2018 Review of Globe Life Insurance
When reviewing Globe Life Insurance, it is important to understand that you have options. At TermLife2Go, we work with dozens of top rated carriers. You can view some of our favorites by checking out our list of the top 10 best life insurance companies and the top 10 best no medical exam companies. And for those who are looking for burial or final expense insurance, consider our top 10 best final expense companies.
Are you looking for Globe Life Insurance reviews? People also search for Global Life reviews. Either way, you have come to the right place. Please read on for our Globe Life review covering the positives, the negatives and the alternatives to Globe Life Insurance.
Globe Life Insurance Review – Pros & Cons
This Globe Life Insurance review will cover the following:
- The Pros to choosing Globe Life.
- The Cons to choosing Globe Life.
- And the Alternatives to Globe Life.
About Globe Life
Founded in 1951, Globe Life has been around for 66 years. The company is a subsidiary of its parent company, Torchmark Corporation.
The Torchmark Corporation family of companies also includes:
- American Income Life
- National Income Life
- Liberty National Life
- United American
- Family Heritage Life
Globe Life’s headquarters are in McKinney, TX. Globe Life issues its life insurance underand in New York under Globe Life Insurance Company of New York.
As of July 2017, Globe Life has 4.2 million policies in force. The company is one of the largest issuers of life insurance in the U.S. with over $80 billion of insurance in force. The company has enjoyed much success and even has a baseball stadium named after, Globe Life Field, home of the Texas Rangers. The stadium is set to be finished by April 2020.
Most Globe Life reviews are nothing more than hit pieces set up by competitors who are looking to bash the company in order to get your business. Now, while we admit we did this review to potentially point out some alternative options to Globe Life, the fact remains that it is a solid company with strong ratings and commitment to excellence. So with that in mind, here is our Globe Life review focused on both the strengths and weaknesses of the company.
1) Superior AM Best Rating
Any fair review of Globe Life and Accident Insurance Company will start with its strong financial presence and brand image. Globe has been around since 1951. That is a relatively short term as financial companies go but one thing Globe Life has going for it is Globe Life’s A.M. Best Company rating of A+, Superior affirmed as of July 2017. A.M. Best is the premier insurance ratings agency and Globe Life has one of its highest marks for financial strength and has given Globe Life an A+ rating for the last 25 years.
In addition to its great A.M. Best rating, Globe Life’s BBB rating is A+. These two great ratings are a true testament to the company’s commitment to its financial viability and customer service.
2) Fixed Death Benefit
Globe Life will lock you into your face amount so you will not have to worry about your $25,000 life insurance policy only paying out $10,000. Your face amount is fixed for the life of your policy and will not be cancelled as long as you pay your premiums. That is great news for someone who is using their life insurance to pay for burial costs or to pay off various debts.
3) Competitive Pricing
Another advantage of Globe is their pricing. Globe Life Insurance rates are competitive for the face amounts offered.
Sample Globe Life Insurance Rates
Term-to-age 90 rates for a male as of March 23, 2016. Rates are subject to change. The policy’s premium increases every 5 years and ends at age 90.
|Ages||$ 5,000||$ 10,000||$ 20,000||$ 30,000||$ 50,000|
|50||$ 8.43||$ 12.49||$ 20.61||$ 28.73||$ 44.96|
|55||$ 9.58||$ 14.75||$ 25.07||$ 35.39||$ 56.03|
|60||$ 12.16||$ 19.93||$ 34.59||$ 51.05||$ 82.16|
|65||$ 15.87||$ 27.34||$ 50.28||$ 73.22||$ 119.11|
|70||$ 19.88||$ 35.19||$ 65.79||$ 96.39||$ 157.59|
|75||$ 26.77||$ 49.12||$ 93.82||$ 138.52||$ 227.92|
|80||$ 41.99||$ 79.49||$ 154.49||$ 229.49||$ 379.49|
4) No Medical Exam
Globe Life also offers no exam policies, otherwise known as simplified issue life insurance. The application has just a handful of health questions. With all the benefits involved in avoiding an exam, you might find that you can get more bang for your buck with an policy that requires an exam.
Further, there are some no medical exam policies offered by different companies that are less expensive than Globe. So while not taking an exam can be seen as a positive for Globe, the negative is there are better non exam policies available if you are relatively healthy and don’t mind answering a few more health questions. See, Exam v. No Exam
5) Great Brand Name
Globe Life has a great brand name because Globe Life is a reliable life insurance company. Although not as widely known as State Farm, Prudential, or MetLife, Globe Life has done of good job of marketing and protecting the image of its brand name. As a result, many people choose Globe Life for their insurance needs.
6) Good Mix of Policy Options
Some Globe Life Insurance Selections Include:
- Term Life Insurance
- Children’s Life Insurance
- Whole Life Insurance
- Senior Life Insurance
- Accidental Death
Term Life Insurance
Globe Life offers term life insurance policies to age 70, age 80, age 90 and Term to 100. Each term life insurance policy ends on the year that it expires with no renewal. The term policy offers face amounts ranging from $5,000, $10,000, $20,000, $30,000, $50,000, $75,000 or $100,000.
Whole Life Insurance
Globe Life’s Final expense whole life insurance is available for $5,000, $10,000, $20,000, $30,000 and $50,000. The coverage lasts your whole life and offers a fixed face amount and fixed rate for the life of the policy. With these lower face amounts available, these are more like burial insurance policies, rather than income protection type policies.
It is important to emphasize the fixed death benefit and premium payment for the entire duration of the policy. The last thing you want is to lock into life insurance expecting it to last your entire life, only to find out you actually locked into a temporary policy where the premiums increase or the death benefit drops.
