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Planning for a better future is the foundation that continues to draw customers to life insurance and companies like Globe Life. Since 1900, its goal has been to empower customers. Individuals can prepare to face the unexpected with solid footing and ensure a secure financial future for loved ones. Life insurance is more diverse than ever before. Its foundation remains supporting families after the passing of a loved one. Globe Life serves more policyholders and issues 16.8 million policies, more than any of the nation's leading life insurance companies. But volume is only part of the picture.
Life insurance plans from Globe Life
Globe Term life insurance
Globe Life offers term life insurance coverage ranging from $5,000 to $100,000. Policies are purchased directly from the company with no medical exam and quick underwriting. Once your application is approved, Globe Life benefits and monthly premiums remain fixed when policyholders make payments on time.
Like any other term policy, Globe Life's policies expire after the set term. Globe Life mentions converting term policies to whole life insurance policies to make coverage permanent. But the website is light on details, focusing on extremely low premiums for specific customers. Globe Life's term life policies are available for adults and children. All applications are subject to underwriting approval. So the pricing listed online (and your acceptance) may vary when you secure the policy.
Globe Whole life insurance
Globe Life offers whole life policies with benefits from $5,000 to $50,000. Policies can be purchased directly from the company with no medical exam and no long wait times. Rates remain constant for life, as does coverage (when premiums are paid on time), which means you can rest assured in your chosen coverage.
Remember, Globe Life's underwriting will not approve every application, especially with higher limits. No medical exam does not translate into no medical. Buyers will need to answer some medical questions, and the company can pull electronic medical records to make its decision. No medical policies are typically sold to select groups like seniors looking for funeral policies or young, healthy buyers willing to pay higher premiums for lower coverage to avoid a medical exam.
Globe Children's life insurance
Whole life insurance for kids (or grandkids) is available from Globe Life in numbers ranging from $5,000-$30,000. Full coverage and benefits begin on day one. Available with no medical exam and zero waiting, a hassle-free policy from Globe Life might be the easiest part of welcoming a new member to your family. Benefits remain constant for life, despite age, health status, or occupation when premiums are paid on time.
Like its adult policies, Globe Life offers children whole and term life insurance options. Applicants who get approval for children's policies can also buy more comprehensive policies as adults. However, these smaller policies offer a gateway into life insurance and its financial benefits early in life. Children's life insurance can be a wealth-building tool, particularly with its whole life policies. It's never too early for financial planning.
It's easy to find comparable adult policies through other companies. However, Globe Life's life insurance for children faces less competition overall.
Globe Final expense life insurance
Many of Globe Life's policies could be considered "final expense" policies. By this, we mean the limits are low and only meant to cover funeral costs and a small amount of debt. However, it provides a specific product for seniors comfortable with lower coverage amounts. As a result, approval is often more straightforward.
This policy type comes with obvious limits (the death benefit). However, buyers should also be aware of other limitations, like the inability to build cash value over time. So no matter how long you live, the value will remain the same.
Additional coverage options from Globe Life
Accidental Benefits Insurance
Prepare for the unexpected and the financial strain that can accompany it with an extra layer of protection. Accidental death insurance from Globe Life provides up to $250,000 worth of coverage in the case of accidental death for just $1 to start. In addition, acceptance is guaranteed regardless of health for individuals aged 18-69. Additional benefits, furnished at no extra cost, include coverage for myriad issues from inflation and education to dismemberment and paralysis.
Accidental death coverage only pays out if you're killed in an accident. Causes could include travel-related accidents, trips and falls, poisonings, etc. It would not cover terminal illnesses, extended injuries after an accident, or dying from old age. Globe life also has a supplemental accidental insurance product. Accidental death coverage helps buyers with ambulance riders, ICU stays, and other medical costs of accidents that don't result in death.
Mortgage Protection Insurance
You can protect your family's biggest asset and a potential source of stress in the event of your accidental death. For just a fraction of your monthly mortgage payment, this type of accidental death and dismemberment policy provides between $50,000-$350,000 to pay off your home mortgage. If the payout doesn't pay off your mortgage, loved ones could then look into options to refinance the smaller debt to lower monthly payments.
