Global Life Insurance: A Good Investment?

Life insurance is a tricky business, and it can be hard to know which provider to choose. One option is Globe Life, which offers a range of life insurance policies and products, including term life and whole life coverage. One of the benefits of Globe Life is that it doesn't require a medical exam for most policies, making it a convenient option for many people. However, this convenience comes at a cost, as the coverage amounts are lower than those offered by other companies. In addition, Globe Life has received a higher-than-average number of complaints, which could indicate poor customer service. So, is Globe Life Insurance good? Well, it may be a good option for those who need a no-exam policy and are willing to accept lower coverage amounts. However, for those who prioritize high coverage amounts and excellent customer service, another provider may be a better choice.

Globe Life's no-medical-exam policies

All of Globe Life's insurance products are available without a medical exam. This makes it a convenient option for many consumers. However, no medical exam does not guarantee a policy, and those with chronic or severe health issues may still be declined.

Term Life Insurance

With Globe Life's term life insurance, you can buy a policy online or work with an agent. Without a medical exam, you can only get up to $100,000 in term coverage, which is lower than most other insurers offering term life insurance. The term life insurance rates increase every five years, and Globe Life may adjust your premiums based on your age when the term policy renews.

Whole Life Insurance

Globe Life offers whole life insurance, which is a type of permanent policy designed to cover your entire life as long as you pay the premiums. You cannot purchase Globe Life whole life insurance online; you must work with an agent or purchase coverage by mail. Although there is a health questionnaire, a medical exam is not required for Globe Life's whole life coverage. Globe Life offers whole life coverage up to $50,000.

Final Expense Insurance

Final expense coverage is a type of whole life insurance designed to cover funeral costs and small final expenses. Globe Life's final expense coverage can be purchased online and doesn't require a medical exam. However, it is typically more expensive, and coverage limits are generally capped at a fairly low number.

Mortgage Protection Insurance

Although Globe Life's policies don't require a medical exam, you could still be denied coverage. Their mortgage protection insurance is a guaranteed option. It's important to note that this product is an accidental death and dismemberment insurance policy, meaning it only pays out as a result of an accident, not natural causes or illness.

Children's Life Insurance

You can buy Globe Life's children's life insurance online, and coverage can be purchased without a medical exam. You can buy a death benefit of up to $30,000. Coverage choices are $5,000, $10,000, $15,000, $20,000, $25,000, and $30,000. After the first month of coverage, the rates are based on the child's current age and will remain the same throughout their life.

Globe Life's financial strength

Globe Life has an A (Excellent) financial strength rating from AM Best, the second-highest rating in the agency's category. This indicates that the company is likely to pay for future death benefits.

The company has also been in business for over 65 years, which suggests that it has a long history of financial stability. In addition, Globe Life has a strong commitment to supporting communities and promoting sustainability. In 2023, the company donated over $4.1 million to various community initiatives, including youth and family support, veterans, military, education, health and senior services.

However, it is worth noting that Globe Life has received a higher-than-average number of complaints, according to the National Association of Insurance Commissioners (NAIC). This may indicate that the company could improve its standards for customer service.

Overall, Globe Life's financial strength appears to be solid, with a high rating from a reputable agency and a long history in the industry. However, potential customers may want to consider the company's higher-than-average complaint index before making a decision.

Customer satisfaction and complaints

Customer satisfaction is a key consideration when choosing a life insurance company. While some customers have praised Globe Life's representatives for being friendly, helpful, and informative, the company has also received numerous complaints, resulting in a higher-than-average complaint index according to the National Association of Insurance Commissioners (NAIC). Over the past three years, Globe Life has consistently received above-average scores from the NAIC, indicating that they could improve their customer service standards.

Common customer complaints include difficulties in cancelling policies, refusal to pay out death benefit claims, and issues with accessing the online payment portal. Some customers have also reported long wait times and poor customer service when trying to reach Globe Life over the phone. Additionally, there have been concerns about the company's business practices, with some users on Reddit reporting scam-like behaviour.

