Life Insurance

Globe Life Insurance Review: Final Expense Coverage for the Whole Family

Globe Life Insurance Review: Final Expense Coverage for the Whole Family

Editor's Rating

A good option for accidental death insurance, but their term and whole life insurance is more expensive for healthy shoppers.

Good for

  • Coverage of funeral and other end-of-life costs
  • Policies for children and adults of all ages
  • Wide range of accidental death benefits

Bad for

  • Income replacement or large death benefits
  • Term coverage over 5 years
  • Healthy consumers
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Editor's Rating

A good option for accidental death insurance, but their term and whole life insurance is more expensive for healthy shoppers.

Good for

  • Coverage of funeral and other end-of-life costs
  • Policies for children and adults of all ages
  • Wide range of accidental death benefits

Bad for

  • Income replacement or large death benefits
  • Term coverage over 5 years
  • Healthy consumers
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Globe Life offers whole life insurance, term life insurance with no medical exam and accidental death insurance. Read on to learn about each of these products and how Globe Life's quotes compare.

If you're looking for final expense insurance with limited underwriting, perhaps because you have a health issue, Globe Life offers a variety of products suited to this particular need. However, if you're healthy or want a larger death benefit for income replacement once you pass, we recommend that you compare quotes from other insurers, as you'll get better prices and a wider set of options elsewhere.

Globe Life only offers coverage with no medical exam so, if you're healthy, you'll pay higher rates for the same death benefit than you would at an insurer with full underwriting. In addition, their term life policies have a maximum term length of 5 years, so if you know that you want coverage for a longer period of time, you'll pay higher premiums on average since the cost increases each time you renew coverage.

Globe Life's products

The Globe Life and Accident Insurance Company offers term life insurance with no medical exam, whole life insurance (for adults and children), and accidental death coverage. The term and whole life insurance policies are considered final expense insurance, which means their limited payouts are better suited for covering end-of-life costs than income replacement.

Globe whole life insurance

Purchasing Globe Life's whole life insurance doesn't require a medical exam, but you'll answer questions about your health during the application process. Since the underwriting is limited, the death benefits are as well. But this can be sufficient if you're looking for final expense coverage. Funeral costs typically reach about $10,000. Globe Life offers payouts between $5,000 to $50,000, mostly in increments of $10,000.

The cash value won't be added to the death benefit, but it grows at a guaranteed rate over time. You can decide to borrow against the value of the policy or eventually surrender it.

Cost

You pay $1 in the first month; after that, your premiums won't change for the duration of the policy. But because you aren't required to get a medical exam, premiums are significantly higher than if you purchased a policy from an insurer with full underwriting. That means no-medical-exam whole life insurance is only a good option if you know a medical exam would disqualify you from coverage with another insurer.

Restrictions

In New York, Globe Life's whole life insurance payouts are more limited. They range from $1,000 to $25,000, depending on your age and gender.

Globe term life insurance

Globe's term life insurance also has no medical exam and offers a limited set of death benefits. You can purchase $5,000; $10,000; $20,000; $30,000; $50,000 or $100,000 in coverage.

Cost

While Globe Life advertises level premiums for the entire policy term, you can only get coverage for a maximum of five years. Globe Life puts policyholders into five-year-long age brackets; once your initial term ends, you move into a new age bracket. Each time you renew, your premiums increase.

Let's say you purchase $50,000 of coverage at age 52, and you maintain coverage until you turn 70. Here's what your term lengths and rates would look like:

AgeTerm lengthSample premium
52–553 years$42 per month (after the first month, which is $1)
56–605 years$55 per month
61–655 years$80 per month
66–705 years$115 per month

Restrictions

Before getting term life insurance from Globe Life, ask about age restrictions. The company only offers coverage through a certain age, typically 80 or 90. Several consumers left complaints saying they paid hundreds or thousands toward premiums — but once they lived past 80, they discovered they no longer had coverage.

You also need to pay attention to coverage limits. Globe Life only offers coverage up to $50,000 in New York.

Globe Life accidental benefits insurance

Globe Life offers accidental death insurance with an initial death benefit of up to $250,000. This benefit increases by 5% each year for the first five years of the policy or until you reach age 70, whichever happens first. Its accidental death coverage has guaranteed acceptance if you're between the ages of 18 and 69, meaning there are no health questions or medical exams during the application process.

As you might guess, Globe Life's accidental death coverage only pays a claim if the accident fits within the company's definition. Things like car crashes or choking incidents fall under the "accidental death" umbrella, while a sickness such as cancer would not.

Depending on how you die or what hardships you face, Globe Life's accidental death coverage has additional payout opportunities:

IncidentPayout
Accidental death of a parentIf you have coverage for your entire family, your beneficiary will receive an additional 10% of your death benefit for each of your children between the ages of 15 and 22, up to a total of $10,000.
Accidental death while in a vehicleIf you die in a car crash while wearing a seat belt, your beneficiary receives an additional 10% on top of your death benefit.
Accidental death on a commercial airlineIf you die while a passenger on a commercial airline, your beneficiary would receive a bonus of 100% of your death benefit.
ParalysisIf you suffer from partial or full paralysis due to an accident during the term of your coverage, the insurer assigns a value to your loss of mobility and pays you that amount.
DismembermentIf you lose a limb due to an accident during the term of your coverage, the insurer assigns a value to your loss of mobility and pays you that amount.

Cost

Premiums are level throughout your lifetime and may seem cheaper compared to other life insurance policies. But Globe Life limits the instances in which you're paid a claim. According to the Centers for Disease Control, accidents only accounted for 5.4% of deaths in 2015. The vast majority of deaths were a result of diseases or medical conditions.

Restrictions

Accidental death coverage isn't available in every state. If you live in New York, Globe Life offers accidental death coverage that comes with a different structure. There's no premium for the first year, and coverage costs just $10 per year after that. But the death benefit is extremely limited. Globe Life offers $3,000 for you, another $3,000 for your spouse and $1,000 for each child.

Globe Life consumer reviews and complaints

While Globe Life is a legitimate life insurance company with an A+ (Superior) rating from A.M. Best, it has a disproportionate number of consumer complaints. Its 2016 NAIC Complaint Index, which measures the number of complaints a company receives against its size, was 5.10. The national median is 1.0, which means Globe Life gets many more complaints than expected for a company its size. It received 2.83% of all complaints in the individual life insurance industry, even though it only makes up 0.29% of the market.

Many of Globe Life's customers said they had challenges contacting customer service or getting satisfactory help. The company's sales team, on the other hand, is incredibly persistent with regards to calls and sending materials.

If you have a life insurance policy, make sure your beneficiary has the information necessary to file a claim and details of your premium payments. Some Globe Life customers said their parents failed to make payments because of illness or dementia, and they had trouble reinstating coverage after the policy lapsed. You don't want to spend years paying for benefits your family doesn't receive once you die.

Can you cash out a Globe Life insurance policy?

Only Globe's whole life insurance policies include a cash value component, which grows over time and can be paid out if you surrender the policy. Like other insurers, Globe doesn't include any cash value in its term life and accidental death policies.

How long does it take Globe Life to pay a claim?

Maxime Croll

Maxime is a Director at ValuePenguin focusing on the insurance industry. Previously she was the Director of Product Marketing at CoverWallet, a commercial insurance startup, and helped launch NerdWallet's personal insurance business. Maxime has contributed insurance insights and analysis to Forbes, USA Today, The Hill, and many other publications.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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