Globe Life Insurance: What You Need To Know

Globe Life Insurance is a provider of life insurance products that do not require a medical exam. The company was founded in 1900 and offers several types of life insurance policies, including term, whole, and final expense. Their insurance products are available in all 50 states, and they have received an A (Excellent) financial strength rating from AM Best. However, Globe Life has received some negative reviews regarding customer service and issues with their mobile app. They also offer supplemental health insurance and annuities, such as accident insurance, cancer insurance, and critical illness insurance.

Pros and cons of Globe Life Insurance

Pros of Globe Life Insurance

• Globe Life offers a mix of term and permanent life insurance.
• The company offers policies without medical exams.
• Globe Life provides free quotes and the ability to file claims online.
• The company has a high customer satisfaction rating.
• Globe Life offers same-day coverage.
• The company offers life insurance in all 50 states.
• AM Best gives Globe Life an A (Excellent) financial strength rating.
• Globe Life offers a range of insurance products, including accident insurance, cancer insurance, critical illness insurance, hospital insurance, and ICU insurance.
• Globe Life has a corporate sustainability policy and is committed to supporting communities and promoting sustainability.

Cons of Globe Life Insurance

• Globe Life has received a higher-than-average number of complaints, according to the National Association of Insurance Commissioners (NAIC).
• The company's death benefit options are lower than average.
• Globe Life's website offers minimal policy details.
• The company's term policies have a cap of $100,000, which is lower than what many competitors offer.
• Globe Life's digital tools are limited, with no online chat available.
• The company's premiums are higher for no-medical-exam policies.

Globe Life Insurance policies

Globe Life Insurance offers a range of life insurance policies, including term life insurance, whole life insurance, child whole life insurance, and final expense insurance. The company was founded in 1900 and is based in McKinney, Texas. It has approximately 4.4 million policyholders and more than $91 billion of insurance in force.

Term Life Insurance

Globe Life's term life insurance provides coverage worth $5,000 to $100,000, with premiums typically increasing every five years based on the policyholder's age. Unlike most term policies that last for a set number of years, Globe Life's term policies usually last until the policyholder reaches the age of 80 or 90. The first month of coverage costs $1, and rates are based on gender, age, and state.

Whole Life Insurance

Whole life insurance offered by Globe Life provides lifelong coverage with a death benefit and builds cash value over time. Policyholders can borrow against their policy once sufficient cash value has accumulated. The coverage amount ranges from $5,000 to $50,000.

Child Whole Life Insurance

Globe Life allows parents or grandparents to purchase whole life insurance for children or grandchildren, providing a death benefit and building cash value. The coverage amount ranges from $5,000 to $30,000.

Final Expense Insurance

Also known as burial insurance, this type of policy is designed to cover end-of-life costs, such as funeral expenses. Globe Life's final expense coverage can be acquired online or through mail and does not require a medical exam. The coverage choices range from $5,000 to $100,000.

It is important to note that Globe Life's policies do not require a medical exam, making them convenient for many individuals. However, the coverage amounts offered by Globe Life are relatively low compared to competitors, and the company has received a higher-than-average number of complaints.

Globe Life Insurance rates

Globe Life Insurance offers a range of life insurance policies, including term life and whole life insurance. The rates for these policies vary depending on several factors such as age, gender, state, and coverage amount. Here is an overview of their insurance rates:

Term Life Insurance Rates

Globe Life's term life insurance rates are based on your gender, age, state, and coverage amount. The monthly premiums increase as you enter each five-year age bracket, which is different from typical term life insurance where premiums remain constant. The maximum coverage available ranges from $50,000 to $100,000 and may vary by state and age. Below are sample monthly rates for a $100,000 term life insurance policy in Florida, provided by NerdWallet:

| Age | Monthly Premium |

|---|---|

| 20-24 | $10.32 |

| 30-34 | $11.34 |

| 40-44 | $17.34 |

| 50-54 | $38.34 |

| 60+ | $124.34 |

Whole Life Insurance Rates

Whole life insurance rates offered by Globe Life also vary based on age, gender, and state. The rates remain constant throughout the lifetime of the policy. The coverage amount for whole life insurance ranges from $5,000 to $50,000. Below are the rates for different coverage amounts, according to Globe Life's website:

| Coverage Amount | Monthly Premium |

|---|---|

| $5,000 | $3.49 |

| $10,000 | $5.49 |

| $20,000 | $9.49 |

| $30,000 | $14.49 |

| $50,000 | $24.49 |

It is important to note that Globe Life's rates are considered expensive compared to other insurers, especially for healthy individuals. The absence of a medical exam during the application process contributes to higher rates.

