Globe Life insurance review 2023

Globe Life insurance

Founded in 1900, Globe Life now sells coverage in all 50 states and Washington, D.C., although some products may not be available in certain states. Globe Life offers a handful of life insurance products — a few of them available without a medical exam, which could be appealing to consumers who have health struggles. However, there’s only one guaranteed issue policy, so if you deal with chronic or severe health issues, you may still be declined for many of Globe Life’s coverage options. Bankrate’s Globe Life insurance review analyzes the company’s coverage offerings to help you decide if it’s a fit for your lifestyle.

Globe Life insurance coverage types

Globe Life’s insurance policies come in several life policy types, including term, whole and final expense. You may be able to get a life insurance quote online or you might have to call an agent, depending on the type of coverage you need.

Globe Life uses several different underwriting companies:

• Globe Life and Accident Insurance Company
• Liberty National Life Insurance (Globe Life Liberty National Division)
• United American Insurance Company
• American Income Life Insurance Company
• Family Heritage Life Insurance Company of America
• Globe Life Insurance Company of New York
• National Income Life Insurance Company

Your policy could ultimately come from a provider other than Globe Life. This may depend on the type of policy you choose, the amount of life insurance you need and the state you live in.

• Term: If you’re comparing term life insurance companies, you may be considering Globe Life. With Globe Life’s term coverage, you could buy a policy online — although you can still work with an agent if you prefer — and without a medical exam. You may also get up to $100,000 in coverage with no waiting period.
• Permanent: Globe Life offers whole life insurance, which is a type of permanent policy that stays with you as long as you pay the premiums. You are not able to purchase Globe Life whole life insurance online; you’ll have to work with an agent or purchase coverage by mail. Although there is a health questionnaire, you won’t need to take a medical exam for Globe Life’s whole life coverage.
• Final expense insurance: Final expense coverage is a type of whole life insurance designed to cover your final expenses, which are typically burial or cremation costs, funeral services and other end-of-life arrangements. Globe Life’s final expense coverage can be purchased online and doesn’t require a medical exam. Final expense coverage may be a popular life insurance option for seniors who no longer have dependents to take care of, although you should keep in mind that it is typically more expensive and coverage limits are generally capped at a fairly low number.
• Mortgage protection insurance: Although Globe Life’s policies don’t typically require a medical exam, you could still be denied coverage. However, Globe Life’s mortgage protection insurance is a guaranteed option. Keep in mind that this also means that the premium may be higher.
• Children’s life insurance: Because age is one of the biggest factors when rating a life insurance policy, buying coverage for your children when they are young can help them secure a low premium as they age. Like many of Globe Life’s other policies, coverage can be purchased without a medical exam and can be bought online. You can buy a death benefit up to $30,000.
• Final expense insurance: Final expense coverage is a type of whole life insurance designed to cover your final expenses, which are typically burial or cremation costs, funeral services and other end-of-life arrangements. Globe Life’s final expense coverage can be purchased online and doesn’t require a medical exam. Final expense coverage may be a popular life insurance option for seniors who no longer have dependents to take care of, although you should keep in mind that it is typically more expensive and coverage limits are generally capped at a fairly low number.

Globe Life life services

Globe Life exclusively offers life insurance products, but the company’s flexibility could be appealing to some customers. Depending on the product you purchase, you can buy online, by mail or by working with an agent over the phone. However, Globe Life doesn’t offer financial planning, estate planning or other financial services or products.

Other Globe Life perks worth considering

Globe Life and its subsidiaries mainly focus on life insurance, although the company does offer supplemental health insurance and annuities, including the following:

• Accident insurance can help pay the costs of ambulance services, emergency treatments, hospitalization and intensive care treatments if you sustain an accident. If a policyholder dies due to an accident, accident insurance may also pay an additional death benefit.
• Accidental death insurance: This pays a benefit if the policyholder dies due to an accident. Accidental death insurance covers more hazards than accident insurance does, including risks such as falls, poisoning and travel-related fatalities.
• Cancer insurance could help those with a cancer diagnosis pay expenses your health insurance does not cover, like income replacement, childcare costs and transportation to treatment facilities.
• Critical illness insurance could provide a lump sum benefit following a covered critical illness, such as a heart attack or stroke.
• Hospital insurance helps to cover the costs of deductibles, coinsurance and copayments during a hospital stay.
• ICU insurance is designed to cover part or all of any stays in the ICU that traditional insurance plans may not cover.

Globe Life customer satisfaction

Third-party ratings play a vital role in selecting the best life insurance company. A provider’s financial strength is important, because it is calculated based on the company’s historical ability to pay claims or satisfy financial obligations to its policyholders. Rating services such as AM Best, Moody’s and Standard and Poor’s evaluate the financial status of insurance companies. AM Best gives Globe Life an A (Excellent) financial strength rating, the agency’s second highest rating category.

