- Written by Lindsey Crossmier
Lindsey Crossmier is an accomplished writer with experience working for The Florida Review and Bookstar PR. As a financial writer, she covers Medicare, life insurance and dental insurance topics for RetireGuide. Research-based data drives her work.Read More
- Edited ByLamia Chowdhury
Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more.Read More
- Published: December 2, 2022
- Updated: January 10, 2023
- 4 min read time
- This page features 8 Cited Research Articles
- Edited By
About 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.
Types of Globe Life Insurance Products
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.
- Term Life Insurance
- Globe’s term life insurance offers temporary coverage in 1-, 2-, 3-, 4- or 5-year term lengths. Most other insurers offer term coverage for 10-, 15-, 20- or 30-year lengths. Your premiums will be fixed while your policy is active. Although you can renew coverage, your premium cost will increase each time your policy is renewed. With Globe Life’s short-term policies, your term premiums will become more expensive at a quicker rate.
- Whole Life Insurance
- Globe Life offers a standard whole life policy with lifelong coverage and fixed premiums. There is also a cash value component, which grows tax deferred. Globe Life also offers two other types of whole life policies — final expense insurance and children’s life insurance.
Average Costs of Globe Life Insurance
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||1 – 5 years*||$50,000||$43.78|
*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
Pros and Cons of Insurance from 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.
- No medical exam
- No waiting periods
- $1 for the first month of coverage
- High ratings from credit rating agencies
- Limited policies available
- Only one rider option
- Expensive premiums
- Record of improper claim denial
- Low coverage limits compared to other companies
Average Rating of Globe Life Insurance
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.
8 Cited Research Articles
- Fitch Ratings. (2022, October 12). Fitch Affirms Globe Life's Insurance Operating Subsidiaries at 'A+'; Outlook Stable. Retrieved from https://www.fitchratings.com/research/insurance/fitch-affirms-globe-life-insurance-operating-subsidiaries-at-a-outlook-stable-12-10-2022
- AM Best. (2022, August 11). AM Best Affirms Credit Ratings of Globe Life Inc. and its Subsidiaries. Retrieved from https://news.ambest.com/presscontent.aspx?refnum=32358&altsrc=2
- Mirza, J.A. (2019, January 28). Globe Life Fined, Ordered To Pay $7.3M Restitution for Improper Claim Denials. Retrieved from https://www.spglobal.com/marketintelligence/en/news-insights/trending/a84u_zE2m-CWesI5KCJZXQ2
- Value Plus Term Life Insurance. Retrieved from https://www.ameritas.com/life-insurance/value-plus-term/
- Globe Life. (n.d.). About Globe Life. Retrieved from https://home.globelifeinsurance.com/about#history
- Globe Life. (n.d.). Accidental Death Benefits. Retrieved from https://home.globelifeinsurance.com/life-insurance/accidental-death-insurance
- Globe Life. (n.d.). Start Now! Retrieved from https://www.globelifeapplication.com/
- Globe Life. (n.d.). Young Family Life Insurance. Retrieved from https://www.globelifeinsurance.com/youngfamilylifeinsurance