UPDATED: Nov 30, 2018
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Globe Life and Accident Insurance was founded in 1951 with $60,000 in borrowed funds. Initially offering coverage in rural Oklahoma, the company has grown to provide insurance across the nation.
Globe writes basic and easy to obtain life insurance policies for adults and children, as well as a few similar products. They advertise as offering $100,000 in coverage for only $1 for the first month, targeting those who want a policy quickly and at low cost.
Policies are entirely direct-buy, meaning there are no agents. All of the process is taken care of online or through the mail, and the company doesn’t require medical exams.
Globe’s headquarters is in Oklahoma City, however, the company is licensed in every state with the exception of New York. They offer online quoting and policy issuing, with a quote system that requires some basic personal information, including name and address.
Globe writes life insurance and a few other related products. Their main business is in simple term life.
Globe writes both term and whole life insurance for adults and children. They offer basic policies with relatively low death benefits, in return for an easy qualification process.
Adult life is available in term up to $100,000 of coverage, and in whole up to $50,000 of coverage. All policies can be issued with only a few basic health questions and no medical exam. Globe promises $1 for the first month of coverage, but this does not reflect the actual monthly premium.
Children’s life is available up to $20,000, a whole life plan with a cash accumulation account.
Please Note – anyone looking to purchase life insurance should understand the cost and benefit differences between term and whole life insurance. Please see our write up regarding these products for more information.
Accidental Death Insurance
Globe writes easy-issue Accidental Death insurance offering $250,000 in coverage. These policies require no medical exam and can be issued to those between 18 and 69. Plan not available in all states.
Mortgage Protection Insurance
Coverage from $50,000 to $350,000 for accidental death is available through Globe’s Mortgage Protection Insurance. This product is designed to cover mortgage payments in the event of an accidental death.
Medicare Supplement Insurance
Globe also offers a Medicare Supplement policy. This product covers costs that are not covered under Medicare, including coverage for deductibles, co-pays, and hospital costs.
Globe Insurance does not write policies above $100,000 for term life, therefore we are unable to provide a comparison based on our standard rate sample.
Globe does offer the first month of coverage at $1 for the first month; thereafter a $100,000 term policy for a 30-year-old man living in California is $37.53 per month. The quoting system does not say how long the term is to which this quote relates. It should be noted that this quote is for a policy that doesn’t require a medical exam, so while its easier to get approved, rates can be expected to be a little higher overall.
The only information Globe’s website offers regarding claims is under their “FAQ” section. Here, it states that the claim should be mailed to the address provided and to allow 10-15 business days from the date that you mail the documents for them to be processed.
The company also has an eService Center, where customers can log in and handle account information and policies and check the status of a claim. The site also directs you to call their Customer Service Department, 1-888-650-4081, for a claims update.
For a company that does not have agents and handles all of its business through the mail and online, it’s surprising that there is not more access to claims information.
Globe Insurance has been BBB accredited since 1953. The company’s headquarter’s address does not currently have a rating on the site, however other addresses do, including this one in Texas. Although the gives the company an A+ rating, this review listed 326 complaints, with the majority of them concerning product and service.
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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 it gives people without other options a chance to get life insurance coverage.
Unfortunately, it appears that their rates go up quite a bit after that first month, and can be slightly more expensive, since they do not require an exam.
Anyone looking for a good entry term policy will find a good place with Globe. They do not require a medical exam, and their 100k maximum will be enough for many people.
For a list of companies that we recommend, visit our Best Insurance Companies page.