer Affairs, the average rating for Globe Life hovers at 2 out of 5 stars based on 109 reviews. The NAIC (National Association of Insurance Commissioners) lists Globe Life at 8.33, which is a very high number of complaints. And while the customer ratings on Globe Life’s Better Business Bureau page clock in at 4 out of 5 stars based on 281 reviews, a majority of recent reviews include 1-star ratings. Common customer complaints talk about rude customer service, failure to pay out benefits, and unexpected hikes to monthly premiums.
Misleading website information and poor customer service. Besides misleading advertisements about monthly rates you’ll find precious little information about policies, rider options, or much of anything on the Globe Life website. For anything substantial you want to know you have to contend with the carrier’s 1-800 number. Expect extremely long waits, too many department referrals, and unknowledgeable representatives. Basic questions like “Are there any individual circumstances that would disqualify me?” and “Do you offer reconsideration?” will be met with confusion. By the way, the answer to both of those questions is “No.”
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Across all age ranges, Globe Life is an expensive option for adult term life insurance. Though the site says rates can be as low as around $2 or $3 for adults or children, you’re likely to spend higher-than-the-average amount for premium costs. Of course, rates depend on a variety of factors, including age, gender, health, and location. Here’s a breakdown of sample quotes, directly from Globe Life’s site, based on a healthy male applying for $100,000, the highest coverage option Globe Life offers:
|Age||Globe Life average||Industry average|
Methodology: Sample monthly premium quotes based on policies offered by Policygenius in February 2020.
As you can see in the table above, prices are higher than the industry average. Keep in mind that these are $100,000, five-year policies. For comparison, AIG offers an average rate of $25.34 for a healthy male in his 20s for a $500,000, 20-year policy. And since Globe Life’s term life insurance plan is a renewable policy, and the policy’s term last five years, every time you renew your policy your premiums will increase. To put it simply, you’ll be paying a lot more than the industry average for way less coverage in the long-run. Globe Life customers are not getting the best deal here.
Older policyholders who want coverage options above $50,000 are out of luck, too. Coverage amounts of $75,000 and $100,000 are only available for Globe Life customers under 60 years old. If someone in their 60s does want $50,000 coverage they’ll have to spend a monthly rate of $119.11. And if you want coverage options above $100,000, Globe Life will redirect you to their AIG Direct partner page.
You want to make sure your preferred life insurance company will last a long time. Doubly so if you’re insuring a child — one of Globe Life’s main offers. Here’s how Globe Life’s future looks based on industry ratings:
Globe Life, which started nearly 70 years ago, serves over 4 million customers. For comparison, the 150-year-old AIG serves 5.2 million clients.
A.M. Best gives Globe Life an A+ grade, meaning the company can meet its obligations to customers. With a rating of AA-, based on the last review date of October 18, 2019, S&P has a stable outlook in mind for Globe Life. Bond credit rating service Moody’s mentions a bond credit rating of Baa1, which means it considers Globe Life a moderate credit risk. That sounds scary, but shoppers should be more worried about Globe Life’s high premiums, lacking customer care, and lack of options than the company going bankrupt.
As of February 2020, J.D. Power provides no rating for Globe Life.
While it’s important the industry experts have their say, it’s also a good idea to see what regular customers think of their life insurance providers. In Globe Life’s case, what they have to share isn’t the nicest.
As mentioned above, Globe Life has low customer ratings (compared to high industry ratings) based on scores from Better Business Bureau, Consumer Affairs, and other ratings services.
Here’s the breakdown:
The Better Business Bureau gives Globe Life and its subsidiary, American Income Life Insurance, an A+ grade based on a wide variety of criteria including customer complaints and company advertising. Globe Life’s shows a score out of 4 out of 5 stars and American Income Life Insurance shows a score of 2 out of 5.
Consumer Affairs lets customers directly rate companies. Consumers Advocate focuses on the policy features, reputation, and stability of a company.
