Globe Life Insurance Guide 2023: Do You Need This?

Last Updated June 11, 2024
Globe Life Insurance 2023 Guide

Globe Life Insurance is a certified name in the Insurance industry and has remained a substantial force for over 70 years. Are they still the altruistic powerhouse that you may have come to know? or have the times changed. Read on for a breakdown regarding what we found on Globe Life and its subsidiaries. 

Easy Navigation

The Origin of Globe Life Burial Insurance

In 1951, “Globe” would apply for its BBB accreditation after initial success amongst two long-term friends, Ralph Reece and John Singletary.

Initially, the two would borrow $60,000 in their goal to bring inexpensive, yet dependable coverage to rural Oklahoma. The two would continue to gain success, generating reviews and support of constant praise until 1980 when Liberty National acquired Globe Life and Accident Insurance to eventually form the holding company, Torchmark Corporation. Globe Life and Accident Insurance would steadily increase their concurrent premium from $221 million in 1998 to $813 million in 2018.

Torchmark, and its superstar subsidiary, Globe Life and Accident Insurance, would continue to receive A+ ratings with both the BBB, as well as the NAIC all the way until 2020 when the rating would go from A+ to A, which is still very respectable. 

Notable Developments

1951: Received an A+ by the BBB as well as the NAIC.

1972: Globe Life formed an ESD (employee services division) to offer supplemental life and health insurance to federal employees. 

2001: A mutual fund company filed a racketeering suit against Torchmark, which accused Torchmark and its former chief executive of scheming to gain complete control of Waddel & Reed, a mutual fund subsidiary under Torchmark. Ultimately, the case was settled in favor of Torchmark. 

2014: Globe Life includes their acquisition of naming rights to Arlington’s stadium in 2014, home of the Texas Ranger’s Major League Baseball team, expiring in 2023. 

2019: Globe Life became the official insurance company for the Dallas Cowboys in 2019

2019: Torchmark was renamed to ‘Globe Life’, not to be confused with its subsidiary, Globe Life and Accident Insurance. The Shareholder symbol was changed from ‘TMK’ to ‘GL’.

2020: NAIC rating would change from A+ to A.

Your Coverage Options With Globe Life

Globe Life Term Life Insurance

Standard Coverage, or “pure” life insurance. Generally, you’re provided with a term, such as 20 years for example, wherein you’re guaranteed payment as stated by the death benefit if the policyholder dies within the stated term. If alive at the end of term, one may renew for an additional term, or convert the existing coverage to permanent coverage. The perks of this coverage involve the introductory price point, which is generally the most budget-friendly option for the relative amount of coverage received. Depending on if it’s simplified or guaranteed, This form of insurance usually requires a medical examination.

Globe Life Whole Life Insurance

On the other side of the same coin, Whole Life insurance is generally what Term Life Insurance leads into, providing an entire lifetime of coverage at a fixed rate decided at the time of purchase as long as premiums continue to be paid. Whole Life is a great middle-ground for a large amount of coverage as well as a fixed premium that isn’t too high. Again, depending on coverage type, this option usually requires a medical examination.

Globe Life Burial Insurance

Otherwise known as Globe Life Final Expense Insurance, or Globe Life Funeral Insurance, this form of insurance offers to cover beneficiaries’ funeral expenses involving the policyholder. This insurance type excels in providing plan holders with a large payout relative to the length of coverage, usually providing beneficiaries with a surplus after all expenses are accounted for. Globe Life Burial Insurance never requires a medical examination but may ask you general medical questions such as if you use tobacco, age, weight, etc.

Globe Life Children's life insurance

Children’s Life Insurance Policies exist as a whole life plan, aiming to guarantee the insurance of said child as early as possible. Similar to a normal Whole Life Insurance policy, the rate you lock in at is permanent regardless of future market conditions. The main benefit to traditional whole life insurance involves the consistent traction in accruing funds, allowing for a large period of time to gather additional interest. On this note, a Children’s Life Insurance policy would excel in this aspect as the median age for this policy involves a beneficiary in their 20s. The beneficiary may also become the policyholder at a certain age, usually at a minimum of 21.

Globe Life Mortgage Protection

This insurance type aims to mitigate any surprise expenses following the policyholder’s death regarding said mortgage. Mortgage Protection Insurance is in a category of its own, in that, generally, your payout does not go to a beneficiary but rather the owner of said mortgage. This may deter some from this coverage type, as this is one of few insurance types that does not produce a large payout to your beneficiaries.

