Globe Life Insurance: Good Choice For Oklahomans?

Globe Life Insurance is a major player in the life insurance industry, with a strong financial backing and a range of products. The company was founded in 1951 and has since expanded across the U.S., serving over 4 million policyholders. With an A+ rating from A.M. Best and an AA- rating from Standard & Poor's, Globe Life demonstrates financial stability and transparency. The company offers term life insurance, whole life insurance, accidental death policies, and critical illness coverage. While Globe Life has received positive reviews for its financial stability, there are some concerns about the cost of its products and the lack of online shopping options. Additionally, former employees in Oklahoma have mixed reviews about the company, with some praising the work-life balance and others criticising low pay and a lack of advancement opportunities.

Globe Life Insurance's financial stability

Credit Ratings

Globe Life Insurance has received positive credit ratings from reputable agencies. A.M. Best, a global credit rating agency specializing in the insurance industry, has assigned Globe Life an A+ (Superior) rating. Similarly, Standard & Poor's, another well-respected credit rating agency, has given the company an AA- rating. These ratings indicate strong financial health and a stable long-term issuer credit outlook.

Financial Transparency

In the interest of transparency, Globe Life makes its annual reports publicly available online, with reports dating back to 1998 easily accessible to consumers. This level of transparency is commendable and allows for greater trust and confidence in the company's financial stability.

Long-Term Commitments

Globe Life Insurance's ability to meet long-term commitments is essential, especially considering that life insurance policies are often in force for decades. The company's history and longevity in the market provide some assurance in this regard. Founded in 1951, Globe Life has a long track record of serving its customers. Additionally, with over $82 billion of insurance in force and serving more than 4 million policyholders, Globe Life has established itself as a significant player in the life insurance industry.

In conclusion, Globe Life Insurance demonstrates financial stability through its positive credit ratings from respected agencies, its commitment to financial transparency, and its long-standing presence in the industry. While it's important to consider other factors when evaluating an insurance company, Globe Life's financial stability is a key indicator of its ability to meet its commitments to policyholders.

Pros and cons of Globe Life Insurance

The following pros and cons of Globe Life Insurance are based on reviews from former and current employees, as well as reviews from insurance experts.

Pros

• Globe Life Insurance is financially stable, with an A+ (Superior) rating from A.M. Best and an AA- rating from Standard & Poor's.
• The company offers a small selection of insurance products, which means they are likely very good at what they do.
• Globe Life offers a range of insurance products, including term life insurance, whole life insurance, accidental death insurance, cancer insurance, critical illness insurance, and hospital insurance.
• There is no medical exam required for term, whole life, or accidental death plans.
• Globe Life has a comfortable work environment, with activities throughout the year to promote camaraderie among associates.
• The company provides extras like Thunder tickets, OU game tickets, service awards, and luncheons.
• Globe Life has a flexible and easy-going management style.

Cons

• Globe Life's rates are not considered a bargain compared to other national carriers.
• The company's term insurance does not have a conversion option, which means policyholders cannot convert their term policy to a permanent policy.
• There are no riders available with Globe's term insurance.
• The company's website does not provide detailed information about rates, and consumers may have to call or wait for a quote in the mail.
• There is a lack of training provided for certain job roles.
• Some employees have reported a negative work environment, with managers showing favouritism and a lack of professionalism.
• There is no bereavement policy for employees, despite the company's business being focused on death.
• Some employees have reported being overworked and underpaid, with mandatory overtime due to understaffing.
• There is a high turnover rate in management.
• The company's priorities are unclear, and employees feel that their jobs could be moved to Texas, where the corporate office is located.

Globe Life Insurance rates

Globe Life Insurance offers both term life and whole life insurance policies. Their term life insurance rates start at $3.49 per month for adults, while whole life insurance policies for children are also available. It's important to note that rates depend on factors such as age, health, occupation, habits, and military status. Additionally, Globe Life only offers whole life insurance for kids, with coverage options ranging from $5,000 to $50,000.

Term Life Insurance Rates

The monthly cost of term life insurance from Globe Life varies based on the policy amount, gender, and smoking status. For example, a healthy non-smoking 30-year-old man can expect to pay around $12 for a $50,000 policy, while a 40-year-old woman with the same policy and health status may pay around $20. These rates are subject to change and may increase upon renewal.

