Global Life Insurance: Is It Worth The Hype?

Founded in 1951, Globe Life Insurance is a well-known company with a high brand awareness that offers a mix of term and permanent life insurance. The company has a simple application process that does not require a medical exam and provides free quotes. However, Globe Life has received a high number of customer complaints in recent years, with issues regarding policyholder services, claim handling, and billing. The company's term policies are also capped at a relatively low amount of $100,000, which is significantly lower than many competitors. Overall, while Globe Life Insurance may be a good option for those who need a small amount of term life insurance or life insurance for children, there are other providers that offer more comprehensive coverage at a lower cost.

Pros and cons of Global Life Insurance

Pros of Global Life Insurance

• Global Life Insurance offers policies without a medical exam.
• The company offers low rates for the first month.
• Policies can be purchased online, over the phone, or via mail.
• Global Life Insurance has a simple application process.
• The company offers a 30-day money-back guarantee.
• Global Life Insurance covers children up to age 25 and adults up to age 75.
• The company provides same-day coverage.
• Global Life Insurance has a high customer satisfaction rating.

Cons of Global Life Insurance

• Global Life Insurance has received a high number of customer complaints, particularly regarding delays in the claims process and billing issues.
• The company's sales team has been described as persistent and harassing.
• There are limited policy options and riders.
• The maximum coverage amount is relatively low compared to competitors.
• The website offers limited policy information.
• Rates increase with age.
• The company does not offer guaranteed life insurance.

What types of policies do they offer?

Globe Life Insurance offers a mix of term and permanent life insurance policies. The company highlights its initial low cost, with $1 buying your first month's coverage. However, this cost increases over time. The company offers policies for both adults and children, with coverage amounts ranging from $5,000 to $100,000 for adults and up to $30,000 for children.

• Term life insurance: This type of policy is offered for a set number of years, usually one to 30 years. Globe Life offers coverage ranging from $5,000 to $100,000.
• Whole life insurance: This is a type of permanent life insurance that lasts a lifetime. Globe Life offers whole life insurance policies worth $5,000 to $50,000 for adults and $5,000 to $30,000 for children. These policies build cash value over time, and policyholders can take out loans against their policy once they have accumulated enough cash value.
• Final expense insurance: This type of policy is designed to cover end-of-life costs, such as funeral and burial expenses. Globe Life offers coverage ranging from $5,000 to $50,000 for this type of policy.
• Accidental death insurance: This policy provides coverage in the event of death due to accidents, such as car crashes or choking incidents. It does not cover deaths resulting from illnesses or medical conditions. Globe Life offers an initial death benefit of up to $250,000, which increases by 5% each year for the first five years or until the policyholder reaches age 70, whichever comes first.
• Mortgage protection insurance: This type of policy is designed to cover the costs associated with a mortgage, such as payments or outstanding debts.
• Supplemental health insurance: Globe Life offers a range of supplemental health insurance policies, including critical illness insurance, hospital insurance, cancer insurance, ICU insurance, and accident insurance.

It is important to note that Globe Life Insurance policies do not require a medical exam, but customers should answer honestly about their medical history during the application process. The company offers a simple application process with minimal personal information required and a 30-day money-back guarantee.

How do their prices compare to competitors?

Global Life Insurance's rates start at $1.99 and go up to $1,592, depending on age, gender, and death benefit. The price will increase every five years, and the coverage will terminate on your 80th or 90th birthday, depending on your state. The $1 per month life insurance offer is a marketing gimmick; it is the cost only for the first month of coverage.

Compared to competitors, Global Life Insurance is a good option for accidental death insurance, but its term and whole life insurance policies are too expensive for healthy shoppers. Healthy people can typically find better rates elsewhere.

For example, Northwestern Mutual, one of the biggest life insurers in the country, offers term and permanent life insurance and has the lowest complaint ratios of the life insurers reviewed by NerdWallet. MassMutual, another of the largest life insurers in the country, offers a wide range of products, from term life to variable universal life insurance, and is owned in part by its policyholders, who receive dividends. Pacific Life, in business for over 150 years, has a stellar lineup of permanent life insurance policies and has drawn significantly fewer complaints than expected for a company of its size.

What is their customer service like?

Globe Life Insurance has received mixed reviews for its customer service. While some customers have praised the company's representatives for their helpfulness and patience, others have complained about issues with billing, delays during the claims process, and aggressive sales and marketing tactics.

In terms of accessibility, Globe Life offers customer assistance by phone, email, and mail. The company's website is easy to navigate, but it provides minimal policy details, and customers have reported issues with the online payment system. Globe Life also has a mobile app for Android and Apple devices, but reviews for the app are mostly negative, with users reporting issues with logging in and making payments.

According to a 2024 analysis by NerdWallet, Globe Life has received a higher-than-expected number of complaints for a company of its size. The company ranked 16th out of 21 companies for customer satisfaction in J.D. Power's 2024 U.S. Individual Life Insurance Study. However, in J.D. Power's 2022 study, Globe Life earned a score of 812, placing it second out of 22 companies.

Overall, while some customers have had positive experiences with Globe Life's customer service, the company has received a significant number of complaints, particularly regarding delays and unresponsive handling of claims.

How good are their ratings?

The ratings for Globe Life Insurance vary across different platforms and websites. The company has been in business for over 70 years and holds a reputation for its financial stability. However, its ratings are dragged down by excessive customer complaints in recent years.

According to a 2024 review by NerdWallet, Globe Life Insurance earned 2.5 stars out of 5 for overall performance. The review highlights the company's initial low cost, with $1 buying your first month's coverage, but also notes that this cost increases quickly. The review also mentions that Globe Life draws a high volume of consumer complaints, which may prompt customers to look for better value elsewhere.

In terms of financial strength, Globe Life has received an A (Excellent) rating from AM Best, indicating its ability to meet ongoing insurance obligations and pay claims. This rating assesses the company's long-term financial stability, which is an essential consideration for life insurance.

When it comes to customer satisfaction, the ratings are mixed. While Globe Life ranks second out of 22 companies in J.D. Power's 2022 ranking for individual life insurers, it has received a high number of complaints relative to its size. According to the National Association of Insurance Commissioners (NAIC), Globe Life received about 6.5 times as many complaints as a typical life insurer in 2021. This suggests that customers may be less satisfied with the service they receive.

The ratings for Globe Life's specific products also vary. Its term life insurance, whole life insurance, and accidental death insurance are generally considered good options for individuals looking for affordable coverage without a medical exam. However, healthy shoppers may find the rates for term and whole life insurance to be expensive compared to other insurers that take health into account. Additionally, the coverage amounts offered by Globe Life are relatively low compared to its competitors.

Overall, while Globe Life Insurance has strong financial ratings, its high volume of customer complaints and limited policy options may impact its overall ratings.

Frequently asked questions