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
- Life Insurance Products Offered by Globe: 50/100
- Financial Strength Rating: 60/100
- Customer Satisfaction Rating: 80/100
- Consumer Complaints Rating: 40/100
- Digital Experience Rating: 40/100
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.
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.