Globe Life Insurance: Decades Of Business And Counting

Globe Life Insurance has been in business since 1951, when it was founded by two men, Ralph Reece and John Singletary, who got approved for loans totalling $60,000. The company initially sold inexpensive but dependable life insurance to rural communities in Oklahoma. Since then, Globe Life has grown in financial strength and reputation, receiving high industry ratings and operating in all 50 states. The company has been recognised for its social responsibility and charitable activities, and has been assigned an A (Excellent) financial strength rating by AM Best.

Globe Life's history and founding

Globe Life Insurance, based in McKinney, Texas, has been in business since 1951. The company was founded by two longtime friends, Ralph Reece and John Singletary, who took out loans totalling $60,000 of borrowed capital to start their business. They began by selling inexpensive but dependable life insurance to rural communities in Oklahoma, with a focus on providing for working-class families.

Over the next 12 years, Globe Life built a reputation for fairness and integrity, and by 1964, they had expanded their customer base to 36 states. In 1980, Globe Life was acquired by Liberty National Life Insurance Company and the holding company Torchmark Corporation (now Globe Life Inc.), which owns several insurance subsidiaries. On August 8, 2019, Torchmark Corporation was renamed Globe Life Inc. in a brand alignment strategy.

Since its founding, Globe Life has grown in financial strength and reputation, receiving high industry ratings and an A (Excellent) Financial Strength Rating as of June 2020. The company has also diversified its offerings to include supplemental health insurance and annuities, such as accident, cancer, critical illness, hospital, and ICU insurance.

While Globe Life has a long history dating back to 1951, its roots are claimed to go back even further to 1900, according to the company's website.

Globe Life's financial strength and reputation

The Globe Life family of companies has over 17 million policies in force, demonstrating its strong market presence. The company's success can be attributed to its focus on providing quality, affordable insurance policies to working-class families, as well as its ability to market its products effectively.

In terms of financial strength, Globe Life has a long history of stability and is well-positioned to honour its insurance obligations, such as paying claims. The company has grown significantly over the years, with its life insurance premium increasing from approximately $221 million in 1998 to approximately $813 million in 2018. This growth showcases Globe Life's ability to expand its business and increase its revenue stream.

Additionally, Globe Life has a strong reputation for its commitment to social responsibility and community support. In 2023, the company donated over $4.1 million to various community initiatives, including youth and family support, veterans' programs, education, health, and senior citizen assistance. Globe Life also encourages its employees to participate in charitable activities and matches their donations dollar for dollar, up to $5,000 per colleague per year. This demonstrates the company's dedication to giving back and supporting important social causes.

Furthermore, Globe Life maintains a strong management team that has been in place for almost 20 years. This collective experience ensures that associates are dedicated to providing quality service to customers, even after the initial purchase. The company also stays up-to-date with technology and administrative systems, allowing them to anticipate and meet the needs of their customers.

In summary, Globe Life's financial strength and reputation have grown over the years, making it a trusted and reliable insurance provider. The company's strong financial position, coupled with its commitment to social responsibility and customer satisfaction, have solidified its prominence in the insurance industry.

Globe Life's insurance policies and coverage

Globe Life Insurance, based in McKinney, Texas, 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 1951 and has since grown in financial strength and reputation, with over 17 million policies in force.

Term life insurance policies from Globe Life typically last one to 30 years and offer coverage ranging from $5,000 to $100,000. Whole life insurance policies, which provide lifelong coverage and build cash value over time, are available in coverage amounts of $5,000 to $50,000. Globe Life also offers whole life insurance for children, with coverage ranging from $5,000 to $30,000.

Final expense insurance, also known as burial insurance, is designed to cover end-of-life costs, including funeral expenses. This policy offers coverage from $5,000 to $100,000.

One unique aspect of Globe Life's policies is that they do not require a medical exam for any type of life insurance. Additionally, the company offers low rates for the first month, with rates as low as $1 for the initial coverage. However, it is important to note that Globe Life has received a high volume of consumer complaints, primarily regarding claims payments and policyholder service delays.

Overall, Globe Life provides a range of life insurance options with varying coverage amounts to meet different needs. The absence of medical exams and low initial rates may be attractive to some individuals, but it is essential to carefully review the terms and consider the company's complaint history before making a purchase decision.

Globe Life's customer satisfaction and complaints

With roots dating back to 1900, Globe Life has established itself as a prominent player in the insurance industry. The company's commitment to providing quality, affordable insurance to working-class families has earned it a strong reputation, and it ranks well for customer satisfaction. However, there are also a number of complaints that have been lodged against the company, which we will explore in this section.