Whole Life Insurance Rates

Whole life insurance rates from Globe Life are locked in for life and never increase. The first month of coverage costs $1, and subsequent rates are based on your age. However, healthy individuals may find higher rates compared to insurers that consider medical exams and health history. Globe Life's whole life insurance offers coverage options ranging from $5,000 to $50,000, with the cash value of the policy growing over time.

Accidental Death Insurance Rates

Globe Life also offers accidental death insurance, with rates remaining the same throughout the policy. This type of coverage is limited to specific causes of death, such as accidents or choking incidents. The initial death benefit can be up to $250,000, with a 5% increase each year for the first five years or until the insured reaches 70 years of age.

Globe Life Insurance for seniors

Senior life insurance is a type of life insurance policy designed to cover final expenses, such as funeral costs, medical bills, or outstanding debts. Globe Life Insurance offers a senior life insurance policy with a range of coverage options, from $5,000 to $100,000. This policy is available to adults aged 50 and above, and it comes with several benefits that cater specifically to the needs of seniors.

Firstly, Globe Life's senior life insurance is a form of whole life insurance, which means that as long as premiums are paid on time, the policy will remain in effect for the rest of the policyholder's life. Additionally, this type of policy accrues cash value over time, providing a savings component to the insurance plan.

Secondly, Globe Life's senior life insurance policy requires minimal medical exams or questionnaires. This is a significant advantage for seniors who may have pre-existing health conditions or are concerned about their health status affecting their eligibility for coverage.

Another benefit of Globe Life's senior life insurance is the fast approval process and full coverage from the first day of the policy. There is also no waiting period, and the monthly rates are affordable, starting at $3.49 for adults.

The application process for Globe Life's senior life insurance is simple and can be completed online or over the phone. It does not require a medical exam, making it convenient and accessible for seniors.

Overall, Globe Life's senior life insurance is a worthwhile investment for seniors. It provides peace of mind and financial security, ensuring that final expenses are covered without placing a financial burden on loved ones. With Globe Life's senior life insurance, seniors can rest assured that their families will have the financial support they need during a difficult time.

Globe Life Insurance for children

Children's life insurance is similar to life insurance policies for adults, but with some differences. While children's term life policies exist, most juvenile life insurance comes in the form of permanent insurance like whole life. Whole life insurance policies accumulate a cash value that can be used for college or other goals. Children's life insurance policies typically have a smaller face value than adult life insurance, and coverage for children can sometimes be added to a parent or guardian's existing life insurance policy.

The main difference in children's life insurance is the reason for buying the policy. While these policies can help cover medical and burial costs in the tragic event that a child passes away, the odds of this are low for most children. For that reason, most parents or grandparents buy life insurance for children to lock in coverage for life and secure lower premium rates while children are still young and healthy.

Pros and Cons of Children's Life Insurance

Pro: There are a number of factors that can impact a child's future insurability, including high blood pressure, diabetes, and obesity. With this in mind, a child who develops any health issue early on may have trouble qualifying for life insurance coverage in the future as they could be considered higher risk. By purchasing child life insurance coverage early, you can ensure your child has coverage now and in the future, regardless of any medical issues that may develop.

Con: The chances of a child developing a health issue early on are rare. Investing in a child life insurance policy can be expensive for such a low-probability risk.

Pro: Small policies can be affordable, with costs ranging from $5 to $15 a month. While the death of a child is rare, having coverage in the case of tragedy can provide financial security in the worst possible situation.

Con: Statistically, the odds of a child dying are very slim. Some experts suggest putting money into an emergency fund instead of a child life policy, which would allow the funds to be used in any crisis, not just the death of a child.

Pro: You can use the cash value your policy accrues to help your child pay for a range of costs, including college expenses or a car payment.

Con: Some argue there are better ways to save for your child's financial future than with a child life insurance policy. For example, financial advisor Carrie Houchins-Witt states, "There are a multitude of opportunities to make a better return than through investing in life insurance."

There are valid arguments for both sides of the children's life insurance debate. Ultimately, you know what path provides the best opportunity for you and your family. Make sure to consider your unique situation and consult with your local insurance agent or financial advisor before proceeding with a child life insurance policy purchase.

Frequently asked questions