Globe Life Insurance Review
NerdWallet’s Verdict: Globe Life offers term and permanent life insurance options without requiring a medical exam, but coverage amounts are generally low, and the company receives far more customer complaints than expected.
Globe Life, previously known as Torchmark, provides a mix of term and permanent life insurance policies, including options that don’t require a medical exam. These policies are available online, over the phone, or through agents.
Overview
Pros:
- Offers life insurance policies without a medical exam.
- Low initial rates for the first month.
- Policies can be purchased online, over the phone, or by mail.
Cons:
- Receives significantly more customer complaints than expected for a company of its size.
- Relatively low coverage amounts.
- Online claims filing is unavailable.
NerdWallet rating: 2.5/5
Founded in 1951, Globe Life highlights its affordable initial cost structure, starting with a low rate for the first month. This allows it to initially attract customers. However, this initial low cost quickly increases. Given the high volume of customer complaints, it may be worth looking at different providers.
Globe Life operates through subsidiaries, including American Income Life, Liberty National Life, United American, and Family Heritage Life. The company’s headquarters are located in McKinney, Texas, and it has agents across the country.
Globe Life Insurance Policies
Globe Life offers a range of life insurance policies, all without a medical exam. These include:
- Term Life Insurance: Available in coverage amounts ranging from $5,000 to $100,000, typically for terms of 1 to 30 years.
- Whole Life Insurance: Provides lifelong coverage with policies valued between $5,000 and $50,000. This policy type builds cash value over the policy’s life.
- Child Whole Life Insurance: Allows parents to purchase whole life insurance for their children, with coverage amounts from $5,000 to $30,000.
- Final Expense Insurance: This is designed to cover end-of-life expenses.
Customer Complaints and Satisfaction
According to NerdWallet’s analysis of data from the National Association of Insurance Commissioners, Globe Life has received far more customer complaints than expected over a three-year period. The company ranked 16th out of 21 companies for customer satisfaction in J.D. Power’s 2024 U.S. Individual Life Insurance Study.
How Globe Life Compares
Applying for a Policy with Globe Life
Depending on the policy, quotes and applications may be completed online, over the phone, or by mail. The online process for term life typically requires your state, name, email, mailing address, and age range. This will redirect you to the application website, where coverage options and quotes are listed.
For phone quotes, representatives will ask basic questions, such as name and birthdate, and guide you through completion of the application. Whole life coverage requires calling Globe Life directly, submitting an online request to connect with an agent, or requesting information by mail.
Globe Life Customer Experience
While Globe Life’s website is user-friendly, specific policy details are limited. More information requires contacting an agent. We were connected quickly by phone, receiving a term life insurance quote based on basic information. The representative stated that the term policies last until a certain age (90 in this instance), rather than a set term, a detail missing from the website’s fine print. Also, it didn’t mention that the rates for the company’s term policies increase with age.
The company offers a mobile app for premium payments and policy information, available for both Android and Apple. However, user reviews reflect frequent login and payment issues.
To file a life insurance claim, a form must be downloaded and mailed with supporting documents.
In addition to its life insurance products, Globe Life also offers:
- Accidental death insurance
- Mortgage protection insurance
- Supplemental health insurance (critical illness, hospital, cancer, ICU, and accident insurance)
Contacting Globe Life
Globe Life can be reached by:
- Phone: For product information, call (800) 831-1200. Existing policyholders can call (315) 451-2544 on weekdays from 8 a.m. to 4:30 p.m. ET for customer service.
- Email: Fill out the form on Globe Life’s contact page.
- Live chat: Not available.
How We Review Life Insurance Companies
Our life insurance reviews take customer satisfaction and insurer performance into consideration, based on these factors:
- Policies Offered: Variety of life insurance products, including term, permanent, and no-exam policies.
- Financial Strength: We use AM Best ratings to determine an insurer’s long-term financial stability and ability to pay claims. NerdWallet typically recommends insurers rated A- or higher.
- Complaints: These ratings are based on complaints to state regulators relative to a company’s size, according to data from the National Association of Insurance Commissioners.
- Buy Online: We check whether an insurer offers online application.
Before comparing companies, decide on the type of insurance, riders, coverage amount, and duration. Ensure quotes cover the same amount and period. Verify the medical requirements match your needs. Consider complaint numbers as a quality indicator.
Methodology
NerdWallet’s ratings derive from consumer experience, complaint index scores from the National Association of Insurance Commissioners, and weighted financial strength ratings. The consumer experience category evaluates communication ease and website transparency. These ratings are on a curved 5-point scale.
NerdWallet examined complaints from state insurance regulators reported to the National Association of Insurance Commissioners from 2021-2023. The NAIC calculates a complaint index measuring the share of total complaints relative to a company’s size. NerdWallet performs this same analysis to evaluate complaint histories without NAIC endorsement, using separate ratios for auto, home, and life insurance.
