Globe life insurance
- No medical exam required.
- Easier to qualify for coverage for people with health conditions.
- Narrow range of products.
Globe Life focuses 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 “superior,” 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 significantly more than the median number of complaints to state regulators in 2016 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 regulators, 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 2016 was 4.91.
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Globe Life offers a narrow range of life insurance products for relatively small amounts of coverage — up to $100,000 of term life, $50,000 of whole life for adults and $20,000 of whole life for children.
The pricing is unusual. The first month of coverage costs $1. Rates after that are based on the insured person’s 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.