That is one reason why whole life is better than term life. With whole life insurance, you get a policy that has no end date as long as you pay your premiums. And some companies offer limited pay whole life insurance that allows you to have a paid up life insurance policy after only 10 years — 10 pay whole life.
Children’s Life Insurance
If you are considering life insurance for children, Globe Life offers face amounts from $5,000-$20,000. The policy offers cash value accumulation. If you are considering Globe Life for a child or grand child, you may want to compare it to the Gerber Grow Up Plan, which also provides child life insurance policies.
Senior Life Insurance
When looking for senior life insurance it is important to choose a policy that will be with you to the end. Otherwise, what is the point of paying on a policy for 10 or more years, only to outlive it because it ends at age 80? Globe Life offers whole life insurance, as mentioned above. Our only word of caution would be, read the fine print. Make sure your policy does not have increasing premiums or end at a specific age.
Accidental Death Insurance
Globe life also offers accidental death insurance. This type of policy is used either as a supplement to an existing life insurance policy, or for someone who otherwise cannot get life insurance due to a pre-existing medical condition.
The policy is available for ages 18-69, with face mounts up to $350,000. Now, while this type of policy has its benefits, it is NOT life insurance. It will NOT provide life insurance coverage, so if you die due to a natural cause, your beneficiary will not receive a lump sum death benefit. In fact, they will most likely receive nothing, unless your accidental death occurs as a result of the policy’s definition for “accidental death”.
The accidental death coverage has some additional features, such as:
- Inflation Benefit
- Education Benefit
- Dismemberment Benefit
- Paralysis Benefit
Globe Life’s mortgage protection insurance is its accidental death and dismemberment policy. (see above).
Medicare Supplement Plans
Globe Life’s medicare supplement plans help you deal with the costs medicare does not cover. This is a guaranteed acceptance insurance policy with no waiting periods. The main areas the medicare supplement plans help with are with deductibles, co-payments, outpatient hospital services and physician’s costs.
7) Excellent Choice for Specific Clients
For clients with slightly below average health, Globe Life Insurance is a great fit, especially compared with the company’s primary competitors: Colonial Penn and AARP. The Company does ask some health questions, but unless you are battling some serious pre-existing condition, you should qualify. If you need a no questions asked policy, check out our Gerber Life Insurance review.
1) Increasing Premiums
As we discussed above, there are many pros to Globe Life. There really aren’t many negatives that we can think of when it comes to purchasing a Globe Life Insurance policy. After all, they have a great AM Best rating and really do have some great products. But one problem that we’ve run into is when folks end up purchasing a policy from Globe that they don’t fully understand.
Now is this a problem that is unique to Globe Life Insurance?
Certainly not, but because of the extensive product line Globe offers, we have encountered folks who have been confused about the specifics of their policy. In particular, we’ve found some folks have been confused about when they’re policy would end as well as if the premium for their policy would remain the same for the life of their policy.
Just be aware that premiums for term life insurance offered through Globe Life go up every five years. For example, the term to 80 policy premiums increase at age 45, 50, 55, 60, 65, 70, 75, with the policy ending at age 80.
This may pose a problem for someone who is unaware that the policy ends or who bought the policy at age 60 and five years later the premiums go up. If you had planned on keeping the policy forever or if you did not budget for the increase in premium you may be very disappointed.
You might also be disappointed, or downright angry, to learn the policy you have been paying into for the last 40 years is ending. And there is very little you can do about it. Try getting a new policy at age 80. It is not that easy.
2) Low Death Benefits
Another potential negative we offer in this Globe Life Insurance Review would be the limited death benefits offered. Globe Life fills a unique niche by offering simplified issue life insurance. But the life insurance coverage offered is relatively low.
The maximum term life policy face amount is $100,000. Many of the larger life insurance companies require $100,000 death benefit as the starting point, rather than the maximum.
Globe Whole Life Insurance policy is similar, offering a maximum face amount of $50,000. Once again, $50,000 is often the minimum face amount offered by some of the top carriers in the marketplace.
3) Consumer Complaints
If you head over to the Consumer Affairs website you will be able to read first hand the various complaints lodged against Globe Life. Now, while most people are not saying Globe Life is a scam, they are telling some pretty sad stories. The amount of Globe Life complaints is a little troubling, particularly because 19 Globe Life complaints are from 2017 alone.
Your best alternative as a consumer who is seeking out Globe Life reviews because you are shopping for the best rates on life insurance is to call an independent life insurance agency, like TermLife2Go. We represent dozens of top rated life insurance companies. If you call a specific company, such as Globelifeontheweb, you are limiting your options to that ONE company.
TermLife2Go has access to a variety of products, from Term Life to Universal Life to Whole Life. We understand the complex nuances associated with the different types of life insurance products and can fill you in on the important points to be aware of with each company and product. Options are the #1 way to save on the cost of insurance because you can align the right company with your specific health or lifestyle.
For example, we have a few specific companies to choose for diabetic life insurance. You certainly do not want to choose just any company if you have diabetes. That is how we differentiate ourselves from the competition—we focus on the various niches of each top life insurance company, providing custom tailored high risk life insurance options.
The bottom line is this: if you are considering Globe Life, why not give us a call and see if we can offer something better. If we cannot find you something better you can always choose Globe Life. However, if we can find a better offer we might be able to save you money and lock you into a policy that lasts the rest of your life.
We are an independent agency comprised of seasoned life insurance professionals focused on finding our clients the best company, with the best product, at the best price. We give you options and then make a recommendation based on what matters most—meeting your families needs!
So, what are you waiting for? Give us a call today or visit our Instant Life Insurance Quotes page and see what we can do for you!
Thank you for reading our article, Globe Life and Accident Insurance Review. Please leave any comments or questions below.
Leave a Comment