Is Globe Life And Accident Insurance Co. Reliable?

Globe Life and Accident Insurance Co. offers a range of life insurance products, including term, whole, and final expense insurance, as well as accidental death coverage. The company stands out for its no-medical-exam requirement, making it a convenient option for many consumers. However, this comes at a cost, with healthy individuals often paying higher rates than they would with insurers that factor in health status. Globe Life's customer satisfaction is a mixed bag, with the company receiving an above-average score from J.D. Power but a higher-than-average complaint index according to the NAIC, suggesting room for improvement in customer service. Overall, Globe Life could be a good choice for those seeking affordable and accessible life insurance, particularly those who require no-exam options, but it may not fit everyone's needs.

Pros and cons of Globe Life Insurance

Pros of Globe Life Insurance

• Globe Life offers a range of insurance products, including term, whole, and final expense life insurance, as well as accidental death, mortgage protection, and supplemental health insurance.
• Their insurance products are widely available across all 50 states in the US.
• They offer no-medical-exam insurance options, which can be convenient for consumers.
• They have high customer satisfaction ratings, indicating that most policyholders are likely satisfied with their level of service.
• They provide low rates for the first month, with coverage starting at $1 for the initial month.
• They offer a 30-day money-back guarantee and have a simple application process.
• They have a mobile app for easy access to policies and payments.
• They provide free quotes with minimal personal information required.
• They have a long history, having been founded in 1900 (or 1951, according to another source).
• They have an A (Excellent) financial strength rating from AM Best, indicating their ability to pay future claims.
• They are committed to supporting communities and promoting sustainability, as evidenced by their annual Environmental, Social, and Governance Reports and charitable donations.

Cons of Globe Life Insurance

• Globe Life has received a higher-than-average number of customer complaints, suggesting that they could improve their customer service standards.
• Their coverage amounts are relatively low compared to other companies, with term coverage capped at $100,000 and whole life coverage at $50,000.
• No-medical-exam policies typically have higher premiums.
• They lack online chat support and have limited digital tools, which may make it challenging to access information and support.
• Their term insurance rates increase with age.
• There are mixed reviews about their customer service, with some customers reporting issues with long wait times, rude representatives, and difficulty accessing their policies online.

Customer satisfaction

In terms of customer satisfaction, Globe Life has received recognition from third-party rating services such as AM Best, which gave the company an A (Excellent) financial strength rating. This indicates Globe Life's strong financial position and ability to fulfil its obligations to policyholders.

Additionally, Globe Life ranked 9th in the Insure.com list of Best Life Insurance Companies, with almost 75% of its customers rating the company highly for customer satisfaction. The company also scored well in Insure.com's survey of insurance consumers, receiving 2.1 out of 5 stars.

In the 2023 J.D. Power U.S. Life Insurance Study, Globe Life scored 798 out of 1,000, which is above the industry average of 790. This indicates that Globe Life's customers are generally satisfied with the company's performance in areas such as communication, customer interaction, premiums, and products.

However, it is important to consider the negative reviews and complaints that some customers have expressed. On Trustpilot, Globe Life received a mix of feedback, with only one positive review out of 11 reviews. Some customers have reported issues with the company's customer service, claiming that it is unhelpful, unresponsive, and difficult to reach. There have also been complaints about aggressive sales tactics, unexpected policy cancellations, and difficulties in processing refunds.

Globe Life's customer satisfaction can be further evaluated through its complaint index. The National Association of Insurance Commissioners (NAIC) gave Globe Life an above-average score, indicating that the company could improve its customer service standards.

Overall, while Globe Life has received positive recognition for its customer satisfaction, there are also areas where the company could enhance its services to better meet the needs and expectations of its customers.

Globe Life's insurance policies

Globe Life offers a range of insurance products, including term, whole, and final expense life insurance, as well as accidental death insurance, mortgage protection insurance, and children's life insurance. Their policies are available in all 50 states and do not require a medical exam, making them a convenient option for many. However, it's important to note that no medical exam does not guarantee coverage, and individuals with chronic or severe health issues may still be declined.

Term Life Insurance

Globe Life's term life insurance provides coverage for a specific term, with no medical exam required. The coverage limit for term insurance is $100,000, which is lower than most other insurers. Additionally, the term length is limited to a maximum of five years, and rates increase with each renewal as the policyholder moves into a new age bracket.

Whole Life Insurance

Whole life insurance from Globe Life is a type of permanent policy that covers the insured for their entire life as long as premiums are paid. This policy can be purchased by working with an agent or through mail, and it includes a health questionnaire but no medical exam. The coverage limit for whole life insurance is $50,000, and the cash value of the policy grows over time.

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 arrangements. This coverage can be purchased online and has no medical exam requirement. However, it is typically more expensive and has lower coverage limits.

Accidental Death Insurance

Accidental death insurance from Globe Life provides coverage in the event of death due to an accident, with an initial death benefit of up to $250,000. This benefit increases by 5% annually for the first five years or until the insured reaches age 70. This policy has guaranteed acceptance for individuals between 18 and 69, with no health questions or medical exams. However, it is important to note that it only covers specific types of accidental deaths and does not include deaths due to sickness or natural causes.

Mortgage Protection Insurance

Globe Life's mortgage protection insurance is a guaranteed option, providing coverage in the event of accidental death or dismemberment.

