Globe Life Whole Life Insurance Review- Pros & Cons

Would you trust a company that promises you up to $50,000 in whole life insurance for $1 a month, and then automatically increases your premium after 30 days?

The Globe Life website says:

• “$1 Pays For The First Month Of Coverage”
• “After the first month, your affordable rates are based on your age and stay the same for life.”

We encourage you to be skeptical of companies that offer “teaser rates,” as these are rarely the best company to get life insurance through.

What to Ask Before Buying Globe Life Insurance

What Are My Policy Options With Globe Life?

Globe offers whole life insurance for adults with no medical exam.

WHOLE LIFE INSURANCE

Globe insurance company offers whole life insurance coverage without a medical exam, but they will ask you many medical questions to see if you qualify.

If you qualify, your policy will go into effect immediately and start as soon as you make your first Globe Life insurance payment.

They offer permanent whole life insurance where your pricing never goes up, and your coverage never goes down, as long as you keep making payments on your policy.

Globe Life limits the amount of protection you can buy.

• $5,000
• $10,000
• $20,000
• $30,000
• $50,000

With Globe Life whole life insurance policy, you can purchase death benefit protection up to a maximum of $50,000 with cash value accumulation.

You can access the cash value, but you must be careful about getting loans because the whole life policy can accrue interest. Any loans and interest will reduce the final death benefit from Globe Life Insurance.

Globe Life Insurance policy with no waiting period can also be secured for $1 for the first premium payment. After that, the premiums will be at the regular amount.

What Is Hidden In Globe Life Fine Print?

Globe Life’s fine print explains the details of their teaser ad.

“$1 Buys $50,000 Whole Life Insurance

$1 pays for the first month’s adult coverage. Then the rate schedule is based on your current age and is guaranteed for the life of the policy.”

How to choose the best Globe Life policy for you?

We don’t recommend any of the Globe Life insurance products. This includes their term life insurance and their whole life insurance.

There are just many other better life insurance products available than what is offered by Globe Life.

What Are The Pros & Cons Of Globe Life Insurance?

Whole Life Insurance

PROS

• Stable company with a high financial rating
• Higher coverage amount available max at $50,000

CONS

• Confusing teaser ad and TV commercial
• A significant number of customer complaints
• Expensive pricing compared with other companies.
• Strict underwriting, only those in good health are approved.
• Rates change almost immediately with a “$50,000 of coverage for $1 for the first month” plan

Are There Any Riders Or Other Benefits With Globe Life Life Insurance?

Globe Life Riders

• Children’s term to 25 – you can add up to $10,000 coverage for children between 30 days and 23 years old.

Globe Life Other Benefits

• “Only $1 for the first month of coverage” isn’t a benefit but rather a marketing tactic. Beware!

How Do I Get Approved By Globe Life?

Globe Life’s whole life insurance for adults will ask if you’ve had health issues in the last 12, 24, or 36 months.

What Are Globe Life’s Application Questions?

Qualification for Globe Life’s final expense insurance is very simple.

You are not required to take a medical exam, and you can qualify by answering yes or no to the following health questions:

1. Is the proposed insured currently disabled due to illness, confined to a hospital or nursing facility, or does the proposed insured require a wheelchair? (Yes – No)

2. In the past three years has the proposed insured been diagnosed or treated by a member of the medical profession for:
a. Cancer, coronary artery disease, or any disease or disorder of the heart, brain, or liver? (Yes – No)
b. Chronic kidney disease or kidney failure, muscular disease, mental or nervous disorder, chronic obstructive lung disease, drug or alcohol abuse, or hospitalized for diabetes? (Yes – No)
c. Acquired Immune Deficiency Syndrome (AIDS) AIDS-Related Complex (ARC) or test results indicating exposure to the Acquired Immune Deficiency Syndrome virus? (Yes – No)

3. Does the proposed insured have any chronic illness or condition which requires periodic medical care or may require future surgery? (Yes – No)

4. In the past ten years, has the proposed insured had their driver’s license suspended or revoked, been convicted of a misdemeanor or felony, or is the proposed insured currently incarcerated? (Yes – No)

5. Does the proposed insured intend to replace or change existing life insurance policies or annuities in connection with this Globe Life insurance application? (Yes – No) If yes, list the company name.

When Should I Not Consider Globe Life Insurance?

If you have below-average health, don’t consider buying Globe Life insurance, as their immediate benefit whole life insurance is designed for healthier individuals.

People with health issues are better off with other insurance companies that accept significant health issues for first-day coverage insurance.

Globe Life insurance doesn’t offer affordable insurance coverage when you compare them to other insurance companies.

Your premium will be 40-70% higher if you buy Globe Life insurance, and you can get a cheaper rate if you shop through companies like Funeral Funds of America.

Does Globe Life Have A Same Day Approval Process?

Globe Life has an electronic submission process for their life insurance policies. You can also get approved over the phone.

Globe Life is a “captive company,” and its agents only sell Globe Life insurance products. They will NEVER shop around for you to find other companies that offer lower rates.

