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Globe Life Insurance Company Review 2020 (Companies + Rates)

In our Globe Life insurance review, you'll find cheap term life insurance. Globe Life offers low rates for less than $2/month and doesn't require a medical exam, but you can't manage your account online.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer...

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UPDATED: Jun 1, 2020

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Globe Life Insurance Company Overview
Key InfoCompany Specifics
Year Founded1951
Current ExecutivesGary L.Coleman – Co-Chairman
Larry M. Hutchinson – Co-CEO
Number of Employees3,102
Total Sales / Total Assets$4,303,800,000 / $23,095,700,000
HQ Address3700 South Stonebridge Drive
McKinney, TX 75070
Phone Number1-972-569-4000
Company Websitewww.globelifeinsurance.com/globelifedirect
Premiums Written - Individual Life $2,581,628
Financial Standing$701,500,000
Best ForCheap Individual Life Insurance for Families With Children
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Globe Life insurance offers cheap term life insurance, claiming that you can get $50,000 worth of coverage for only a few dollars a month. Read our Globe Life insurance company review to learn whether this type of life insurance is right for you and your family.

Read enough of our Globe Life insurance review to be interested in this company? If you’re ready to compare Globe Life and other life insurance company rates, start by getting FREE quotes using our tool now.

Shopping for Globe Life Insurance Quotes

If you’re wondering whether you really need life insurance, the answer is yes. Otherwise, you risk struggling with finances after the death of a spouse, parent, or other loved one, so shopping for life insurance is necessary. Globe Life insurance even offers cheap life insurance for children.

Globe Life Whole Life Insurance Rates for Children

Thus, it’s important to begin to shop for life insurance quotes as soon as possible to lock in the best rates. And since it’s simple to get a quick life insurance quote online, there is no excuse for not starting your search right away.

Globe Life Average Monthly Term Life Insurance Rates by Policy Amount and Gender – Non-Smokers
Age$5,000/Male$5,000/Female$10,000/Male$10,000/Female$20,000/Male$20,000/Female$30,000/Male$30,000/Female$50,000/Male$50,000/Female
18–20$1.99$1.69$3.49$2.99$6.49$5.59$9.49$8.19$15.49$13.39
21–25$2.49$1.99$4.49$3.99$8.49$6.49$12.49$9.49$20.49$15.99
26–30$2.99$2.49$5.49$4.49$10.49$8.49$15.49$12.49$25.49$20.49
31–35$3.49$2.99$6.99$5.49$12.49$10.49$18.49$15.49$30.49$25.49
36–40$4.49$3.49$7.99$6.49$14.99$12.49$21.99$18.49$35.99$30.49
41–45$5.49$4.49$9.99$7.99$18.99$14.99$27.99$21.99$45.99$35.99
46–50$6.99$5.49$12.49$9.99$23.49$18.99$34.99$27.49$56.49$45.99
51–55$8.99$6.99$16.49$12.49$31.49$23.49$46.49$34.49$76.49$54.49
56–60$11.99$8.49$21.49$15.49$40.49$29.49$59.49$43.49$97.49$71.49
61–65$15.99$11.49$29.49$20.49$56.49$38.49$83.49$56.49$137.49$92.49
66–70$21.99$14.49$39.99$26.99$75.99$51.99$111.99$76.99$183.99$126.99
71–75$29.99$19.99$55.49$36.99$106.49$70.99$157.49$104.99$259.49$172.99
76–80$41.99$27.99$79.49$52.99$154.49$102.99$229.49$152.99$379.49$252.99
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As you can see, Globe Life insurance offers annual renewable term life insurance. Your rates usually go up when you renew.

Average Globe Life Insurance Rates by Age

Typical Globe Life insurance rates by age range from less than $2 a month to almost $400 per month.

Globe Life Average Monthly Life Insurance Rates for a $30,000 Policy by Age and Gender
AgeMaleFemale
18–20$9.49$8.19
21–25$12.49$9.49
26–30$15.49$12.49
31–35$18.49$15.49
36–40$21.99$18.49
41–45$27.99$21.99
46–50$34.99$27.49
51–55$46.49$34.49
56–60$59.49$43.49
61–65$83.49$56.49
66–70$111.99$76.99
71–75$157.49$104.99
76–80$229.49$152.99
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This average Globe Life insurance rates by age chart shows that if you purchase $30,000 worth of coverage, you can expect to pay between $10/month and over $200/month.

