Globe Life Insurance Review: Overview, Facts, Features, Plans, Pros and Cons

Globe Life Insurance Review: Overview, Facts, Features, Plans, Pros and Cons

Bottom line: This company offers term and permanent policies without a checkup, but coverage is capped at low amounts.

  • GLOBE life assurance
  • Rated 3 stars out of 5 by us.
  • Issues policies without a checkup.
  • Far more than the expected number of complaints about a corporation of its size.
Founded in 1951, Globe Life offers a mixture of term and permanent life assurance. The corporate highlights its initial low cost, with $1 buying your first month's coverage — but that cost quickly increases. Formerly referred to as Torchmark, Globe Life also sells policies through subsidiaries, including American Income Life, Liberty National Life, United American, and Family Heritage Life. It's headquartered in McKinney, Texas, and has life assurance agents across the country. Why you'll trust Us: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair. You'll make financial decisions confidently and choose the products that employment best for you.

Globe life assurance

Globe Life received three out of five stars for overall performance. The scoring formula takes into consideration consumer experience, complaint data from the National Association of Insurance Commissioners, and financial strength ratings. Our editorial team determines our ratings.

Globe Life insurance positives and negatives

Positives Negatives
Offers life insurance policies without a medical exam. There were far more complaints than one would expect from a corporation of its size.
Low rates for the first month. Relatively low coverage amounts available.
You can buy a policy online, over the phone, or via mail. You can’t file a claim online.
Term life assurance. Get $5,000 to $100,000 of term life assurance that sometimes lasts one to 30 years. Whole life assurance. If you would like lifelong coverage, you'll buy an entire life assurance policy worth $5,000 to $50,000. It accumulates cash value over time, and if you have enough, you can start eliminating loans from your policy. Child whole life assurance. Globe Life allows you to get $5,000 to $30,000 in whole life assurance for your child. Final expense insurance. Designed to hide end-of-life costs, this burial policy requires you to fill out a health questionnaire. Guaranteed acceptance life assurance. For hospitable applicants ages 65 to 80, this policy skips both the health questionnaire and life assurance checkup. You'll buy $3,000 to $15,000 in coverage, and your policy will enter effect once you pay the primary premium. Globe Life's pricing can include a reduced rate within the first month. The speed then is predicated on the insured person's age when the policy takes effect. Whole life policies cost an equivalent amount monthly for the policy's lifetime, while term policies increase in cost every five years. For instance, a person living in Virginia can pay 25% more for a $50,000 policy from ages 36-to 40 than for an equivalent coverage from 31-35 years old.

Globe Life customer complaints and satisfaction

Globe life assurance drew much more than the expected number of complaints to state regulators for a corporation of its size for all times insurance, consistent with three years' worth of knowledge from the National Association of Insurance Commissioners. In J.D. Power's 2020 U.S. Individual Life Insurance Study, Globe Life was placed No. 6 out of 21 businesses in terms of overall customer satisfaction.

More about Globe Life

There's limited policy information on Globe Life's website. To find out more about its coverage, you'll get to provide your contact details or reach bent an agent. If you already have a life assurance policy with Globe Life, you'll pay premiums, find out automatic payments, and add coverage via the Apple or Android app. In addition to life assurance, Globe Life also offers
  • Accidental death insurance.
  • Mortgage protection insurance.
  • Supplemental insurance, including critical illness insurance, hospital insurance, cancer insurance, and accident insurance.

Life insurance buying guide

Before you begin comparing companies:
  1. Choose the sort of life assurance you would like, like the term or whole life.
  2. Decide which life assurance riders, if any, you would like the policy to incorporate.
  3. Calculate the proportion of life assurance you would like and how long you would like the coverage to last.
  4. Ensure the insurers you're considering offer the coverage you're trying to find.
When comparing rates, make sure the quotes are for an equivalent amount of coverage over an equivalent period of your time. It's also essential to form sure the policy's medical requirements match your needs. For instance, if you would like to skip the life assurance checkup but don't mind answering health questions, confirm that the appliance process for every policy you're comparing aligns thereupon. The price might not be the most important driver behind your shopping decision. Check out the number of consumer complaints each company receives, as high numbers are often a red flag about the standard of service.

Life insurance rating methodology

Our life assurance ratings are supported by consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life assurance, and weighted averages of financial strength ratings, which indicate a company's ability to pay future claims. Within the buyer experience category, we consider simple communication and website transparency, which looks at the depth of policy details available online. We adjusted the scores to a curved 5-point scale to calculate each insurer's rating. These ratings are a guide, but we encourage you to buy around and compare several insurance quotes to seek out the simplest rate for you. We don't receive compensation for any reviews. Read our editorial guidelines.

Insurer complaints methodology

We examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to at least one another, the NAIC calculates a complaint index annually for every subsidiary, measuring its share of total complaints relative to its size or share of total premiums within the industry. Auto, house (including renters and condos), and life insurance ratios are all calculated independently. To gauge a company's complaint history, we calculated an identical index for every insurer, weighted by market shares of every subsidiary, over a three-year period.

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