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Globe Life insurance review 2020
Choose from term, whole and children’s whole life insurance — all without taking a medical exam.
finder.com’s rating: 3.0 / 5.0
★★★★★
Get a quote if…
- You’re on a budget or have basic coverage needs.
Pick something else if…
- You need more than $100,000 in life insurance.
18 to 70
Issue Age
$5,000 to $100,000
Coverage
No – simple application
Medical Exam Required
Details
| Free quote | Online, Phone |
|---|---|
| Policy options | Term, Whole, Children's insurance |
| Term lengths | 5 year level term |
| Monthly cost | As low as $3.49 a month |
| Claim methods | |
| Ratings | A.M. Best: A+ (Superior)** rating as of 7/18 |
| Available states | All states except New York |
| Customer support | Phone, email, mail, social media |
| Riders | None |
Expert review
Review by
Katia Iervasi
katia.iervasi@finder.comKatia Iervasi is a writer from Sydney, Australia. Her writing — and curiosity — has taken her around the world, and she now calls New York home. With a journalistic eye for detail, she navigates insurance and finance for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Expert review
Globe Life is ideal for those who are looking for a streamlined application and a small amount of coverage — up to $20,000 for children’s whole life, $50,000 for whole life or $100,000 for term life. While you can forgo the medical exam, the insurer doesn’t offer riders and has a poor reputation for customer reputation.
What types of insurance coverage does Globe Life offer?
Globe Life sells three types of policies, and none of them require a medical exam:
- Term life insurance. Term policies provide protection for a set period of time, and you can purchase a policy valued between $5,000 and $100,000.
- Whole life insurance. This policy offers lifelong protection and builds cash value over time. You can buy up to $50,000 in coverage.
- Children’s whole life insurance. With this policy, the coverage tops out at $20,000 and premiums are based on your child’s or grandchild’s age at the time of purchase.
What riders can I add to my policy?
Globe Life doesn’t appear to offer any riders. This means that any payouts from your policy will be limited to a lump sum death benefit. If you want to customize your coverage with add-ons like an accelerated death benefit or waiver of premium rider, you’ll need to look elsewhere.
How much does Globe Life cost?
The insurer doesn’t disclose its rates on its website. But it does have a unique offering: If you purchase a children’s whole life policy, you’ll pay just $1 for the first month of coverage. After that, the rates will be adjusted based on your child’s or grandchild’s age and will stay the same for the life of the policy.
Pros and cons of Globe Life
Pros
- No-exam policies. Customers don’t need to take a medical exam to purchase a policy, which is appealing for high-risk applicants or those who need coverage right away.
- Accessible entry point. To make life insurance affordable for more people, Globe Life offers coverage starting at $5,000.
- Long free look period. After you buy a policy, most insurers give you 10 days to change your mind — but Globe Life has a 30-day money back guarantee.
- Financial strength. Globe Life has an A+ (Superior) rating with A.M. Best, meaning it has the cash reserves to pay out claims.
Cons
- Low maximum coverage amounts. Death benefits are capped at $50,000 or $100,000 depending on the state you live in, which might leave you underinsured.
- Lacks rider selection. Globe Life doesn’t give policyholders the opportunity to bridge any gaps in their coverage with tieders.
- Short customer service window. Reps are only available by phone on weekdays during business hours.
- Customer reputation. The insurer is known for its poor customer service and delayed claim payments.
Life insurance companies like Globe Life
Globe Life reviews and complaints
Globe Life is accredited by the Better Business Bureau (BBB), which awards it an A+ rating. The BBB records 56 complaints over the last three years, many of which had to do with the slow claims process and confusing application. Customers give the company 1 out of 5 stars.
However, Globe Life’s complaint ratio score with the National Association of Insurance Commissioners is 3.85, which is almost four times the national average. Many of the complaints stemmed from poor communication and slow claims process.
How do I sign up?
You can apply for coverage by calling 1-800-742-6787, or by filling out an online form.
These are the steps:
- On the homepage, choose a policy type and enter your name, address, phone number and age bracket. Click Submit.
- Select the amount of coverage you want to buy and click Continue.
- Answer a series of questions about your health and lifestyle. Click Continue.
- You’ll be presented with a range of quotes. Adjust your policy details as needed, and then click Continue if you’d like to proceed.