Global Life: Health Insurance Provider?

Founded in 1951, Globe Life offers a range of life and health insurance products. The company provides life and health insurance coverage to over 3.6 million policyholders. Globe Life is a wholly-owned subsidiary of The Torchmark Corporation, which is an S&P 500 holding company that specializes in life insurance, supplemental health insurance, and financial services.

Globe Life's health insurance covers medical expenses and can also be used to cover disability, long-term nursing, or custodial care needs. The company offers several no-medical-exam insurance options, and its policies are available in all 50 states.

In addition to life insurance, Globe Life also offers supplemental health insurance, including accident, cancer, critical illness, hospital, and ICU insurance.

Globe Life's health insurance coverage

Globe Life, a wholly-owned subsidiary of The Torchmark Corporation, provides health insurance coverage to over 3.6 million policyholders. The company, which has been in operation since 1951, is based in McKinney, Texas, and offers life and health insurance policies.

• Accident insurance: This policy helps pay for costs associated with ambulance services, emergency treatments, hospitalisation, and intensive care following an accident. It also includes an additional death benefit if the policyholder dies due to an accident.
• Cancer insurance: This policy provides financial support for expenses related to a cancer diagnosis that health insurance does not cover, such as income replacement, childcare costs, and transportation to treatment facilities.
• Critical illness insurance: This policy offers a lump-sum benefit following a covered critical illness, such as a heart attack or stroke.
• Hospital insurance: This policy covers medical bills and loss of income that may result from a hospital stay, including costs of deductibles, co-insurance, and co-payments.
• ICU insurance: This policy is designed to cover part or all of any stays in the ICU that traditional insurance plans may not cover.

In addition to these supplemental health insurance options, Globe Life also offers life insurance products such as term, whole, and final expense insurance. The company has a range of underwriting companies, and your policy may ultimately come from a provider other than Globe Life, depending on factors such as the type of policy, the amount of coverage, and your state of residence.

Pros and cons of Globe Life's health insurance

Pros of Globe Life's Health Insurance:

• No medical exams are required for Globe Life's insurance policies.
• Globe Life offers a range of insurance policies, including term life, whole life, children's life, and accidental death insurance.
• The company has high customer satisfaction, meaning most policyholders are likely satisfied with the insurer's level of service.
• Globe Life offers low rates for the first month of coverage.
• Globe Life's insurance policies are available in all 50 states, ensuring broad accessibility.
• AM Best gives Globe Life an A (Excellent) financial strength rating.

Cons of Globe Life's Health Insurance:

• Globe Life has received a high number of customer complaints, with the National Association of Insurance Commissioners (NAIC) indicating that customer complaints are far higher than expected for a company of its size.
• Globe Life's term life insurance policies have a maximum term of five years, after which the policy must be renewed for another five years. The company may increase premiums each time the policy is renewed.
• Globe Life's death benefit offerings are not very high, maxing out at $100,000 for term life policies.
• There are no options for investment or accelerated death benefits.
• Claims cannot be filed online.

Globe Life's health insurance rates

Globe Life offers a range of life insurance products, including term, whole, and final expense policies, with varying rates and coverage amounts. Their insurance products are available in all 50 states and do not require a medical exam, making them convenient for many consumers. However, it's important to note that the absence of a medical exam doesn't guarantee policy issuance, and individuals with chronic or severe health issues may still be declined coverage.

Term Life Insurance

Globe Life's term life insurance is a five-year renewable term policy with rates that increase every five years. The coverage amount is limited to a maximum of $100,000, which is lower than what most other insurers offer. The age-based rates are available for individuals between 18 and 80 years old.

Whole Life Insurance

Globe Life offers whole life insurance, a type of permanent policy that remains in effect for the insured's entire life as long as premiums are paid. The coverage amount for whole life insurance is up to $50,000. Unlike their other products, whole life insurance cannot be purchased online and must be obtained through an agent or by mail.