Globe Life Insurance claims process

Globe Life Insurance offers a mix of term and permanent life insurance. The company offers policies without a medical exam, free quotes, and the ability to file claims online. However, it is important to note that Globe Life has received far more than the expected number of complaints for a company of its size.

The claims process for Globe Life Insurance involves submitting the necessary documentation, which may vary depending on the age of the policy and the circumstances of the death. Here is a detailed outline of the process:

Submitting Claims on Policies Less than 2 Years Old:

• Complete the Proofs of Death – Claimant Statement in its entirety and answer all questions as accurately as possible. The printable claim form can be found on the Globe Life website.
• Provide the required documentation, including a certified death certificate indicating the cause or manner of death. If the benefit amount is $50,000 or less, a copy of the death certificate is allowed.
• Include a copy of the obituary, if available.
• For accidental death claims or claims involving homicide, submit additional documentation such as autopsy, toxicology, and police reports, as well as a copy of the coroner's report.
• Mail all the completed forms, along with the required documents, to the Globe Life & Accident Life Claims Division at the provided address.
• Once all the required documents are received, they will be reviewed, and the claim will be processed. If further investigation is needed, additional documents may be requested, and the claim will be processed after the investigation concludes.

Submitting Claims on Policies More than 2 Years Old:

• Complete the Proofs of Death – Claimant Statement Section A and D only, answering as accurately as possible. The printable claim form is available on the website.
• Provide the required documentation, including a certified death certificate indicating the cause or manner of death. If the benefit amount is $50,000 or less, a copy is acceptable.
• Include a copy of the obituary, if available.
• For accidental death claims or claims involving homicide, submit additional documentation as outlined above.
• Mail the completed forms and supporting documents to the Globe Life & Accident Life Claims Division at the provided address.
• Similar to the previous case, once all documents are received, they will be reviewed, and the claim will be processed. If further investigation is warranted, additional documents may be requested before finalizing the claim.

Note: If your policy is more than 2 years old and your benefit amount is $50,000 or less, you have the option to email or fax the required information instead of mailing it.

Additional Information:

• The mailing address for Globe Life & Accident Life Claims Division is: PO Box 8076 McKinney, TX 75070.
• For questions or assistance with filing a claim, contact Globe Life's Customer Service Department via email at [email protected] or by phone at 1-800-654-5433. Their hours of operation are 7:30 a.m. to 6:00 p.m. Central, Monday through Friday.
• To expedite the processing time for any claim, ensure that all necessary portions of the claim form are accurately completed, including listing all known medical providers who treated the insured in the last 5 years.

Globe Life Insurance customer reviews

Globe Life Insurance has received mixed reviews from customers. While some customers have praised the company for its easy application process, low rates, and high customer satisfaction, others have complained about issues with billing, customer service, and policy cancellations.

On Trustpilot, Globe Life received mostly negative feedback, with some customers reporting problems with billing, customer service, and policy cancellations. One customer reported being inundated with junk mail and phone calls from the company, while another mentioned issues with the online payment portal. Another customer shared that they were unable to access the cash value of their policy, even after providing the required information multiple times.

On the other hand, a few customers on Trustpilot and ConsumerAffairs have expressed satisfaction with the company. One customer praised their representative for being helpful and making the process clear and easy to understand. Another customer, an attorney with five policies from the company, commended Globe Life for its constant marketing and easy application process.

According to a 2023 J.D. Power survey, Globe Life ranked above average in customer satisfaction, scoring 798 out of 1,000. However, the National Association of Insurance Commissioners (NAIC) reported that the company has received a higher-than-average number of complaints over a three-year period. The main issues centred around claims payments, policyholder service delays, policy cancellations, and claim denials.

Overall, while some customers have had positive experiences with Globe Life Insurance, the company has also received a significant number of complaints, particularly regarding billing, customer service, and policy issues.

Frequently asked questions