Average Annual Life Insurance Rates for Non-Smokers
Marital Status, Age & GenderNew York LifePrudentialLincoln NationalMassachusetts MutualAegon/
Transamerica
John HancockState FarmAverage
Single 25-Year-Old Female$158.00$195.00
$187.00$132.00
$164.00
$172.50
$143.00
$164.50
Single 25-Year-Old Male$152.00$237.00
$231.00
$147.00
$176.00
$178.30
$164.00
$183.61
Married 35-Year-Old Female$164.00$196.00
$191.00
$137.00
$161.00
$178.30
$166.00
$170.47
Married 35-Year-Old Male$160.00
$248.00
$238.00
$151.00
$171.00
$189.80
$175.00
$190.40
Married 45-Year-Old Female$262.00$314.00
$239.00
$209.00
$229.00
$241.50
$238.00
$247.50
Married 45-Year-Old Male$245.00$378.00
$283.00
$230.00
$255.00
$292.10
$239.00
$274.59
Married 55-Year-Old Female$414.00$496.00$435.00
$373.00
$453.00
$407.10
$341.00
$417.01
Married 55-Year-Old Male$696.00$584.00
$615.00
$451.00
$527.00
$533.60
$396.00
$543.23
Single 65-Year-Old Female$924.00$941.00
$903.00
$763.00
$1,139.00
$937.30
$684.00
$898.76
Single 65-Year-Old Male$1,416.00$1,412.00$1,577.00$1,049.00$1,367.00$1,380.00$955.00$1,308.00
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In comparison, check out these average rates for the top 10 life insurance companies by market share. Some of them don’t offer term life insurance, while others’ rates begin in the hundreds of dollars for younger people and ask older people to spend over $1,000 per month.

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About Globe Life Insurance

Since it offers such low prices, many people ask, “Is Globe Life insurance reputable?

The company has been providing inexpensive life insurance policies to rural Oklahoma communities since 1951 and in 1964, expanded its services to 36 other states. Its longevity is a strong sign of reputability. Globe Life’s company headquarters is in McKinney, Texas. The company is a large contributor to Texas culture, having purchased the naming rights to the Texas Rangers Ballpark in 2014

Globe Life’s Ratings

Globe Life & Accident Insurance Company has an A+ (Superior) A.M. Best Financial Strength Rating from A.M. Best, which is the highest credit rating possible.

Globe Life has also received an A+ rating from the Better Business Bureau (BBB), which means there are few to none unresolved consumer complaints. However, its BBB listing currently includes three one-star customer reviews. In the company’s defense, Globe Life has responded on the BBB site to all three of these complaints to try to get them resolved.

Standard & Poor’s is a business credit rating company that rates businesses on their financial stability and ability to pay back loans. This company has given Globe Life financial strength rating of AA- This means that Globe Life has some minor credit issues but is considered extremely likely to pay back its debts.

This is good news for policyholders. Companies that can pay their debts are unlikely to go bankrupt, which means that they will likely still be in business when your family needs to make a claim even if it is years from now.

Globe Life’s Market Share

Globe Life holds a very small part of the life insurance market share. It isn’t listed in the National Association of Insurance Commissioners’ Top 125 Life Insurance Companies for 2018.

Liberty Mutual, which ranks 125th, holds just .03 percent of the market, so Globe Life must hold less than that.

Top 10 Life Insurance Companies and Globe Life by Market Share
RankCompaniesMarket Share
1Northwestern Mutual6.42%
2Metropolitan6.00%
3New York Life5.68%
4Prudential5.57%
5Lincoln5.36%
6Massachusetts Mutual4.19%
7Aegon US2.94%
8John Hancock2.83%
9State Farm2.83%
10Minnesota Mutual2.70%
N/AGlobe Life<.03%
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In contrast, Northwestern Mutual, which is the number-one ranked life insurance company by market share, dominates the market with a whopping 6.42 percent share.

Are you wondering what is the most reliable life insurance company? The NAIC rankings help consumers figure this out by listing the 125 most financially stable companies each year.

However, Globe Life’s failure to rank doesn’t mean it’s a poor risk. After all, it underwrote more than $2 million worth of premiums in 2019 and is considered financially stable.

Here is a list of Globe Life’s subsidiaries.

  • American Life Insurance Company
  • National Life Insurance Company
  • Liberty National Life Insurance Company
  • United American Life Insurance Company
  • Globe Life insurance Company of New York
  • Family Heritage Life Insurance Company

Globe Life operates in every state except for New York. Its subsidiary, National Life Insurance Company, operates in that state. In 2019, Torchmark Company announced it would begin doing business under the Globe Life insurance Inc name, effectively merging with Globe Life insurance Omaha.

