Globe Life Insurance Review: Is it the Right Choice for You? (2023)

Shawn Plummer

CEO, The Annuity Expert

If you are looking for life insurance, you may have come across Globe Life. They are a well-known company with a long history of providing insurance products to Americans. But is Globe Life Insurance Company the right choice for you? In this review, we will look at Globe Life’s products and services and see how they compare to other companies in the industry. We will also discuss the pros and cons of choosing Globe Life as your insurer.

What Is Globe Life Insurance, And What Are Its Main Features?

Globe Life Insurance Company, formerly Torchmark, was formed in 1951. It serves over 4.3 million insurance policies and has $82 billion of coverage. Global life insurance is sometimes confused with Globe.

Globe Life Insurance Company and Globe Life Insurance Company of New York are one of the largest life insurers and accident insurance companies in the United States. Whole, accidental death, mortgage protection, and children’s life insurance are just a few of the life insurance options offered by Globe life insurance companies. Because none of its life insurance policies need to be medically tested, Globe Life is one of a kind in that regard. As a result, individuals who prefer not to deal with medical issues may find Globe Life beneficial.

Globe life insurance company offers five distinct types of life insurance. There is no medical examination required for any of its plans. However, you can be rejected based on your health history if you apply for one of their policies. While some insurance companies give quotes online, you’ll need to call Globe Life directly to receive a final rate and purchase your policy. Plans include accidental death, children’s life insurance, term life insurance, whole life insurance, and mortgage protection insurance.

Globe Life Insurance Pros and Cons

  • Globe Life Insurance Company is a large insurance company in the United States with three subsidiaries:
    • Liberty National Life Insurance Company
    • Family Heritage Life Insurance Company
    • United American Insurance Company
  • Their current financial ratings were recently downgraded in 2020 to A with A.M. Best.
  • They offer term, whole, and universal life insurance policies.
  • They do offer a no-medical exam policy.
  • Globe Life only offers Globe life insurance products. No variety.
  • Options are minimal.
  • Age restrictions are limiting.
  • Globe life insurance rates are expensive compared to other life insurance companies rates.
  • You need to get a permanent insurance quote from a life insurance agent.
  • You can only choose 10, 20, or 30 years for term insurance.
  • Coverage maximum amounts are limited to $100,000. You are directed to AIG for any coverage above that.
  • $5,000 is the minimum policy amount.
  • Life insurance is not issued to foreign nationals unless the applicant verifies in writing that such applicant is a permanent resident of the United States.

Globe Life Insurance Plans

Term life insurance, whole life insurance (for adults and children), and accidental death coverage are all available from the Globe Life Insurance Company.

Whole life insurance

You don’t need a medical examination to buy Globe Life’s whole life insurance, but you will be asked about your health during the application process. This plan is intended to offset expensive funeral costs. Unfortunately, because underwriting is restricted, so are the death benefits. But if you’re seeking final expense coverage, this may be enough.

The cost of a funeral varies widely, depending on the type of casket and where you’re buried. However, the average cost is around $10,000. Payouts from Globe Life policies start at $5,000 and go up to $50,000 in increments of $10,000.

The cash value will not be added to the death benefit but will grow at a set percentage each year. You can borrow against or surrender the policy after you’ve accumulated enough money.

Term life insurance

Compared to whole life insurance, Globe’s term life insurance policies are far less expensive and have a significantly reduced level of coverage. You can get $5,000; $10,000; $20,000; $30,000; or $50,000 in coverage with this policy.

Accidental benefits insurance

Accidental death insurance is available through the life and accident insurance company. The initial death benefit for this coverage is up to $250,000. After that, this benefit rises by 5% each year for the first five years or until you reach age 70, whichever comes first.

If you’re between 18 and 69, your accidental death coverage has a 99% chance of being accepted. In addition, there are no health questions or medical exams during the application process because of this protection’s guarantee of acceptance if you’re between 18 and 69.

Children’s Life Insurance

You can purchase a whole life insurance policy for your children or grandchildren between 0 and 25. There is no waiting period for coverage between $5,000 and $30,000, and coverage begins on the first day.

Mortgage Protection

Mortgage protection insurance is an accidental death and dismemberment policy that can help your loved ones pay the mortgage and stay in your home after you’ve passed away. You can get $50,000 to $350,000 of protection, and accidental death policies are guaranteed issue, which means that you cannot be denied by Global life insurance because of your health if you are between the ages of 18 and 69.

Additional Benefits And Riders

A rider, also called an insurance endorsement, is a way to customize your insurance coverage. For example, you can add more coverage with a rider or add family members. You might also be able to get benefits earlier if something happens under specific circumstances.

Children’s Term to 25

You can add a children’s “Term to 25” rider to your term or whole life insurance coverage. You can purchase up to $10,000 in coverage for a dependent child between 30 days and 23 years with this rider. Before the kid reaches the age of 25, the policy may be converted to a whole life plan.

Terminal Illness Accelerated Benefit

You may get 50% of your payouts immediately if you have a qualifying critical illness and add the terminal illness accelerated benefit rider to your policy in some instances.

Waiver of Premium

If you become completely and permanently disabled and add the premium waiver rider to your policy, Globe Life will waive your premiums on specific plans (see state availability). The rider ends on the certificate’s next birthday after you reach age 60.

Cancellation Policy

Globe Life offers a 30-day money-back guarantee if you aren’t satisfied with your policy. In addition, you may cancel your Globe life insurance plan and receive a full refund if you don’t like it for any reason.

After the introductory 30-day period, the cancellation policy may vary depending on your insurance plan. If you are considering Globe life insurance, read all policy documents carefully and understand all the penalties and fees associated with your insurance plan before signing and agreeing to its terms.

