Globe Life Insurance Review
- A+ financial strength rating
- No-exam life insurance with no waiting period
- Small-size death benefits for minimal life insurance needs
How We Reviewed Globe Life Insurance
71 companies compared
4 independent ratings consulted
3 policy types evaluated
Globe Life Insurance Review
Globe Life Insurance offers small-sized, affordable term and whole life insurance policies, as well as limited life insurance for children. We don’t recommend it for most people, due to coverage and service limitations, but it does have reasonable basic coverage for certain cases. For instance, Globe Life might be a decent option for individuals and families with minimal life insurance needs or those on a tight budget.
If your life insurance needs are more robust, or you need specialized coverage, you may be better off with a different provider. Start with our review of the best life insurance companies for more information about the options available to you. There, we compared more than 70 life insurance companies and ranked them based on industry ratings and standout offerings.
Globe Life Insurance puts a strong emphasis on affordability. Just look at the banner on its homepage, which claims “$1 buys you $100,000" (or $50,000, depending on your state) in life insurance. At face value, that’s a tempting offer.
Is it true?
Yes and no.
To add a little clarity to the above claim: That $1 only applies to your first month of life insurance coverage through Globe Life. You’ll pay higher monthly premiums throughout the rest of your policy.
That said, Globe Life does take steps to make its life insurance affordable and accessible — which is accomplished in large part by capping policy limits. Though coverage limits vary by state, Globe generally only offers up to $100,000 in term life insurance (some states cap it at $50,000) and $50,000 in whole life insurance. It also starts coverage as low as $5,000, which is a pretty rare find in the life insurance industry.
Remember: The smaller your death benefit, the lower your premiums. So naturally, a smaller policy from Globe Life will cost less than a larger, more robust policy from a different company.
Globe Life also makes its life insurance accessible by allowing customers to buy coverage without a medical exam. Skipping the in-person physical can make getting insured easier for people that don’t have the time (or desire) to meet with a physician and give blood and urine. It also reduces the waiting period for coverage to kick in, which is important for people that need insurance fast.
However, the Globe Life insurance model has some inherent limitations. Restricted coverage amounts mean Globe Life isn’t the best choice for anyone with extensive insurance needs (for example, a parent whose death benefit would need to cover upbringing and college education for multiple children). The company also lacks a selection of life insurance riders. That means coverage will almost always be limited to a lump-sum death benefit alone.
Basic life insurance on a budget
Life insurance for people with extensive coverage needs
S&P Global: AA-
Whole life insurance
Children’s life insurance
¹Not available online in WA or MT; must call or request quotes by mail
²Availability varies by state
No-exam life insurance
Probably the biggest benefit to working with Globe Life is that customers don’t have to take a physical medical exam to qualify for coverage — though they do have to answer a few basic health questions on their application. These typically ask about alcohol and tobacco use, your family health history, and any significant complications in your own health history.
No-exam insurance has a few distinct perks. First, it makes the application process faster and more streamlined. Customers can apply and purchase insurance fully online, and will have a shorter waiting period for coverage to actually kick in.
The more important consideration, though, is that skipping the medical exam might allow people to get coverage who would otherwise be denied or have a hard time finding affordable coverage. That includes anyone middle-aged and older who’s in a higher “risk class” (for instance, those with high blood pressure, cholesterol, or tobacco use) as well as seniors in a moderate risk class.
Accidental death insurance
Along with basic life insurance, Globe offers fairly comprehensive accident coverage, which pays out if the policyholder passes away due to a motor vehicle accident. This coverage can be purchased in amounts up to $250,000, and acceptance is guaranteed if you’re between the ages of 18 and 69.
Globe’s accident coverage also comes with a number of supplementary benefits included. For instance, the policy will pay out an extra 10% if the insured person was wearing a seatbelt during the accident; another 10% for education costs if they had a child between the ages of 15 and 22 at the time; and a separate benefit if they survive but are paralyzed.
Accident insurance is available with most term and whole life policies, so whether or not you end up buying it, it’s worth getting a quote just to see how much this extra protection would add to your monthly premium.
30-day money back guarantee
As a side perk, Globe Life offers a 30-day money back guarantee — a safeguard you don’t often see advertised from insurance companies. Though your down payment would likely be small (given Globe’s $1 first-month promotion), we still appreciate the extra breathing room of a 30-day window. This gives customers a chance to review their policy on their own time and make sure it offers all the coverage they need before fully committing.
