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Globe Life Insurance Review 2020

June 15, 2020
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GLOBE LIFE

  • Issues policies without a medical exam.
  • Offers term, whole and children’s life insurance.
  • Relatively low maximum benefits.
Amid the COVID-19 pandemic, not all companies are accepting new life insurance applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

Globe Life Insurance offers term life, whole life and children’s life insurance. The company highlights its initial low cost, with $1 buying your first month’s coverage — but that cost quickly increases.

Take care of what matters most

Your family is unique — your life insurance should be, too.

Globe Life, based near Dallas, also sells policies through subsidiaries including American Income Life, Liberty National Life, United American and Family Heritage Life. The parent company changed its name from Torchmark to Globe Life in August 2019.

Globe Life Insurance

2.5 NerdWallet rating

Globe earned 2.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings from A.M. Best.

Globe Life Insurance sells directly to consumers and through its captive agents. The company offers a narrow range of life insurance products for relatively small amounts of coverage — up to $100,000 of term life insurance, $50,000 of whole life insurance for adults and $30,000 of whole life for children. Maximum amounts may be lower in some states.

Simplified-issue policies like Globe’s allow you to get life insurance without a bunch of medical tests. Instead, you’ll be asked some questions about your medical history, and the insurer can accept or deny you based on your answers. This isn’t guaranteed-issue life insurance, where you can’t be turned down; it’s just life insurance with a less invasive application.

Generally, these policies cost healthy people more than standard life insurance policies, which often require life insurance medical exams and charge rates based on your health. However, if you wouldn’t qualify for life insurance that needed a full medical exam, these products can be a way to get some level of coverage.

Globe’s pricing can include a reduced rate in the first month. The rate after that is based on the insured person’s age when the policy takes effect. Whole life policies cost the same amount every month for the life of the policy, while term policies increase in cost every five years. For example, Globe says a man living in Virginia will pay 25% more for a $50,000 policy from ages 36-40 than for the same coverage from 31-35.

» MORE: Compare life insurance quotes

Globe Life Insurance complaints

Globe Life Insurance drew far more than the expected number of complaints to state regulators for a company of its size, according to three years’ worth of data from the National Association of Insurance Commissioners.

More about Globe Life

In addition to life insurance, Globe Life or its subsidiaries also offer:

  • Accidental death insurance.
  • Mortgage protection insurance.
  • Medicare supplement plans.
  • Supplemental health insurance.
  • Critical illness insurance.
  • Hospital indemnity insurance.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and financial strength ratings from A.M. Best, which indicate a company’s ability to pay future claims. To calculate each insurer’s rating, we adjusted the NAIC and A.M. Best scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.