Best $10,000 Burial Insurance Companies

Company 50 y/o Male 50 y/o Female 60 y/o Male 60 y/o Female 70 y/o Male 70 y/o Female

*Rates are examples and not quote for insurance

Globe Life Funeral Insurance

tombstone embalming

Globe Life Funeral Insurance, or Globe Burial Insurance, contains some of the highest cumulative amounts of burial insurance in the industry, which is why we wanted to note that Globe Life Burial Insurance Reviews were overall lower than average, and contain the same aspects present in the other term or whole life options, aka hiking premiums, premature termination at 90, etc. Although Globe Burial Insurance offers nothing particularly groundbreaking, a notable benefit to Globe Burial Insurance is its quick and efficient application process, taking place completely online.

”$1 Buys $100,000”

You may have come across ads from Globe Life featuring the tag, “1$ buys $100,000 Term Life Insurance for Adults”, or “$1 buys $30,000 Whole Life Insurance for Children” when visiting their website, or when searching online for coverage options.

Now, is this true? The answer is technically yes, although you can probably guess there’s more to the story. The $1 in question is applicable only during the first month, wherein the legitimate rate will override this from the 2nd month onward. In addition to your adjusted rate, every 5 years the rates of this term policy increase – in which the monetary values become obscured the further away you get from the first month. For example, a male 41-45 may see his monthly premium around $20, to which this will increase to $155 by the time they’re 80.

After age 80, the website does not display further pricing despite the price increasing two more times until age 90, when you are no longer eligible for the policy.

Is Globe Life a Legitimate Life Insurance Company?

The short answer is, of course. They most certainly provide coverage in all areas described above. Globe Life Burial Insurance also caters to over 4.3 million policyholders and recently paid just under a billion dollars in 2020 to insurance claims.

The long answer is, yes, but, in recent years the complaints associated with the insurance broker have become some of the highest in the industry. As of 2018, Globe Life held five billion dollars across all of its subsidiaries: Globe Life Liberty National Division, Globe Life and Accident Insurance, United American Insurance, American Income Life Insurance, and Globe Life Family Heritage Division. Now, having profitable assets does not necessarily mean you’re trustworthy, but it does prove that you produce results.

Globe Life Insurance Pros & Cons


Globe Life Insurance has no waiting period, meaning that upon approval you are eligible for your payout. Globe Life’s policies, most of the time, activate immediately upon purchase and allow beneficiaries immediate payout if unforeseen circumstances were to occur. 

You may be eligible for your first month of Globe Life Insurance for free. Although time-sensitive, Globe Life commonly has specials toting the first month free of premium. 

Lots of coverage options. As mentioned above, Globe Life and Globe Life subsidiaries may only offer their affiliated services but said services have a wide range of coverage. From coverage with your mortgage to child whole life insurance policies, there are a plethora of options. 

30 days money back guarantee. As with most insurance agencies, there is a contracted, 30-day money-back guarantee, if you aren’t satisfied with your purchase.


They only offer their own products. Although not uncommon for brokers to do, this means that if there’s a disconnect in any of the processes, you’re stuck with globe-life-affiliated products. This can also be a good thing if Globe Life is what you prefer.

Terms are restrictive, existing in successive terms by renewing them every 5 years. Globe Life policies that aren’t whole life exist in terms, of renewing themselves every 5 years. 

Globe Life expires at age 90. Yeah, you read that correctly… we’re stumped too. 

Generally considered expensive within the industry compared to its peers. Long-term, Globe Life’s policies can be considered more expensive than average. Since the first month is either free or 1$, the remaining months incur a successive premium that begins to snowball.

Maximum coverage is set at $100,000. Minimum coverage is $5,000. Overall, coverage ranges aren’t too broad, as other plans may offer minimum coverage as low as $1,000, and maximums of over a million. 

Globe Life does not issue life insurance to foreign nationals. This may include if you, the beneficiary of a plan, are not within America at the time of death.

Ratings for Credit and Customer Service Satisfaction

A.M. Best Rating Service

They utilize a rating, similar to the letter ratings placed on restaurants, meant to help you discern their overall quality.

This letter ranking varies from A+ to F, similar to a scholastic grading system, and this organization is overseen by the chief insurance regulators regarding any US-affiliated territory. The rating itself is determined by a variety of different factors, such as performance, management, financial flexibility, shareholder safety, etc.

In 2022, Globe Life’s rating was adjusted to B+++ from an A- in previous years (beginning in 2018), indicating a “very good” rating, or essentially what would be towards the high end of the middle ground between horrible and superb.

NAIC rating

The NAIC, or The National Association of Insurance Commissioners, is a regulation standard support organization based in America meant to add credibility to insurance companies.