Customer Satisfaction

Globe Life ranks well for customer satisfaction, placing ninth in the Insure.com list of Best Life Insurance Companies. In J.D. Power's 2022 US Individual Life Insurance Study, the company scored 812 out of 1,000 for customer satisfaction, which is well above its average score of 774. Additionally, almost 75% of Globe Life customers rank the company highly for customer satisfaction, and almost 95% say they plan to renew their policies. The company also scores well for trustworthiness, with two-thirds of customers giving high marks in this category.

Complaints

Despite Globe Life's generally positive customer satisfaction ratings, there have been a number of complaints lodged against the company. Common issues include problems with claims processing, unexpected premium increases, difficulties cancelling policies, and poor customer service. For example, one customer complained about being bombarded with incessant calls and junk mail from the company, even after making all payments on time. Another customer reported issues with the company's billing department, claiming that they were double-charged for premiums and did not receive proper credit for their payments. There have also been complaints about the company's response to policyholders' deaths, with some customers reporting delays in receiving their benefits. Additionally, there are reports of Globe Life failing to provide clear and accurate information about policy changes and cancellation procedures.

In conclusion, while Globe Life generally ranks well for customer satisfaction, there are a significant number of complaints that suggest areas for improvement. The company's response to these complaints and their ability to address customers' concerns will be crucial in maintaining their reputation and satisfying their policyholders.

Globe Life's corporate sustainability and community initiatives

Globe Life has been in business for over 70 years, dating back to 1951 when it was founded by Ralph Reece and John Singletary. The company's corporate sustainability initiatives are demonstrated by its commitment to providing quality, affordable insurance policies to working-class families. This commitment has remained unchanged since its inception, and Globe Life has grown into a prominent position within the insurance industry.

In terms of community initiatives, Globe Life has a long history of supporting and giving back to the communities in which it operates. The company's sustainability and community engagement efforts are aligned with its core values of fairness and integrity. Here are some examples of Globe Life's corporate sustainability and community initiatives:

• Long-term Commitment to Customers: Globe Life has maintained its focus on providing quality, affordable insurance to working-class families. This commitment has been a driving force behind the company's success and has earned it a reputation for dependability and trustworthiness.
• Community Presence: Globe Life has a strong community presence in the states where it operates, particularly in Oklahoma, where it was founded, and Texas, where it is currently based. The company actively engages with local communities, ensuring that its products and services meet their needs.
• Support for Rural Communities: Globe Life's initial focus was on providing insurance to Americans living in rural areas, who might otherwise have lacked access to affordable and reliable insurance options. This commitment to serving underserved communities continues to be a key aspect of the company's corporate sustainability initiatives.
• Employment and Economic Impact: As a significant employer in the regions where it operates, Globe Life contributes to economic development and job creation. The company's commitment to its employees, including retaining the same management team for almost 20 years, demonstrates its investment in its workforce.
• Community Partnerships: Globe Life has established partnerships with various community organizations and initiatives over the years. For example, in 2014, Globe Life purchased the naming rights to Globe Life Park in Arlington, the home of the Texas Rangers Baseball Club. This partnership extended the company's reach and presence in the community and demonstrated its support for local sports and entertainment.
• Financial Strength and Stability: Globe Life's financial strength and stability are key aspects of its corporate sustainability. The company has received an A (Excellent) rating from A.M. Best Company, reflecting its strong financial position and ability to provide long-term security to its customers.
• Community Engagement: Globe Life actively engages with local communities through various initiatives and programs. The company's employees often take part in community events and volunteer work, strengthening their connection to the areas they serve.
• Education and Financial Literacy: Globe Life recognizes the importance of financial literacy and has likely partnered with educational institutions and community organizations to promote financial knowledge and empowerment, especially among underserved populations.
• Environmental Sustainability: While specific details are scarce, Globe Life, like many companies, is likely taking steps toward environmental sustainability. This may include reducing its carbon footprint, promoting recycling and waste reduction, and adopting more sustainable business practices.
• Community Grants and Donations: Globe Life probably provides financial support to local charities and non-profit organizations through grants and donations. These contributions help address community needs and improve the quality of life for residents.

Overall, Globe Life's corporate sustainability and community initiatives are rooted in its long history, commitment to customers, and focus on community engagement. The company's efforts to support and give back to the communities it serves have likely contributed to its success and positive reputation over the years.

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