Rates start at just $5.50 per month, and acceptance is guaranteed for individuals ages 18-69. Additional benefits, furnished at no extra cost, include coverage in the case of a common disaster or commercially scheduled airline accident, among others.
One important thing to note is this is an accidental death and dismemberment policy. In short, it's not a comprehensive plan for every cause of death. Benefits would only apply after a covered accident. The limits are part of what makes this policy so cheap. It's excellent for a policyholder's prime working years but may not be as beneficial for retirees.
How much does life insurance from Globe Life cost?
Globe Life's advertised rates are affordable, with types of life insurance coverage for adults and children starting at $1 for the first month, after which the rate is based on the individual's current age and guaranteed for the policy terms. Unlike some competitors, Globe Life also offers a limited money-back guarantee. If unsatisfied, return your policy within 30 days for a full refund.
Globe Life offers many cheap plans with low payouts. These are great for buyers on a tight budget or those seeking easy approval for a funeral cost plan. However, buyers looking for large plans for retirement or other financial planning would find better products with other companies.
How do I file claims with Globe Life?
Filing a claim with Globe Life can be done by anyone, including a spouse, child, another beneficiary, or a family spokesperson (including a representative from a funeral home). Providing the following information will expedite the claims process:
- Life insurance policy number
- Contact info for the beneficiary
- Official death certificate
- Copy of obituary
- Coroner's and/or police report (in the case of accident, homicide, or suicide)
Once gathered, mail all documents to the following:
Globe Life Inc.
PO Box 8076
Attn: Life Claims Department
McKinney, TX 75070
On average, it takes Globe Life 10-15 days to receive, log and process the information included in the above documents. Please bear in mind processing times can vary. Globe Life representatives will notify you should additional information be needed.
Who are the ideal customers for Globe Life?
Globe Life's zero-risk, money-back guarantee makes its policies an excellent fit for middle-income individuals looking to purchase directly from the company with no medical exam and short wait times. In addition, with benefits topping out at just $100,000, life insurance coverage from Globe Life is a good choice for individuals looking to supplement existing or employer-provided life insurance and those seeking coverage for additional family members.
However, even the best no medical exam life insurance doesn't always mean guaranteed acceptance. Buyers should expect medical questions, and the company may request medical records. Its underwriting decisions, especially for more comprehensive policies, will factor in this medical data.
Globe Life's forte is low-cost funeral plans, and customer reviews indicate it delivers on its promises. Kathy of Londonderry, OH, left a review on ConsumerAffairs after losing her 19-year-old grandson, saying, "I am so thankful to Globe Life. We could not have taken care of him without the policy. The funeral cost were paid very quickly with no stress of me handling anything and I could stay focused on what needed done."
What does "no medical exam" mean with Globe Life?
None of the life insurance products at Globe Life requires a medical or physical exam. Instead, a series of health-related questions (part of the company's online application) is used to determine eligibility. Full transparency, especially with preexisting conditions, is essential. Dishonesty of any kind puts the insured at risk of policy cancellation or unpaid death benefits. You may be eligible for a small funeral costs policy even if you're denied a more comprehensive life insurance policy.
Globe Life vs. State Farm
Globe Life prides itself on simple, standard coverage delivering death benefits topping out at $100,000 compared to more robust options from State Farm. Globe Life focuses mainly on small funeral policies or accident coverage. State Farm offers larger payouts and options like its Survivorship Universal Life Insurance, which covers two individuals. So, for example, a husband and wife could buy a policy, and the value would be based on the couple's combined lifespan and qualifications.
Globe Life scored 812 on the latest JD Power US Individual Life Insurance Study. In short, the company earns consistently high marks from customers. Still, State Farm outranks Globe Life with a score of 839. With State Farm, applicants may have to submit to a medical exam. But the company offers more comprehensive policies to pay out in more flexible circumstances. It also has more permanent life insurance options to meet diverse needs. Most importantly, buyers can bundle State Farm life insurance with homeowners, auto, and other State Farm plans.
