Globe Life Insurance Review (2023)

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.

The chart below displays the same information for females.

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.

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.

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 file Globe Life Insurance claims?

Globe Life policyholders can only file claims by printing out a claims form from the company website, filling it out, and sending it to the claims department. Customers should send the completed form to the following address:

Globe Life & Accident
Life Claims Division
P.O. Box 8076
McKinney, Texas, 75070

If a claim is over two years old, the company might require additional information. They’ll call or email you to request details, but you can send it to them via email or fax. The following is the email address and fax number for the submission of information:

• Email: claims@globe.life
• Fax: 405-270-1496

Globe Life customers can’t file claims over the phone but can contact the company for questions about the status of their claim at 800-654-5433. Representatives are on hand Monday through Friday from 7:30 a.m. to 6 p.m. (CST) to receive calls.

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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
• Mail

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.

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.

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.

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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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