Globe Life Review: Is it too good to be true?

Written by Rob Pinner

These days with all the advertisements on television and paid reviews, it’s hard to find an honest review of a life insurance company.

That won’t happen here.  We are an independent life insurance agency whom represents the best life insurance carriers in America. We give you our honest and experienced opinion of each company and their products.

We are not paid to review any of these companies.

With our knowledge we have decided to review Globe Life Insurance.

There are thousands of life insurance carriers doing business in America. We know how difficult it can be to find the right carrier.  Then when you think you have comes figuring out which product to choose.

When I am out and about, the company I get questions about the most is Globe Life.  The main reason for this is their huge advertising campaign aired on most channels and at all times of the day.  There is a good chance you have seen one or two.

This review will go over the pros vs. cons of all the Globe Life policies. By no means is this review meant to discredit to the overall strength of Globe Life or their ability to pay claims.

Globe Life History

Globe Life and Accident Insurance Company was founded in 1951 and the home office resides in McKinney, TX. Globe Life is a subsidiary of Torchmark Corporation. The Torchmark family includes:

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

The Pros of Globe Life

  1. Financial Security: Globe Life has over 4 million policies on the books with over $80 billion of insurance in force. It is one of the largest issuers of life insurance in America.  Globe Life has strong financial ratings with an A.M Best Rating of A+, Superior.  This is a positive when it comes time to pay claims.  They have maintained the A+ rating for the past 25 years.  Bottom line, Globe Life is a strong, financially sound company.
  2. Death Benefit Remains Level: The benefit remains level throughout the life of the policy. As long as you pay the premium the death benefit remains the same.
  3. No Medical Exam Products: Globe Life offers no exam products or better known as simplified issue. These policies ask only a handful of applications but tend to be pricey.
  4. Lots of Policy Options: Globe Life offers a wide variety of policies meant to meet all your family’s needs. Some of those policies include:
  • Term Life Insurance
  • Children’s Life Insurance
  • Whole Life
  • Final Expense
  • Accidental Death
  1. Great Marketing Campaign: Globe Life has one of the most recognizable names in the Insurance industry. Their marketing and advertising teams have done a great job of branding their image through commercials and radio advertisement.

The Cons of Globe Life

  1. Can Be Pricey: If you are not worried about the cost and need the insurance coverage quickly then look no further than Globe Life. Globe Life is known for there:

“$1 for $50,000 worth of life insurance coverage” commercials.

Be very wary of this advertising gimmick.  It’s used to lure you in and not shop around for the best coverage.  Overall you will find much cheaper rates than Globe Life can offer.  You just must look.

  1. Premiums Increase: Globe Life’s term products increase every 5 years up until age 80 when it expires. These policies start out relatively inexpensive, but over time the increases can get un-affordable. This can be a problem for someone on a fixed budget.
  2. Low Maximum Death Benefits: The maximum death benefits for Globe Life are limited compared to other top insurance carriers. Globe Life offers unique products for specific customers, so the low death benefits may not be a problem.  If you’re looking for more than $100,000 of Term Life Insurance or $50,000 of Whole Life, then Globe is not your answer.
  3. Customer Complaints: If you google Globe Life Reviews, you will find all you need to know. Most are first hand experiences and the amount of complaints that Globe Life has is a little worrisome.  With that said make sure to do your own research before buying from any Insurance Carrier.

Our Take

Globe Life is a very strong, financially strong life insurance company which is probably the most important when choosing the right life insurance company. With that said, Globe Life is probably not the best choice for most people.  They are limited in the amount of life insurance they can provide. The cost of their policies is usually much higher than many other financially strong life insurance companies. Not all of Globe Life’s products come with guaranteed premiums (like their term) which can become a costly decision over time. Overall there are many other life insurance companies with the same strong financial ratings, but with much better/cheaper products. Always consult with an experienced agent before making any final decisions.

 

 

 

 

Rob Pinner
Rob Pinner

I have been a licensed insurance agent for over 15 years.  If you have any questions or comments please don’t hesitate to give us a call.

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