As you might expect from its JD Power rankings, State Farm customers have a lot to say about the package it provides. Mb of Palm Springs, CA, left a review on ConsumerAffairs, saying, "State Farm may or may not be the cheapest. However, their customer service is outstanding. They pro-actively contact me to review my insurance once a year. They always answer my questions quickly and clearly. If they don't know immediately, they are willing to admit they don't know and always follow-up ASAP."
Globe Life vs. Mutual of Omaha
Globe Life has become known for its quick and flexible whole and term life policies. Especially with its accidental death policies, Globe Life offers no medical exam options with fast approvals. Mutual of Omaha is not quite as cheap. Term Life Express is the company's only option for life insurance with no medical exam. But it comes with significantly higher limits than any of Globe Life's policies for all causes of death (not just approved accidents) up to $300,000. The company's strong financial backing means building cash value is easy, as evidenced by options including Universal Life Insurance (boasting coverage over $1 million) and Indexed Universal Life Insurance (a flexible albeit risky way to build cash value).
Both companies have whole life policies. Again, Mutual of Omaha offers a diverse range of policies with higher benefits. Mutual of Omaha customers can enjoy accelerated death benefits in the event of a terminal disease and other riders. Its underwriting may take longer than Globe Life's, but the higher benefits will pay off in the long run for approved customers. At this time, both companies enjoy high customer satisfaction rankings with JD Power.
Most importantly, Mutual of Omaha will likely never offer the bargain policies Globe Life does. But customers still find pricing reasonable. Wendy of Enola, PA, reviewed Mutual of Omaha on ConsumerAffairs, saying, "I have a practical and effective insurance policy with great and affordable rates. Company has an excellent and easy to use website."
Globe Life vs. SBLI
SBLI offers Cherish Life final expense insurance up to $35,000 in coverage with two significant benefits. SBLI customers can apply until age 80, and beneficiaries can use benefits to pay for any of the insured's expenses. Globe Life has a cut-off age of 75 to apply. Both companies offer whole and term life insurance policies. Both companies also have no medical exam life insurance options.
At this time, Globe Life's listed policy limits are low. Most policies cover funeral costs. Plans with higher benefits are mostly accident policies (it only pays out if you die due to a covered accident). SBLI doesn't list its limits on its site. However, it focuses on whole and term life insurance for any cause of death.
The customer reviews tell a great story about SBLI. Trustpilot reviewer Matthew says, "SBLI has always been a notch above all others in the insurance industry. We have had policies with them for about 8 years, and have never experienced anything but great service, honest and candid feedback, and they deliver exactly what they communicate!"
Methodology
Life insurance companies are compared based on product quality, insurance riders, net performance scores, pricing, and customer service. A diverse array of life insurance products is used to compare death benefit plans with life insurance designed for long-term financial planning. Opinions expressed here are wholly based on facts gathered.
Ratings are not decided based solely on marketing or single online reviews. Instead, we gather a broad mix of information to rank all insurance products consistently and fairly. Therefore, the best way to ensure you find the right policy is to utilize a qualified agent when shopping for life insurance. You can read more about our rating system here.
FAQs
Like you and your family, your life insurance policy should be unique. Consider the following factors when tailoring a policy to meet your specific needs. What are your family's current expenses? How much income is needed to cover them? If you have children, do they plan to attend college? Do you have adequate savings to cover funeral/burial costs? How long do you seek protection?
It only takes a few minutes to complete its easy online application. Once approved, Globe Life will send a copy of your policy via mail.
Obtaining additional life insurance coverage for family members is easy with Globe Life's e-ServiceCenter. New applications for adults and children are accessible with your current login information if you have an existing plan. New customers can also apply online or over the phone.
Once you've begun the claims process, Globe Life offers phone and online-based customer service. Call Customer Service at 1-888-650-4081 or visit the company's eServiceCenter to check the status of a claim you've filed.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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