Globe Life Insurance Review 2020

Thang Truong
Thang Truong
Updated on:

You have many different companies to choose from if you’re looking for life insurance. One you may not have heard of is Globe Life, which isn’t exactly a household name on the same level as Nationwide or Northwestern Mutual. Below we’ll take a full look at this company in our Globe Life insurance review to help you determine if this is the life insurance company for you.      

Pros and Cons

– Simple application/no medical exam
– No waiting period, buy direct
– Rates can be as low as only a few dollars per month
– Coverage amounts tend to be on the modest side, which is most likely how rates are so low
– No ability to get a quote online
– A.M. Best lists the outlook of the company as negative
– The company has fairly high complaint ratings through the National Association of Insurance Commissioners (NAIC)
– Do not offer any increasingly popular universal life insurance types

Life Insurance Products Offered by Globe

To start off our Globe Life insurance review, we’ll look at the products it offers. Globe Life insurance covers term life and whole life. It also has a section for children’s life insurance. This is more on the limited side, compared to other insurers that offer several types of universal life insurance. This is a weakness since universal life insurance products such as guaranteed, indexed, and variable have become more and more popular thanks to their strengths of flexibility, prices, and competitive and favorable cash value account, compared to whole life insurance.

Term life covers you for a set period of time, whereas whole life is a permanent type of life insurance that covers you as long as you keep up on premium payments.  

One unique characteristic of Globe life insurance products is that its policies’ coverage amount are in lower end of the spectrum, for example, term life insurance offers coverage up to $100,000 only; whole life insurance offers coverage up to $50,000 only.

  • For term life, you can choose coverage for $5,000, $10,000, $20,000, $30,000, $50,000 or up to $100,000.  
  • Whole life coverage goes in increments of $5,000, $10,000, $20,000, $30,000 and up to $50,000.  
  • Children’s life insurance goes even lower at $5,000, $10,000, $15,000, $20,000, $25,000 and $30,000 increments of coverage to choose from.

However, the company does focus on offering modest coverage at extremely affordable rates. It advertises rates of:

  • Children’s life insurance: as low as $2.17 per month
  • Term life insurance: as low as $3.49 per month
  • The site does not list whole life example rates.

A large advertising point on the site is that you can buy life insurance for as little as $1 across all life insurance types. Text at the bottom of the page states that this is for the first month of coverage, however, and then rates adjust to the more standard premium you are quoted at. Rates are guaranteed to stay the same over your policy or the course of your child’s life.  

Financial Strength Rating of Globe Life Insurance

As part of our Globe Life insurance review, we looked at its financial strength rating. Globe Life has an A+ (Superior) rating with A.M. Best. Oddly, its outlook is listed as negative.

The long-term issuer credit rating is listed as aa- (Superior), but with a negative outlook as well.  

Customer Satisfaction Rating of Globe Life Insurance

The company was not rated in the 2019 U.S. Life Insurance Study through J.D. Power. However, the company does have an A+ with the Better Business Bureau (BBB). It also has a little over a 4-star rating from 284 consumer reviews as of writing, which is quite high for the agency.  

Top complaints seem to revolve around the company changing coverage amounts without the knowledge or consent of the insureds. Other complaints are about communication issues with the company involving documentation.      

Consumer Complaints Rating of Globe Life Insurance

We also looked at the complaints through the NAIC as part of our Globe Life insurance review. For Globe Life insurance (NAIC company code 74101), we found:   

The company has no complaints listed for 2019. For 2018, the complaint index was at 1.30 for all types of insurance. A rating of 1.0 is average for the industry, so this is higher than average.  Individual life insurance sat at a 3.96 complaint index for 2018, or almost four times above average. There were 10 complaints that year: five for individual life, three for term life, one for universal life and one for whole life.    

Digital Experience Rating of Globe Life Insurance

Globe Life doesn’t have too much of a digital experience to speak of. The quote process tells you that you can get free life insurance information by mail. You can also call their 800 number to get more information.  

We tried the form to check on term life insurance for adults in Wisconsin. However, the site then just asks for your name, address, and email.  

Final Thoughts

If you’re looking for the cheapest and easiest way to obtain life insurance, this company may cover your bases. However, the coverage amounts tend to be on the lower side. You should also do your due diligence in comparing the online complaints with the desire to save money, as there are quite a few complaints. 

Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

More Stories

6 Best Indexed Universal Life Insurance (IUL) for 2023

Are you looking for a way to set aside some extra money for your senior years, and maybe a little extra for loved ones to inherit? Most people opt for indexed universal life insurance because it offers the greatest cash value growth tied to the performance of S&P 500 index with the least risk thanks […]

Best Self-Directed Roth IRA Companies for 2023

A self-directed Roth IRA is much like a regular Roth IRA, but offers more flexibility as far as what you can invest in. Whereas a regular Roth will only let you invest in stocks, bonds, mutual funds, ETFs, and real-estate investment trusts, a self-directed Roth lets you invest in a greater variety of investment options.  […]

The 5 Best Hybrid Long-Term Care Insurance Companies for 2023

If you’ve decided to plan for every eventuality, you’d be smart to include a plan to cover long-term care. Someone turning 65 this year has an almost 70% chance of needing some type of long-term care, and about 13% of those will need it for five years or more. Long-term care is expensive and can […]

The 3 Best Traditional Long-Term Care Insurance Companies for 2023

Long term care is something that no one likes to think about, but unfortunately, many people will eventually need. Health care costs are skyrocketing, and a lengthy stay at a long-term care facility can easily bankrupt most people’s nest eggs. Long-term care insurance is one way to protect both yourself and your retirement savings. Out […]

The Best Long-Term Care Insurance Companies in California for 2023

California residents who are keen to protect themselves and their families against the worst events in life may be considering long-term care insurance. However, you might not know much about LTC insurance or how it is handled in California. Let’s take a look: What is Long-Term Care Insurance? Long-term care insurance helps pay for long-term […]

The Best Long-Term Care Insurance Companies in Arizona for 2023

Arizona is a great place to retire. It’s warm, there’s no snow to shovel, and Arizona improves the quality of life for anyone with allergies or asthma. When you pack your bags and retire to Arizona, you’re probably not thinking about long-term care. But the sad reality is that 47% of men and 58% of […]

The Best Long-Term Care Insurance Companies in Florida for 2023

There’s a lot of good reasons to retire in Florida. The weather is warm, the beaches are beautiful, and there are lots of other retirees to socialize with. Also, Florida has no state income taxes, no inheritance taxes, and no estate taxes. When you pack up your things and move to Florida, you’re probably not […]

Private Placement Life Insurance: Everything You Need to Know

If you haven’t heard of private placement life insurance, you probably don’t qualify to buy it. Private placement life insurance is typically for investors with millions in liquid cash that they need to invest for tax reasons.  What is Private Placement Life Insurance? Who Qualifies for Private Placement Life Insurance? Benefits of Private Placement Life […]

Nationwide IUL – A Strong Product With Great Features and Excellent Ratings

The Nationwide IUL product can help you either supplement your retirement income or ensure your beneficiaries future by leaving them a nice tax-free death benefit. Obviously, you have many options when it comes to IUL policies, so you want to know how does Nationwide’s policy stack up against the competition? Let’s take a look. Pros […]

Transamerica IUL – A Solid Product but High Consumer Complaint Score & Law Suits

Consumers looking to supplement their retirement income often settle on an indexed life insurance policy. These policies build cash value based on market performance and allow your heirs to enjoy a tax-free death benefit. Let’s take a look at Transamerica’s indexed universal life insurance policy and see what makes it stand apart from other such […]