Globe Life Insurance Premiums Written
YearPremiums Written
2017$2,373,099
2018$2,464,728
2019$2,581,628
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Globe Life reported a financial gain of $701.5 million in 2019. This large financial gain suggests the company is on the upswing and will continue to remain in business for years to come.

Globe Life Insurance vs Life Insurance Industry Net Income Growth and Loss
YearGlobe LifeIndustry
20170%7.0%
201823.2%-18.6%
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Globe Life made significant gains not only in 2019 but also in 2018, when the life industry as a whole was losing money. As of May 2020, Globe Life’s stock performance has been mostly steady over the past 12 months but is dipping slightly.

Globe Life’s position for the future may be slightly worse than it is now. Its stock is currently falling, though it has remained fairly steady, over the past 52 weeks and its current price is still a bit higher than it was on its worst day.

In addition, Globe Life’s premiums have increased from year to year, which means the company is taking in more money each year. This is a strong indicator of long-term financial stability which should help policyholders trust that Globe Life will still be around when they need to file claims.

Globe Life’s Online Presence

For most insurance companies, using social media is of primary importance. Globe Life does have a Facebook page, where it posts videos, graphics, and information to help consumers understand their life insurance options and offer help meeting their needs during difficult times such as the COVID-19 pandemic.

Globe Life also posts promotional videos on its Twitter account and has an Instagram account where it posts informational photos as well as testimonials. None of these social media accounts are listed on Globe LIfe’s website.

This suggests that Globe Life hasn’t fully grasped the importance of having a life insurance company social media campaign to attract new customers, particularly younger ones.

In addition, Globe Life’s website does not include any option to live chat with agents. You can email their customer service department through the site and a phone number is also listed online if you would rather call an agent.

Globe Life’s Commercials

Globe Life does not have many current life insurance TV ads available online. However, fans have posted some older commercials on YouTube.

The above video is an example of a commercial Globe Life ran on TV in 2005. This commercial emphasizes the cheap plans Globe Life offered then and continues to offer today, particularly its plan to insure children for only a dollar per month.

More recently, Globe Life has produced life insurance TV commercials explaining why people choose this company to meet their life insurance needs. This commercial emphasizes consumers’ hopes for the future and how Globe Life insurance helps protect those hopes. Upbeat music throughout the ad helps set a mood of hope and optimism.

Globe Life in the Community

People often prefer to work with companies that do good for the community, especially in difficult times. Through its Family Heritage subsidiary, Globe Life supports several charities, such as

  • Harvest For Hunger
  • Toys for Tots
  • Girl Scouts
  • Boy Scouts of America

Employees are encouraged to donate time and money to these and other charitable organizations of their choosing.

Another way that Globe Life has become one of many businesses that give back to the community is via its involvement with Special Olympics in Dallas, near the company’s headquarters.

As Corey Jones of Globe Life discusses in this video, the company has sponsored the FC Dallas Special Olympics team every year since 2014. The company’s support allows people with physical and mental disabilities to participate in a special sporting event that can help boost their self-esteem.

Globe Life’s Employees

Globe Life is a mid-size company that employs about 3,100 people, and almost half of them would recommend the company to a friend, according to Glassdoor. Its average rating on that site is three stars out of five, and the majority of employees state that Globe Life offers good work-life balance, opportunities for advancement, and some benefits.

Globe Life offers a 401(k) plan, a health care plan, and reimbursement of gym membership fees. They also are eligible for a pension plan after five years of employment.

Globe Life has also won several awards throughout its lifetime:

  • Stevie Award: Best Customer Service Department Gold Winner (2014, 2016)
  • NEO Success Award Winner (2012–2015)
  • 100 Centurion Winner Weatherhead (2002–2006; 2009–2011; 2014)

Globe Life is committed to diversity and hires people from all walks of life to assist in its goal of providing cheap and effective life insurance to customers.

Globe Life’s Life Insurance Policies

Globe Life offers both term life and whole life insurance policies.

Term life insurance policies are generally cheaper than whole life insurance policies but are time-limited, which means you only get coverage for a certain amount of time. For example, if you purchase a 10-year policy, your family will get death benefits if you die during that 10-year period.

Many term life policies offer you the ability to either renew or switch convertible term life insurance to whole life as the term nears expiration, however, so you can always check with your insurer about this possibility.

Conversely, whole life policies offer permanent coverage, so your family will get benefits regardless of how long it’s been since you purchased the policy. In addition, whole life insurance policies build in cash value, while term life insurance policies don’t.

Term Life Insurance

Globe Life advertises that its term life insurance rates start at $3.49/month for adults. However, it’s important to remember that not everybody will get the same rate. Your rate depends on several factors, such as your age, health, occupation, habits, and military status.

