March, 24 2017

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Globe Life Insurance Review 2016

Globe Life Insurance Review 2016

Author
  • Price
  • Product Quality
  • Financial Strength

Globe Life Insurance Review 2016 (updated 2/2016)

The Pros:  Globe Life and Accident Life Insurance Company has a very easy application process with no medical exam and only a few health questions.  Also, there is no two year waiting period, coverage begins once the policy is issued for both natural and accidental death.  Additionally, Globe Life is A+ Superior rated (second highest of 16 ratings) by A.M. Best for financial strength.

The Cons: Globe Life’s popular term life insurance for adults policy is a step-rate insurance plan and the rate increases every 5 years (every 5th birthday).  This is attractive initially since the price is low to begin (even $1 for the first month) but the rate increases as time goes on, and the policy can become unaffordable to some especially in one’s 60’s and 70’s.  Also, there are complaints about Globe’s customer service on certain consumer feedback websites.

The Bottom Line:  Globe Life Insurance’s prices are competitive in comparison to their competitors. Globe Life has been in business for more than 50 years and has an A+ Superior financial rating from A.M. Best.  Globe Life’s adult life insurance is a popular product due to the ease of the application.  There are only a few health questions and the application is done right on their website.  (Although at the time of this writing 2/2016 their underwriting seems to have become more strict in getting approved with certain health conditions.) Globe even allows you to add additional accidental death coverage insurance for a few more dollars.  However, the adult term life insurance policy is a step-rate plan and the price does increase with age.  Also, if one is healthy and doesn’t mind taking a life insurance paramed exam, there are less expensive options available (see below).  However, for those who want a life insurance policy with a quick and easy application process and don’t mind the increasing rates as time goes on then the Globe term policy is a very good option (sample rates below).  Addintially, Globe Life has a very popular like insurance policy for children which does not increase with age as well as an adult whole life insurance policy that goes up to $50,000.  As with all the companies we review, we recommend that you receive a quote from Globe Life and from the other top companies and choose the best one for you.

 

About

Type: Subsidiary of Torchmark Corp -NYSE: TMK

Founded: 1951

Website: globeontheweb.com

Phone: (888) 650-4081

Address: 204 North Robinson Avenue, Oklahoma City, OK 73184

A.M Best Rating 2016: A+ (Superior) second best of 16 possible ratings

Comdex Ranking: 91 out of 100

BBB Rating: A+

Competitors: AARP Life Insurance, Colonial Penn, Mutual of Omaha Life Insurance, Foresters, 5 Star Life Insurance Company, Oxford, Americo, United Home Life, Monumental,Funeral Advantage, Standard Life, State Farm, Farmers, Allstate, Nation Wide, American Family Life Insurance, Progressive Life Insurance, ANICO, Allianz Life Insurance Company, Fidelity & Guaranty Life, American General Life, Banner Life, Protective Life, Primerica, Genworth Life, Pacific Life Insurance, North American Co, Lincoln National Life, ING-ReliaStar, Transamerica, Prudential, Midland, Cincinnati Life, Grange Life Insurance Company, Symetra Life Insurance Company, John Hancock, PennMutual, Principal, TIAA-CREF, Guardian, OneAmerica, Minnesota Life, RiverSource, Allianz Life Insurance Company, Thrivent Financial for Lutherans, AAA, Erie, Sagicor, Amica, Assurity,  Ohio National Life Group, New York Life, Northwestern Mutual, EMC National Life, Motorists Life, Pan-American Life, National Life Group, American Family, Shelter, HoraceMann, Group Life Insurance, Supplemental Life Insurance, Aflac, Voluntary Life Insurance, Unum,  MassMutual.

Globe Life Adult Whole Life Insurance Sample Rates for a 55 Year Old Male

Globe Life Adult Term Life Insurance Sample Rates for a 55 Year Old Male

  • $5,000 Coverage $9.58 month
  • $10,000 Coverage $14.75 month
  • $20,000 Coverage $25.07 month
  • $30,000 Coverage $35.39 month
  • $50,000 Coverage $56.03 month
  • $75,000 Coverage $81.84 month
  • $100,0000 Coverage $107.64 month

*All adult policies are $1 for the first month

**Adult Globe term life insurance increases every 5th year

 

$100,000 Term Life Insurance Rates 2016

for a healthy 55 year old male (Preferred Rating Class) with a paramed exam

$100,000 10 year term policy

Protective Life: $24.91 month

Banner Life: $29.66 month

SBLI: $29.49 month

Transamerica: $29.85 month

Mutual of Omaha: $30.93 month

AIG: $31.75 month

Voya Financial: $32.46 month

New York Life: $33.69 month

MetLife: $36.45 month

Prudential: $36.81

 

$100,000 15 year term policy

for a healthy 55 year old male (Preferred Rating Class) with a paramed exam

Protective Life: $35.10

Banner Life $35.44 month

SBLI: $35.23 month

Transamerica: $35.53 month

AIG: $38.04 month

Voya Financial: $41.74 month

Prudential: $44.37

New York Life: $44.43 month

Mutual of Omaha: $44.76 month

MetLife: $46.53 month

 

 We want to hear from you and hear about your experience with Globe Life Insurance. Voice your opinion.  Was it positive or negative?  Tell others if you would recommend Globe to your friends and family.  Please leave a comment and rating below right now.

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