Originally known as Torchmark, Globe Life was founded in 1951. It serves over 4.3 million policyholders and has $82 billion of insurance in force.
Offering term, whole, accidental death, mortgage protection, and children’s life insurance products, Globe Life is unique in that none of its life insurance policies require medical exams. Instead, its underwriting process is entirely based on your application and health questions. For those who want life insurance without the hassle of scheduling and undergoing a medical exam, Globe Life may be an option for you.
- Pros and Cons
- Key Takeaways
- Company Overview
30-day money-back guarantee
No waiting period for coverage
Coverage without a medical exam available
Significantly higher-than-average number of customer complaints
Increasing premiums on some policies
Guaranteed issue whole life policies not available
- Globe Life was formerly known as Torchmark.
- The company was founded in 1951 and is based in McKinney, Texas.
- Globe Life provides life insurance to over 4.3 million policyholders.
- The company offers whole and term life insurance policies that don’t require medical exams.
- It offers a 30-day money-back guarantee on all policies.
Globe Life is headquartered in McKinney, Texas. Unlike other life insurance companies that sell through insurance agents, Globe Life is a direct-to-consumer agency. Customers can get quotes online and purchase life insurance policies over the phone.
Globe Life is available in all 50 states. Beyond life insurance policies, it also offers Medicare supplement insurance.
- Year Founded 1951
- Kinds of Plans Whole, term, children’s life
- Number of Plans 5
- Payment Plan Options Monthly
- Customer Service Phone, online
- Phone 800-742-6787
- Official Website www.globelifeinsurance.com
Globe Live is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.
- 30-day money-back guarantee: Globe Life offers a 30-day money-back guarantee. If you decide that you’re unhappy with your insurance policy for any reason within 30 days of signing up, you can cancel it and get a full refund.
- No waiting period for coverage: Many life insurance companies have waiting periods before your coverage will go into effect. But with Globe Life, there is no waiting period. Your coverage begins right away.
- Coverage without a medical exam available: With its policies, you can get coverage without undergoing a medical exam. You still will have to answer questions about your health, but you don’t need to make an appointment and visit a doctor to get insurance.
- Significantly higher-than-average number of customer complaints: The National Association of Insurance Commissioners has received far more complaints about Globe Life than is typical for a company of its size. Most complaints were about how policies and claims were handled.
- Increasing premiums on some policies: With Globe Life’s term life insurance policies, your premiums increase as you age into new five-year age periods, such as 36 to 40. The increases can be substantial, causing your premiums to become more expensive.
- Guaranteed issue whole life policies not available: While many life insurance companies offer guaranteed issue whole life policies (meaning policies that don’t require you to answer health questions or undergo medical exams), Globe Life doesn’t have guaranteed issue whole life plans. You have to pass Globe Life’s underwriting processes to qualify for a policy.
In 2019, Globe Life collected $856 million in life insurance premiums.
Globe Life has five different life insurance plans. None of its policies require you to undergo a medical exam. However, you can still be denied because of your health history based on your application.
While you can get a quote online with some policies, you’ll have to call Globe Life directly to get a finalized rate and purchase your policy.
Globe Life’s accidental death life insurance policy is intended to supplement your other life insurance coverage. It provides up to $250,000 for covered accidental deaths or losses.
The policy includes these features:
- Inflation benefit: For every year the policy is in force, the primary insured’s benefit will be increased by 5% until the principal benefit is equal to 125% of the initial principal benefit or until the principal insured turns 70, whichever is earlier.
- Seatbelt benefit: If the primary insured is killed while operating or riding in a car and wearing a seatbelt, Globe Life will pay an additional 10% of the insured’s principal benefit.
- Education benefit: If the primary insured passes away due to a covered accident, Globe Life will pay an additional 10% for each dependent child between the ages of 15 and 22. This benefit is available only on the family plan and capped at $10,000.
- Common disaster benefit: If the primary insured and their insured spouse both die in a common accident, the insured spouse's death benefit will be increased to 100% of the primary insured's principal benefit.
- Dismemberment benefit: Globe Life will pay a benefit for the loss of a hand, foot, or eye.
- Paralysis benefit: The paralysis benefit covers quadriplegia, paraplegia, and hemiplegia.
