Globe Life Insurance Review: You Can Do Better

Disclaimer:  We are NOT Globe Life Insurance.  We’re an independent life insurance agency.  This is our independent Globe Life Insurance review.  

At first glance, Globe Life Insurance is attractive – there’s no medical exam, $1 for your first premium payment and you can apply online.  However, when you dig a little deeper you’ll find that you can do much better than what they offer through many different great companies out there. This is why we offer many great reviews on the pros and cons of many different companies.

We invite you to check out our other company reviews, such as with Zander Insurance, Primerica Life Insurance and United Home.

Take 4 minutes to read this article and we’ll show you why there are better options than Globe Life insurance.

Globe Life Insurance Review: Don’t get fooled by Globe Life’s tricky advertising.

Have you seen the advertisement (below) that $1 can buy you $50,000 of life insurance?

Globe Life Insurance Review

Globe Life Insurance doesn’t try to earn your business based on their low prices because they can’t compete with the open market.  They hook many consumers in with this $1 initial monthly payment.

Truth is, after the initial $1 payment, their prices are MUCH more expensive than other comparable products with no medical exam, this is why with any life insurance purchase, you need to make sure that you learn about each company in depth and what they have to offer.  Most consumers who shop around after buying Globe’s life insurance realize the misconception and make the switch.

Life insurance companies love it when you pay a few months or years worth of premiums and cancel, including Globe.  They keep your premiums and don’t have to pay out.  This $1 “gimmick” is just a way to reel you in…and it works for them.  Don’t fall for it.

In every situation where our clients purchased a Globe Life policy, we’ve been able to secure the same coverage at much lower rates.  Or much more coverage at the same rates they’re paying from the second month moving forward.

Globe’s life insurance payments are NOT guaranteed level.

On their website, they give you some tricky wording to make you think your premiums are guaranteed level (screen shot below from their website):

review of globe life

This is VERY misleading.  The truth is the premium (life insurance payment) schedule shows your premiums going up every 5 years.  Globe makes it sound like your payments will be guaranteed level.

Why don’t they mention the premiums going up every 5 years?  Probably, because their competitors all have level premiums…AND lower payments.

Just know that as you get older, your payments will rise on top of already overpaying for this life insurance coverage.  Not a good combination.

Globe Life Insurance Policy Facts

Globe Life sells 4 products.  A term life policy, whole life insurance policy (final expense), children’s life insurance and accidental death life insurance.

Globe Term Life Insurance

The term life policy is the one people usually buy because it’s the cheapest.  Here are some facts about their term life insurance policy that you should know about.

  • Your rates increase every time you have a birthday that ends with a 1 or a 6 (age 56, 61, 66, 71 etc.)
  • You can buy coverage to age 70, 80, 90 or 100.
  • You can get coverage anywhere from $5,000 – $100,000
  • Smoker and non-smokers pay the same rates. This means if you’re a non-smoker you’re paying the same rates as a smoker does (smoking usually doubles your life insurance rates)
  • There’s no medical exam, but there are medical questions. This isn’t guaranteed issued coverage.

Globe Whole Life Insurance

Their whole life insurance policy is also referred to as their final expense life insurance policy.  It’s another highly marketed and purchased policy which we find we can replace with much cheaper rates with better guarantees…every time.  It’s made for seniors who want to cover any final expenses like burial costs or any final debts so they don’t burden their loved ones.

  • Coverage ranges from $5,000 to $50,000.
  • $1 pays your first months premium
  • No exam or waiting period

This product isn’t as bad as their term product because the rates and benefits are locked in and don’t change.  However, the pricing is typically 40%+ more than what you can get through an independent life insurance agent.

Globe Children’s (and Grandchildren) Life Insurance

I actually love that Globe markets children’s life insurance.  It’s an under-served area of life insurance and I tip my cap to them for helping this segment of the market.  Theyactually makes it really easy to buy life insurance on children and grandchildren as well.  However, like their other products, a lot is lacking.  The main goal of buying life insurance on youngsters isn’t really the death benefit – yes that’s a huge help.  It’s mostly to get them coverage while they’re young and it’s inexpensive so they can carry it very inexpensively through adulthood, but also so you can coverage in the future at predetermined ages.

Any life insurance you buy on your children should have guaranteed insurability options built in where you can buy additional life insurance with no evidence of insurability at predetermined ages.  So for example if the child develops some disease or disorder, they’ll remain insurable for their future family.  That’s the biggest reason to buy life insurance on children.  However, Globe Life doesn’t offer that future insurability option that most life insurance carriers do offer.

Buying life insurance on your children and grandchildren is a great gift for them that they’ll appreciate when they’re older.  So while it seems easy to buy coverage on children and grandchildren with Globe, you should look into other carriers that can give them even more benefits at the same or a reduced cost.

Globe Accidental Death Insurance

Accidental death insurance has no health questions and you can qualify for up to $250,000 of coverage for a very inexpensive cost if you’re between the ages of 18 and 69.  However, it’s important to know that this IS NOT life insurance – it only pays out in the event of an accidental death.

Make sure you read the policy carefully.  We haven’t seen a sample policy (please email us one if you want us to review it).  However, many accidental death policies have a lot of exclusions.  For example, what happens if you get in a car accident, but pass away a week later in the hospital…will it pay out?  Some will, some won’t.

Other than carefully reading the policy, just know that you can find inexpensive accidental death insurance with solid benefits from carriers like Assurity Life and Mutual of Omaha.  We can send you sample policies and rates on those if you’d like.

Globe Life Insurance Ratings

Globe Life has an A+ rating with, AM Best (the top industry ranking system), which is excellent – I’ll give them that.

They’ve been helping families with life insurance since 1951 and have over 4.2 million policy holders.

Globe Life Is Just Too Expensive.

They have a great advertising budget, that’s why you’ve heard of them.  They get in front of you on TV, at the supermarket, in the mail and on radio.  Much bigger than independent agencies like ours.  Big advertising budgets don’t equal the best rates unfortunately.

Looking for reviews of life insurance companies is a natural progression we’ve found and that’s why we wrote this article.  You can do much better.

If you’re considering using any of Globe’s life insurance products, you can get an instant quote on their website.  Our recommendation is to get your quote and then shop it.  You’ll see there are plenty of better options.

Rootfin Online Life Insurance Agency represents some of the highest rated companies in the nation and has contracts with 60 insurance carriers. This allows us to find the absolute best rate for your situation.  Even if you want life insurance with no medical exam (more expensive), we can shop all of those carriers as well – just let us know.

Bottom Line:

Globe life doesn’t use agents, instead of paying agents to distribute their products, they save that money and advertise online and via direct mail.  You’ll also see them on other media sources like TV and radio.  By having an overpriced product and cutting out agents as a distribution network, they’re able to cast a wide marketing net.

With that said, there has never been a situation when we couldn’t offer something much better that what Globe Life Insurance offers.  Whether it be cheaper coverage or more coverage at the same price.

If you’re looking to scope out a company before applying, check out out “10 Best Life Insurance Companies” article.

If you’re looking for the best life insurance rates from a financially sound company, please don’t hesitate to contact us.

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About Jeff Root

is the owner of rootfin.com. He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

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