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Globe life insurance review 2020

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Globe life insurance company was founded in 1951 and is based in McKinney, Texas. Today, the company has $82 billion in life insurance policies in force, and together with its network of Globe companies, serves more than 16 million people nationwide. The company sells a few different life insurance policies, which are all available without a medical exam.

Globe Quickpoints

  • Date established: 1951
  • Insurance products offered: Individual life insurance policies
  • AM Best financial strength rating: A
  • J.D. Power rating for overall satisfaction: 810/1,000
  • Availability: 50 states and Washington D.C.

Globe life insurance is highly rated, but it may not be the right life insurance provider for everyone. The company has pros and cons that you should consider before buying a policy. Here are some of the advantages and drawbacks of Globe: 

ProsCons
Available in all 50 statesPoor customer service ratings
Policies do not require a medical examFew riders
Wide variety of insurance products
30-day money-back guarantee

Globe life insurance coverages

Globe life insurance policies are geared toward individuals who want life insurance without taking a medical exam. None of its life insurance policies require a physical health examination. This is ideal for people who have pre-existing health conditions or a family history of disease and cannot qualify for a traditional policy.

However, Globe life insurance offers somewhat limited coverage options. Although it sells term and whole life insurance, it lacks many popular policies, like universal life insurance and guaranteed issue life insurance. This company is not the best option for people who want a variety of life insurance choices. 

You can request a quote online or call an agent directly. You can also apply for a policy by mail. Here’s a look at the life insurance coverages available through Globe:

Term life insurance

Term life insurance policies are a good option for young, healthy people who want affordable coverage and don’t need a lot of protection. This policy offers limited coverage for a specific period of time. If the term ends while you’re still living, you can convert the policy into a permanent life insurance policy for lifetime coverage.

Globe’s term life insurance policies have term lengths of 5, 10, 20, 25 or 30 years and include up to $100,000 in coverage. You can apply for a quote online in minutes by entering some basic personal information. Globe has a fast approval process with no medical exams required, and no waiting period once the policy is approved. 

Globe’s term life insurance policies are somewhat expensive compared to other providers. However, this is common among carriers that don’t require a medical exam for approval. Globe’s term life insurance policies start at $3.49 per month for adults and $2.17 per month for young kids and seniors. 

Permanent life insurance

Permanent life insurance offers protection for a lifetime. Permanent policies are more expensive than term life policies, but they usually come with higher death benefits which can be used for income replacement, investing and to support loved ones after you pass away.

The only type of permanent life insurance available through Globe is whole life insurance. This policy has a guaranteed death benefit, level premiums and a cash value component that grows over the lifetime of the policy. Globe’s whole life insurance policies do not require a traditional medical exam, although the application does have a short health questionnaire.

Globe says that pricing for its whole life insurance policies is the same as its term life policies, with adult policies starting at $3.49 per month. Policyholders may pay just $1 for the first month after their policy is approved, regardless of how much coverage they buy. 

In addition to these policies, the Globe life insurance company offers children’s life insurance, which includes up to $30,000 in coverage and builds cash value. Globe also sells final expense life insurance, which can help pay for funeral costs and final medical bills.

Globe life insurance riders

Life insurance riders are endorsements that provide coverage for specific situations that a standard life insurance policy does not cover. Globe offers two riders that can be added to a term life or permanent life insurance policy. Compared to other life insurance providers, though, Globe offers fewer endorsements. Additionally, Globe’s life insurance riders are not available in every state.

Here are the riders available from the Globe Life Insurance company:

Accidental death benefit rider

If the policyholder’s death is accidental, their beneficiaries will receive the policy’s regular death benefit plus a separate accidental death benefit. Globe offers up to $250,000 for accidental death benefits and has guaranteed acceptance for anyone between the ages of 18-69. 

Mortgage protection rider

Globe life insurance offers a mortgage protection rider that includes coverage between $50,000 and $350,000. If a policyholder’s death is accidental, this rider helps their beneficiaries cover their mortgage payments so they don’t lose their home. The mortgage protection rider has guaranteed acceptance for people between the ages of 18-69 with no medical exam or health questions.

Globe life insurance customer and claims satisfaction

Reviews on Globe are generally positive. The company received an A rating from AM Best, although it was downgraded from A+ earlier in 2020. Additionally, Globe was rated 810/1,000 for overall customer satisfaction in J.D. Power’s 2020 U.S. Life Insurance Study. Globe ranked second on the list of 23 individual life insurance companies, which is impressive.

Unfortunately, another prominent rating organization shows that Globe has poor customer service. The company has a score of 2.54 from the National Association of Insurance Commissions’ (NAIC) Company Complaint Index, which means the company has higher than average customer complaints. In fact, Globe has more than twice as many complaints as the industry average.

Globe life insurance policies come with a 30-day money-back guarantee. If you’re unhappy with your life insurance policy for any reason, Globe will give you a full refund. 

Other insurance products available 

Globe Life offers several other insurance policies besides traditional life insurance. The table below includes some of the additional policies available through Globe Life:

  • Supplemental health insurance
  • Worksite insurance

Takeaway

  • Globe Life offers term life and permanent life insurance policies.
  • Applicants are not required to take a medical exam.
  • Two riders are available for additional coverage.
  • Globe Life Insurance reviews show higher than average customer complaints.

Overall, Globe is a good life insurance provider for people who are looking for basic coverage. This provider lacks many of the policy options and riders that other insurance companies offer, but none of the policies requires a medical exam. If you’re struggling to get life insurance coverage due to pre-existing health conditions, Globe may be a good option.

Elizabeth Rivelli

Elizabeth is an insurance writer for coverage.com, where she covers insurance providers and reviews policies to help consumers find comprehensive and affordable coverage for every area of their life. She has more than three years of writing experience for top online insurance and finance publications.

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