- Commercially scheduled airline benefit: If the principal insured dies from bodily injuries received while flying as a fare-paying passenger on a commercially scheduled airline, Globe Life will pay an additional benefit amount equal to the insured’s principal benefit
You can also opt for an accidental death family plan, where the principal benefit for the spouse and any dependent children will be equal to a percentage of the primary insured’s principal benefit at the time of the accident. Spouse’s benefits are equal to 60% of the primary insured’s benefits. Children’s benefits are equal to 10% of the primary insured’s benefits if there is a spouse, and 20% of the primary insured’s benefits if there isn’t a spouse.
Accidental death policies are guaranteed issue policies, meaning you cannot be denied because of your health if you’re between 18 and 69. However, you should read the criteria for covered accidents carefully to make sure you understand when Globe Life would pay out a death benefit.
With children’s life, you can purchase a whole life insurance policy for your children or grandchildren between the ages of 0 and 25. You can get $5,000 to $30,000 of coverage for them, and the policy can build cash value for their future. There is no waiting period, and coverage begins on the first day.
With Globe Life term life policies, you can purchase $5,000 to $100,000 in coverage, and your term is typically 10 to 20 years in length. The accounts do not gain cash value. Rates vary by state, and your premiums increase as you age into five-year age periods.
With Globe Life whole life insurance, you can purchase $5,000 to $50,000 of coverage, and your premiums stay the same for the entirety of your lifetime. Your policy builds cash value, and as long as you continue to pay your premiums on time, your insurance benefit will never be canceled or reduced.
The mortgage protection policy is a form of accidental death life insurance. You can get $50,000 to $350,000 of protection, and policies are guaranteed issue, so you cannot be denied because of your health if you are between the ages of 18 and 69.
A rider, also known as an insurance endorsement, is a provision you can add to your insurance policy to adjust, enhance, or customize your coverage. With some riders, you can add coverage, include family members, or even access benefits early under certain circumstances.
Globe Life has a limited number of riders available:
Children’s Term to 25
If you have a term or whole life policy, you can add a children’s “Term to 25” rider to your coverage. With this rider, you can add up to $10,000 in coverage for a dependent child between the ages of 30 days and 23 years. Before the child’s 25th birthday, the policy can be converted to a whole life policy.
Terminal Illness Accelerated Benefit
Available only on some policies in select states, you can add the terminal illness accelerated benefit rider to your policy and access 50% of your benefits early if you have a qualifying terminal illness.
Waiver of Premium
Available on certain policies in select states, Globe Life will waive your premiums if you become totally and permanently disabled and have added the waiver of premium rider to your policy. The rider terminates on the certificate anniversary nearest your 60th birthday.
Rather than selling insurance products through agents, Globe Life allows you to shop for insurance and get quotes over the phone.
You can reach customer service by calling 1-877-577-3860. Its hours of operation are Monday through Friday, from 7:30 a.m. until 6:30 p.m. CST.
If you’re a policyholder, you can manage your account online through Globe Life’s eService Center. You can make payments, review policy details, and update your mailing address.
Globe Life does have a mobile app for Android and iOS devices. You can pay your monthly premiums, update your personal information, and learn about coverage options.
Unfortunately, Globe Life has received far more complaints than is typical for a company of its size.
The National Association of Insurance Commissioners (NAIC) compiles insurance companies’ complaint ratios every year. The complaint ratios reflect the number of complaints a company receives relative to its market share.
According to the NAIC, the standard complaint ratio is 1.0. A ratio over 1.0 is worse-than-average, while a ratio below 1.0 indicates that an insurer received fewer complaints than the average company.
In 2019, Globe Life’s complaint ratio for individual life insurance was 6.73, which is extremely poor. It had six times more complaints than should be expected for its market share.
When we looked at the complaints, the majority were about policyholder service. Issues included problems with how claims were handled, surrendering policies, and billing.
Over the past three years, Globe Life’s complaint ratios have been consistently poor. In 2018, its complaint ratio was 8.46. In 2017, it was 7.16.
When it comes to third-party ratings, Globe Life has experienced some recent changes.
AM Best is the credit rating agency that issues Financial Strength Ratings (FSRs) on the insurance industry. Its FSRs are its opinions of insurers’ abilities to meet their policy and contractual obligations. A strong FSR indicates that a company is financially sound and likely to pay out its claims.
In 2020, AM Best downgraded Globe Life’s FSR from A+ (Superior) to A (Excellent), citing the company’s low level of risk-adjusted capitalization. While an A rating is still quite good, any change to an FSR is significant in the insurance industry.
