Planning for the future is the foundation that continues to draw customers to life insurance companies like Globe Life. Since 1900, Globe Life has helped individuals face the unexpected and ensure a secure financial future for loved ones.
Business Insider has compared Globe Life Insurance against the best life insurance companies and found that while its policies are very affordable, they offer limited benefits. Additionally, customers should be aware of Globe Life's poor customer service record and ongoing lawsuits.
Globe Life Insurance Overview
Life insurance is more diverse than ever before. Its foundation remains supporting families after the passing of a loved one. Globe Life issues 16.8 million policies, more than any of the nation's leading life insurance companies. But volume is only part of the picture.
Globe Life Insurance offers a variety of life insurance policies with no medical exams. As such, its death benefit offerings aren't very high, maxing out at $100,000 for its term life policies. However, these policies can be useful for settling lingering debts or paying for funeral expenses.
One distinct disadvantage in Globe Life's term life insurance policies is its length. Policies have a max term of five years, after which you can renew for another five years. However, Globe Life may increase your premiums every time you renew. This means you may end up paying higher premiums with Globe Life than if you simply took out a 20 or 30-year term life policy with another company.
Another aspect of Globe Life worth mentioning is its customer service issues. Customer reviews on Globe Life's Better Business Bureau page are very critical of the company's service, particularly how hard it is to cancel a policy. The National Association of Insurance Commissioners also indicated that customer complaints are far higher than expected for a company of its size.
Globe Life Controversy
Globe Life has been under pressure due to a series of investigations and lawsuits alleging a toxic work environment, deceptive consumer practices, and fraud. Its stock plunged about 50% in mid-April 2024 after a short-seller issued a scathing report describing, among other things, a work culture, "permissive of sexual assault, rape, racism, and widespread illicit drug activity" within American Income Life, a subsidiary of Globe Life. Globe Life denied the allegations, saying in a statement that the short-seller "mischaracterizes facts and uses unsubstantiated claims and conjecture to present an overall picture of Globe Life that is deliberately false, misleading, and defamatory."
In March 2024, the Department of Justice subpoenaed AIL and Globe Life for documents related to Arias Organization, an affiliate insurance agency. The DOJ investigation, as well as two open investigations conducted by the Equal Employment Opportunity Commission, appear to be ongoing.
Globe Life Insurance Pros and Cons
Globe Life Insurance Pros
- Quick underwriting
- Policies do not require medical exams
Globe Life Insurance Cons
- Globe Life lawsuits
- Poor customer service
- No options for investment or accelerated death benefits
- No claims filing options online
- Term life policies only last up to five years
- Death benefits aren't very high
Globe Life Insurance Plans Available
Globe Term Life Insurance
Globe Life Insurance offers term life insurance coverage ranging from $5,000 to $100,000. Policies are purchased directly from the company with no medical exam, quick underwriting, and no waiting periods. Once your application is approved, Globe Life benefits and monthly premiums remain fixed when policyholders make payments on time.
When you sign up for Globe Term Life , your first term will last one to five years, depending on the issue age. Renewal periods begin at 5-year plus one ages (21, 26, 31, etc.), and renew every five years after the first term. For example, if you sign up for a policy when you're 37, your term will end when you turn 41, at which point you have the option to renew your policy for another five years.
Globe Life mentions converting term policies to whole life insurance policies to make coverage permanent. However, the website is light on details, focusing on extremely low premiums for specific customers. Globe Life's term life policies are available for adults and children. All applications are subject to underwriting approval. So, the pricing listed online (and your acceptance) may vary when you secure the policy.
Globe Whole Life Insurance
Globe Life offers whole life insurance policies with benefits from $5,000 to $50,000. You can purchase policies directly from the company with no medical exam or long wait times. Rates remain constant for life, as does coverage (when premiums are paid on time), which means you can rest assured in your chosen coverage. Policies also accumulate cash value over the course of the policy's lifetime.
Remember, Globe Life's underwriting will not approve every application, especially with higher limits. No medical exam does not translate into no medical information required. Buyers will need to answer some medical questions, and the company can pull electronic medical records to make its decision. No medical exam policies are typically sold to select groups like seniors looking for funeral policies or young, healthy buyers willing to pay higher premiums for lower coverage to avoid a medical exam.
Globe Children's Life Insurance
Life insurance for kids (or grandkids) is available from Globe Life in numbers ranging from $5,000 to $30,000. Full coverage and benefits begin on day one. Available with no medical exam and zero waiting, a hassle-free policy from Globe Life might be the easiest part of welcoming a new member to your family. Benefits remain constant for life, despite age, health status, or occupation, as long as premiums are paid on time.
As with its adult policies, Globe Life offers children whole and term life insurance options. Applicants who get approval for children's policies can also buy more comprehensive policies as adults. However, these smaller policies offer a gateway into life insurance and its financial benefits early in life. For some families, children's life insurance can be a wealth-building tool, particularly with its whole life policies.
