Globe life insurance
- No medical exam required.
- Easier to qualify for coverage for people with health conditions.
- Narrow range of products.
Globe Life and Accident Insurance Co. operates in every state except New York, focusing on “simplified issue” policies for adults and children. These policies require no medical exam, though applicants do have to answer a few health questions and can be turned down.
A.M. Best financial strength rating: A+ (Superior)
Globe’s financial strength is “excellent,” according to ratings agency A.M. Best.
Financial strength is important because it indicates how well an insurer can pay claims. It’s especially important when choosing a life insurance company because claims might not be made until many decades after a policy is purchased.
Consumer complaints: Worse than the median
Globe drew far more than the median number of complaints to state regulators in 2015 for a company of its size, according to the latest data from the National Association of Insurance Commissioners.
The association assigns a complaint ratio score to insurance companies, based on the number of complaints to state insurance commissioners, adjusted for market share. The median score is 1. A score less than 1 means fewer complaints. Globe’s score for individual life insurance in 2015 was 5.61.
Globe Life insurance prices
Annual rates for $100,000 in term life insurance:
Source: Globe Life.
Globe Life’s pricing is unusual. You’ll pay $1 for the first month of coverage. Rates after that are based on your age when the policy takes effect.
Simplified issue policies like Globe’s generally cost healthy people more than standard life insurance policies, which often require medical exams and charge rates that factor in health status. And most term life insurance policies allow buyers to lock in a rate for the entire term, unlike Globe’s. Check out rates for other companies’ policies before opting for Globe’s coverage.
Globe Life insurance coverage options
Globe Life offers a narrow range of policies with some uncommon characteristics:
- Applicants don’t select a specific term — such as five, 10 or 20 years — when they sign up for Globe’s term life insurance coverage. Instead, the initial term is the number of years from your current age to the company’s next five-year age bracket (31, 36, 41, 46, etc.). For example, if you buy a policy at 29, you’d be granted a two-year term. After that, you can renew for five years at a time, for a higher cost, up to a final four-year term starting at age 86. Coverage is available up to $100,000, less than many people need.
- Permanent life insurance policies last for your entire life and feature a “cash value” account that grows over time. You can access the money within the cash value account. Globe’s only permanent policy option is whole life, which has a set premium, rate of return for the cash value, and death benefit. Coverage is available only up to $50,000 for adults. Globe also offers up to $25,000 in whole life insurance for children.
Globe Life also sells supplemental insurance, such as accidental death policies.