Globe Life Insurance Review 2020

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Globe Life is a leader in life insurance, with some of the highest-rated customer satisfaction on the market. The company offers a wide variety of policy options, meaning anyone can find the right plan for them. Globe Life Insurance has been around for more than 100 years, earning them the trust of many.

Globe life insurance

Globe Life is one of the top life insurance companies in the industry, so it comes as no surprise that it has a comprehensive list of policy options. The company offers traditional policies like term and whole life. But it takes it one step further by offering policies for children, final expenses, accidental death and mortgage protection.

Types of life insurance policies offered

Term life insurance

Term life insurance offers a fixed premium for a specific number of years. If you die within the term of the policy, your family receives a predetermined death benefit.

Whole life insurance

Whole life insurance is a permanent life insurance policy, meaning it doesn’t end after a specific number of years like term life insurance. You lock in your rate when you sign up and are guaranteed the same premium and coverage for life. Whole life insurance also has a cash value component to help you save for the future.

Children’s life insurance

Globe’s children’s life insurance policies help you to lock in low premium rates to help you save in the future. Because young, healthy people pay lower rates, the premiums for children’s health insurance are considerably lower than a policy they might purchase as an adult. In addition to a death benefit, Globe’s children’s life insurance policies include a cash value component that your child can use to pay for college or buy a house.

Final expense insurance

Final expense insurance is specifically designed to cover any costs associated with your death, including funeral and burial expenses and any debt you may have left behind.

Accidental death insurance

Accidental death insurance provides coverage when someone dies as a result of a covered accidental death. Rather than acting as a standalone policy, accidental death can be added to another policy you already have with Globe Life.

Mortgage protection

This life insurance policy is designed to pay off your remaining mortgage if you die in a covered accident. Customers can purchase mortgage protection as a standalone policy or in addition to another type of life insurance.

Globe ratings, reviews, customer satisfaction and complaints

Globe Life gets mixed reviews when it comes to customer service. In a 2020 Life Insurance Study, J.D. Power ranked the company second in the industry for customer satisfaction. Factors considered included application, orientation, communications, interaction, price, product offerings and statements. Globe beat out more than 20 other companies. Additionally, the company earns an A+ rating from the Better Business Bureau (BBB).

But Globe doesn’t get stellar reviews from everyone. According to data from the National Association of Insurance Commissioners, the company receives far more complaints than the industry average. They suggest that the company’s price and signup process runs smoothly, but customers may run into problems when filing a claim.

Finally, when it comes to financial strength, Globe Life receives a grade of A from AM Best. From this, we can determine that the company will likely be able to pay out any claims for the foreseeable future.

Reasons why Globe is a great option

Globe Life is a great option for anyone who wants a large variety of insurance coverages to choose from. Globe doesn’t just stop at basic term life insurance. It also offers whole life, children’s life and more — not to mention the health insurance coverage the company offers.

One of the major perks of Globe Life is the number of policies for which you can lock in a fixed monthly rate. While companies typically allow you to lock in your rate for term and whole life insurance, Globe also allows you to lock in a rate for children’s life insurance, which they’ll abide by for the child’s entire life.

The one thing to be wary of is Globe’s record of customer complaints. While J.D. Power ranks them high in terms of customer satisfaction, the company receives far more complaints than average with the National Association of Insurance Commissioners.

Additional policies offered by Globe

In addition to its life insurance, Globe also offers a variety of other insurance policies.

  • Cancer insurance: Helps to pay for medical expenses, as well as the cost of transportation, lodging, childcare expenses and income replacement during treatment.
  • ICU insurance: Covers any stays in the ICU that traditional insurance plans may not cover.
  • Critical illness insurance: Protects you in the case of loss of income, special needs or major lifestyle changes as a result of a critical illness.
  • Hospital insurance: Helps to cover the costs of deductibles, coinsurance and copayments during a hospital stay.
  • Accident insurance: A lump sum payment available in the case of a major accident.
  • Worksite Insurance: Available to business owners to offer insurance plans to their employees.

Frequently asked questions

What is the best life insurance company?

The best life insurance companies in the industry offer exceptional customer service and policies at an affordable rate. There are many companies on the market, and the right company may be different for different people.

How do I choose the right life insurance policy for me?

To choose the right health insurance plan, it’s important to consider the type of coverage your family may need if you die. You’ll have to decide whether you want term life with just a death benefit or if you want the cash value growth that comes with whole life plans.

How much does life insurance cost?

The cost of life insurance is different depending on the type of policy you’re buying. Basic term life policies tend to come at a lower rate than a more comprehensive whole life plan. Your personal characteristics will also be a factor — young, healthy people tend to pay lower rates for health insurance.

How do you buy life insurance with Globe Life?

Globe Life allows you to purchase some of their insurance policies online. If you’re planning to purchase term life or children’s life insurance, you can do so online. For other policies, you can connect with a local agent to sign up.