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Globe Life was founded in 1951 and has over 4.2 million policyholders today. The A+ rating from A.M. Best and Better Business Bureau is proof of the company’s financial stability. They serve in all 50 states. Globe Life sells its policies directly to its customers rather than through agents. They offer reduced rates during the first month of the policy, and these rates are later adjusted based on your age and coverage. They offer a variety of insurance products; some of them include whole life, term life, children’s life, and accidental benefit insurance.
Globe Life offers term life coverage worth $5,000, $10,000, $20,000, $30,000, $50,000 and$100,000. It requires no medical exam and has no waiting period. Term life policies have an age limit of 80 or 90, but you need to ask them to be sure. If you live in New York, the maximum coverage will be $50,000.
To qualify for a term policy with Globe Life, you will have to answer health questions, share your prescription history, and MIB file. Globe Life will ask you the following health questions, though they may vary depending on your state.
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They have a maximum term of 5 years, and each time you renew your coverage, the premiums increase. Globe Life has a unique way of deciding the initial term of your policy. They decide your premiums based on five year age brackets.
So, for example, you purchase a $50,000 at 52 and want it to cover you till you are 70. Here is what your premiums will look like:
The premium for your first month will be $1.
Globe Life offers whole life coverage worth $5,000, $10,000, $20,000, $30,000, and $50,000 of coverage. There is no medical exam and no waiting period. You will have to answer health questions as part of the application. If you live in New York, the death benefit is only between $1000 and $25,000.
This whole life policy has the following properties:
The cash value grows at a guaranteed yearly rate, and you can borrow from it during your life, but it is not added to the death benefit.
Globe Life also offers whole life policies for children. The age range for new applicants is between 0 and 24. You can easily qualify for a whole life policy for your child or grandchild. You will have to answer no to the following health questions:
Globe Life’s accidental death insurance offers a maximum death benefit of $250,000 and accepts clients between the ages of 18 and 69. It requires no health questions or medical exams. This insurance comes with the following features at no extra cost:
You can opt for a Family Plan that offers a death benefit equal to a certain percentage of the insured’s death benefit as of the date of the accident. Here is how it works, if you have a spouse, their death benefit will be 60% of yours if you have no child, if you have a child, it is 50%. Your child’s death benefit will be 10% of yours if you have a spouse, if you have no spouse, it is 20%.
Though Globe Life has an A+ rating, they had a complaint ratio of 8.44 in 2018; the national median was 1.00. Many customers complained about the customer service team and the lengthy claim process. Their representatives are only available on weekdays during the working hours, from 7:30 a.m. to 6:30 p.m. CST. They do not have any direct email addresses, so you will have to fill out an online form to contact them regarding anything.
When you file a claim, you will have to mail the necessary documents to Globe Life. They take between 10 to 15 days to process the information, but don’t inform you how long the payout will take.