Offering affordable and simple life insurance, among other products, Globe Life is an entirely direct-buy insurance company with no agents. They present themselves as the easy and hassle-free choice for cheap life insurance.
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 – which is likely to lead to solicitation mailings.
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 under the Young American Plan, which is a $25,000 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.
Mortgage Protection Insurance
Coverage of up 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 doesn’t writes policies above $100,000 for term life, so 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. Either way, this is a high price for this policy given that our average quote for $1,000,000 in coverage on a 20-year term is about $50 per month.
It should be noted that this quote is for a policy that doesn’t require a medical exam, and so rates can be expected to be a little higher overall. Still, most people will be able to obtain a lot more coverage for a lower rate; the gimmick of offering the first month of coverage for only a dollar doesn’t make up for higher rates overall.
Globe’s website doesn’t offer any information on how to file a claim or on how claims are processed.
There is a toll-free customer service line: 1-844-875-7684 and other contact information available on the website, which appears to be the closest option to a claims line.
The company also has an eService Center, where customers can log in and handle account information and policies. There is no information as to whether or not claims can be submitted through this system, or whether claims can be tracked there.
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 no easy access to claims information.
At the time of this review the BBB was in the process of updating their records for Globe Insurance, so there is no current rating available. On our last review of this company the BBB rating the company at an A+, and there were 220 complaints on record over a three-year period. Although we don’t have updated numbers, that is fairly high for a life insurance company.
Throughout the internet, we found several reviews of Globe Insurance, the majority of them negative. There are many comments indicating that the company does not pay out claims, have poor customer service, and that there are multiple billing issues. The complaints also seem to point to questionable practices in terms of how forthcoming the company is in regards to their products.
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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 become far more expensive than those of other insurance companies. While this is may be partially due to the lack of required medical exams, they still look to be higher than other simple term policies.
In addition, the company’s reputation is questionable with enough complaints to raise some red flags.
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 may want to look elsewhere.
For a list of companies that we recommend, visit our Best Insurance Companies page.