Is Globe Life Insurance Trustworthy?

Globe Life is a life insurance company that offers a range of policies, including term life, whole life, children's life, and final expense insurance. The company was founded in 1900 and has a wide reach, with insurance products available in all 50 states. One of the key features of Globe Life's insurance products is that they do not require a medical exam, making them convenient and accessible to many consumers. However, it's important to note that the lack of a medical exam doesn't guarantee coverage, and individuals with chronic or severe health issues may still be declined.

In terms of trustworthiness, Globe Life has received mixed reviews. On one hand, the company scored above average in the 2023 J.D. Power U.S. Life Insurance Study and received an A (Excellent) financial strength rating from AM Best. On the other hand, Globe Life has consistently received above-average scores from the National Association of Insurance Commissioners (NAIC), indicating that there is room for improvement in customer service. Customer reviews on Trustpilot and Reddit are also mixed, with some positive experiences but also complaints about aggressive sales tactics, poor customer service, and issues with claims and refunds.

Overall, while Globe Life may be a good option for those seeking convenient and affordable life insurance without a medical exam, there are some concerns about the company's trustworthiness based on customer reviews and complaint data. It's always important to do your own research and compare multiple options before choosing an insurance provider.

Globe Life's customer satisfaction

In terms of third-party ratings, AM Best gives Globe Life an A (Excellent) financial strength rating, the second-highest rating category. In the 2023 J.D. Power U.S. Life Insurance Study, Globe Life received a score of 798 compared to the industry average of 790. However, the National Association of Insurance Commissioners (NAIC) gave Globe Life above-average scores over the past three years, indicating that the company could improve its customer service standards.

Customer reviews of Globe Life are also mixed. While some customers have praised the company for its helpful and patient customer service representatives, others have complained about long wait times, rude behaviour, and frequent disconnections. There are also reports of aggressive sales tactics, issues with policy cancellations and refunds, and difficulty accessing cash value.

Overall, Globe Life's customer satisfaction appears to be average at best, with some positive reviews but also a significant number of complaints and negative experiences.

Globe Life's insurance riders

A rider is a provision added to a life insurance policy that provides extra benefits or coverage. Globe Life offers the following insurance riders:

• Accidental Death Benefit Rider: This rider is designed to offer additional financial protection in the event of death due to an accident. It can be added to both whole and term life insurance policies. This rider is especially relevant as accidents are the third leading cause of death in the United States.
• Supplemental Health Insurance Riders: Globe Life offers several supplemental health insurance options that can be added to a life insurance policy. These include critical illness insurance, hospital insurance, cancer insurance, ICU insurance, and accident insurance. These riders provide additional financial support for specific health-related situations.
• Mortgage Protection Insurance: This rider is an accidental death and dismemberment insurance policy. It is a guaranteed option offered by Globe Life, meaning that it will pay out in the event of an accident, but not due to natural causes or illness.
• Children's Life Insurance: This rider allows parents to purchase life insurance for their children at a young age, securing a low premium as they age. Globe Life offers coverage of up to $30,000 for children.
• Final Expense Insurance: This rider is a type of whole life insurance designed to cover end-of-life expenses, such as burial or cremation costs, funeral services, and other arrangements. While it typically has lower coverage limits, it can be a valuable option for seniors who no longer have dependents.

It is important to note that the availability of specific riders may vary depending on location and policy type. Interested individuals are advised to contact a Globe Life agent to learn about the specific riders available to them.

Globe Life's company details

Globe Life Company Details

Globe Life, formerly known as Torchmark, is a life insurance company that was founded in 1900 or 1951 and is headquartered in McKinney, Texas. The company offers a range of life insurance policies, including term life, whole life, child whole life, and final expense insurance, which can be purchased online, over the phone, or through an agent. They also provide supplemental health insurance and annuities, such as accident, cancer, critical illness, hospital, and ICU insurance.

Globe Life's life insurance policies are available in all 50 states and do not require a medical exam, making them convenient for consumers. The company has several underwriting companies, including Globe Life and Accident Insurance Company, Liberty National Life Insurance, United American Insurance Company, and American Income Life Insurance Company. Their insurance products cater to adults and children, with coverage amounts ranging from $5,000 to $100,000 for term life and up to $50,000 for whole life.

The application process for Globe Life insurance is simple and straightforward, requiring minimal personal information. The company offers a 30-day money-back guarantee and online bill payment options, including a mobile app for easy access to policies. However, Globe Life has received a high volume of consumer complaints, particularly regarding claims payments, policy cancellations, and customer service. Their customer satisfaction ratings are below average, and they have been consistently ranked lower than other life insurance companies in terms of responsiveness and service quality.

Despite the convenience of their no-medical-exam policies, Globe Life's coverage amounts are relatively low compared to standard life insurance policies. Their term life insurance rates also increase as the policyholder ages, and the company has been criticized for a lack of transparency regarding renewal rates. Overall, while Globe Life may be a suitable option for those seeking simple and accessible life insurance, potential customers should carefully consider the company's high complaint levels and limited coverage amounts before making a decision.

Globe Life's tools and benefits

Globe Life and its subsidiaries focus primarily on life insurance, but the company also offers supplemental health insurance and annuities. Here are some of the tools and benefits that Globe Life provides:

• Accident Insurance: This policy helps cover costs related to ambulance services, emergency treatments, hospitalisation, and intensive care following an accident. It also includes an additional death benefit if the policyholder dies due to an accident.
• Cancer Insurance: This type of insurance provides financial support for expenses related to a cancer diagnosis that are not covered by regular health insurance, such as income replacement, childcare costs, and transportation to treatment facilities.
• Critical Illness Insurance: This insurance provides a lump sum benefit following a covered critical illness, such as a heart attack or stroke.
• Hospital Insurance: This policy covers medical bills and loss of income resulting from hospitalisation, including deductibles, coinsurance, and copayments.
• ICU Insurance: This insurance is designed to cover all or part of any stays in the ICU that traditional insurance plans may not cover.
• Mobile App: Globe Life offers a mobile app for its customers, which allows them to set up payments for one-time expenses, access and edit personal information, review coverage and plan options, and interact with the company on social media.
• Online Bill Payment: Customers can pay their bills online through the Globe Life website or the mobile app.
• Free Quotes: Globe Life provides free quotes with minimal personal information required.
• Money-Back Guarantee: The company offers a 30-day money-back guarantee on its life insurance policies.
• No Medical Exam Required: One of the key benefits of Globe Life is that it does not require a medical exam for its insurance policies, making it convenient and accessible for many customers.

Globe Life's claims process

The required documents for filing a claim include the policy number and policyholder's name, address, date of birth, and phone number. Along with a death certificate, a claim may also require an autopsy report, coroner's report, toxicology report, policy report, or physician's statement, depending on the circumstances of death. An obituary, itemized hospital bill, or medical records may also be requested.

Accidental death benefits claims, regardless of the duration of the coverage, will be investigated to ensure that the death meets the criteria of an accident as defined in the policy. To expedite this process, claimants can provide copies of relevant documents, such as a completed claimant form, death certificate, obituary, autopsy report, toxicology report, and police reports.

In cases where the manner of death is homicide, Globe Life will conduct an investigation and may request additional documentation, such as autopsy and toxicology reports, and a copy of the coroner's report.

The designated beneficiary chosen by the policyholder at the time of application will receive the insurance proceeds. Policyholders can update beneficiary information at any point during the policy's duration. If no beneficiary is chosen, the proceeds will be issued to the insured's estate, unless a will is provided that identifies an alternative recipient.

Frequently asked questions