It's easy to find comparable adult policies through other companies. However, Globe Life's life insurance for children faces less competition overall.
Globe Final Expense Life Insurance
Many of Globe Life's policies could be considered "final expense" policies. By this, we mean the limits are low and only meant to cover funeral costs and a small amount of debt. However, it provides a specific product for seniors comfortable with lower coverage amounts. As a result, approval is often more straightforward.
This policy type comes with obvious limits (the death benefit). However, buyers should also be aware of other limitations, like the inability to build cash value over time. So, no matter how long you live, the value will remain the same.
Additional Coverage Options Offered by Globe Life
Accidental Benefits Insurance
You can prepare for the unexpected and the financial strain that can accompany it with an extra layer of protection. Accidental death insurance from Globe Life provides up to $250,000 worth of additional coverage in the case of accidental death for just $1 in the first month (though premiums rise in the second month). In addition, acceptance is guaranteed regardless of health for individuals aged 18-69. Additional benefits, furnished at no extra cost, include coverage for myriad issues from inflation and education to dismemberment and paralysis.
Mortgage Protection Insurance
Globe Life's mortgage protection insurance can protect your family's biggest asset and a potential source of stress in the event of your accidental death. For just a fraction of your monthly mortgage payment, this type of accidental death and dismemberment policy provides between $50,000-$350,000 to pay off your home mortgage. If the payout doesn't pay off your mortgage, loved ones could then look into options to refinance the smaller debt to lower monthly payments.
Rates start at just $5.50 per month, and acceptance is guaranteed for individuals ages 18-69. Additional benefits, furnished at no extra cost, include coverage in the case of a common disaster or commercially scheduled airline accident, among others.
One important thing to note is this is an accidental death and dismemberment policy. In short, it's not a comprehensive plan for every cause of death. Benefits would only apply after a covered accident. The limits are part of what makes this policy so cheap. It's excellent for a policyholder's prime working years but may not be as beneficial for retirees.
How Much Does Globe Life Insurance Cost?
Globe Life's advertised rates are affordable, with types of life insurance for adults and children starting at $1 for the first month, after which the rate is based on the individual's current age and guaranteed for the policy terms.
Below are the monthly premiums for a $100,000 term life insurance policy from to give you a better idea of what to expect.
Age | Men (monthly) | Women (monthly) |
20 | $27.41 | $19.35 |
30 | $44.28 | $30.13 |
40 | $69.61 | $47 |
50 | $113.78 | $74.81 |
60 | $99.41* | $72.76* |
*Quote is for $50,000, as $75,000 and $100,000 policies are not available for applicants over 60.
It's worth noting that each time a term policy renews, Globe Life may adjust your premiums based on your age.
Globe Life also has a limited money-back guarantee. If unsatisfied, return your policy within 30 days for a full refund. However, reviews indicate that canceling a policy may be difficult.
Globe Life Insurance Claims Process
Anyone can file a claim with Globe Life, including a spouse, child, another beneficiary, or a family spokesperson (including a representative from a funeral home). Providing the following information will expedite the claims process:
- Life insurance policy number
- Contact info for the beneficiary
- Official death certificate
- Copy of obituary
- Coroner's and/or police report (in the case of accident, homicide, or suicide)
Once gathered, mail all documents to the following:
Globe Life Inc.
PO Box 8076
Attn: Life Claims Department
McKinney, TX 75070
On average, it takes Globe Life 10-15 days to receive, log and process the information included in the above documents. Please bear in mind processing times can vary. Globe Life representatives will notify you should additional information be needed.
What Does 'No Medical Exam' Mean With Globe Life?
None of the life insurance products at Globe Life require a medical or physical exam. Instead, the insurer uses a series of health-related questions (part of the company's online application) to determine eligibility. Full transparency, especially with pre-existing conditions, is essential. Dishonesty of any kind puts the insured at risk of policy cancellation or unpaid death benefits. You may be eligible for a small funeral costs policy even if you're denied a more comprehensive life insurance policy.
Globe Life Insurance Customer Reviews and Ratings
According to the National Association of Insurance Commissioners (NAIC)'s Complaint Index, Globe Life received far more customer complaints than expected given its share of the market. The NAIC gives companies with more complaints than expected an index above 1.0 and those with fewer complaints than expected an index below 1.0. Globe Life's complaint index was 3.46 in 2023, indicating it's received an unexpectedly high number of complaints from customers.
Online reviews are not encouraging, with Globe Life's BBB page receiving an average of 1.24 stars out of five. Multiple reviewers mentioned representatives repeatedly contacting them over the phone and in person to get them to sign up for a policy. Reviewers who signed up for policies found it difficult to cancel their plans.
