Globe Life Insurance is one of the most popular insurers in America, with over 70 years of service. They cover millions of policies and claim to offer $100,000 of coverage for just $1 per month – but what’s the catch?
The catch is that Globe Life Insurance rates and customer service aren’t as good as they claim. The $1 monthly rate is just an introductory offer, and rates can skyrocket for seniors. In addition, Globe Life burial insurance has several drawbacks, especially compared to our top carriers.
If you’re interested in burial insurance, you should get the best plan possible, and the best way to do that is to find quality help. That’s where Final Expense Benefits can help. Although we believe Globe Life Insurance offers subpar coverage, we’re here to help you get a great policy.
Call us at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET. Get started now with our free quoting tool to find the best insurance policy for you and your loved ones.
Globe Life Insurance History
In 1951, longtime friends Ralph Reece and John Singletary founded the Globe Life and Accident Insurance Company to offer inexpensive and dependable insurance coverage to rural Oklahoma communities.
Since then, Globe Life has grown into a titan of the life insurance industry. In 1980, they were acquired by Liberty National, later moving their headquarters to McKinney, Texas. In 2014, they became the official sponsor for the Texas Rangers’ baseball stadium, officially called Globe Life Park.
Globe Life Insurance stands among the largest insurers in America, currently valued by Forbes at $28.6 billion.
Globe Life Insurance Coverage Options
Globe Life offers a small selection of burial, term, and whole life insurance options.
Globe Life Burial Insurance
Burial insurance, also known as final expense insurance, is a low-cost type of life insurance commonly used by seniors to cover end-of-life expenses like funeral bills. Because burial insurance is typically whole life insurance, policies last until the policyholder’s death, grow in cash value, and have rates locked in when the policy is issued.
They claim to offer a burial policy, but Globe Life burial insurance is their term life policy rebranded as burial insurance. Term life isn’t well-suited for seniors who want to cover end-of-life expenses, as they risk outliving their insurance coverage. Globe Life burial insurance coverage ends at age 90, with no way to continue it.
Burial insurance is often intended to be a low-cost whole life plan. Unfortunately, Globe Life burial insurance is neither low-cost nor whole life.
Most burial insurance is whole life, meaning it covers your entire lifetime, as long as premiums are paid. Premium rates are locked in at the policy’s start on most whole life plans. A portion of the monthly premium is set aside to help the policy grow in cash value over time.
Unlike most final expense plans, Globe Life burial insurance policies’ premium rates increase over time and do not grow in cash value. Rates can even exceed $1,000 monthly, far more than you should pay for burial insurance.
Globe Life Whole Life Insurance
Unlike Globe Life burial insurance, whole life policy options for adults and children are fairly standard. Rates for these plans are fixed at the policy’s start and won’t increase as the policyholder ages, unlike Globe Life’s burial insurance and term options.
However, Globe Life whole life benefit maximums are quite low: $30,000 for children and $50,000 for adults. Globe Life children’s plans are solid for children’s life insurance, but it’s often unnecessary for children to have lifelong coverage.
Globe Life whole life plans don’t require a medical exam, but do have a medical questionnaire that you must pass to be approved. Coverage starts immediately, without a waiting period.
Globe Life Term Life Insurance
Term life insurance’s primary use is as an inexpensive cash backup for young adults and working families in case of disaster. Terms are typically 10 to 30 years, with the option to continue coverage on another term or as whole life insurance.
Globe Life treats term life insurance as a specialty, but their policies aren’t particularly competitive. Term life insurance rates increase every five years. Most term life policy rates increase only if the term ends and the policyholder renews the policy.
Globe Life Accidental Death & Mortgage Protection Insurance
Accidental death insurance is a common type of supplementary life insurance often used by people who work risky jobs. It’s typically cheaper than other whole life policies as it only pays the death benefit if the policyholder dies in an accident.
Mortgage protection insurance is typically whole life. Only active mortgage payers can use it, reducing rates. However, Globe Life’s mortgage protection insurance only pays in case of an accidental death. Most mortgage protection plans pay if the policyholder dies, regardless of the cause.
“$1 Buys $100,000”
One of the biggest draws for Globe Life Insurance is their claim that “$1 buys $100,000 term life insurance for adults”. This is technically correct, but it is a bit misleading.
The truth is that you can get coverage for just $1 during the first month, but the plan continues with your actual monthly rate after that. Rates increase every five years as you age up the Globe Life age bracket.