In addition, if your term life insurance expires, you have the option of renewing it. However, your rates will generally be higher when you renew because you’re 10 or more years older than you were when you purchased it.

Whole Life Insurance

Globe Life only offers whole life insurance for kids. If a life insurance company offers insurance for children, as Globe Life does, you may want to take advantage of it because it offers financial benefits that can help your child get off to a good start when they reach adulthood.

Since the policy grows in cash value over time, your child could start their adult life with a sizable nest egg if you purchase whole life insurance for them when they are an infant. Can you cash out a Globe Life insurance policy for children? You can while they are still minors, and they can cash out their Globe Life insurance policy themselves once they reach the age of majority.

Burial & Final Expense Insurance

Although Globe Life doesn’t offer Globe Life burial insurance specifically to cover burial costs, your family can use benefits to pay for your burial.

Life Insurance Riders

Globe Life insurance doesn’t offer any riders. However, it does offer Globe Life cancer insurance in addition to life insurance. This type of insurance offers cash benefits of up to $50,000 if you’re diagnosed with cancer.

How to Get a Quote Online With Globe Life

Many people don’t know how to get life insurance quotes online. Fortunately, Globe Life makes it easy to get quotes from them.

Simply visit Globe Life’s website at http://www.globelifeinsurance.com/globelifedirect and fill out the form at the top of the page. This form allows you to click on one or more of three options: term life for adults, whole life for children, or adults and children.

Globe Life Insurance Website Online Quote

Simply click on the types of insurance you’re interested in. The white circles will turn to green checkmarks once you click them.

Once you’ve done that, fill out the rest of the form. You’ll need your full name, your current address, and your e-mail address. You’ll also need to choose the age ranges you’re interested in. Click on the small checkboxes next to each age range.

Hit the submit button at the bottom of the form when you’ve filled it out. Globe Life will analyze your information and send you a quote and application forms via mail.

If you prefer, you can also call Globe Life at 1-844-593-8369 and get a quote over the phone.

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Canceling Your Life Insurance Policy

Can you cancel your life insurance policy if need be? Absolutely. You may or may not get any money back if you cancel, but you’ll be able to stop paying premiums.

Some people cancel their term life insurance policies by failing to pay premiums, but this isn’t the best way to go about it.

If you simply stop paying premiums, Globe Life could report your failure to pay to credit reporting agencies. It’s better to ask your insurance agent, “How can I cancel my Globe Life insurance policy?” than to simply stop paying.

Unfortunately, Globe Life does not offer a way to cancel life insurance policies online. You’ll need to call the company at 1-844-593-8369 to request cancellation. Once you get through to a representative on the phone, explain the situation and request cancellation. The representative will send you cancellation forms in the mail; just fill them out and send them back to complete your cancellation.

Your cancellation should go into effect starting with the month after you submit the forms. Double-check your bank statements for the next few months to make sure you are not still being charged premium payments. If Globe Life continues to charge you after cancellation, call them to resolve the situation.

How to Make a Claim With Globe Life

You probably won’t feel like it right after losing your loved one, but the best way to make a life insurance claim is to file it right away.

How long does it take Globe Life to pay a claim? It depends, but in most cases you will get your benefits within 30 days of filing.

Start by getting copies of the death certificate from your state’s Department of Vital Records.

The Centers for Disease Prevention and Control has the contact info for each state’s department on its website, so you can check this site if you need to find out who to get in touch with.

Once you have the death certificate, get the claimant statement online on Globe Life’s website or call Globe Life and request it be mailed to you.

If the life insurance policy is less than two years old, which is the Globe Life insurance contestability period, you’ll need to fill out this form in its entirety. Otherwise, you only need to fill out sections A and D.

Globe Life Insurance Claimant Statement

If your life insurance claim is less than two years old, you’ll need to fill out Part B of the Claimant Statement. If the policy is less than two years old, you’ll need information about which doctors your loved one saw over the last five years and a statement from their most recent physician.

You’ll also need to attach a copy of the death certificate and any obituaries that appeared in local papers. If the death was an accident or murder, you’ll also need copies of police reports, autopsy reports, and toxicology reports.

All documentation needs to be mailed to Globe Life at:

Globe Life & Accident
Insurance Services Division
PO Box 8076
McKinney, TX 75070

If your claim is more than two years old and your benefits are less than $10,000, you can also email the paperwork to Claims@GlobeLifeIns.com or fax it to 1-405-270-1496,

Call Globe Life two or three days after mailing your forms to ensure they were received.

