Globe Life Insurance Review

Planning for your future | Life Insurance

Globe Life Insurance Review

Most people will agree that buying life insurance is one of the hardest things to do because there are so many different companies out there. It is important that you consider everything before you buy life insurance, so that you and your loved ones don’t have to worry about finances later in life. To make things easier for people, we are reviewing the best insurance companies in the United States. We will look at things like their financial strength, customer service ratings, and insurance products, so that people are able to buy the right insurance coverage.

It is imperative that you buy insurance from a company that has an excellent track record in paying out claims to policyholders. This is one of the most important things to look at, since it eases your mind with the knowledge that you will not be scammed and will receive a large financial payout from the company. We have conducted hundreds of reviews of insurance companies, and provided people with valuable information that allows them to make informed decisions.

One insurance company that has recently earned positive reviews in the industry is Globe Life Insurance. It is a strong insurance company and has a good track record in paying out claims to policyholders. The company is known as Globe Life and Accident Insurance Company, and here is our review for this insurance company. Remember, the final decision rests with you, so check out this review.

Our Rating – 4.5/5 Stars

A.M Best Fitch Moody's Standard & Poor's Comdex J.D. Power & Associates
A+
N/A
N/A
AA-
90
N/A

Company History

Founded in 1951, Globe Life and Accident Insurance Company is a relatively new name in the industry, and has only been around for over 65 years. The company was started after the founder borrowed $60,000 in capital, and has grown exponentially over the years. Nowadays, Globe Life is a valuable insurance company and has more than $70 billion in insurance policies. The insurance company is committed to provide secure life insurance protection to everyone in the United States. Their mission has allowed them to quickly climb the ranks of the top life insurance companies in the United States. The headquarters of Globe Life is in Oklahoma, where it was founded, and the insurance company offers coverage to everyone in the United States. Globe Life offers some amazing insurance coverage policies, and that is why it has more than 4.2 million insurance policies out in force. The company has made great strides over the years, and has become one of the biggest life insurance policy issuers in the United States in no time. The company has issued life insurance worth over $80 billion, and has helped people all over America acquire affordable coverage. The immense success of the company has resulted in a baseball stadium being named after them, which will be the home of Texas Rangers, and called ‘Globe Life Field’.

Company Overview

Due to the tremendous success that Globe Life and Accident Company has managed to acquire in such a short period, the company is highly rated and regarded by everyone. The insurance provider claims to offer ‘hassle-free’ services and policies to everyone, and promotes an extensive range of life insurance policies that will offer customers with numerous options. Globe Life allows people to buy insurance through various ways, which include over the phone, mail, or online. You can easily acquire life insurance coverage by answering a few questions over the phone. Globe Life is renowned for offering policyholders easy access to all policy information at any time of the day through their website. Policyholders can visit the website to make payments, see policy details, update their contact information and mailing address, view premium information, and so much more. If you are policyholder of Globe Life, you can reach their customer service representative at any time of the day for any questions you have. Individuals can contact the company through an email form, direct email, or through their toll-free number.

Financial Stability and Customer Service Ratings

One of the main reasons why Globe Life and Accident Insurance Company is so highly rated in the industry today is because of their superior financial stability ratings. The company has a good record in paying out claims to policyholders, and is also accredited with the BBB (Better Business Bureau), since January 1st, 1952. The BBB has given them an ‘A+’ rating, and Globe Life was given ‘A’ (excellent) ratings from all 4 major independent insurance ratings agencies in the United States. The ratings given to Globe Life and Accident Insurance Company are:
  • M. Best rating — “A+, Excellent”
  • Standard & Poor’s rating — “AA-”
  • Fitch – “A+”
  • Moody’s – “A1”
One area of concern for Globe Life and Accident Company is that they have had a lot of complaints from policyholders. However, they have an excellent track record of closing out complaints, and managed 372 complaints in the past year. They clearly value their customers, and when issues do come up they are quick to close them and resolve all complaints completely.

Company Products and Features

Types of Life Insurance Available Term, Whole, Accident, Medicare Supplement, Auto
Annual Premium Quotes will vary
Important Coverage Options
  • Young American Plan®
  • No medical exam term insurance
  • Inflation Benefit
  • Education Benefit
  • Dismemberment Benefit
  • Paralysis Benefit
Term Lengths
  • 10, 15, 20 or 30 years
NAIC Customer Complaint Ratio 2015 – 2017 Average: 0.45 Well below average (National Medium 1.00)
Customer Resources
  • FAQ
  • Insurance Blog
  • Phone Number and email contact form
Pros
  • Wide range of accidental death benefits
  • Policies for children and adults of all ages
  • Coverage of funeral and other end-of-life costs
Cons
  • Increasing premiums
  • Low death benefits
  • Consumer complains

Globe Life Insurance Products

When it comes to life insurance products Globe Life and Accident Insurance Company offers an extensive range of policy options and coverage. They provide various term, whole, and mortgage protection policies, which come with their specific limitations and requirements. The most popular life insurance products offered by Globe Life are as follows:

  • Term Life Insurance
  • Children’s Life Insurance
  • Whole Life Insurance
  • Senior Life Insurance
  • Accidental Death

One of the best things about the Globe Life and Accident Insurance Company is that they offer no medical exam life insurance, accidental death coverage, and whole life insurance for adults and children. These insurance products are all structured differently, and you also get final expense insurance in the form of term and whole life insurance policies.