The National Association of Insurance Commissioners keeps track of the amount of customer complaints sent to state insurance departments. A score of 1 represents the baseline average, while a zero means there were no complaints to count. The rating of 8.33 means Globe Life has received eight times the amount of complaints than average. That’s one of the higher numbers we’ve seen. Keep in mind Globe Life serves 4.2 million policyholders, many of whom seem satisfied. Still, there are many unhappy customers out there and they’re very vocal on customer ratings sites.
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Globe Life’s primary products include term life insurance for adults and whole life insurance for children, as well as accidental benefits and mortgage protection.
The maximum age for adult term life insurance is 90 years, after which it will expire and you will not receive a payout or the chance to buy another policy. As mentioned above, Globe Life term periods last five years, so you will have to renew your policy every five years and that will cause your premiums to increase a lot over time. This is not affordable for most people.
The minimum death benefit is $5,000 while the maximum is $100,000. Those are low coverage amounts compared to what you can get with other insurers, which is fine if you only need to take care of funeral and final expenses.
For coverage options higher than $100,000, Globe Life redirects you to AIG Direct.
There is no temporary coverage available from Globe Life, so you won’t be covered between the time you submit your application and when your policy goes in force.
There is no option to convert term policies to whole coverage. To apply for a whole life policy Globe Life customers need to wait until after a term policy runs out or cancel their current policy before reapplying. Here's more information about canceling life insurance.
There are no riders available. Globe Life does offer other packages such as accidental death insurance, which can include a “seat belt benefit” that pays an extra 10 percent if the insured dies while wearing a seat belt in a car.
There are also family plans that bundle adult and children life insurance together, dismemberment and paralysis benefits, as well as an “education benefit” that pays an extra 10 percent for dependent children between the ages of 15 and 22.
Globe Life offers whole life insurance policies for both adults and children.
Benefits for the adult whole life policy max out at $50,000. Unlike the term life policy, premiums for whole life are locked in after the first month. Curious shoppers will need to call Globe Life or sign up for a pamphlet to find out information about whole life coverage.
As a general rule, though, we don’t recommend whole life insurance for most people. It’s usually a more confusing and expensive proposition than term life insurance, with a cash value component that rarely turns out to be worth it in the end. Many people end up dropping their whole life coverage entirely because they can’t afford the premiums.
Unless you want to spend five to 15 times more than you would for term life, while gaining little in the way of interest, your best option is to go with a traditional investment account.
For children, customers can select whole life insurance that will never expire. Premium rates are fixed depending on the age of the child at the time you apply. Cash value does build over time.
However, we don’t recommend life insurance for children, either. Don’t use it to save for your child’s education, and definitely don’t use it to replace your child’s income earnings — unless your child’s time travelled to Dickensian England chances are they’re not working full-time anyway.
If you want to save money for your kid’s future, it’s a better idea to open a savings account at a bank. This might be useful if you absolutely need to cover an at-risk child or grandchild, otherwise we recommend simply opening a savings account at a bank.
Globe Life’s website lacks basic information about policies and options, so for all inquiries and service you have to use the company’s phone number, which results in endless waiting (expect to set at least 30 minutes aside) and unhelpful representatives more interested in selling products than informing customers.
There is no live chat online, and the multiple email addresses provided on the Customer Service page result in days of waiting for answers to basic questions, if you get any at all.
The email address provided over the phone service’s machine menu is also incorrect.
Globe Life’s policies are available in all 50 states. However, Globe Life customers in New York will have to fill out a paper application instead of an online one.
The online application takes a few minutes to fill out. The paper form will take longer.
Expect to wait anywhere from two to six weeks from initial application to policy decision. This is the average turnaround time for life insurance companies.
Once the application is approved, it is mailed directly to the applicant. It’s also available electronically.
To make any changes to your policy or switch your beneficiary, you can do so by email, mail, or fax. Or you can try calling customer service.
Globe Life accepts payment by automatic bank drafts, as well as by phone and by mail. This can all be set up by calling customer service. Clients can also talk to customer service to request their bill and change their auto payment bank draft date, but expect long wait times.
There is a Globe Life app available on the Apple App Store and Google Play Store. It requires a policy number to log in.
To file a benefits claim, the beneficiary must mail the following information to Globe Life:
Expect to wait two to six weeks for Globe Life to process any documents.
Policygenius offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.
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