Final Expense Insurance

Final expense coverage is a type of whole life insurance designed to cover end-of-life expenses, such as burial, cremation, funeral services, and other related costs. This type of coverage can be purchased online and doesn't require a medical exam. However, it is generally more expensive and has lower coverage limits.

Mortgage Protection Insurance

Globe Life's mortgage protection insurance is an accidental death and dismemberment policy, meaning it only pays out in the event of an accident and not due to natural causes or illness. This product is guaranteed, so there is no risk of being denied coverage.

Children's Life Insurance

Globe Life offers life insurance for children, which can be purchased without a medical exam and provides a death benefit of up to $30,000.

While Globe Life provides a range of insurance options, it is important to note that their rates tend to be higher compared to other companies, and the coverage amounts are typically lower. Most people can find better rates and higher coverage amounts with other insurance providers.

Globe Life's customer complaints and satisfaction

While Globe Life has received generally positive reviews for its range of insurance products, simple application process, and affordable prices, there are a number of customer complaints that highlight some issues with the company's service.

One common issue raised by customers is the difficulty in cancelling policies and obtaining refunds. Several customers have reported that Globe Life continued to charge them after they had cancelled their policies, and that the company was unresponsive or uncooperative when they requested refunds. There are also complaints about aggressive sales tactics, with customers reporting that they felt pressured to sign up for policies just to get rid of pushy salespeople. Some customers also reported being charged for policies they never agreed to.

Customers have also complained about issues with Globe Life's customer service. Some say that they have had difficulty reaching customer service representatives, experiencing long wait times, and being transferred multiple times before their issues were addressed. Others have reported that customer service representatives were unhelpful or unable to resolve their issues. There are also complaints about the company's billing practices, with customers reporting that they were double-charged or unexpectedly charged higher premiums.

In addition to these issues, some customers have raised concerns about the company's claims process. One customer reported that they had to wait over two months to receive a payout on a claim, while another customer reported that their claim was denied because they did not disclose a pre-existing medical condition during the application process.

It's worth noting that Globe Life has responded to many of these complaints and has taken steps to resolve them. However, the high volume of complaints suggests that the company could improve its standards for customer service. Overall, while Globe Life may offer attractive insurance products, customers should be aware of potential issues with the company's service and be prepared to advocate for themselves if necessary.

How to apply for a Globe Life health insurance policy

Globe Life offers a range of life insurance products, but it is unclear whether they provide health insurance. Their website mentions supplemental health insurance and policies that cover critical illness, cancer, hospital stays, and ICU stays. However, these policies appear to be add-ons to their life insurance offerings.

If you are interested in purchasing a life insurance policy with Globe Life, you can do so online, by mail, or by working with an agent over the phone. Here is a step-by-step guide on how to apply for a Globe Life life insurance policy:

• Determine your coverage needs: Consider your age, income, mortgage, debts, and anticipated funeral expenses to decide how much coverage you need.
• Choose the type of policy: Globe Life offers term, whole, and final expense life insurance policies. Term life insurance is valid for a specific period, while whole life insurance covers your entire life as long as you pay the premiums. Final expense coverage is a type of whole life insurance designed to cover burial, cremation, funeral services, and other end-of-life expenses.
• Gather the required information: You will need to provide personal information such as your name, date of birth, address, phone number, and income details.
• Contact Globe Life: You can apply for a policy by visiting the Globe Life website, calling their sales number at (800) 831-1200, or contacting a Globe Life agent.
• Complete the application process: Provide the required information and answer any health questions or questionnaires. For some policies, you may need to undergo a medical exam.
• Review and accept the policy: Once you have received the policy offer from Globe Life, carefully review the terms, conditions, and coverage details. If you are satisfied with the offer, accept the policy and make the necessary payments to activate your coverage.

Remember to compare Globe Life's offerings with other insurance providers to ensure you are getting the best coverage for your needs. Additionally, read through the policy documents carefully, including the fine print, to understand any exclusions, limitations, or conditions that may apply.

Frequently asked questions