Ø  Term Life

The term life insurance policy offered by Globe Life allows you to purchase $100,000 in coverage, for the payment of $1 in the first month. You will be asked a few health questions to qualify. The premium set for you will depend on the age bracket you fall under. You will be paying the premium rate depending on the group rate for the age bracket you are under, but that will change as you get older, and move into other age brackets. This means you can expect radical increases in premiums.

That is the only thing that is negative about the Globe Life and Accident Insurance Company. Most consumers are looking to acquire value for money, but constantly changing premium rates in a life insurance policy is a red flag. You can choose different death benefit amounts in the policy, which will include the following:
  • $5,000
  • $10,000
  • $20,000
  • $30,000
  • $50,000
  • $75,000
  • $100,000
The term life policies come with a level death benefit, and the only difference is that the premium only stays level for a short period. Globe Life doesn’t ask a lot of health questions to qualify people for term life insurance, but that means everyone is pooled with high risk applicants, even if they aren’t. This means you are paying more for your term life policy, than you would at another company.

Ø  Whole Life

The Whole Life Insurance policy from Globe Life has some similarities with term life, as you are asked few health questions, and the premium for the first month is set at $1. The major difference here is that the coverage is only set at $50,000, but the premiums never increase, since it is a whole life policy. The initial monthly cost will be higher. You will also get a small cash component, a guaranteed minimum death benefit, and a level premium with the whole life insurance policy. It may seem like a good idea to build loans with your whole life policy, but be careful here, because the policy will accrue interest. This will reduce the final death benefit from the company, as the money will be taken out to pay out outstanding loans and interest.

Ø  Children’s Coverage

Globe Life and Accident Insurance Company also offers children’s life insurance, and have a separate policy, named Young American Plan®. This is like a whole life policy, and offers a death benefit of $25,000, which is made available to children later in their life. Other Products Offered by Globe Life Insurance Globe Life and Accident Insurance Company also offers an extensive range of other insurance policies and products, which include car insurance and Medicare Supplements. We are going to be reviewing some of the other products offered by Globe Life, which are as follows:

Ø  Accidental Death Insurance

You can acquire accidental death insurance from Globe Life, which is a policy designed to be used as a supplement for an existing life insurance policy, or for anyone that couldn’t acquire life insurance due to a pre-existing medical condition. The policy is available for anyone that is between the ages of 18 to 69, and face amounts go up to $350,000. The accidental death insurance policy does have its benefits, but you should remember that it isn’t life insurance. You don’t get life insurance coverage, and if you die due to natural causes, the beneficiaries aren’t going to receive a death benefit. They will get nothing, unless you die due to an accident, since this policy is only meant for accidental death.

Ø  Mortgage Protection

Globe Life also offers mortgage protection insurance, which is a part of its dismemberment and accidental death policy.

Ø  Medicare Supplement Plans

Globe Life offers Medicare Supplement plans to people to help cover any remaining costs that Medicare doesn’t cover. This is like a guaranteed acceptance insurance policy that doesn’t have any waiting periods, and the main areas of the Medicare Supplement plans will help you with covering costs associated with physicians, outpatient hospital services, co-payments, and deductibles.

Ø  Charity

One of the best things about Globe Life is that it participates heavily in charitable events, and makes a lot of great contributions. The insurance company supports softball and baseball, and contributes regularly to 10 different non-profit organizations, while they also have a partnership with Texas Rangers. The company has also partnered with the Oklahoma PD to sponsor a golf tournament, and has also previously sponsored the Special Olympics team, set up soccer camps for children, and contributed to numerous renowned charities like Make A Wish Foundation, the United Way, and more.

Company Summary

Company Name Company Ratings Headquarters Policy Types

Torchmark Corporation

Globe Life and Accident Insurance Company

Home Mortgage Group of Globe Life and Accident Insurance Company

A.M. Best (A+)

Fitch (N/A)

Moody’s Investors Services (N/A)

Standard & Poor’s (AA-)

Comdex (90)

204 North Robinson Avenue

Oklahoma City, OK 73184

(800) 654-5433

Web: www.globelifeinsurance.com

Term

Whole

Accident

Medicare Supplement

Auto

The Bottom Line

Most people think that the life insurance products offered by Globe Life and Accident Insurance Company are extremely overpriced. Globe Life mainly targets high-risk individuals and the elderly, which is clearly defined by their marketing strategy and simple underwriting style. This means that costs are always rising, and the introductory $1 premium for the first month is only to attract customers.

The company has also been fined several times in the past decade, and have had complaints about unpaid claims from policyholders. If you are looking to buy an insurance policy from Globe Life, do your research and compare the policy from one that is from another company before committing to it.

Next – Fidelity Life Insurance Review

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