Globe Life Insurance: Is It Worth The Hype?

Globe Life Insurance offers a range of life insurance policies, including term life, whole life, child whole life, and final expense insurance. The company stands out for its no-medical-exam requirement and immediate coverage upon policy approval. However, Globe Life has received a high volume of consumer complaints, mainly regarding delays in claims handling and billing issues. The company's rates also increase with age and are relatively low compared to other insurers. Overall, Globe Life may be a good option for those seeking affordable life insurance with a simple application process, but customers should be aware of the potential drawbacks, including limited coverage amounts and increasing rates over time.

Pros and cons of Globe Life Insurance

Pros of Globe Life Insurance:

• No medical exam is required for any of Globe Life's insurance policies.
• The company offers a simple application process and provides free quotes with minimal personal information.
• Globe Life offers a 30-day money-back guarantee and online bill payment options.
• The company has a mobile app for easy access to policies.
• Globe Life offers life insurance for adults up to 75 years old and children up to 25 years old.
• The first month of coverage costs $1 for term life insurance, and rates start as low as $3.49 per month for adults.

Cons of Globe Life Insurance:

• Globe Life has received a high volume of consumer complaints, with issues regarding claims payments, policyholder service delays, policy cancellations, and claim denials.
• The company's term life insurance rates increase every five years, and renewal rates are difficult to find.
• Coverage limits are significantly lower than standard life insurance policies, with term life insurance capped at $100,000 and whole life insurance at $50,000.
• Globe Life's website lacks detailed policy information, and it is challenging to speak with a live representative without existing policy information.
• Claims cannot be filed online and must be submitted by mail, email, or fax, depending on the policy's age and amount.

Types of policies offered by Globe Life

Globe Life offers a range of life insurance policies for adults and children. Here are the types of policies offered by Globe Life:

Term Life Insurance

Globe Life's term life insurance policies provide coverage for a specific period, typically ranging from one year to 30 years. The coverage amounts offered are $5,000, $10,000, $20,000, $30,000, $50,000, $75,000, and $100,000, with no medical exam required. The rates for term life insurance increase as the insured person ages and enters each new five-year period. Additionally, in some states, individuals aged 60 or older may not be able to purchase coverage above $50,000.

Whole Life Insurance

Whole life insurance, also known as permanent life insurance, covers the insured person for their entire life. It offers a death benefit and builds cash value over time. Globe Life's whole life insurance coverage amounts range from $5,000 to $50,000. While a health questionnaire is required, there is no need for a medical exam.

Final Expense Insurance

Final expense insurance, also referred to as burial insurance, is designed to cover funeral costs and other end-of-life expenses. Globe Life offers coverage amounts ranging from $5,000 to $100,000 for this type of policy, and no medical exam is necessary.

Children's Life Insurance

Globe Life allows parents or grandparents to purchase a whole life insurance policy for children or grandchildren. The policy offers a death benefit and builds cash value. Coverage amounts range from $5,000 to $30,000. After the first month, the rates are based on the child's current age and remain the same throughout their life.

Mortgage Protection Insurance

While Globe Life's mortgage protection insurance is a guaranteed option, it is important to note that it is an accidental death and dismemberment policy, meaning it only covers accidents and not natural causes or illness.

Overall, Globe Life provides a variety of life insurance options with no medical exam requirements, making their policies convenient and accessible to many individuals and families.

Customer complaints and satisfaction

Customer reviews of Globe Life Insurance are mixed, with some praising the company's simple application process and low costs, while others complain about issues with customer service, billing, and claims handling.

On the one hand, Globe Life Insurance offers a simple application process that does not require a medical exam, making it convenient and accessible for individuals who may not be in perfect health. The company also offers a 30-day money-back guarantee, online bill payment options, and a mobile app for easy access to policies.

On the other hand, there are several complaints from customers about the company's customer service. Some customers have reported issues with unhelpful or rude representatives, while others have experienced difficulties in reaching a live representative. There have also been complaints about constant calls and junk mail from the company, even when payments are made on time.

In terms of billing, some customers have reported issues with double-billing, unexpected rate increases, and difficulties in cancelling policies. There are also complaints about the claims handling process, with reports of delays and issues with receiving payouts.

Overall, while Globe Life Insurance may be a good option for those looking for a simple and accessible life insurance policy, potential customers should be aware of the company's high level of complaints and mixed customer satisfaction ratings before making a decision.

How Globe Life compares to other insurers

Globe Life offers a range of life insurance policies, including term life insurance, whole life insurance, child whole life insurance, and final expense insurance. The company stands out for not requiring medical exams for any of its policies, and there is no waiting period for approved applicants. However, compared to other insurers, Globe Life's coverage amounts are generally lower, with adult policies available for up to $100,000 and children's policies offering up to $30,000 in coverage.

Another differentiating factor is Globe Life's pricing structure. The company offers an introductory premium of $1 for the first month, but rates increase over time, particularly with term life policies, which increase with age in five-year bands. This dynamic pricing structure is not typical of other insurers, who usually offer level rates for the duration of the policy.

In terms of customer satisfaction, Globe Life has received mixed reviews. The company earned the second-highest spot in the 2022 J.D. Power U.S. Individual Life Insurance Study, but it has also garnered an above-average number of complaints to state insurance departments, according to the National Association of Insurance Commissioners (NAIC). The primary reasons for these complaints include delays in claims handling and issues with premium notice and billing.

When comparing Globe Life to other insurers, it is important to consider the specific needs and preferences of the individual. While Globe Life may be a good option for those seeking a streamlined approach to buying life insurance without medical exams, other insurers may offer higher coverage amounts and more competitive rates, especially for healthy individuals. It is always recommended to get multiple quotes and compare different insurers before making a decision.

How to get Globe Life insurance

Globe Life Insurance offers a simple application process that does not require a medical exam or waiting period. The company provides life insurance products for adults and children, with coverage amounts up to $50,000 for adults and $30,000 for children. Here is a step-by-step guide on how to get Globe Life Insurance:

• Get a quote: Visit the Globe Life Insurance website or call a customer service agent to get a quote. You will need to provide information such as your age, location, beneficiaries, and medical history.
• Choose your coverage: Globe Life offers a range of coverage options for both adults and children. For adults, you can choose coverage amounts ranging from $5,000 to $100,000. For children, coverage amounts range from $5,000 to $30,000.
• Complete the application: You can apply for Globe Life Insurance online, over the phone, through an agent, or by mail. The application process is simple and straightforward.
• Provide required information: As part of the application, you will need to provide personal information such as your name, address, date of birth, and social security number. You will also need to disclose any pre-existing medical conditions.
• Review and accept the terms: Carefully review the terms and conditions of the policy, including the coverage amount, premiums, and any exclusions or limitations. If you agree to the terms, you will need to sign the application and provide any required initial payments.
• Receive your policy: Once your application is approved, you will receive your Globe Life Insurance policy. Be sure to review the policy documents carefully and understand the coverage provided.

It is important to note that Globe Life Insurance rates may vary depending on your age, income, location, and health history. The company offers a 30-day money-back guarantee if you change your mind after purchasing the policy. Additionally, Globe Life Insurance has a high level of customer complaints regarding claims payments and policyholder service delays, so be sure to consider all factors before purchasing their insurance.

Frequently asked questions