Death benefits are limited
The biggest drawback to Globe Life Insurance is its policy limitations. We’ve already mentioned that death benefits are capped at $50,000 or $100,000 (depending on your state and the type of insurance you buy) which means it’s not well suited for people who require a lot of coverage. For instance: A young parent with a new mortgage and children to support would likely need coverage in the neighborhood of a few-hundred-thousand dollars. Globe Life simply doesn’t offer policies that large.
Lacks coverage add-ons
In addition to capping death benefits, Globe Life lacks a good selection of life insurance riders. Riders are optional coverage add-ons that offer extra financial protection, often during the insured’s life. They can pay out if you get sick and need extra financial support, become disabled and can no longer work, or in a number of other financially difficult situations.
Riders are especially important if you’re purchasing a whole life policy that will cover you for many years or decades to come. Those looking for lifelong protection should look into a policy with more robust coverage options — you can start here for more information.
Customer complaints show poor service
Globe Life has an above-average number of complaints filed against it with the National Association of Insurance Commissioners (NAIC), which keeps track of all official customer complaints about their insurers. In 2018, Globe Life netted a total of 79 complaints from its life insurance customers, while other popular insurers like State Farm, New York Life, and Northwestern Mutual earned between 0 and 35.
Of those complaints, the majority stem from poor customer service; things like slow response rates, issues getting coverage questions answered, trouble cancelling an unwanted policy, and — a serious drawback for insurers — delayed claims payments. Though 79 might be a drop in the bucket compared to the total number of people Globe Life insures, there’s still a higher risk that your policy or claim could be mishandled than with other insurers.
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|Globe Life||State Farm||Transamerica||Northwestern Mutual|
*NAIC complaint ratios count for official complaints filed against a company with state insurance commissioners. Scores are measured against the national median complaint ratio of one. A score lower than one means the company has had fewer complaints filed, a score higher than one means it’s had more.
Globe Life Insurance vs. State Farm
State Farm is our favorite company for term life insurance, and a good choice if you’re looking for a larger term life policy than what Globe Life offers. With State Farm, policies start at $100,000 (Globe Life’s upper limit) and you have an option to select a 10-, 20-, or 30-year term depending on your coverage needs. State Farm also holds the top score for life insurance customer satisfaction, according to J.D. Power’s 2018 survey, while Globe wasn’t rated. That means it’s a good choice for people who place a high value on proven, reliable customer service.
Globe Life Insurance vs. Transamerica
If you’re looking for a small-sized death benefit, but want a more flexible policy than what Globe Life offers, you might consider Transamerica. Term life coverage from Transamerica starts at just $25,000 and has a reputation for being affordable. Unlike Globe Life, it also offers living benefits with its term life insurance — meaning you can add protection for things like long term care or a critical illness later in life.
Globe Life Insurance vs. Northwestern Mutual
When it comes to permanent insurance, Globe Life’s options are limited; whole life policies cap out at just $50,000. Aside from senior citizens buying coverage for burial and final expenses, many whole life customers will be looking for more robust coverage than that. We recommend Northwestern Mutual. This company boasts strong financial scores, and the second-best customer satisfaction rating in the industry (after State Farm). It also has a wide selection of coverage add-ons, which is especially important when purchasing an insurance policy that will be with you for the rest of your life.
Globe Life Insurance FAQ
How does Globe Life Insurance work?
Globe Life doesn’t operate any traditional insurance agencies. Instead, it sells life insurance policies online, by mail, or over the phone. In addition, Globe Life offers simplified underwriting life insurance — meaning customers won’t have to take a physical medical exam in order to qualify for coverage. It does, however, require customers to answer health questions on their application.
What does Globe Life Insurance cover?
Globe Life sells three kinds of life insurance policies: Term life (which can cover you through age 80 or 90, depending on the state you live in), whole life (which covers you until you pass away, no matter what age), and children’s whole life.
Optional accidental death insurance is available for most policies, which guarantees that the policy would pay out if death was due to a motor vehicle accidental, as opposed to a medical condition or advanced age.
Globe Life also offers mortgage protection insurance and medicare supplement insurance as standalone coverages, sold separately from its life insurance policies.
Is Globe Life Insurance good?
Globe Life has an A+ financial rating from A.M. Best — the premier insurance ratings agency — as well as an A+ from the Better Business Bureau. That means it’s a safe investment. You can expect Globe Life to remain financially stable and pay out on all viable claims (as long as the customer pays their premiums in full throughout their policy term).
However, “good” being a relative term, it’s worth mentioning that Globe’s life insurance options are limited. Most people will likely be better off with a more robust life insurance company that offers larger policies and add-on coverage options for customization. You can learn more about our favorite life insurance companies for most people here.