On Trustpilot, Globe Life received mostly negative reviews, with only one positive review out of eleven. One customer shared their positive experience, stating that their representative was helpful and made everything clear and easy to understand. However, other customers have expressed frustration with the company's refusal to cancel policies, issues with receiving refunds, and difficulties in surrendering policies and obtaining the cash value.

Despite the complaints, Globe Life has also received positive feedback from some customers who appreciate the company's wide range of insurance products, no-medical-exam options, and the ability to purchase policies online. The company's financial strength and stability have also been recognised, with AM Best giving Globe Life an A (Excellent) rating.

Overall, while Globe Life may offer convenient options for customers looking for no-medical-exam policies, the company's higher-than-average complaint index and mixed customer reviews suggest that there is room for improvement in their customer service and claims handling processes.

Globe Life's corporate sustainability efforts

Hinged on four sustainability strategy pillars, the company commits to contributing to ten UN SDGs:

• Digital Nation: Globe Life makes education technology accessible to all and helps shape responsible digital citizens of tomorrow.
• Care for the Environment: The company enables programs that support climate action and continuing efforts to build the nation.
• Care for People: Globe Life provides employment opportunities and economic growth within its value chain.
• Positive Societal Impact: The company plays an active part in community development by using its people and technology as a catalyst for positive change.

In 2023, Globe Life donated over $4.1 million to various community needs, including youth and family support, veterans, military, education, health and seniors. The company partnered with 172 non-profit organisations and supported initiatives addressing food insecurity, at-risk youth and health advocacy. Globe Life also contributed $2.3 million to tax credit scholarship programs in multiple states, providing scholarships and access to specialised educational services and materials.

The company encourages its employees to participate in charitable activities and matches their donations dollar for dollar, up to $5,000 per colleague per year. Notable partnerships include the American Heart Association, Special Olympics and Meals on Wheels.

Globe Life's insurance products

Globe Life offers a range of insurance products, including term life, whole life, final expense, mortgage protection, and children's life insurance. The company also provides supplemental health insurance and annuities, such as accident, cancer, critical illness, hospital, and ICU insurance.

Term Life Insurance

Globe Life's term life insurance provides coverage for a specific period, known as the policy's term. The company offers terms ranging from one to 30 years, and the maximum death benefit is $100,000. The policy can be purchased online without a medical exam, but the coverage amount is lower compared to other insurers.

Whole Life Insurance

Whole life insurance from Globe Life provides coverage for the entire life of the policyholder as long as premiums are paid. While the coverage amount is lower than competitors at a maximum of $50,000, the rates remain predictable. A health questionnaire is required, but there is no need for a medical exam.

Final Expense Insurance

Final expense insurance from Globe Life is designed to cover funeral, burial, and other end-of-life expenses. The coverage amount ranges from $5,000 to $100,000, and the application process is similar to term life insurance, with no waiting periods and instant online applications.

Mortgage Protection Insurance

This unique insurance product from Globe Life takes into account rising inflation rates. The death benefit increases by 5% each year until it reaches a 125% bump, providing peace of mind for those with adjustable-rate mortgages.

Children's Life Insurance

Globe Life offers life insurance plans for children with locked-in premiums that don't increase as the child ages. The maximum death benefit for this type of policy is $30,000, and no medical exam is required.

Supplemental Health Insurance and Annuities

In addition to life insurance products, Globe Life offers supplemental health insurance and annuities to provide financial support in specific situations. These include accident insurance, which helps cover costs associated with ambulance services and emergency treatments, and cancer insurance, which provides financial assistance for expenses not covered by health insurance. The company also offers critical illness insurance, which provides a lump sum benefit for covered critical illnesses, and hospital insurance to cover medical bills and loss of income during hospital stays. ICU insurance is designed to cover the costs of intensive care that may not be covered by traditional insurance plans.

Frequently asked questions