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Globe Life vs. New York Life: Which is better?
One insurer focuses on small, simple policies, while the other has something for everyone.
Updated . What changed?
Both insurers are financially strong and well-established in the life insurance world, but their product lineups set them apart. Globe Life has a more niched approach, while New York Life has a full suite of policies to choose from.
Find out how they stack up when it comes to their products, rates and reputation.
Life insurance products with Globe Life and New York Life
Both insurers sell term and whole life insurance, and Globe Life also has a specific whole life policy for children. But New York Life has a broader range of life insurance products overall, also offering universal, variable and survivorship policies.
In terms of coverage amounts, Globe Life’s policies are capped at $100,000 for term life, $50,000 for whole life and $20,000 for children’s whole life. New York Life offers up to $1 million in coverage for some policies.
|Children’s whole life|
New York Life doesn’t disclose its rates on its site. To get a quote, you’ll need to call the company and give them some background on your life insurance needs and financial situation.
Globe Life’s site supports online quotes, so you can fill out a form to find out how much you’ll pay. Since the insurer issues no-exam policies, you can expect to pay a more expensive premium than you would with a fully underwritten policy.
We could only find one rider for Globe Life – an accidental death and dismemberment benefit, which pays a death benefit of up to $150,000 if you die or are severely injured in an accident. Given the company specializes in simple, no-exam policies, it’s not surprising that they don’t offer many riders.
New York Life has a comprehensive range of riders, though. If you’re eligible, you could dress up your policy with these add-ons:
- Accidental death benefit. Pays a death benefit equal to the amount of the policy, up to a maximum of $300,000, to your beneficiaries if you die in an accident.
- Children’s insurance. Covers a child under 25 living in your home.
- Chronic care. Allows you to access a portion of your policy’s death benefit if you become chronically ill.
- Disability waiver of premium. Waives your premium payments if you become fully disabled.
- Estate protection. Pays out an additional death benefit if both policyholders die before the fourth anniversary of the policy.
- Guaranteed minimum accumulation benefit (GMAB). Open to variable life insurance policies policyholders, this offers a minimum guaranteed return on the performance of GMAB investment divisions.
- Living benefits. If you’re diagnosed with a terminal illness, this rider unlocks a part of your death benefit to pay for medical treatment or care.
- Money back. Available for those with universal life insurance, this protects your money from risky investments, to a certain extent.
- Option to purchase paid-up additions. If you opt into this rider, you can buy more coverage as needed — and boost your policy’s death benefit and cash value at the same time.
- Policy purchase. Allows you to buy additional insurance without taking another medical exam.
- Spouse’s paid-up insurance purchase option (SPPO). When you die, your spouse can use the proceeds of your policy to buy life insurance without a medical exam.
Since life insurance claims often aren’t paid out for years or decades, it’s important for your carrier to be financially strong.
One of the oldest mutual life insurance companies in the country, New York Life has near-perfect ratings from the four major financial ratings agencies. It also has a solid rating with J.D. Power, which analyzes customer satisfaction.
Globe Life has a superior rating with agencies like A.M. Best and Fitch, which points to its ability to pay out claims. It wasn’t included in J.D. Power’s most recent study of life insurance providers.
|Standard & Poor’s||AA-||AA+|
|JD Power||N/A||4 out of 5 stars|
Globe Life has been accredited with the Better Business Bureau (BBB) since 1952, and boasts an A+ rating for its customer interaction — though customers award it just 1 out of 5 stars. The BBB has recorded 64 complaints in the last three years, a number that has steadily reduced over time.
New York Life isn’t BBB-accredited, but it has an A+ rating for its customer service. The BBB logged 74 complaints over the last three years, with most of those policyholders complaining about the claims process. Customers gave the business 3 out of 5 stars, which is high for an insurance company.
Each insurer had high ratings but only one review on TrustPilot.
The best insurer for you is the one that meets your needs. Globe Life focuses on simplified issue policies, which is great for people who don’t want to take a medical exam — but might not be the most cost-effective option for healthy people who are looking for a large death benefit. New York Life caters to more people by offering a full suite of policies, plus with a long list of riders.
Before signing the dotted line, compare a range of life insurance companies.
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