Other than using fine print to inform customers that rates increase after the first month, Globe Life shares few details about their rates. If you’re making the financial commitment to purchase life insurance, you probably want to know as many details as possible. That’s why we only work with carriers who are transparent about their rates and avoid ones that are cagey about sharing their rates.
Contact Final Expense Benefits at (866) 786-0725 and we can help connect you to burial insurance that works for your needs and budget.
Globe Life Rate Increases
Uncommon for term life insurance, and almost never seen for burial insurance, rates for Globe Life term plans increase as the policyholder ages. This includes Globe Life burial insurance. This eliminates one of the main advantages of typical burial insurance: locking in rates at the policy’s start.
Globe Life term rates increase every five years. Initially, they’re inexpensive. Unfortunately for seniors, they increase drastically, especially past 80, where monthly premiums can exceed $1,000. Unlike most final expense insurance, Globe Life burial insurance never gains cash value and all policies end at age 90.
If Globe Life burial insurance has none of the advantages of burial insurance, why use it? Many providers offer burial plans with more coverage and flexibility at better rates.
How Much Does Burial Insurance Cost?
Unlike Globe Life, the most reputable providers are transparent about their rates. At Final Expense Benefits, we work with the best burial insurance providers on the market and can help you get a policy that fits your needs, no matter your budget.
Final expense insurance typically provides a smaller benefit, so rates are often lower. Our top carriers’ burial plans are whole life, so you’ll pay a fixed rate for your policy’s entire lifetime.
Below are sample burial insurance rates for healthy, non-smoking individuals from our top providers:
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$50 |
$40 |
$70 |
$56 |
|
|
$31 |
$26 |
$43 |
$35 |
$71 |
$53 |
|
|
$31 |
$24 |
$44 |
$33 |
$75 |
$53 |
|
|
$34 |
$29 |
$45 |
$35 |
$79 |
$59 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
If you’re interested in these or any of our other life insurance options, call us at (866) 786-0725 to learn more.
Is Globe Life A Legitimate Life Insurance Company?
While we aren’t confident in their policies, Globe Life Insurance is a legitimate insurer. However, subpar term and burial insurance policies and a poor customer service record make it difficult to recommend Globe Life.
Globe Life struggles with transparency. Their website has little information about rates, and customer reviews state agents are unclear about premium rate increases.
It’s important to find a brokerage like Final Expense Benefits. Unlike Globe Life’s captive agents, we’re not tied to selling one insurer’s product and can help you find the best policy for your needs and budget.
Pros and Cons of Globe Life Insurance
Pros
No medical exam
Globe Life policies don’t require medical exams, but they do involve health questionnaires.
Low cost (for the first month)
A $1 first month premium for all insurance paired with a one-month cancellation policy means you can check Globe Life Insurance and decide if it’s right for you.
No waiting period
Globe Life Burial Insurance doesn’t have a waiting period, so beneficiaries are immediately eligible for benefit payouts.
Cons
Customer complaints
Globe Life’s customer service record is mixed, with many reviewers warning about issues with payouts, random price increases, pushy agents, and more.
No guaranteed policy
People with major pre-existing conditions may need guaranteed-issue life insurance to qualify for coverage. Surprisingly, Globe Life offers no guaranteed plans.
Misleading advertising
It may appear rates will remain $1, but that rate is introductory for the policy’s first month. Rates then increase.
Rate increases
Rates increase on a strange five-year schedule, based on the policyholder’s age. This is an atypical practice even for term life insurance, let alone burial insurance.
No online claim filing
Claims can’t be filed online. Online claim filing is a common service for many insurers in the 21st century, and a company with Globe Life’s resources should offer it. Currently, your only option is mailing a claim, which slows down benefit payouts dramatically.
Low coverage maximums
All Globe Life policy types have lower maximum death benefit coverage than competing providers. Even their term life insurance, which typically has larger death benefits, maxes out at $100,000. Whole life insurance is even less, with a coverage maximum of $50,000. No matter the plan, you’re not going to have a lot of flexibility.
Globe Life Insurance Reviews: Third-Party Rating Services
Globe Life AM Best Rating
AM Best is a third-party service that monitors and assesses life insurance providers’ credit and ability to fulfill financial obligations. They then rate insurers from A+ to F on their financial strength rating.
AM Best’s Globe Life Insurance rating is A, indicating strong but imperfect financial backing.
