Pros
- Policies are issued quickly with minimal delays.
- Eligibility is determined through a health questionnaire.
- Initial premiums are low, though they may increase later.
- Policies can be purchased online, by phone, or through the mail.
Cons
- Reports indicate issues with support and responsiveness.
- No investment opportunities or accelerated death benefits.
- Claims must be submitted via phone or mail.
- Term policies have a maximum length of five years.
- Coverage amounts are relatively modest compared to others
About Globe Life
Planning for the future remains a key reason why customers turn to life insurance providers like Globe Life. Since its founding in 1900, Globe Life has helped individuals prepare for the unexpected and secure financial protection for their loved ones.
Life insurance has evolved over the years, but its core purpose remains providing support to families after the loss of a loved one. With 16.8 million policies issued, Globe Life ranks among the top life insurance providers in the nation. However, policy volume is just one aspect to consider.
Coverage
Globe Life offers various life insurance options without requiring a medical exam. As a result, its death benefit amounts are relatively modest, with term life policies capping at $100,000. Despite these limits, these policies can help cover outstanding debts or funeral costs.
A notable drawback of Globe Life’s term life insurance policies is their short duration. The maximum term length is five years, with the option to renew for another five-year period. However, each renewal may come with increased premiums, potentially making coverage more expensive over time. In contrast, opting for a 20- or 30-year term policy from another insurer could provide more stable and cost-effective long-term coverage.
Term Life Insurance
Globe Life Insurance provides term life coverage ranging from $5,000 to $100,000. Policies can be purchased directly from the company without requiring a medical exam, offering a fast approval process and no waiting periods. Once approved, coverage benefits and monthly premiums remain unchanged as long as payments are made on time.
When you enroll in a Globe Term Life policy, the initial term lasts between one and five years, depending on your age at the time of issuance. Renewal periods occur at ages ending in 1 or 6 (e.g., 21, 26, 31, etc.) and continue in five-year increments thereafter. For instance, if you start a policy at age 37, it will expire when you turn 41, at which point you can choose to renew for another five-year term.
Whole Life Insurance
Globe Life provides whole life insurance with coverage amounts ranging from $5,000 to $50,000. Policies can be purchased directly from the company without requiring a medical exam or extended approval periods. As long as premiums are paid on time, both rates and coverage remain fixed for life. Additionally, these policies build cash value over time, offering long-term financial benefits.
Globe Life does not approve every application, particularly for higher coverage amounts. While no medical exam is required, applicants must still provide health information by answering medical questions. The company may also review electronic medical records to determine eligibility. These no-exam policies are often targeted toward specific groups, such as seniors seeking funeral coverage or younger, healthier individuals who prefer to skip a medical exam despite paying higher premiums for lower coverage.
Final Expense Life Insurance
Many of Globe Life’s policies function as final expense coverage, designed to cover funeral costs and minor outstanding debts due to their lower benefit limits. This makes them a suitable option for seniors who are comfortable with modest coverage amounts and prefer a simplified approval process.
However, these policies come with certain restrictions beyond the death benefit. For instance, they do not accumulate cash value over time, meaning the benefit amount remains fixed regardless of how long the policyholder lives.
Children’s Life Insurance
Globe Life offers life insurance for children and grandchildren with coverage amounts ranging from $5,000 to $30,000. Policies provide full benefits from day one, with no medical exam or waiting period required. This hassle-free coverage ensures lifelong protection, regardless of age, health status, or occupation, as long as premiums are consistently paid.
Similar to its adult policies, Globe Life provides both whole and term life insurance options for children. Approved applicants can later upgrade to more comprehensive coverage as adults. While these smaller policies primarily serve as an introduction to life insurance, they can also offer financial advantages. For some families, whole life policies for children may serve as a long-term wealth-building strategy.
Pricing
Globe Life promotes affordable rates, offering life insurance for both adults and children starting at just $1 for the first month. After this initial period, premiums are determined based on the applicant’s current age and remain fixed for the policy term. Below is a breakdown of the monthly premiums for a $100,000 term life insurance policy to provide a clearer expectation of potential costs.
| AGE | WOMEN | MEN |
| 20 | $19.35 | $27.41 |
| 30 | $30.13 | $44.28 |
| 40 | $47 | $69.61 |
| 50 | $74.81 | $113.78 |
| 60 | $72.76* | $99.41* |
It’s important to be aware that when a Globe Life term policy renews, premiums may increase based on the policyholder’s age. Additionally, Globe Life offers a limited money-back guarantee—if you’re not satisfied, you can return your policy within 30 days for a full refund. However, customer reviews suggest that the cancellation process may not always be straightforward.
Submit a Claim
Anyone can initiate a claim with Globe Life, whether it’s a spouse, child, designated beneficiary, or even a family representative, such as a funeral home contact. To help speed up the claims process, be prepared to provide the following details:
- Life insurance policy number
- Beneficiary’s contact information
- Official death certificate
- Copy of the obituary
- Coroner’s and/or police report (if the death was due to an accident, homicide, or suicide)
After collecting the necessary documents, send them to the following address:
Globe Life Inc.
Attn: Life Claims Department
PO Box 8076
McKinney, TX 75070
Globe Life typically takes around 10-15 days to receive, log, and process the submitted documents. However, processing times may vary. If additional information is required, a Globe Life representative will reach out to notify you.
Customer Support
Globe Life’s website is user-friendly, but it provides limited policy details. To get more specific information, you’ll need to contact an agent via phone, email, or mail. While the company doesn’t offer online chat support, it does have a mobile app for Android and Apple devices, which allows users to pay premiums and access coverage details. However, reviews for the app are largely negative, with many users experiencing login and payment issues.
For details about Globe Life’s products, you can call 800-831-1200. Existing policyholders can reach customer service at 315-451-2544, available Monday through Friday from 8 AM to 4:30 PM ET.
Conclusion
Globe Life provides both term and permanent life insurance options. The company promotes its low introductory rate, allowing customers to secure their first month of coverage for just $1. However, premiums increase after the initial period, potentially leading to higher long-term costs.
Policies have a maximum term of five years, with the option to renew for another five-year period. However, renewal often comes with increased premiums based on age. As a result, policyholders may face higher long-term costs compared to securing a 20- or 30-year term policy from another insurer.
