Globe Life life insurance review: High rates, low coverage
Globe Life offers life insurance with high rates and low coverage amounts, so most people will find better policies elsewhere.
By
Logan SachonLogan SachonSenior Managing Editor, Life Insurance & ResearchLogan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
Edited by
Adam MorganAdam MorganEditorial DirectorAdam Morgan is an editorial director at policycentral who leads the life insurance and annuities team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
4.1
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
NA
The bottom line
Globe Life offers term and whole life products with low coverage amounts and high rates. The term life product it offers is not a level term policy, the most common type — instead, it is a five-year renewable term product with rates that increase every five years. Term coverage maxes out at $100,000, and whole life maxes out at $50,000.
Note: Globe Life products are not available through the policycentral marketplace.
Pros
Instant coverage
No policies require medical exams
Cons
Term policy is five-year renewable term with rates that increase every five years
No accelerated death benefit rider on term policies
High rate of customer complaints
Basic coverages offered
Term life insurance: Globe Life’s term life insurance product is a five-year renewable term policy available to people age 18 to 80 with age-based rates that increase every five years. Coverage is only available up to $100,000.
Whole life insurance: Globe Life has whole life insurance available for amounts up to $50,000. Unlike Globe Life's other products, it cannot be purchased online.
Children’s life insurance: Globe Life’s children’s life insurance policy is available for up to $30,000.
Additional coverages offered
Accidental death benefit rider: For an additional cost, the accidental death benefit rider provides an additional benefit if the insured dies from injuries from an accident.
Ratings methodology
Customer experience
4.2/5
Our customer experience scale uses data from the National Association of Insurance Commissioners (NAIC) complaint index. Globe Life has a score of 2.74, which means it receives over twice as many complaints as expected for a company of its size. (The expected number would be 1.0.)
Transparency
3.7/5
Our transparency rating scale measures how easily shoppers and policyholders can find information about an insurer on its website. Globe Life gets points for having clear contact information and displaying financial ratings, but loses points for not sharing details about its policies outside of its quoting and application flow, and for not having dedicated online support.
Financial strength
4.0/5
Our financial strength rating is a weighted combination of three industry-leading metrics to measure a company’s financial health: A.M. Best, Standard & Poor’s, and Moody’s. Globe Life has an A rating from A.M. Best, an AA- rating from Standard & Poor’s, and is not rated by Moody’s.
Note: Globe Life does not have a price rating, as it does not offer a 20-year term policy with $1 million coverage, the sample policy we use in our price rating scale.
A closer look at Globe Life
Who is Globe Life best for?
People who need a low amount of life insurance coverage for a short amount of time may find what they're looking for with Globe Life. But most people can find coverage elsewhere for much lower rates.
What makes Globe Life unique?
Globe Life does not offer a level term convertible life insurance policy, which is the standard term life insurance policy available from most companies (and also the most popular). Instead, it offers a five-year renewable term policy with rates that increase every five years.
Who should consider a different life insurance company?
Most people shopping for life insurance will find more coverage for lower rates elsewhere, especially with a level term policy with steady rates. For more options with lower rates, see our picks for the best life insurance companies.
Globe Life life insurance rates
Globe Life does not offer a $500,000, 20-year level term policy, our standard sample policy for comparing rates. (Its term policy maxes out at $100,000 and is a five-year renewable term policy with rates that increase every five years.)
Globe Life’s history, reputation, and social responsibility
Globe Life Accident and Insurance Company was founded in 1951 in Oklahoma. In 1980, it was acquired by Liberty National Insurance Company, and joined under the holding company Torchmark. Many acquisitions followed, and in 2019, Torchmark was renamed Globe Life, Inc., making Globe Life a subsidiary of Globe Life, Inc. [1]
Globe Life, Inc. owns several other insurance subsidiaries, including American Income Life Insurance Company, Liberty National Life Insurance Company, United American Life Insurance Company, and Family Heritage Insurance Company of America. [2]
Globe Life, Inc. trades on the New York Stock Exchange. It is based in McKinney, Texas.
Globe Life in the news
In August 2022, Globe Life ranked 594 on the Fortune 1000 list, putting in the top 1000 of the biggest companies in the U.S. (Fortune)
In March 2022, Globe Life released its 2021 ESG report. (Globe Life)
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Globe Life vs. other life insurance companies
Compare Globe Life to similar life insurance companies using the table below.
policycentral uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.
Logan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
Adam Morgan is an editorial director at policycentral who leads the life insurance and annuities team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
