THE BOTTOM LINE
Globe Life Insurance advertises cheap coverage and quick turnarounds. But extremely high monthly rates, low coverage amounts, poor customer ratings, and lacking customer service mean you should only consider the adult term life package if you want to cover final expenses.
The focus of this review is Globe Life’s term life policy.
No medical exam required. There’s no medical exam required for any policies, so Globe Life may be a great choice for applicants who have previously had difficulty applying for life insurance due to health.
Short application. Globe Life hosts a straightforward online application on its website. You just fill in your information, receive a quote, answer questions about your health, enter payment info, and await your policy. The whole process takes a few minutes.
30-day money-back guarantee. If you’re unsatisfied with your Globe Life policy for any reason you can get a full refund if you cancel within 30 days of signing.
Very high 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. You’re actually going to be paying way-too-high premiums for far-too-low coverage amounts. And since term lengths are so short, you’re going to have to pay more each time you renew your policy.
Only 5-year terms available. Most life carriers offer 10-, 15-, 20-, or 25-year term lengths. Globe Life gives you five years of term life, which you need to renew if you want to continue coverage. That means substantially higher and higher premiums over time.
Low coverage amounts. You’re only getting $5,000 to $100,000 in coverage. Those are extremely low amounts for the high rates you’ll be paying.
Poor customer ratings. The National Association of Insurance Commissioners (NAIC) lists Globe Life at 6.56. In 2020, it was 8.33, which is a very high number of complaints. Common customer complaints mention rude customer service, failure to pay out benefits, and unexpected hikes to monthly premiums.
Misleading website. Besides misleading advertisements about monthly rates you’ll find little information about policies, rider options, and other important details. However, there is a quote tool.
Lackluster customer service. For any substantial policy information you want to know you have to contend with Globe Life’s 1-800 number. Expect long waits, too many department referrals, and unknowledgeable representatives.
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.
If you’re unsatisfied for any reason, all policies can be canceled within 30 days and Globe Life will refund your money.
Term life insurance
This is a straightforward term life policy that lasts a certain term length and pays out a death benefit if the policyholder dies during that time period. This policy does not gain cash value, but it doesn’t require a medical exam either.
|Eligible ages||18 to 75|
|Term lengths||5-year terms|
Globe Life terms last five years, so you will have to renew your policy every five years. That will cause your premiums to increase a lot over time. This is not affordable for most people.
Globe Life offers very low coverage amounts compared to what you can get with other insurers, which could be fine if you only need to take care of funeral and final expenses.
→ Read more about term life insurance.
There is no temporary coverage available, so you won’t be covered between the time you submit your application and when your policy is activated.
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 is more information about canceling life insurance.
There are a few riders available.
Children’s term rider. This adds up to $10,000 in coverage for a dependent child between the ages of 30 days and 23 years. The policy can be converted to a whole life policy before the child’s 25th birthday.
Terminal illness benefit. If you become terminally ill this rider allows you to receive half of your benefits early.
Waiver of premium rider. If you become permanently disabled, you can use this rider to waive your premiums.
Permanent life insurance
Globe Life offers whole life insurance policies for both adults and children, as well as mortgage protection insurance.
Benefits for Globe Life’s adult whole life policy range from $5,000 to $50,000. Unlike the term life policy, premiums are locked in after the first month.
These are very low coverage amounts, and considering the monthly rates, a more expensive proposition than term life insurance. The cash value component likely won’t be worth it in the end, either, since you gain little in the way of interest.
→ Learn more about the difference between term and whole life insurance.
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.
We don’t recommend life insurance for children. 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.
This is a type of accident insurance that helps your beneficiaries stay in your home in the event of your death. It comes with a few benefits, including a “seat belt benefit” that pays an extra 10% if the policyholder dies while wearing a seat belt in a car.
Across all age ranges, Globe Life is an expensive option for adult term life insurance.
Though the site says rates can go as low as around $2 or $3 for adults or children, you’re going to spend way, way more than the industry average for premiums.
Here’s a breakdown of sample quotes, based on a healthy male applying for $100,000, the highest coverage option Globe Life offers:
Rates current as of November 2021, according to Policygenius data.
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. That’s quite a difference.
And since Globe Life’s term life policy lasts 5 years, every time you renew your policy your premiums will increase. You’ll be paying a lot more than the industry average for way less coverage in the long-run. Simply put, 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.
To make things extra-confusing, Globe Life’s site states rates can start as low as $3.49 per month for adults or $2.17 per month for children. That’s pretty misleading since those numbers are based on who-knows-what.
You want to make sure your preferred life insurance company will last a long time. Doubly so if you’re insuring a child or grandchild -- one of Globe Life’s main offers.
Globe Life, which started nearly 70 years ago, serves over 4 million customers.
Here’s how Globe Life’s future looks based on industry ratings:
A.M. Best: A+
Standard & Poor’s: AA-
A.M. Best gives Globe Life an A+ grade (effective November 17, 2021), meaning the company can meet its obligations to customers.
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.
With a rating of AA-, Standard & Poor’s has a stable outlook 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 Consumer Affairs and other ratings services.
Here’s the breakdown:
Consumer Affairs: 3.7 / 5
Consumers Advocate: 4.1 / 5
NAIC complaint index: 6.56
Consumer Affairs lets verified users directly rate companies. With a score of 3.7 out of 5, Globe Life has more satisfied customers than it did in 2020, when it had a score of 2 out of 5.
Consumers Advocate is a third-party review site that focuses on policy features, reputation, and stability of a company. They give Globe Life a 4.1 out of 5, up slightly from 4.3 out of 5 in 2020.
The National Association of Insurance Commissioners (NAIC) 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. As of 2021, Globe Life has a score of 6.56, meaning they’ve received over six times the amount of complaints than average.
It’s worth noting Globe Life has a history of poor customer service complaints. In 2020, the rating was 8.33, which means Globe Life received eight times the amount of complaints than average. That’s one of the highest numbers we’ve seen.
Globe Life’s website lacks basic information about policies and options. Any questions you have will have to be answered by the company’s phone service, which results in endless waiting and unhelpful representatives more interested in selling products than informing customers.
There is no online live chat, and, in our experience, the email tool provided on the customer service page results in days of waiting for answers to basic questions.
The online application takes a few minutes to fill out. You fill in your personal information, receive a quote, answer questions related to your health, enter payment info, and await a decision.
If you live in New York, then you must fill out a 4-page paper application or apply by phone.
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, the policy is mailed directly to the applicant. It’s also available electronically.
Globe Life’s policies are available in all 50 states.
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 online, by automatic bank drafts, as well as by phone and mail.
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:
- Name, phone, address
- Policy number
- Certified death certificate
- Coroner’s and police report (if applicable)
Frequently Asked Questions
Does Globe Life offer online quotes?
Yes, you can get online quotes on Globe Life’s website, though you have to enter some personal information and an email address.
Do I need to take a medical exam with Globe Life?
No. None of Globe Life’s policies require a medical or physical exam. However, you will have to answer questions about your health, so there is still a chance of denial.
How long are Globe Life’s term lengths?
Globe Life’s terms last for five-year periods. After that time is up, you’ll have to either cancel your policy, apply for another one, or renew your policy. And that means higher premiums each time you renew.