Last Updated: May 2020
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 typically find a much better policy through other life insurance companies.
Below, you’ll learn why Globe Life Insurance might not be the best fit for your life insurance needs.
- Globe Life Insurance Uses Tricky Advertising To Acquire Customers
- Globe’s Life Insurance Payments are Not Guaranteed Level
- Review of Globe Life’s Insurance Policies
- Globe Life Insurance Financial Ratings
- Globe Life Insurance Rates are Higher Than Most Companies
- Alternatives to Globe Life Insurance
Take 4 minutes to read this article and we’ll show you why there are better options than Globe Life insurance.
Globe Life Insurance Uses Tricky Advertising To Acquire Customers
Have you seen the advertisement (below) that $1 can buy you $50,000 of life insurance?
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 with this $1 initial monthly payment.
The 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 people 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 payout. This $1 “gimmick” is just a way to reel you in… and it works for them.
Don’t fall for it.
People who purchase a Globe Life policy, can almost always secure the same coverage at much lower rates, or much more coverage at the same rates.
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 (screenshot below from their website).
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. This is not a good combination.
They have Limited Death Benefits
One of the biggest drawbacks you will find with Globe Life Insurance is the policy limitations.
Death benefits are capped at $50,000 or $100,000 depending on your state of residence and the policy you have selected. This means that this kind of insurance coverage isn’t the ideal solution for someone who requires a lot of coverage.
No Coverage Add-Ons are Offered
Additionally, you will find that Globe Life Insurance doesn’t have optional coverage add-ons that offer extra financial protection. Extra coverage is more important when you choose a whole life policy that will be covering you for many years.
Globe Life has Poor Customer Service Ratings
There is an average number of complaints reported against this insurance company that has been filed with the National Association of Insurance Commissioners. In 2019, they received 70 complaints while most other life insurance companies received between 0 and 35 complaints in total.
The majority of the complaints were due to poor customer service. Many people reported slow response times, issues getting answers to questions about coverage, problems canceling a policy, and delayed payments on claims.
So, you need to keep this in mind if you choose this insurance company. You may experience mishandled claims and other problems compared to other insurers.
Review of Globe Life’s Insurance Policies
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 Globe’s term life insurance policy that you should know.
- 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 you can replace with much cheaper rates with better guarantees from other companies.
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.
They actually make it really easy to buy life insurance for 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. 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 get 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 for children. However, Globe Life doesn’t offer that future insurability option that most life insurance carriers do offer.
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 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 Financial Ratings
Globe Life has an A+ rating with, AM Best (the top industry ranking system), which is excellent.
This is one area that they do excel in. However, there are plenty of other life insurance companies with strong financial ratings and lower policy rates.
Globe Life Insurance Rates are Higher Than Most Companies
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 the radio. Big advertising budgets don’t equal the best rates, unfortunately.
Looking for the best life insurance companies requires detailed research and comparison.
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 compare it. You’ll see there are plenty of better options.
Globe Life Insurance is Good at Marketing, Not Life Insurance
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.
Globe Life Insurance FAQs
Below are several common questions we get from people considering Globe Life Insurance.
How does this insurance company operate?
Globe Life doesn’t operate as a typical life insurance agency would operate. They sell their insurance policies online, through the mail, and over the phone and offer a more simplified underwriting process for life insurance. There is no medical exam required for acceptance and coverage, but customers will have to answer health questions.
What life insurance policies do they sell?
Globe Life Insurance offers three different life insurance policies – term life, whole life, and children’s whole life. You can also choose optional accidental death insurance for many policies as well as mortgage protection insurance and medicare supplement insurance.
Is there a long waiting period with Globe Life Insurance?
The application process is simple and straightforward. You answer a few questions, and there is no waiting period when you buy the policy directly from the company. Each policy also comes with a no-risk 30-day money-back guarantee.
Alternatives to Globe Life Insurance
Below are some other final expense life insurance companies that we’ve reviewed. You can read them to see how they compare to Globe Life Insurance or fill out our quote tool to quickly compare rates from many of the top life insurance carriers.