Customer satisfaction may be another important factor when shopping for a life insurance company. J.D. Power produces an annual survey of insurers, evaluating their performance based on communication, customer interaction, premiums and products. In J.D. Power’s 2022 U.S. Individual Life Insurance Study, Globe Life ranked second in the market, with an overall customer satisfaction score of 812 out of 1,000.

However, the National Association of Insurance Commissioners (NAIC) reports an individual life insurance complaint index of 3.49. A score of 1.0 is considered the baseline, which means that the NAIC receives nearly four times as many complaints about Globe Life as standard.

How to file a claim with Globe Life

Seven companies underwrite Globe Life insurance policies, and claims procedures vary by underwriter. The Globe Life website contains downloadable claims documents for some underwriters, but not all. All underwriters should allow you to mail claims, and some even extend the option to email or fax your claim documents.

Common data required to file a claim include the policy number and policyholder’s name, address, date of birth and phone number. Along with a death certificate, a claim may also require you to submit other documents, such as an autopsy, coroner’s report, physician’s statement, policy report or toxicology report, depending on the manner of death. The underwriter may also require a copy of an obituary, itemized hospital bill or medical records.

Globe Life availability

Globe Life and Accident Insurance company is licensed to offer life insurance in all states and Washington, D.C., except New York. Globe Life Insurance Company of New York offers products for New York residents.

Globe Life life services

Globe Life exclusively offers life insurance products, but the company’s flexibility could be appealing to some customers. Depending on the product you purchase, you can buy online, by mail or by working with an agent over the phone. However, Globe Life doesn’t offer financial planning, estate planning or other financial services or products.

Other Globe Life perks worth considering

Globe Life and its subsidiaries mainly focus on life insurance, although the company does offer supplemental health insurance and annuities, including the following:

• 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 part or all of 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 covered 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 covered accident.

Globe Life corporate sustainability

Every year since 2019, Globe Life has issued its annual Environmental, Social and Governance Report. In the 2021 version — the most recent release of the report available — Globe Life details its energy efficiency and water reduction tactics. Additionally, the report details the company’s work-from-home initiatives. Globe Life attests that working from home boosts the morale of its employees, attracts new employees to the company and helps further the company’s environmental goals.

The report also goes over Globe Life’s people, culture and community goals, including breakdowns of the company’s workforce by gender, generation and race and ethnicity. Globe Life notes that it launched a diversity, equity and inclusion (DEI) program called Mosaic@GlobeLife in 2021 that helps encourage a culture where all employees feel valued and safe. And when it comes to community giveback, the carrier donated about $2.6 million to various organizations in 2021. Globe Life’s corporate sustainability efforts may make it one of the best life insurance companies to consider for policyholders who value giveback initiatives.

Not sure if Globe Life is right for you?

Globe Life may be a good life insurance company for many, but it’s not likely to fit everyone’s needs. Life insurance is intensely personal, so finding the right company is important. If you aren’t convinced that Globe Life is the right fit, consider these other options:

Globe Life vs. Guardian

If you’re looking for a company with more options for personalization, try Guardian. The carrier offers numerous life insurance products with plenty of riders to customize your coverage. Guardian also offers several products that Globe Life does not, like disability, dental and vision insurance, along with investment products such as annuities and individual retirement accounts (IRAs).

Learn more: Guardian life insurance review

Globe Life vs. MassMutual

MassMutual won a Bankrate Award for best whole life insurance company. The company may be particularly good for those who need a high level of coverage. In addition to life insurance and long-term care insurance, MassMutual also offers a host of investment and retirement products, including 529 plans, IRAs, mutual funds and several types of annuities. While MassMutual ranked lower than Globe Life in the 2022 J.D. Power life insurance study, it has earned the highest AM Best financial strength rating, A++ (Superior).

Learn more: MassMutual life insurance review

Globe Life vs. State Farm

This well-known company won a Bankrate Award for its term life insurance. With high customer satisfaction scores, State Farm could appeal to those looking for a seamless policy experience. State Farm also has numerous points of contact, including local agents, a 24/7 phone line, a mobile app and an online customer portal. Besides life insurance, State Farm also offers auto, business and home insurance, along with banking services, home loans and investment products.

Learn more: State Farm Insurance review

Is Globe Life a good insurance company?

Bankrate’s Globe Life Insurance review found that it could be best suited as an option for those who require no-exam options. The company has high customer satisfaction, which means most policyholders are likely satisfied with the insurer’s level of service. However, since digital tools are limited, Globe Life may fall short when compared to other top life insurance companies in terms of accessibility.