Globe Life Insurance Review: Online Approvals Without a Medical Exam

Globe Life Insurance

8.4

Product Rating

8.4/10

Strengths

• Fast approval times
• No medical exams are required
• Policies can be purchased online or through an agent
• High ratings for both customer satisfaction and financial strength
• Policies can be purchased up to at least age 75

Weaknesses

• Low maximum death benefits
• Higher premiums on a “per thousand basis”.
• The company does not publish a schedule of policy riders, a valuable tool for customizing policies

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Globe Life Insurance is worth checking out if you’re looking to quickly purchase a life insurance policy with a relatively low death benefit. That’s the exact type of policy they specialize in. They offer an all-online approval process for both adults and children, often with no requirement for a medical exam.

About Globe Life Insurance

Globe Life and Accident Insurance Company is a subsidiary of Globe Life, a publicly listed (GL) financial services holding company. The company was founded in Birmingham, Alabama, in 1990, though it’s currently based in McKinney, Texas. It has total assets above $22.5 billion.

The company was founded in 1951 and provided life and accident insurance policies nationwide. The company serves more than 4.4 million policyholders.

Globe Life offers policies ranging from $5,000 to $100,000, with no medical exam required. There’s also no waiting period. Full coverage begins on the first day. They advertise rates as low as $3.49 per month for adults and $2.17 per month for children and grandchildren.

Their website uses the marketing hooks “$1 buys $100,000” (for adults) and “$1 buys $30,000” (for children). But that’s not exactly how it works. $1 gets the process started and pays the first month’s premium. But you will be required to pay the full premium after that.

The company offers coverage in all 50 US states and the District of Columbia.

Globe Life has strong ratings for both customer satisfaction and financial strength:

1. Better Business Bureau, A+ (highest rating on a scale of A+ to F), accredited since 1952.
2. J.D. Power ranked Globe Life #6 among 21 major life insurance companies nationwide, with a score of 781 (out of 1,000.) The ranking is from the J.D. Power 2021 U.S. Individual Life Insurance Study, Overall Customer Satisfaction Index Ranking.
3. A.M. Best (the foremost rating agency and the insurance industry) assigns Globe Life a financial strength rating of A (Excellent).
4. Standard & Poor’s, financial strength rating of AA- (very strong).
5. Fitch, A-.

These ratings indicate the company has a good reputation among its customers and a high level of financial strength.

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What Globe Life Insurance Offers

Globe Life Insurance offers several coverages, including term and whole life, plans designed specifically for adults and children, and other specialized protections, like mortgage protection. Let’s take a closer look at what’s available.

Term Life Insurance for Adults

Term life insurance is pure life insurance, providing only the stated death benefit, with no cash value accumulation provision. Globe Life offers term coverage with death benefits of $5,000, $10,000, $20,000, $30,000, $50,000, or $100,000.

Terms are available for 10, 15, 20, or 30 years. And while the premium payments will remain constant over the policy term, they will cancel at the end of the term.

No medical examination is required, and the application process is online and simple. And since Globe Life is a direct insurance provider, your coverage will go into effect immediately.

Whole Life Insurance for Children

Available for children and grandchildren, with death benefits of $5,000, $10,000, $15,000, $20,000, $25,000 and $30,000. Like the adult term life insurance policy, no medical exam or physical exam is required, and there’s no waiting period on the issuance of the policy.

Once approved, the policy cannot be canceled or reduced due to age, health status, or occupation changes. And since the policy is whole life, it has a cash value provision that increases over time. Meanwhile, rates will remain the same for the rest of your child’s life.

Final Expense Insurance

Final expense life insurance is a policy that can be issued to a person who cannot qualify for a more traditional policy due to poor health. Globe Life provides these policies with no medical examination required.

As the name implies, this type of policy is designed to provide only sufficient funds to cover your final expenses. Maximum death benefits are generally no more than $25,000, and premiums are relatively high. But it offers an opportunity for a person in poor health to purchase coverage, so their loved ones won’t be burdened with their final expenses.

