Globe Life Insurance Reviews: Life insurance is an important part of financial planning, but choosing the right policy can be confusing.
Globe Life Insurance is one of the largest life insurance companies in the United States, but are their policies right for you?
This article will provide in-depth reviews of Globe Life Insurance, including information on their history, financial strength, available policies, customer satisfaction, and more.
We’ll also provide tips on whether Globe Life – or any life insurance company – is the right choice for your needs and budget.
Reading Globe Life Insurance reviews is just one part of making an informed decision.
About Globe Life Insurance
Globe Life Insurance Company is the parent company of Globe Life And Accident Insurance Company and Liberty National Life Insurance Company.
The company was originally founded in 1900 as the Liberty National Life Insurance Company in Oklahoma.
In 1979, Liberty National merged with Globe Life Insurance Company of Texas, ultimately forming the current company under Torchmark Corporation. The company rebranded under the name Globe Life in 2019.
Globe Life Insurance covers policyholders in 49 U.S. states and Washington, D.C.
They offer term life, whole life, children’s, accidental death, and supplemental health insurance products.
Some key facts about Globe Life Insurance:
- Headquarters: McKinney, TX
- Policyholders: Over 11 million
- Financial strength rating: A+ (Superior) from A.M. Best
- BBB rating: A+
- Assets: Over $16 billion
Globe Life Insurance Products Reviews
Globe Life Insurance offers a range of term, whole, and accidental death policies:
- Term life: Provides coverage for a set period of time, generally 10 to 30 years. Premiums remain steady during the term and coverage expires at the end of the term. Globe offers renewable term life options.
- Whole life: Provides lifetime coverage with premiums that remain fixed. Policies accrue cash value that can be borrowed against.
- Accidental death: Provides additional payout if death is due to a covered accident. Can supplement existing life insurance.
- Children’s life: Covers children under age 25. Offers guaranteed conversion to permanent life insurance at adulthood.
Most Globe term life policies have a minimum coverage amount of $25,000 and a maximum of $300,000. For other products, minimum death benefit amounts vary.
Globe Life products also have an array of riders and benefits for additional premium costs, such as waiver of premium for unemployment or disability and accidental death or dismemberment riders.
Globe Life Customer Satisfaction
When considering any insurance company, looking at customer experiences and satisfaction ratings is essential.
Here’s an overview of Globe Life’s pros and cons according to policyholder reviews:
Pros
- Competitive pricing, especially for term life
- Positive customer service interactions
- Quick and easy quote process
- Policies are portable – can take it with you if you change jobs
Cons
- Mixed experiences with the claims process
- Difficulty canceling unwanted riders or reducing coverage
- Annual premium increases after the initial term expires
- Persistent sales calls after purchasing policy
On third-party review sites like TrustPilot, Globe Life has an average rating of around 3 out of 5 stars. Reviews highlight affordable rates but some customer service issues.
Is Globe Life Financially Stable?
With any insurance company, you want to ensure they have strong financial standing and can pay out claims far into the future.
Globe Life has strong financial ratings from insurance industry analysts:
- A+ (Superior) rating from A.M. Best
- A+ rating from the Better Business Bureau
- Listed on the S&P 500
The company also has over $80 billion of life insurance in force and regularly pays millions in insurance claims yearly.
Overall, Globe Life has demonstrated long-term financial stability.
How Do Rates Compare to Other Companies?
Globe Life is known for having very affordable term life insurance rates compared to competitors. Sample monthly rates for a $250,000 policy:
- Globe Life: $16
- State Farm: $18
- Prudential: $24
- Transamerica: $32
Rates will vary based on age, gender, health status, and other factors. Be sure to shop around and get quotes from multiple highly-rated companies.
Pros & Cons of Choosing Globe Life Insurance
Pros
- Low rates, especially for healthy individuals
- Strong financial strength and long history
- Online quotes and claims system provides convenience
- Policies are portable, and premiums remain level
Cons
- Mixed customer service reviews
- Rate increases after the initial term expires
- Fewer policy customization options
- Smaller maximum benefit amounts
Is Globe Life Right for Me?
Here are a few key questions to consider when deciding if Globe Life insurance fits your needs:
- Are you looking for basic term life insurance? Globe Life provides affordable term life policies with streamlined underwriting. This can be a good option for healthy individuals looking for temporary coverage.
- Do you want lifetime coverage? Other insurers may provide more policy customization and guarantees for permanent insurance like whole life.
- What level of benefit do you need? Globe’s term policies max out at $300,000 in coverage. If you need higher coverage, consider a different highly-rated insurer.
- How important is customer service? While Globe Life provides decent customer service, it’s not their main focus. If ongoing support is critical, research insurers are known for service.
When shopping for life insurance, there’s no one-size-fits-all company. Taking the time to compare Globe Life insurance’s pros and cons against your unique needs and finances is crucial.
With research and an expert insurance agent’s help, you can determine if Globe Life or another insurer is the smart choice to protect your loved ones.
Frequently Asked Questions
Is Globe Life Insurance Only Available in the US?
Yes, Globe Life Insurance policies are currently only available to US residents in 49 states and Washington D.C. They do not offer coverage in New York.
How Long Does It Take To Get a Life Insurance Quote From Globe?
You can get an instant quote for Globe Life policies on their website in minutes. Simply enter your age, gender, health status, coverage amount, and length to view rates.
Yes, Globe Life offers flexible premium payment plans. You can pay monthly, quarterly, semi-annually, or annually. Paying more frequently results in a slightly higher total premium.
Does Globe Life Require a Medical Exam for Coverage?
For term life policies under $250,000, Globe Life usually does not require a medical exam.
Applicants simply complete a health questionnaire. Over $250K in coverage will require an exam.
How Long Do Claims Typically Take to Process and Pay Out?
Globe Life Insurance aims to process claims within 30 days after receiving completed claim forms and documentation. Payment is sent immediately once the claim is approved.
Conclusion
Choosing the right life insurance to protect your family and assets is an important decision requiring careful research.
While Globe Life Insurance offers affordable term policies, compare quotes and reviews from other highly-rated insurers like State Farm, Prudential, and Transamerica.
Consider your specific budget, coverage needs, and priorities to find the best policy for you.
Also, it is vital to understand the claims process and assess the insurer’s financial strength.
Discussing options with an insurance agent can guide in choosing Globe Life or an alternative.
