Is Globe Life insurance good? First and foremost, Globe Life is a life insurance company that offers you life and health insurance to help you save money and protect your loved ones from financial trouble. Globe life insurance company offers its customers with Term life and whole life insurance without a medical exam. Coverage limits at Globe life are crucially lower than standard life insurance policies and the rates for terms life insurance policies increases as your age increases every five years.
Pros & Cons of Globe Life Insurance
Pros
- Get insurance policies without a medical exam
- You can purchase your policy online, over the phone or via mail
- The first month comes with lower rates
Cons
- Higher coverage limits and rates increase with time
- The high number of complaints
- Low coverage amounts available
- Can’t file a claim online
Globe Life was established in 1951 with its headquarter based in McKinney, Texas, United States, and offers a combination of term and permanent life insurance. The insurance company sells its insurance policies through subsidiaries which include Liberty National Life, United American, American Income Life, and Family Heritage Life.
Globe life is known for its low cost starting with $1 for your first month’s purchase but the cost quickly increases. Simply, this is an insurance company that offers insurance policies to middle-income Americans. According to J.D. Power Study in 2021, Globe Life was ranked sixth for overall customer satisfaction among the 21 life insurance company providers in the U.S.
Types of Life Insurance Globe Life Offers
Globe Life offers several kinds of life insurance products which include term life, whole life, accident health insurance, and children’s life insurance. The insurer also offers burial insurance and mortgage protection life insurance. Purchasing all of these life insurance policies does not require medical exams.
Globe Life’s term life insurance
Globe Life offers term life insurance policy that ranges from one to 30 years with a coverage amount of $5,000, $10,000, $20,000, $30,000, $50,000, $75,000 and $100,000. You can get life insurance coverage at Globe Life for $1 for the first month and after the first month, your rate is determined by your age as it increases.
Globe Life’s Whole life insurance
Whole life insurance is generally regarded as permanent life insurance and this offers you coverage throughout your whole life. This life insurance type pays your death benefits to your insured beneficiary after you die and also builds cash value for you. However, this insurance type is more expensive than term life insurance. The coverage amount for Whole life insurance at Globe Life cost $5,000, $10,000, $20,000, $30,000 and $50,000.
Globe’s children’s life insurance
Children can get a Globe’s whole life insurance policy purchased by their parents or grandparents. This insurance policy pays death benefits and builds cash value with time. After the first month of coverage, the rates are based on the child’s current age and this policy will remain the same throughout the child’s life.
Globe Life’s burial insurance
This is sometimes regarded as Final expense insurance and it is purposely to cover funeral expenses and other small unpaid debts when you die. Getting burial expenses insurance does not require a medical exam. This cost includes $5,000, $10,000, $20,000, $30,000, $50,000 and $100,000.
Globe Life’s mortgage protection insurance
Mortgage protection insurance at Globe Life offers you coverage for your mortgage payments if the insured person suffers a disability as a result of an accident or if the insured person dies.
If you have mortgage protection insurance with Globe Life and you pay your premium every year, your death benefits will increase by 5% from the original death benefits until it gets to 125% or when you to attain age 70.
When you buy the family plan for this kind of mortgage protection insurance, you get 10% on your mortgage insurance death benefit if your child is between the ages of 15 and 22 on the date of your covered accident.
Globe Life’s Accidental Death insurance Rider
You can buy an accidental death rider at Globe Life for its term’s life or whole life insurance policies. This rider offers you an additional life insurance payment disbursed to you if the insured person dies accidentally. Accidental death rider does not provide coverage for deaths from illnesses such as heart disease or cancer.
Cost of No-Exam Policy Coverage at Globe Life
Any life insurance policy you buy at Globe Life does not require a medical exam.
- Term life insurance: Coverage up to $100,000
- Whole life insurance: Coverage up to $50,000
- Children’s life insurance: Coverage up to $30,000
Globe Life Complaints & Reviews
According to three data years of worth of data from the National Association of Insurance Commissioners, the Complaint levels about Globe Life’s insurance for people it renders its insurance policies to were more than five times the industry average in 2021.
In J.D. Power’s 2020 U.S. Individual Life Insurance Study, Globe Life ranked No. 6 out of 21 companies in, which assesses overall customer satisfaction.