How Can I Get Globe Life Life Insurance Pricing?

You can only get Globe Life insurance pricing through their website or by calling (800)-831-1200 to talk to an agent.

They will often give you a quote for term life insurance even if you choose the whole life insurance option.

How does Globe Life Life insurance compare?

Globe Life insurance is more expensive for people in good to below-average health. You can get better rates from other life insurance carriers offering first-day coverage plans.

If you are open to looking at better insurance companies with better rates, we can offer you some help!

GET QUOTES NOW

Common Globe Life Company Questions

What Is Globe Life’s Operational History

Globe Life and Accident Insurance is a major U.S. life insurance company licensed in every state except New York. In New York, they issue life insurance under the Globe Life Insurance Company of New York.

In 1980 Liberty National acquired Globe Life Insurance Company and formed a new company, Torchmark Corporation.

Globe Life Insurance Companies is now owned and operated by its parent company Torchmark Corporation. In 2019, Torchmark Corp. rebranded to Globe Life Inc.

Other notable insurance companies under Torchmark Corporation include:

• American Income Life
• Family Heritage Life
• First United American
• Liberty National
• National Income Life
• United American

Globe Life Insurance sold direct marketing to the public through TV ads, direct mail, online ads, and call centers.

What Is Globe Life’s Financial Rating?

Globe Life received the following rating from different rating agencies:

• A.M. Best – A (excellent) 
• Fitch – A+ (strong) 
• Standard & Poor’s – AA – (Very Strong) 
• Better Business Bureau – A+ 

These ratings indicate the financial strength of Globe Life and its ability to pay claims on time.

Does Globe Life Have Any Consumer Complaints?

The National Association of Insurance Commissioners has recorded 107 complaints against Globe Life Insurance. Most complaints concern policyholder service, claim handling, underwriting, marketing, and sales.

What Should You Know Before Buying Globe Life Insurance?

What is Globe Life’s Sales Process?

Globe Life is a “Captive Carrier” they only sell their life insurance products through their agents. These agents will never tell you about affordable life insurance from other life insurance companies.

Independent insurance agencies like Funeral Funds of America cannot sell their products. That’s OK as there are many better insurance companies with lower pricing than Globe Life.

Are Any Health Conditions Not Accepted By Globe Life?

These health issues are not accepted for Globe Life immediate coverage or first-day coverage plan:

• Activities Of Daily Living (ADLs)
• Alzheimer’s or Dementia
• AIDs, HIV, ARC
• Current Cancer
• Congestive Heart Failure
• Cardiomyopathy
• Dementia
• Dialysis
• Diabetic Amputation
• End-stage Renal Disease
• Hospice
• Nursing Home Confinement
• Organ or Tissue Transplant
• Oxygen Use
• Terminal Illness

How Can I Get Pricing Help Today?

Use our quoting software below to see how Globe Life pricing compares to other companies.

• $10,000 to 15,000 is often appropriate for burial needs
• $3,000 to $7,000 is often appropriate for cremation needs

GET QUOTES NOW

What Are The Top 10 Questions About Globe Life?

Is Globe Life Insurance still in business?

Yes, Globe Life Insurance Company is still in business today.

Who founded Globe Life insurance?

Globe Life is founded by Ralph Reece and John Singletary in 1951.

Does Globe Life have an app? How can I access the Globe Service Center?

Globe Life eServices login. Go to Service Globe Life insurance online payment.

How do I pay Globe Life?

You can pay Globe Life by calling (800) 811-3927. You can also pay the Globe Life insurance bills online by navigating through Globe Life’s eService Center. Go to the Globe Life payment center by accessing their app.

What are the different life insurance products offered by Globe Life?

Globe Life offers both term life and whole life insurance products.

How old do you have to be to apply for Globe Life insurance coverage?

You must be between 18 and 79 to qualify for Globe Life insurance coverage.

How much life insurance can you get with Globe Life insurance?

You can get a maximum of $100,000 with Globe term life insurance. You can get a maximum of $50,000 with Globe’s whole life insurance.

Is Globe Life insurance expensive?

Yes, Globe Life is extremely expensive compared to other life insurance companies offering the same insurance products.

Does Globe Life have a waiting period?

No, Globe’s life term life and whole life insurance do not have a waiting period. The policy is active from the first day.

What are the common terms used when searching for Globe Life Insurance

Here are some common terms people use when searching for, or describing COMPANYXXX life insurance Products:
• Globe Life Burial Insurance
• Globe Life Cremation Insurance
• Globe Life Final Expense Insurance
• Globe Life Funeral Insurance
• Globe Life Term Life Insurance
• Globe Life Universal Life Insurance
• Globe Life Whole Life Insurance

Sources Cited In This Article:

• Globe Life. “Globe Life Application.” Accessed November 23, 2022. https://www.globelifeapplication.com.Application.
• NAIC. “Number of Complaints by Type of Coverage.” Accessed November 23, 2022. https://content.naic.org/cis_refined_results.htm?TABLEAU=CIS_CODE&COCODE=91472&:refresh