Globe Life was not included in the J.D. Power 2019 U.S. Life Insurance Study, a study that ranked 24 life insurance companies based on their product offerings, pricing, communications, and customer interactions. But jumped into the 2020 study at No. 2 in customer overall satisfaction.
Life insurance companies typically offer a 10-day “free look period.” With a free look period, you have 10 days to cancel your policy and have your money completely refunded without penalty.
Globe Life offers a more generous 30-day money-back guarantee. If you’re not satisfied with your insurance plan for any reason, you can cancel your policy, and Globe Life will fully refund your money.
After the introductory 30-day period, the cancellation policy may vary by your insurance plan. Considering the number of complaints that customers have lodged about how Globe Life handled policies and accounts, make sure you read all policy documents carefully and understand all penalties and fees associated with your insurance plan before signing and agreeing to its terms.
To cancel your policy, call 1-877-577-3860.
In terms of pricing, Globe Life is average to worse-than-average for individuals in good to excellent health.
Rates vary by state. For a term-life policy, we got the following quotes for healthy 35-year-olds living in Florida. For the first month, Globe Life offers $1 premiums, so the premiums shown are for after the first month.
|Coverage Amount||35-Year-Old Female||35-Year-Old Male|
With Globe Life’s term life insurance policies, your rates increase as you reach each new five-year age period. For example, when the individuals reached 40, their rates would increase to the following:
|Coverage Amount||40-Year-Old Female||40-Year-Old Male|
As with most life insurance companies, Globe Life requires you to choose either “male” or “female” when getting a quote and applying for an insurance policy. Being nonbinary won’t prohibit you from qualifying for life insurance. However, you should be aware that most insurers haven’t yet updated their underwriting processes to reflect an awareness of gender issues, and their application processes may be outdated and restrictive.
While Globe Life doesn’t require you to undergo a medical exam when you apply for its policies, you can still be denied because of your health history during its underwriting process. Unlike other companies, it doesn’t offer guaranteed issue whole life or final expense policies.
If you’re looking for a guaranteed issue policy, another option to consider is Colonial Penn. The company offers guaranteed acceptance policies for people between the ages of 50 and 85. There is no medical exam, and you don’t have to answer any questions about your health. And, your premiums are locked in and guaranteed to never increase.
Colonial Penn also offers renewable term life and permanent whole life insurance policies. While it offers lower coverage limits than Globe Life, it has the edge over the other company because it has consistently better complaint ratios than Globe Life. In 2019, its complaint ratio was 3.98, which is half of Globe Life's ratio.
|Globe Life||Colonial Penn|
|Market Share||Not applicable||Not applicable|
|Number of Plans||5||3|
|Dividends for 2020||Not applicable||Not applicable|
|Wellness Program Discounts/Quit Smoking Incentives||Not applicable||Not applicable|
|Service Method||Phone, Web||Phone, Web|
|AM Best Rating||A (Excellent)||A (Excellent)|
If you have a life insurance policy through your employer, are looking for a supplemental policy, and don’t want to go through a medical exam, Globe Life may be a useful option. None of its life insurance plans require medical exams, and you can get coverage right away without having to deal with waiting periods.
However, its coverage amounts are limited, and its premiums are likely more expensive than you can get with other insurance companies if you’re willing to get a medical exam. Plus, Globe Life has consistently received a staggering number of complaints about its policyholder service, so it’s a good idea to be wary and review its policy documents carefully before signing any contracts or handing over your money.
How We Review Life Insurance Companies
Our methodology for reviewing life insurance companies is based on a quantitative approach that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with those of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.
National Association of Insurance Commissioners. “Globe Life & Accident Ins Co.” Accessed December 19, 2020.
National Association of Insurance Commissioners. "Complaint Index." Accessed December 20, 2020.
National Association of Insurance Commissioners. "Complaint Code." Accessed December 20, 2020.
AM Best. "AM Best Downgrades Credit Ratings of Globe Life Inc. and its Subsidiaries." Accessed December 21, 2020.
J.D. Power. "Life Insurance and Annuity Providers Are More Customer-Centric but Gaps Remain, J.D. Power Finds." Accessed December 20, 2020.
J.D. Power. “J.D. 2020 U.S. Commercial Member Health Plan Study.” Accessed November 20, 2020.
National Association of Insurance Commissioners. “Colonial Penn Life Ins Co National Complaint Index Report.” Accessed December 20, 2020.