Globe Life Insurance Review

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Globe Life Insurance Overview

Globe Life provides life, supplemental health and accident insurance to individuals. The company is based in Oklahoma City, Oklahoma and was founded in 1951. The company insures approximately 3.8 million people. It is a subsidiary of the Texas-based company Torchmark Corporation.

Globe Insurance was originally founded as a way to provide affordable life insurance products to rural Oklahoma residents. The company has since expanded to provide an array of insurance policies to customers throughout the country. Globe also provides policies to government workers at the state and federal level. Supplemental medical and life policies are available to civil service employees through the company’s Employee Services Division.

Policies are sold primarily through direct mailings and the company’s website. This direct-to-the-consumer approach in theory allows Globe Life to offer affordable products to its customers, but as covered below, this is not always the case.

 
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Globe Life Insurance Products

The primary product offered by Globe Life is term life insurance for adults, with the highest pay-out at $50,000. Smaller pay-outs are available as well. Globe also offers burial expenses insurance. Globe policies can be purchased on their own or as a supplement to another policy.

In addition to term life insurance and extended benefits coverage for adults, Globe Life also offers life insurance policies for children and young adults, similar to Gerber Life. These whole life insurance policies offer an investment component that can be used to finance a child’s education or future.

A unique feature of Globe insurance is the ability to purchase a policy for as little as $1 down. The policies may also be available to customers without a health examination.

Globe Life Insurance Rates

Globe Life insurance only offers term policies up to $50,000, so our typical comparison for a $1 million dollar policy is not applicable. However, the rate for a $50,000 policy is extremely high. For a 30 year old male in California, the rate would be over $25 a month. To put that in perspective, the average rate for a $1 million dollar policy that we have tested is $50 a month.

It should be noted that Globe Life policies are based on standard health class, while most tests we have run are based on premier health. However, it is still safe to say that their rates are substantially higher than a healthy person can find elsewhere.

[Click here to see how we do rate quote tests]

Globe Life Consumer Complaints

Globe Life Insurance has been accredited with the Better Business Bureau since 1952. The company currently has a BBB rating of A+. In the past three years, 55 complaints have been filed against the company, and 54 of these were closed within the past year. Approximately half of the complaints on the BBB website are about customer service; the other half was evenly divided between complaints in billing and sales.

Consumer complaints on the web cite a few issues with billing, primarily concerns about policies lapsing without the insured’s knowledge. On the whole, Globe maintains a positive consumer rating despite these complaints.

Globe Life Financial Rating

A.M. Best Rating – A+

Fitch Rating – A+

S & P Rating – AA-

Globe Life Overall Rating

Positive
Globe Life offers consumers an avenue for buying life insurance without a medical exam. This can be beneficial for people who have had trouble getting insured through other companies. There are still medical questionnaires that must be filled out honestly, but if gives people without other options a chance to get life insurance coverage.

Negative
Globe Life is very expensive compared to other term life insurance companies. Their rates are multiples higher than the industry standard.

Recommendation
Individuals who are having a hard time getting life insurance due to their medical exam results may want to check out Globe Life. However, a healthy individual looking for term coverage should look elsewhere for a few reasons. 1) They only offer up to $50,000, which for many is not sufficient coverage. 2) Their prices are very high compared to other term life insurance companies.


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About the Author

Eric Stauffer

I am a former insurance agent turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.


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