Accidental Death Benefits

This policy rider can be added to a term or whole life policy. It will provide additional coverage if the insured dies due to an accident. For example, a $25,000 policy may have a “double indemnity” feature that will pay his or her beneficiaries $50,000 if the death is the result of an accident.

Mortgage Protection

This policy is designed to reduce or pay off your remaining mortgage balance if your death is caused by a covered accident. It’s an accidental death and dismemberment policy that will pay your mortgage to allow your loved ones to stay in your home after your death.

Mortgage Protection has several features. An inflation provision will increase your death benefit by 5% for every year your policy remains in force. It can increase as high as 125% of the original death benefit or when you turn 70, whichever comes first.

The policy will also provide an additional 10% if you have a child or children between the ages of 15 and 22 at the time of your death to help pay for their education. The cause of death must be a covered accident. They’ll also pay an additional 10% if you die from accidental death while wearing your seatbelt.

Yet another benefit is dismemberment. An extra death benefit will be paid if you experience an accident that results in the loss of a hand, a foot, or an eye (this is sometimes referred to as a “living benefit” since it will payout while you are alive).

This policy provision can be purchased with no medical examination requirement.

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Globe Life Insurance Pros and Cons

Pros:

• Fast approval times
• No medical exams are required
• Policies can be purchased online or through an agent
• High ratings for both customer satisfaction and financial strength
• Policies can be purchased up to at least age 75

Cons:

• Low maximum death benefits
• Lower death benefit amounts result in higher premiums on a “per thousand basis.”
• The company does not publish a schedule of policy riders, a valuable tool for customizing policies.

Globe Life Insurance Alternatives

Gerber Life

Gerber Life is probably the single biggest competitor to Globe Life Insurance since both companies provide policies to a similar consumer base. Like Globe Life, Gerber Life offers a wide range of life insurance products with relatively low death benefits but are easy to qualify for.

Some other alternatives to consider if you’re looking for a different kind of coverage include the following:

Haven Life

Haven Life is another online life insurance agency that provides a simple application process and fast approval. Like Bestow, they take advantage of third-party sources to verify the information on your application. But since they also use underwriting algorithms, an approval can be issued in minutes. They provide policies with death benefits ranging from $25,000 up to $3 million. The plans are only available up to age 64 and limited to not more than $1 million if you’re 60 or older.

Ladder Life

Ladder may be the most interesting life insurance provider in existence! You can “ladder” your coverage level as the company name implies. For example, you may start with a $100,000 policy when you’re single. Once you get married and purchase a home, you can increase the coverage. 

At the opposite end of the spectrum, once you become an “empty nester,” you can reduce your coverage and premium costs. Ladder Life is unique because they give you a high control over your life insurance coverage. Policies are available for up to $3 million for up to 30 years with no medical exam. However, policies are available only for those between 20 and 60. For more information on Ladder, check out our full review.

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Should You Buy an Insurance Policy from Globe Life Insurance?

Globe Life Insurance can be an excellent choice for life insurance if you’re looking for a policy that does not require a medical exam. But the death benefits offered are extremely limited compared with competitors, many of whom offer policies with death benefits well into the millions of dollars.

We should also caution that just because the company doesn’t require a medical exam, it doesn’t mean your application will be automatically approved. Insurance companies routinely take advantage of online resources, including industry databases. If they find any information in your profile indicating you may be a high-risk applicant, your application may be denied.

What seems to be the primary strength of Globe Life is its children’s policies. You can quickly and easily purchase a policy with a death benefit of up to $30,000 for your child or children. And because it’s a whole life insurance policy, it will accumulate cash value and remain in force for your child’s entire life.

But if you need a larger policy for yourself or your spouse, please check out one of the companies listed under Globe Life Insurance Alternatives above.