Globe Life NAIC Rating
The NAIC, or National Association of Insurance Commissioners, records customer complaints against life insurance companies on their yearly complaint index with the goal of protecting consumers. Their rating scale ranges from 0 to 10. 1 is the average customer complaint rating, and insurers should aim to be rated below 1.
The NAIC’s Globe Life Insurance rating is 2.66, indicating they have over double the average number of complaints.
Globe Life BBB Rating
The Better Business Bureau (BBB) rates businesses on their ability to successfully navigate and resolve customer complaints. They also provide customer reviews and complaint resolution services.
The BBB’s Globe Life Insurance rating is A+, and they are a BBB-accredited business. This means that the BBB believes Globe Life Insurance has a superior ability to resolve customer complaints. However, the Globe Life customer rating on the BBB website is only 1.28 out of 5.
Globe Life J.D. Power Rating
J.D. Power is a rating service that assesses customer feedback and scores companies on dependability and quality.
In J.D. Power’s 2024 insurance study, Globe Life Insurance’s rating is 16th out of 21 for life insurance customer satisfaction and this reflects Globe Life’s poor overall customer rating.
Globe Life Insurance Reviews: Customer Ratings
Brooke H
1/5
This company took a lot of money and did not pay out as promised. This has made my situation even more challenging. The customer service agent I spoke with was friendly and professional however.
John T
1/5
I purchased Globe Life Insurance for my children over thirty years ago. Globe Life is VERY aggressive about selling their policies, but when you try to even get customer service, they are HORRIBLE. Long, long waits on the phone, then if you finally get to someone, they transfer you to another long, long wait, and finally you get cut off. Or the person you speak to has no idea about the company or the policy. I have not had to make a claim, thankfully, but I am concerned about what a nightmare making a claim might be. I SUGGEST BUYING INSURANCE SOMEWHERE ELSE. DO NOT USE GLOBE LIFE.
Valerie J
1/5
Globe life is the worst insurance company ever. They will take your money the next month and say they have not received it. They screwed up my name on my policies and will not correct it. Also the amount I’ve put on my applications they will put their own amount no matter if you do not have any health problems. I advise anyone to keep your receipt of payments and also periodically check over your policies for any changes you did not make.
Our Globe Life Insurance Review & Final Thoughts
Globe Life is a legitimate life insurance provider with millions of customers, but not one that Final Expense Benefits recommends, especially if you are seeking burial insurance.
For one thing, their advertising practices can mislead consumers. From claims of $1 life insurance to their burial insurance not being a whole life policy, Globe Life’s transparency leaves a lot to be desired.
Their whole life policies are their best options, but are fairly standard for the market and don’t stand out in any way. Add in customer service and claims resolution complaints, and you have an insurer with significant drawbacks.
Unfortunately, like Colonial Penn, Globe Life is another major life insurance provider to avoid. In the crowded life insurance market, you shouldn’t settle for middling life insurance. After all, you are spending your hard-earned money to provide a better future for your loved ones. You shouldn’t pick an insurer you cannot trust.
That’s where Final Expense Benefits can help. We work with over 20 top-rated life insurance carriers and can help you find a great policy for a great price.
To get started, call one of our talented agents at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET. Be sure to check our free online quoting tool for pricing estimates.
FAQ
Is Globe Life Insurance legit?
Globe Life Insurance is a legitimate life insurance provider. However, we don’t recommend them due to major issues with customer service, claims resolutions, and pricing and advertising transparency.
Is Globe Life Insurance good?
Globe Life’s best plans, their whole life policies, are fairly standard for the industry, with below-average payout maximums. However, their term life and burial insurance policies leave much to be desired. Customer reviews warn of poor claim resolution, issues with billing, and difficulty cancelling policies.
Does Globe Life Insurance cost just $1?
For the first month of coverage, Globe Life Insurance charges $1. This claim is somewhat misleading as the cost increases in the next month of coverage.
Why is Globe Life Insurance so cheap?
The way Globe Life advertises their rates can be misleading. While the one-month $1 introductory rate is great, rates increase regularly. Over time, Globe Life burial insurance and term life insurance rates massively exceed industry standards, leaving seniors with a major monthly bill.
Is Globe Life Insurance good for seniors?
We don’t recommend Globe Life Insurance to seniors for multiple reasons. First, seniors typically seek life insurance to help cover their end-of-life expenses like funerals. Unfortunately, Globe Life burial insurance is not ideal for this role. Their “burial insurance” plan is actually term life. Rates aren’t locked in at the policy’s start and can balloon to over $1,000 monthly for seniors.
