Globe Life Insurance has been around since 1951 and has over 4.2 million policyholders, but how much do you know about the company? Final Expense Benefits is dedicated to providing you with all the information you need to decide on your life insurance. We will discuss the benefits, downsides, and Globe Life Insurance Reviews.
If you are looking for final expense insurance, call our expert agents at (866) 786-0725, Monday through Friday, 9 A.M. – 5 P.M. ET. Get started now with our free quoting tool and find the best insurance policy for you and your loved ones.
The Origin of Globe Life Insurance
Ralph Reece and John Singletary began Globe Life in 1951 after the two borrowed $60,000 to bring inexpensive coverage to Oklahoma. They provided cost-effective and quality life insurance to Americans living in rural Oklahoma.
The company was acquired by Liberty National in 1980 and eventually formed the holding company, Torchmark Corporation. In 2019, Torchmark Corporation changed its name to Globe Life Inc. According to Forbes, Globe Life’s assets were valued at $28.6 billion in 2024.
Globe Life Insurance offers various insurance options including insurance for adults and children, term life insurance for adults, accident insurance, and burial insurance.
Your Coverage Options with Globe Life
Term Life Insurance
Term life insurance is in effect for a certain number of years. It pays your beneficiaries if you die during the policy period but does not accumulate cash value. The policyholder is provided with a term, such as 20 years, wherein they are guaranteed payment as stated by the death benefit if the policyholder dies during the chosen term.
If the policyholder is alive at the end of the term, they can renew for an additional term or convert the existing coverage to permanent coverage. The perks of this coverage include the introductory price point, which is generally the most budget-friendly option for the amount of coverage received. Important aspects to note about term life insurance from Globe Life:
- Coverage for adults up to age 90
- No medical exam
- No waiting period for coverage
Whole Life Insurance
Whole life insurance covers your entire life as long as premiums are paid. Beneficiaries of the policy receive a benefit payment upon death. The policy gains cash value over time. Your coverage can never be reduced if your premiums are paid on time. Additionally, lifetime rates will never increase for any reason and the rate you pay when the policy is issued is locked in for life. Important aspects to note about term life insurance from Globe Life:
- Insurance coverage and premiums remain the same
- No medical exam necessary
- No wait period for coverage to start
How Much Does Final Expense Insurance Cost?
Because final expense insurance typically provides a smaller death benefit, rates are low, especially compared to other whole life insurance options. A major advantage to final expense insurance is that you’ll pay the agreed monthly premium rate throughout the policy’s life, like most whole life insurance.
Here are the expected monthly premiums for Final Expense Insurance for a healthy, non-smoking individual 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.
Children’s Life Insurance:
A parent or guardian purchases children’s life insurance to provide coverage if a child passes away. These policies can last until the child becomes an adult.
A permanent life policy can also be purchased, which allows the child to access coverage for their entire life at a lower rate. Children’s life insurance differs from a child being added to their parent’s plan.
Monthly premiums are based on age, so the younger your child is, the lower the premiums. Once you lock in your plan, the monthly rate will never change. Additionally, children’s life insurance builds cash value over time, which can be used for expenses later in life.
“$1 Buys $100,000”
You may have seen Globe Life Insurance ads featuring the tagline, “$1 buys $100,000 Term Life Insurance for Adults” but how true is this? This claim is accurate, but it is a bit misleading.
For the first month, you can get coverage for $1, but after that first month, the legitimate rate will take over. In addition to the new rate, the term policy premium will increase every five years.
Globe Life Insurance’s website does not offer much additional information on the cost of their policies. Customers are encouraged to contact the company directly via phone or mail to receive a quote.
Is Globe Life A Legitimate Life Insurance Company?
Yes, Globe Life is a legitimate life insurance company. There are some important things to note before purchasing a policy from Globe Life. The company is rated as “poor” on TrustPilot with a current score of 2.1/5 starts.
There are many customer complaints with reviews mentioning that the company refuses to help them with their filed claim. Many reviews also state that their agent was not transparent over the phone and did not share that premiums will increase after the first month of coverage for $1.