Children's Life Insurance

Globe Life offers life insurance for children, providing a death benefit of up to $30,000. This policy can be purchased without a medical exam and can help secure a low premium as the child ages.

Pros and Cons of Globe Life Insurance

Pros:

• No medical exam required for any insurance products.
• Widely available in all 50 states.
• Scored above average in the 2023 J.D. Power U.S. Life Insurance Study.
• Received an A (Excellent) financial strength rating from AM Best.
• Offers a variety of insurance products, including term, whole, final expense, and accidental death insurance.

Cons:

• Higher-than-average complaint index according to the National Association of Insurance Commissioners (NAIC).
• ## Globe Life's Insurance Policies

Globe Life offers a range of insurance products, including term, whole, and final expense life insurance, as well as accidental death insurance, mortgage protection insurance, and children's life insurance. Their policies are available in all 50 states and do not require a medical exam, making them a convenient option for many. However, it's important to note that no medical exam does not guarantee coverage, and individuals with chronic or severe health issues may still be declined.

Term Life Insurance

Globe Life's term life insurance provides coverage for a specific term, with no medical exam required. The coverage limit for term insurance is $100,000, which is lower than most other insurers. Additionally, the term length is limited to a maximum of five years, and rates increase with each renewal as the policyholder moves into a new age bracket.

Whole Life Insurance

Globe Life's whole life insurance offers permanent coverage for the entire life of the policyholder, as long as premiums are paid. This type of policy can be purchased by working with an agent or through mail, and it includes a health questionnaire but no medical exam. The coverage limit for whole life insurance is $50,000, and the cash value of the policy can be borrowed against or surrendered.

Final Expense Insurance

Final expense insurance is a type of whole life insurance designed to cover end-of-life expenses, such as burial or cremation costs and funeral services. This type of coverage can be purchased online and has limited payouts, making it more expensive than other options.

Accidental Death Insurance

Accidental death insurance from Globe Life offers coverage in the event of death due to an accident, with an initial death benefit of up to $250,000. This benefit increases by 5% each year for the first five years or until the policyholder reaches 70 years of age. Accidental death coverage is guaranteed acceptance for individuals between 18 and 69 years old, with no health questions or medical exams. However, it's important to note that this type of insurance only covers specific types of death, such as accidents, and does not include deaths due to sickness or natural causes.

Mortgage Protection Insurance

Globe Life's mortgage protection insurance is a guaranteed option, providing coverage in the event of accidental death or dismemberment.

Children's Life Insurance

Globe Life offers life insurance for children, providing a death benefit of up to $30,000. This type of policy can be purchased without a medical exam and can help secure a low premium as the child ages.

Globe Life's customer complaints

While Globe Life has received praise for its affordable life insurance policies, simple application process, and 30-day money-back guarantee, there are several customer complaints that paint a different picture.

One common issue raised by customers is aggressive sales tactics and unwanted contact. Customers have complained about incessant calls and junk mail from Globe Life, even after they have made their payments on time. This has led to feelings of harassment and invasion of privacy, causing some customers to consider cancelling their policies.

There are also complaints about poor customer service. Some customers have reported rude and unhelpful behaviour from customer service representatives, long wait times, and being transferred multiple times without resolution to their issues.

In addition, some customers have had issues with policy cancellations and refunds. They have experienced difficulties in cancelling policies and obtaining refunds, with Globe Life allegedly finding ways to delay or avoid processing refunds. There are also complaints about issues with policy payments, with some customers being double-charged or experiencing unexpected lapses in their policies.

Customers have also raised concerns about the difficulty in filing claims and the extensive documentation required. In some cases, Globe Life has allegedly stopped payment on issued checks, causing further delays and inconvenience.

Overall, while Globe Life may offer attractive life insurance products, the customer complaints highlight potential issues with the company's sales, service, and claims handling. These complaints suggest that Globe Life could improve its standards for customer service and claims management to enhance the overall customer experience.

Globe Life's company details

Globe Life Company Details

Globe Life and Accident Insurance Company was founded in 1951 to provide affordable life insurance to families. The company has its roots in Liberty National Life Insurance Company, which was established in 1900 in Huntsville, Alabama. After a series of mergers and acquisitions, Globe Life became a subsidiary of Torchmark Corporation and was renamed Globe Life in 2018. Today, the company is headquartered in McKinney, Texas, near Dallas.

Globe Life offers a range of life insurance products, including term, whole, and final expense insurance. Their policies are available in all 50 states and do not require a medical exam, making them convenient for many consumers. However, no medical exam does not guarantee a policy, and individuals with chronic or severe health issues may still be declined coverage.

In addition to life insurance, Globe Life and its subsidiaries also offer supplemental health insurance and annuities. Their health insurance products include accident insurance, cancer insurance, critical illness insurance, hospital insurance, and ICU insurance.

Globe Life has received recognition for its commitment to supporting communities and promoting sustainability. In 2023, the company donated over $4.1 million to various community initiatives and partnered with 172 non-profit organizations. Globe Life also encourages its employees to participate in charitable activities and matches their donations up to $5,000 per colleague per year.

• Sales: (800) 831-1200
• Customer service: (844) 726-4372
• Website: globelifeinsurance.com
• AIL Special Risk Division: (800) 849-4820
• Customer service email portal

Frequently asked questions