If you’re wondering how long it takes Globe Life to pay a claim, there’s good news: In most cases, you’ll get benefits within a few weeks of filing your claim. Be sure to answer the phone if they call so that you can answer any questions they have about your claim.

Globe Life’s Customer Experience

No matter how good a company’s life insurance policies sound on paper, you’ll want to read the best customer experience reviews and worst customer experience reviews to get a sense of what the best and worst life insurance companies are. Globe Life has received a score of 2.75 on the NAIC Complaint Index, which means that it has far more complaints than the average life insurance company. In 2019, it received 70 complaints about its products and services, though NAIC does not provide specifics.

In 2019, there was a Globe Life insurance lawsuit settlement in which the company was ordered to pay $7.3 million in restitution for improperly denying claims.

Globe Life’s Programs

Globe Life offers a few articles about different types of life insurance on its site. For example, you can read about life insurance for senior citizens.

Globe Life doesn’t offer insurance calculators or other online tools for consumers. However, you can sign up for the Globe Life insurance Eservice Center online, which allows you to ask questions about your policy and make payments.

Design of Website/App

Globe Life offers a basic website that has a quote form, information about its policy options, and some information about the company. There are few extras on the site — it’s designed only for sales.

There is a Globe Life insurance app. However, your Globe Life insurance policy login on this app only allows you to make payments, not to file claims

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Pros & Cons of Globe Life Insurance

You’ll want information about the pros and cons of any life insurance company you’re considering. Here are some of the pros and cons of purchasing life insurance policies with Globe Life.

Pros of Globe Life Insurance

There are a few advantages to using Globe Life.

  • It’s cheaper than most life insurance companies.
  • You can purchase life insurance for children.
  • You don’t have to have a medical exam.

Make sure to consider these advantages when making your decision.

Cons of Globe Life Insurance

Consider the following drawbacks to using Globe Life.

  • Whole life insurance isn’t available for adults. You’ll have to purchase term life insurance, which is time-limited.
  • Rates go up as you age. Whenever you renew a term life insurance policy, you’ll pay more because you’re older.
  • You can’t do much online. The website is basic, there’s no mobile app, and you have to call the company to make a claim or make changes to your policy.

These drawbacks might make it more difficult for you to get the coverage you need using Globe Life.

Globe Life Insurance Review: The Bottom Line

Globe Life lives up to its promise of offering cheap life insurance, with some caveats. It offers term life insurance for adults and whole life insurance for children at rock-bottom prices, though your rates will go up every 10 years or so.

If you don’t mind dealing with your insurance company over the phone rather than online or the hassle of renewing every few years, this company may meet your needs.

Is there anything you’d like to know about Globe Life that we haven’t covered? Check out the FAQ below or leave us a comment.

Now that you’ve read this Globe Life insurance review, and you’re ready to compare rates to other low-cost life insurance companies, check out our FREE quote tool.

Frequently Asked Questions: Globe Life Insurance

Check out our Globe Life insurance questions and answers. If our insurance FAQs don’t answer your question, hit us up in the comments.

#1 – My children are healthy. Why should I purchase insurance for them through Globe Life?

The major reason to purchase life insurance for children is that it helps secure their financial future. Children’s life insurance policies grow in value over time so that they have substantial assets by the time they reach adulthood. Also, their adult rates may be cheaper if they’ve had a policy since childhood.

#2 – Does Globe Life really offer insurance for just $1/month?

One of Globe Life’s promotional offerings involves allowing you to pay just $1 for your first month of insurance. Afterward, your rate may go up. However, Globe Life offers some of the cheapest insurance around and you may pay only a few dollars each month, depending on other factors.

#3 – Can I get Globe Life insurance even if I have serious health problems?

Only your Globe Life representative can answer for sure. Globe Life doesn’t require a medical exam, but underwriters will look at your health history when determining your rate and whether you qualify.

References:

  1. http://www.ambest.com/ratings/index.html
  2. https://www.bbb.org/us/tx/mc-kinney/profile/insurance-companies/globe-life-inc-0875-2425/customer-reviews
  3. https://www.spratings.com/documents/20184/86966/Standard+%26+Poor%27s+Ratings+Definitions/fd2a2a96-be56-47b8-9ad2-390f3878d6c6
  4. https://www.health.harvard.edu/mens-health/marriage-and-mens-health
  5. https://www.cdc.gov/nchs/w2w/index.htm
  6. https://www.naic.org/cis_refined_results.htm?TABLEAU=CIS_COMPLAINTS&COCODE=91472&REALM=PROD
  7. https://www.spglobal.com/marketintelligence/en/news-insights/trending/a84u_zE2m-CWesI5KCJZXQ2

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