Globe Life Insurance Review (2024)
Globe Life Insurance is one of the top life insurance providers in the U.S. The company provides term life, whole life, and final expense insurance, all of which is backed by the company's strong financial rating. Globe Life also ranks well against similarly-sized competitors in terms of complaints.
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Kristen Gryglik
Licensed Insurance Agent
Kristen is a licensed insurance agent working in the greater Boston area. She has over 20 years of experience counseling individuals and businesses on which insurance policies best fit their needs and budgets. She knows everyone has their own unique needs and circumstances, and she is passionate about counseling others on which policy is right for them. Licensed in Massachusetts, New Hampshire,...
Licensed Insurance Agent
UPDATED: Dec 10, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider. Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Dec 10, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider. Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Globe Life provides term life, whole life, and final expense insurance
- Globe Life offers three riders to customize policies
- Globe Life has been rated A by A.M. Best
Globe Life provides term life, final expense, and whole life insurance to customers throughout the United States. The company offers three riders to customize a policy and has been rated A by A.M. Best.
Let’s further examine Globe Life Insurance.
What are the Globe Life Insurance rates?
Life insurance companies evaluate the risk of applicants when determining rates, and riskier customers will experience the most expensive coverage. Some of the factors that companies use to assess risk include:
- Age
- Gender
- Location
- Health
- Family health history
- Occupation
- Hobbies
Reviewing a company’s average rates will help you determine if it’s affordable. For example, the following charts reveal the average monthly Globe Life Insurance rates for a $30,000 term life policy by age and gender.
| Age | Average Male Monthly Globe Life Insurance Rates |
|---|---|
| 18-20 | $9.49 |
| 21-25 | $12.49 |
| 26-30 | $15.49 |
| 31-35 | $18.49 |
| 36-40 | $21.99 |
| 41-45 | $27.99 |
| 46-50 | $34.99 |
| 51-55 | $46.49 |
| 56-60 | $59.49 |
| 61-65 | $83.49 |
| 66-70 | $111.99 |
| 71-75 | $157.49 |
| 76-80 | $229.49 |
The chart below displays the same information for females.
| Age | Average Female Monthly Globe Life Insurance Rates |
|---|---|
| 18-20 | $8.19 |
| 21-25 | $9.49 |
| 26-30 | $12.49 |
| 31-35 | $15.49 |
| 36-40 | $18.49 |
| 41-45 | $21.99 |
| 46-50 | $27.49 |
| 51-55 | $34.49 |
| 56-60 | $43.49 |
| 61-65 | $56.49 |
| 66-70 | $76.99 |
| 71-75 | $104.99 |
| 76-80 | $152.99 |
As you can see, rates are lower for females than for males, and rates increase as customers age.
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What coverages are offered by Globe Life Insurance?
Globe Life Insurance provides term life, whole life, and final expense coverage. None of the policies requires a medical exam, but applicants must complete a medical questionnaire.
Globe Life provides term life insurance in 1- to 30-year terms. The value of these policies ranges from $5,000 to $100,000 and is renewable, allowing customers to continue coverage after a term expires.
Globe Life’s whole life plan is a long-term option with fixed rates. The policy features a cash value that grows over time, and policyholders can take out a loan on the cash value when it reaches a certain amount.
The value of this plan ranges from $5,000 to $50,000 for adults. Additionally, the company offers a children’s whole life plan, available from $5,000 to $30,000. Policyholders can use the cash value for future expenses, like college tuition or a house purchase.
Globe Life also offers final expense insurance, a good option for customers that find other options too expensive. This plan pays for funeral and burial costs, ensuring that your loved ones don’t experience the financial burden after your death.
In addition to being exam free, some policies are offered as guaranteed issue plans. This option is only available for customers between 65 and 80 years old and features a value between $3,000 and $15,000.
Does Globe Life Insurance offer any riders?
Life insurance companies commonly offer options that customers can add to a policy. These options are called riders and allow for the customization of a plan. Globe Life provides three riders that customers can include for an additional fee. The following table reveals the riders offered by Globe Life Insurance.
| Riders | Rider Coverage |
|---|---|
| Children’s term to 25 | Provides term life coverage to children under 25 years old. |
| Terminal illness accelerated benefit | Allows a policyholder to access a portion of the death benefit early if they have a critical, chronic, or terminal illness. |
| Waiver of a premium | Waives payments if the insured has a terminal illness. |
While Globe Life offers multiple ways to customize a policy, the company has fewer riders than most competitors.
How is Globe Life Insurance rated?
Credit rating agencies review the financial strength of insurance companies and issue ratings that determine the likelihood of providing a payout. The most trusted rating agencies have completed Globe Life Insurance reviews.
Globe Life has been rated A by A.M. Best, AA by the S&P 500, and A+ by Fitch Ratings. These ratings are solid and indicate that the company will provide a payout in most situations.
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Does Globe Life Insurance have any complaints?