These two metrics are at odds with its JD Power rating. Globe Life received an above-average rating of 798/1,000, the average being 790. It placed 7th out of the 22 companies surveyed.
Globe Life Insurance Alternatives
Globe Life vs. State Farm Life Insurance
Globe Life prides itself on simple, standard coverage delivering death benefits topping out at $100,000 compared to more robust options from State Farm Life Insurance. Globe Life focuses mainly on small funeral policies or accident coverage. State Farm offers larger payouts and options like its Survivorship Universal Life Insurance, which covers two individuals. So, for example, a husband and wife could buy a policy, and the value would be based on the couple's combined lifespan and qualifications.
Globe Life scored 798 on the latest JD Power survey for customer satisfaction. In short, the company earns consistently high marks from customers. Still, State Farm has the highest rating among all companies surveyed with a score of 843, compared to Globe Life's 7th place ranking. With State Farm, applicants may have to submit to a medical exam. But the company offers more comprehensive policies to pay out in more flexible circumstances. It also has more permanent life insurance options to meet diverse needs. Most importantly, buyers can bundle State Farm life insurance with homeowners, auto, and other State Farm plans.
As you might expect from its J.D. Power rankings, State Farm customers have a lot to say about the package it provides. Mb of Palm Springs, CA, left a review on ConsumerAffairs, saying, "State Farm may or may not be the cheapest. However, their customer service is outstanding. They proactively contact me to review my insurance once a year. They always answer my questions quickly and clearly. If they don't know immediately, they are willing to admit they don't know and always follow-up ASAP."
Read our State Farm life insurance review.
Globe Life vs. Mutual of Omaha Life Insurance
Globe Life has become known for its quick and flexible whole and term life policies. Especially with its accidental death policies, Globe Life offers no medical exam options with fast approvals. Mutual of Omaha is not quite as cheap. Term Life Express is the company's only option for life insurance with no medical exam, but it comes with significantly higher limits than any of Globe Life's policies for all causes of death (not just approved accidents) up to $300,000. The company's strong financial backing means building cash value is easy, as evidenced by options including Universal Life Insurance (boasting coverage over $1 million) and Indexed Universal Life Insurance (a flexible albeit risky way to build cash value).
Both companies have whole life policies. Again, Mutual of Omaha offers a diverse range of policies with higher benefits. Mutual of Omaha customers can enjoy accelerated death benefits in the event of a terminal disease and other riders. Its underwriting may take longer than Globe Life's, but the higher benefits will pay off in the long run for approved customers. At this time, both companies enjoy high customer satisfaction rankings with JD Power.
Most importantly, Mutual of Omaha will likely never offer the bargain policies Globe Life does. But customers still find pricing reasonable. Wendy of Enola, PA, reviewed Mutual of Omaha on ConsumerAffairs, saying, "I have a practical and effective insurance policy with great and affordable rates. Company has an excellent and easy to use website."
Read our Mutual of Omaha life insurance review.
Globe Life vs. SBLI
SBLI offers Cherish Life final expense insurance up to $35,000 in coverage with two significant benefits. SBLI customers can apply until age 80, and beneficiaries can use benefits to pay for any of the insured's expenses. Globe Life has a cut-off age of 75 to apply. Both companies offer whole and term life insurance policies. Both companies also have no medical exam life insurance options.
At this time, Globe Life's listed policy limits are low. Most policies cover funeral costs. Plans with higher benefits are mostly accident policies (it only pays out if you die due to a covered accident). SBLI doesn't list its limits on its site. However, it focuses on whole and term life insurance for any cause of death.
The customer reviews tell a great story about SBLI. Trustpilot reviewer Matthew says, "SBLI has always been a notch above all others in the insurance industry. We have had policies with them for about 8 years, and have never experienced anything but great service, honest and candid feedback, and they deliver exactly what they communicate!"
Read our SBLI life insurance review.
Globe Life Insurance FAQ
It only takes a few minutes to apply for Globe Life through an online application. Once approved, Globe Life will send a copy of your policy via mail.
You can obtain additional life insurance coverage for family members like a spouse or kids through Globe Life's e-ServiceCenter. New applications for adults and children are accessible with your current login information if you have an existing plan. New customers can also apply online or over the phone.
No, Globe Life does not have waiting periods. Once your application is approved, coverage starts immediately.
Why You Should Trust Us: How We Reviewed Globe Life Insurance
Life insurance companies are compared based on product quality, insurance riders, net performance scores, pricing, and customer service. A diverse array of life insurance products is used to compare death benefit plans with life insurance designed for long-term financial planning. Opinions expressed here are wholly based on facts gathered.
Ratings are not decided based solely on marketing or single online reviews. Instead, we gather a broad mix of information to rank all insurance products consistently and fairly. Therefore, the best way to ensure you find the right policy is to use a qualified agent when shopping for life insurance.
You can read more about Business Insider's life insurance rating methodology.