Pros and Cons of Globe Life Insurance
Pros
- Life Insurance policies are offered that do not require a medical exam
- Low cost for the first month
- Variety of products available
- Can purchase policy online or over the phone
Cons
- Many customer complaints online
- Cannot file a claim online
- Misleading advertising makes it seem as if coverage will always be $1 a month
- Coverage amounts available are low compared to other life insurance companies
Globe Life Insurance Reviews from Third-Party Sources
A.M. Best Rating Service
A.M. Best uses a ranking system from A+ to F. This rating is based on financial strength, performance, and shareholder safety. Their ranking system is meant to help understand the overall quality of a company.
Globe Life was rated A in 2024, implying great but not perfect financial health.
Better Business Bureau
Better Business Bureau (BBB) also uses a letter grade system similar to A.M. Best Rating Service. BBB considers various factors that contribute to customer satisfaction such as business transparency, advertising practices, and whether or not the company has resolved customer complaints.
Globe Life Insurance has received an A+ from BBB and is accredited by the company. An A+ demonstrates that a company is dedicated to excellent customer service, transparency, and ethical business practices.
Moody’s
Moody’s rating is based on the likelihood that an organization will be able to meet its financial obligations. This score is important to investors because depending on the rating, they may or may not choose to invest.
As of December 2024, Moody’s has classified Globe Life as stable. A stable rating indicates that the creditworthiness of a company is likely to remain the same with a low chance of a significant change.
J.D. Power
J.D. Power gives companies a score based on customer feedback concerning the quality and dependability of a company.
In a 2024 study conducted by J.D. Power, Globe Life Insurance was ranked 16th out of 21 companies for customer satisfaction. This is a fairly low ranking, indicating that customer feedback for Globe Life Insurance is poor.
Globe Life Insurance Reviews
Nancy Lowry
1/5
Watch where you spend your money. This company REFUSES to pay out any funds according to the terms of their policies. I have been trying for 2 months to get them to honor a policy I purchased about 40 years ago. I have been given every excuse you can think of -couldn’t find my actual policy for over three weeks. Once they found it, I have been told everything from “it’s in legal being reviewed” to “the check is in process”. I have even been placed on hold for over 30 (more than one time) minutes and then disconnected. When I called back after these incidents, the recording stated the business was closed and to call back during normal business hours. I would give this company five stars in avoiding payments! But otherwise I wouldn’t spend a penny on any of their policies.
John Thornton
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 Jermon
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 Final Globe Life Insurance Reviews and Final Thoughts
From our research, Globe Life Insurance is a legitimate insurance carrier, but there are downsides to choosing this company as your provider.
Their advertising is misleading. While it is true that the first month of coverage is only $1, the following months quickly increase in cost. Once you begin coverage with Globe Life Insurance, your premiums will increase every five years.
Additionally, Globe Life Insurance reviews are overwhelmingly negative. Many customers express a lack of transparency from agents and difficulty getting their claims approved. Some reviews state that they were never told that their premiums would increase after the first month.
On the other hand, Globe Life Insurance does have options for those who are looking for a policy that does not require a medical exam. This is one of the reasons why Globe Life may be an attractive option depending on the type of policy and coverage you are looking for.
According to the Globe Life Insurance website, the cost for an adult policy can start at as little as $3.49, while children’s policies start at as little as $2.17 per month.
At Final Expense Benefits, we only partner with the best carriers to provide you and your loved ones with the coverage you deserve. Other options are less expensive and give more coverage. Our agents can help you find the plan that best fits your needs.
We partner with over 20 carriers, including:
Have questions? Looking for a policy? Call one of our talented agents, Monday through Friday, 9 A.M. – 5 P.M. ET at (866) 786-0725, or check out our free online quoting tool to receive an estimate.
Frequently Asked Questions
Is Globe Life Insurance Legit?
Yes, Globe Life Insurance is legit. Globe Life has received an A+ rating from A.M. Best demonstrating that they are financially stable. Moody’s has also categorized Globe Life’s credit rating as “stable.”
Is Globe Life Insurance Good?
Globe Life Insurance has received poor customer reviews and has a “poor” rating on TrustPilot. Many reviews note that the company refused to help them with their filed claim.
Does Insurance from Globe Life Only Cost $1?
For the first month of coverage, Globe Life Insurance charges $1. This claim is somewhat misleading as the cost will increase during the next month of coverage.