Globe Life Insurance

Globe Life Insurance was founded in 1951. As of 2022, they have over $220 billion of coverage in force and over 16.8 million policyholders.

Compared to other life insurance companies, Globe Life has limited policies available with low death benefit limits. Their website does not offer clear information about the few policies offered.

If you need additional information after reading this Globe Life insurance review, consider contacting one of their agents.

There is a limited selection of life insurance policies from Globe Life, with term and whole life policies available.

All policies have a coverage limit of $100,000, which is drastically lower than other companies. Usually, coverage limits for life insurance are in the millions. However, none of the policies require a medical exam and there isn’t a waiting period.

Globe Life also offers Mortgage Protection Insurance, along with one rider advertised — the Accidental Death and Dismemberment Rider. You can add this rider to a term or whole life insurance policy.

The average cost of Globe Life insurance is more expensive for less coverage when compared to average costs from other insurers.

For example, a Globe Life term policy for 1 to 5 years of coverage with $50,000 of coverage would be around $43.78 for a 50-year-old woman. With Ameritas, a different life insurance company, a term policy with 30 years of coverage and a $250,000 death benefit would be $55.07 for a 50-year-old woman.

While the price is similar, Ameritas provides a longer-term length and five times the coverage.

*Globe Life’s rate calculator doesn’t allow the user to set a specific term length, so costs may fluctuate depending on how long you need coverage.

Globe Life advertises that during the first month of coverage, $1 buys you $100,000 of term life insurance for adults. For whole life children’s policies, $1 buys $30,000 of coverage. Even though the first month is only $1, the future cost of premiums will likely still outweigh the benefit.

Consider the other factors that affect your life insurance cost — your age, health and sex. If you’re older, your Globe Life policy quote will increase. The coverage amount will also affect your costs. The lower the coverage is, the more affordable it will be.

*Costs are set for a 50-year-old woman looking for a term policy with one to five years of coverage.

Source: Globe Life

The main pros of Globe Life are not requiring a medical exam and offering a fast approval process with no waiting period. For some, poor health results in unaffordable rates or coverage denial, so these features are beneficial to those who fall into these categories.

On the other hand, Globe Life’s costs are expensive due to small coverage limits. Compared to other insurers’ costs, you get a low death benefit at a steep price.

Globe Life was also fined $7.3 million in 2019 for improper claim denials. The penalties were issued after the New York State Department of Financial Services found that 439 policies were improperly denied claims and rescinded.

However, as of 2022, Globe Life has decent financial strength ratings from multiple credit rating agencies. An insurer’s financial strength rating refers to their ability to meet financial obligations.

Two leading credit rating providers — AM Best and Fitch Ratings — have provided financial strength ratings for Globe Life. Both rating agencies provide an alphabetical score that offers insight on Globe Life’s trustworthiness, operating performance and consistency.