Headquartered in McKinney, Texas, with $82 billion of insurance in force, Globe Life Insurance provides term life policies up to $100,000 and whole life for $50,000. With initial low-cost premiums as cheap as $1, the company also offers a money-back guarantee for the first 30 days.
- Whole life policies for kids
- Easy application process
- Prompt claims process
- No medical exam required
- Only $1 for the first month
- 30-day money-back guarantee
- Limited death benefits
- Limited riders
- Premium increases every 5 years (term)
Globe Life Insurance Ratings at a Glance
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| Customer Pricing | |
| Mobile App | |
| Globe Life User Benefits | |
| Globe Life User Experience | |
| Globe Life’s Term Life Overall Rating |
Looking for life insurance from Globe Life Insurance? Learn more about their coverage options and features in our review.
Globe Life Insurance Coverage Options
Global Life Insurance offers both term and permanent life insurance for the whole family. Types of coverage include:
- Term life for adults: Globe Life offers term life coverage with no waiting period from $5,000 to $100,000 at periods of 10 to 20 years. Coverage is available with no medical exam and a 30-day money-back guarantee. Term life policies are available for adults 18 to 79 years of age.
- Whole life for adults: Whole life coverage begins at $5,000 and goes up to $50,000 with premiums remaining constant throughout the life of the policy. Whole life policies build cash value with available loans as long as premiums are up to date.
- Whole life for children: Whole life coverage for children starts at $5,000 and maxes out at $30,000. Children and grandchildren between the ages of 0 and 25 are eligible. Coverage begins on the first day with no waiting period.
Available riders
Globe Life offers a number of limited but exceptional riders:
- Children’s term to 25: Current term and whole life policyholders can add up to $10,000 in coverage for a dependent child between the ages of 30 days and 23 years old. You can convert into whole life coverage before the child’s 25th birthday.
- Accelerated benefit for terminal illness: Certain policyholders in specific states may access up to 50% of their benefits if they contract a terminal illness.
- Waiver of premium: Waiver of premiums is available in select states on certain policies for policyholders who become permanently disabled. This feature is only available if the policyholder has added the waiver of premium rider to its policy prior to the event. Rider certificate terminates on the policyholder's 60th birthday.
Globe Life sells its products over the phone directly to the customer. Policyholders have the ability to manage its accounts online through the company’s eService Center. For customers on the go, it also offers a mobile app. Only drawback is that there is no live chat, and emails are not answered promptly.
Pros:
- Direct sale to the customer
- Online account access
- Mobile app option
Cons:
- No live chat
- Long waiting periods by phone
- Delayed responses to emails
Because the company deals directly with the customer and offers quick and easy methods for accessing policy info, but customers sometimes experience extended contact times, Benzinga gives it 4 out of 5 stars for customer service.
Although Globe Life offers coverage for $1 for the first month, adult term life policies are relatively expensive. Actual premiums are higher than the $2 to $3 advertised on the company website. The Globe Life average sometimes runs higher than the industry average, although for adults in their 50s coverage can be as much as 30% lower.
Globe Life does serve as a great introductory provider, however. Lower death benefits are perfect for those looking for just the bare minimum.
Pros:
- Low first month cost
- Money-back guarantee
- Better than industry average for customers in their 50s
Cons:
- Overall, rates are sometimes higher than industry average.
- Premiums increase upon renewal.
- Limited benefits are available to those over 60.
Even though Globe Life premiums sometimes run higher than the industry average, policies are available for a few dollars a month for children. Combine this with the 30-day money-back guarantee and $1 for the first month, and Benzinga gives Globe Life 4 stars for pricing.
Even though Globe Life still likes doing business in person — on the phone — it does have a mobile app for its customers on the go. The mobile app offers customers easy access to all its policy information and quick quotes with minimal information input for potential clients.
Pros:
- Available on Google Play and iTunes
- Easy to use
- Complete policy management
Cons:
- Connectivity problems
- Login difficulty
- Update difficulties
Despite occasional slow connectivity, Benzinga likes the Globe Life mobile app. Nothing fancy, but it gets the job done. For this reason, the Globe Life mobile app rates 4 out of 5 stars.