The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) examine complaints made about insurance companies. Reading these reviews helps customers determine the quality of service that they’ll experience.
At the time of this review, the BBB has received 125 complaints about Globe Life Insurance during the past three years. Most of these complaints are relative to the company’s products and services. Additionally, 20 customers have submitted reviews, with an average rating of one out of five stars.
According to the NAIC, Globe Life has received 68 complaints and has a complaint index ratio of 3.52. These numbers indicate that Globe Life has significantly more complaints than the average company of a similar size.
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How can you buy Globe Life Insurance?
Globe Life allows customers to purchase coverage by mail, via phone, or online. You can also procure a policy by visiting a local agent. The best option depends on personal preference, though some methods are quicker than others.
The Globe Life website allows customers to acquire coverage online by completing an online form. Additionally, the website helps customers find a local agent if they prefer to purchase coverage in person.
Customers that opt to apply by mail can print out an application on the company’s website and send it to the following address:
Globe Life
3700 S. Stonebridge Drive
McKinney, Texas, 75070
You can also apply by calling the Globe Life Insurance phone number at 800-831-1200. Representatives can assist with your purchase Monday through Friday from 7:30 a.m. to 6 p.m (CST).
How can you make Globe Life Insurance payments?
Globe Life allows customers to make payments on a monthly, quarterly, or annual basis. There are multiple ways in which customers can make a Globe Life Insurance payment, including:
- Online
- Bank draft
- Phone
The easiest option for most customers is to use their Globe Life Insurance login to pay online or set up an automatic bank draft. Meanwhile, sending a check through the mail takes the longest to process.
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What are the pros and cons of Globe Life Insurance?
Every insurance company has positive and negative characteristics. These pros and cons help customers to determine if a company is the best choice. The following table discloses the pros and cons of Globe Life Insurance.
| Globe Life Insurance Pros | Globe Life Insurance Cons |
|---|---|
| No medical exam | More complaints than competitors |
| No waiting period for coverage | Guaranteed issue plans unavailable for whole life policies |
| Multiple ways to buy | Inability to file claims online |
These positive and negative factors reveal that Globe Life is a good option for customers with existing health conditions, making it challenging to find coverage from other companies. However, their customer service needs improvement, and the claims process is more complicated.
Who is Globe Life Insurance?
The Globe Life and Accident Insurance Company began in 1951, providing coverage to customers in Oklahoma. By 1964, the company grew to serve 36 states, and Liberty National Holding bought the company in 1980. Today, Globe Life is headquartered in McKinney, Texas, and covers over 4.3 million policyholders.
Streamlining Experience With Globe Life Insurance Claims Process
Ease of Filing a Claim
Globe Life Insurance offers multiple methods for policyholders to file a claim, including through their website. Customers can also file claims via mail or by contacting the company’s phone support. The availability of these options makes it convenient for policyholders to initiate a claim using their preferred method.
Average Claim Processing Time
The average claim processing time is an essential factor for policyholders when assessing an insurance provider’s efficiency. While specific processing times may vary depending on the nature of the claim, Globe Life Insurance strives to handle claims promptly to provide timely support to their customers.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback is a valuable source of information for potential policyholders. Globe Life Insurance’s track record in resolving claims and providing payouts is crucial for assessing their reliability as an insurance provider. Examining customer reviews and experiences can offer insights into the company’s performance in this regard.
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Unleashing Innovation With Globe Life Insurance Digital and Technological Features
Mobile App Features and Functionality
In today’s digital age, insurance companies often provide mobile apps to enhance customer experience. Globe Life Insurance offers a mobile app with various features and functionalities aimed at providing convenient access to policy information, account management, and claims tracking.
Exploring these app features can help policyholders better manage their insurance needs on the go.
Online Account Management Capabilities
Online account management is a critical aspect of modern insurance services. Globe Life Insurance offers robust online account management capabilities, allowing policyholders to access policy information, update personal details, and make premium payments conveniently through their secure online portal.
These features enhance policyholders’ ability to control and monitor their insurance policies.
Digital Tools and Resources
Globe Life Insurance provides policyholders with access to a range of digital tools and resources to assist them in making informed decisions about their coverage. These tools may include premium calculators, policy comparison tools, and educational resources to help customers better understand their insurance options.
Exploring these digital resources can empower policyholders to make informed choices regarding their insurance coverage.
Globe Life Insurance: The Bottom Line
Globe Life Insurance provides term life, whole life, and final expense insurance to customers throughout the United States. The company has strong financial ratings but more complaints than similarly-sized competitors. Knowing more about Globe Life Insurance will help you decide if it’s right for you.
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Kristen Gryglik
Licensed Insurance Agent
Kristen is a licensed insurance agent working in the greater Boston area. She has over 20 years of experience counseling individuals and businesses on which insurance policies best fit their needs and budgets. She knows everyone has their own unique needs and circumstances, and she is passionate about counseling others on which policy is right for them. Licensed in Massachusetts, New Hampshire,...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.