Essentially, the goal of this organization is to protect consumers and to mandate that insurers deliver on their promises made. The rating used within the NAIC, involves a numerical value usually ranging from 1 – 10. One implies average customer complaints, where anything above this is above average, and so on.

Regarding Globe Life Burial Insurance, their rating in 2020 was 8.33, insinuating a massive number of complaints above the average, jumping down to 6.56 in 2021. This is relatively good news, showing that Globe Life is attempting to reduce these complaints. Regardless, this number shows that the overall user experience isn’t positive.

Customer Reviews

My mom got policies for all three of my children. When she got them she didn't need their birth certificates or to prove any relation at all. My mother has since passed away, Globe has her death certificate proving she is longer with us. I called to cancel the policies she had for my kids and Globe refuses to do it because NOW they require proof of my children's births. So, what, any Dick or Jane can take out a policy on a child? And even with proof that the policy holder is no longer living the child's parents can't even cancel the policy? Is Globe life so hard up for money that they're going to try to make the dead pay their premiums?
Portrait middle age woman smiling looking camera
Bethany K. ✓
New Brunswick, NJ ⭐
Customer service is terrible. I called about the cash value of my policy. Do you know that after giving the person all my information. The man had the nerve to call me an liar. I don't play that bs. It's a shame I had to curse someone out this morning. I'm not an liar nor am I pretending to be someone else. I'm very unhappy with my service. 
Clouse-up, friendly middle-aged man with gray hair and beard wearing casual clothes
Christopher W. ✓
Taunton, MA ⭐
Globe Life after accepting my application online began billing me $20.00 more per month than I had agreed to when signing up. I called customer service before the first payment was due and canceled my policy. For the next two months, they called demanding payment for the policy I had canceled. When I asked them to give me the policy number ( they could not ). This company has the most unethical business practices I ever experienced in my life.  The staff is rude on the phone and uncooperative. Steer clear of Globe Life so they do not cause you grief and agravation. 
Happy funny older hipster man wearing glasses touching beard isolated on yellow.
David R. ✓
Tigard, OR ⭐

Cancellation Policy

Globe Life Cancellation Policy

Insurance policies generally contain a 30-day refund introductory period, where you are able to receive a complete refund if canceled before the 31st day if dissatisfied. This is a two-way policy, allowing for insurers to cancel your policy for the same reasons. This may also be overridden by state law, if applicable. An example includes Florida, which bars insurers from cancellation up to 90 days after the policy start date. Exceptions include, if premiums are not paid, substantial change in risk to insure, etc.

Our Review and Final Thoughts

Overall, Globe Life would not personally be our first choice. Globe Life burial insurance may become a good option if your goal involves a low minimum, or for a short-term policy.

For long-term coverage, There are simultaneously cheaper coverage options for a similar maximum, as well as more consistency elsewhere. Specifically, regarding Globe Life Final Expense Insurance, Globe Life leaves a lot to be desired in its relative field. The rates for Globe Life Final Expense Insurance begin high comparatively, compiled with the fact that the rates do not stop increasing. 

The fact that you will lose your coverage at age 90, paired with the average customer experience indicating dissatisfaction is enough to justify avoiding this option.

To sum it up, Globe Life has existed and remains a staple in the insurance industry, but, we feel as though it’s slowly losing appeal as time goes on and other options continue to provide cheaper/more consistent alternatives.

Considering Globe Life Final Expense Insurance Reviews, as well as a few unfriendly options for the consumer, we’d recommend exploring all of your options before choosing Globe Life, simply because alternatives may provide you with a substantially better deal and less stress.

If interested in Globe Life options, we encourage you to call (866) 311-4338 for a free consultation.

Frequently Asked Questions

How long is Globe Life Insurance good for?

Heavily depends on the plan, if it’s term or whole life, as well as other things. A major component to Globe Life’s policies is the fact that they terminate at age 90. 

Who owns Globe Life Insurance?

Globe Life and Accident Insurance is owned by its parent company, ‘Globe Life’.

Is life insurance better than a funeral plan?

It depends on the desired goal, but here at Final Expense Benefits, we are a huge advocate for Final Expense Insurance as it directly prepares beneficiaries for unforeseen circumstances/bills on top of already existing whole life policies. 

Does Globe Life offer Whole Life Insurance for adults?

Short answer is yes, long answer is yes of course, although the rates of which are debatably more then similar competition of the same policy. 

Does Globe Life offer Whole Life Insurance for kids?

Short answer, yes, long answer, also yes. A child’s life policy with Globe Life isn’t a terrible idea considering the initial rate of growth, as well as the ability to transfer finances into other accounts when the beneficiary is 21. 


Prefer To Call Us?

We know insurance is tricky.
5 agents available now