Globe Life specializes in term life insurance for adults. Rates for a healthy, non-smoking male starting at age 25 with term life coverage average:
- 25 — $30.75
- 35 — $44.50
- 45 — $68.50
- 55 —-$107.50
Globe Life offers more than just whole and term life:
- Accidental death benefit life insurance: Coverage that pays for unexpected death such as work accidents or auto collisions.
- Mortgage protection insurance: This type of insurance pays off your mortgage in case of death. It is different from straight term life as it makes the payment to your mortgage company directly.
- Medicare supplement insurance: If you’re 65 or older, you know that Medicare doesn’t pay 100% of your medical costs. Fill in the gaps with Medicare supplemental insurance from Globe Life.
Benzinga likes Globe Life’s menu of offerings, such as whole and term life, plus the entire user experience via its website and mobile app. The Globe Life website offers:
- Online quotes
- Info by snail mail option
- Direct connectivity with agent
- Interface login
- Comprehensive info on all products
Make your payments or even initiate a claim online. Informative articles explain all the different products and benefits provided by Globe Life.
If you like using your handheld device instead, the Globe Life mobile app provides all the same great options as its website. Make payments or claims; even check out new benefits with the Globe Life mobile app. Benzinga rates the Globe Life user experience at 4 stars.
Globe Life’s Term Life vs. Competitors
Globe Life offers term life insurance for $1 per month for the first month. It also offers a 30-day money-back guarantee. This feature gives the customer time to decide whether or not the policy is for them.
While Globe Life policies start at $5,000 and max out at $100,000, they are quick and easy to initiate with little down payment. While death benefits are low in comparison to the competition, premiums can be as low as $3 per month. Simple underwriting offers quick turnaround time, and contracts are in force immediately. Cost increases every 5 years can be substantial, however.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products. Coverage amounts vary by state.
Haven Term is a Term Life Insurance Policy (ICC21 Haven Term in certain states, including NC) issued by C.M. Life Insurance Company (C.M. Life), Enfield, CT 06082. In New York (DTC-NY) and California (DTC-CA), it is issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.
*excludes New York
Despite substantial increases every 5 years and higher than industry average premiums before age 50, Benzinga likes Globe Life term policies because they’re easy to access and come with a money-back guarantee. Coverage is available without medical exams for term life coverage, and policies are in force up to 90 years of age.
Pros:
- Money-back guarantee
- $1 for the first month
- Low death benefits mean low premiums
Cons:
- Higher than average premiums
- Premium increases every 5 years
- Low maximum death benefits
Benzinga likes Globe Life as an entry-point for term-life coverage. Its 30-day money-back guarantee and $1, first-month cost are great for entry level customers. If you’re looking for smaller death benefits at low prices, Globe Life is perfect for you.
Get Started with Globe Life Term Life
If you’re not looking for a million-dollar policy but just the basics to make sure you and your family are covered, then Globe Life is the right company for you. Globe Life makes it quick and easy for you to sign up for a term life policy with benefits between $5,000 and $100,000.
Globe Life offers a 30-day money-back guarantee, monthly premiums as low as $3 per month and the first month for only $1. Call or visit the Globe Life website today to get your free quote.
For more information, come check out the wide array of insurance articles at Benzinga.
Frequently Asked Questions
Does Globe Life offer term life insurance for children or just adults?
Unfortunately, term life insurance is not available for children. Current term and whole life policyholders can, however, through the Children’s Term to 25 rider, add up to $10,000 in coverage for a dependent child between the ages of 30 days and 23 years old. You can convert the policy into whole life coverage before the child’s 25th birthday.
Does Globe Life insure children with whole life insurance for up to $100,000?
While children do qualify for whole life coverage, the maximum death benefit is only $30,000. This amount may not be as high as some other companies, but keeping the death benefit lower helps keep premiums lower as well. Insure children for a little as a few dollars per month.
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Methodology
Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.
About Philip Loyd, Licensed Insurance Agent
Loyd has written for Forbes.com, Red News Real Estate, Therapist.com, IRA.com, McGraw Hill, TheStreet.com, WikiHow, GOBankingRates.com, S.R. Education, Society of Petroleum Engineers and BioTech Fortunes. He is a licensed insurance agent and financial advisor with both his series 6 and 7 certifications.