If you want to cancel your policy, call 1-877-577-3860.

How easy is applying for a policy, and what happens after you’ve been approved?

Globe Life allows you to shop for and compare insurance rates over the phone. The Globe Life Insurance phone number for customer service is 1-877-577-3860 from Monday to Friday, from 7:30 a.m. to 6:30 p.m. CT.

Even though Globe life insurance company doesn’t require medical exams when you apply, it might still deny your application based on your health history. Also, unlike other providers, Globe life insurance company doesn’t offer whole life or final expense policies that are guaranteed issue.

Once approved, you can manage your account online through Globe Life’s eService Center. You can make payments, review policy details, and update your mailing address.

How does Globe Life compare to other life insurance providers in terms of price?

Globe life insurance is just below average when pricing for people in good or excellent health. Rates are roughly double the cost of other better-rated insurance companies.

The rates for a term-life policy vary depending on your state. For example, Globe life insurance offers $1 premiums for the first month if you are a healthy 35-year-old living in Florida.


Coverage Amount35-Year-Old Female40-Year-Old Female

Policy comparison: A 35-year-old female with a 10-year term for $100,000 would pay $7.31 per month with Transamerica, $9.42 each month for a 20-year term from North American Life Insurance Co., and $18.28 monthly for a 40-year term life insurance policy from Banner Life to put things in perspective.


Coverage Amount35-Year-Old Male40-Year-Old Male

Policy Comparison: A 35-year-old man with a 10-year term for $100,000 would pay $8.34 per month with Transamerica, $10.74 each month for a 20-year term from North American Life Insurance Co., and $21.03 monthly for a 40-year term life insurance policy from Banner Life to put things in perspective.

Customer Service

Globe Life allows you to shop for and compare insurance rates over the phone. You can reach customer service by calling 1-877-577-3860 from Monday to Friday, from 7:30 a.m. to 6:30 p.m. CT.

Policyowners can manage their account online through the Globe Life Insurance Login Bill Pay. You can make payments, review policy details, and update your mailing address.

Globe Life does have a mobile app for Android and iOS devices. You can use the app to pay monthly premiums, update your personal information, and learn about coverage options.

Globe Life Insurance Reviews And Complaints

Unfortunately, Globe Life Insurance Company has received a significantly higher number of complaints than is typical for an insurance company of its size.

Every year, the National Association of Insurance Commissioners (NAIC) compiles insurance companies’ complaint ratios. The complaint ratio measures how many complaints a firm receives compared to its market share. The NAIC subsequently assigns each company a complaint index score that indicates how it ranks against other businesses in the same industry.

A company with an average number of yearly premium-related complaints will receive a score of 1.0. An index score above 1.0 is considered poor, whereas a score below 1.0 indicates that the insurer received fewer allegations than typical for its size.

In 2021, Globe Life’s complaint index for individual life insurance was 3.04, which is abysmally low. It had more than three times the average number of complaints compared to competitors with a comparable market share. When we examined the issues, the majority were about policyholder service. Issues included difficulties with how life insurance claims were handled, surrendering policies, and billing.

Financial Strength

AM Best is a credit rating agency that gives insurance companies financial strength ratings (FSRs). These ratings show how financially sound a company is and if they are likely to pay out its life insurance claims. A strong FSR means that a company is in good shape and can follow through on its commitments.

In 2021, AM Best affirms Globe Life’s FSR of A (Excellent). However, the company’s low level of risk-adjusted capitalization is the reason for the downgrade from A+ (Superior) in 2020. Despite this, an A rating is still good. In addition, AM Best noted the “balance sheet strength” and “very strong operating performance” within Globe Life’s life/health insurance subsidiaries.

Although Globe Life was not included in the 2019 U.S. Life Insurance Study, it ranked second in customer satisfaction among life insurance providers in the 2020 study. It was sixth in the 2021 study.

Compare Globe Life Insurance Quotes

Use our calculator to compare Globe’s life insurance rates with life insurance quotes from other insurance companies.

Before Buying Life Insurance

Before comparing companies, decide the type of policy you want. Calculate how much coverage you’ll require and how long your coverage should last. Ensure that the insurers you’re looking at offer the coverage you need. When comparing competitive rates, ensure you’re getting quotes for the same amount of coverage. Also, double-check that the policy’s medical criteria are appropriate for you.

To purchase life insurance, compare quotes from multiple companies. The research is just like when you are shopping for car insurance. You want to find the policy with the cheapest rates. That’s because the insurance is mainly for death benefit planning. Make sure to purchase life insurance from a company with an A.M. Best rating of “A-” or better.

You can get a significantly cheaper rate for life insurance for final expenses or whatever else if you shop around. In addition, you can almost certainly acquire coverage with no waiting period.

The most significant disadvantage of Globe Life, Liberty National, United American, or Family Heritage is that you’re dealing with a captive insurance company. However, if you work with an independent agency, you can save up to 70% on your life insurance. In addition, our life insurance companies may require medical exams, but you’ll spend less.

When you contact a representative, they cannot go through other insurance providers to show you one that can provide you a better price. Instead, an independent licensed insurance agent such as The Annuity Expert will search the market for you to determine which insurance carrier offers the best rate and coverage for your specific needs.

Globe Life Insurance Review

Final Thoughts On Whether Or Not Globe Life Is The Right Choice For You

So, is Globe Life the right life and accident insurance company for you? It depends. If you’re looking for a no-exam policy with immediate coverage, Globe life insurance might be a good option. However, if you want more coverage or are willing to take a medical exam, you can likely find cheaper policies elsewhere. And while Globe Life has received fewer complaints than some of its competitors, it’s still essential to review the policy documents closely before signing up. Then, request a life insurance quote below to see how much money you could save by switching providers.

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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