Is Globe Life and Accident Insurance Company Legitimate?

Globe Life and Accident Insurance Company

We get a lot of questions about Globe Life and Accident Insurance Company. Most people who ask about Globe Life have seen the “$1 for up to $100,000 worth of life insurance coverage” ads.

If you’re considering this company for your next life insurance policy, continue reading this review to see how the company stacks up against other top life insurance providers.

Hundreds of insurance companies sell life insurance policies. All this competition can be great for new policyholders, but it can also complicate finding the best plan.

Mix in the paid online reviews and misleading TV commercials, and it’s easy to understand why shoppers get confused about life insurance products.

Is Globe Life and Accident Insurance Company Legitimate?

Globe Life and Accident Insurance Company is a legitimate company with an A+ rating from both A.M. Best and the Better Business Bureau. Based in Oklahoma City, the company has taken pride in providing insurance policies for its customer base since 1951. If cost isn’t a factor, and you’re in a hurry to get insurance coverage, Globe might just be for you. However, there are some important factors to consider before selecting Globe Life as your provider.

What Are The Globe Life and Accident Insurance Company Products?

Globe writes life insurance and a few other related products. Their main business is in simple term life.

1: Life Insurance

Globe writes both term and whole life insurance for adults and insurance for children. They offer a basic life insurance policy with relatively low death benefits in return for an easy qualification process.

Adult life is available in term up to $100,000 of coverage, and in whole up to $50,000 of coverage. All policies can be issued with only a few basic health questions and no medical exam. Globe promises $1 for the first month of coverage, but this does not reflect the actual monthly premium.

Children’s life is available up to $20,000, a whole life plan with a cash accumulation account.

Please Note – anyone looking to purchase life insurance should understand the cost and benefit differences between term and whole life insurance.

2: Accidental Death Insurance

Globe writes easy-issue Accidental Death insurance offering $250,000 in coverage. These policies require no medical exam and can be issued to those between 18 and 69. Plan not available in all states.

What Additional Products are Offered?

There are a few other options that can be purchased from Globe Life.

  • Mortgage Protection Insurance: Coverage from $50,000 to  $350,000 for accidental death is available through Globe’s Mortgage Protection Insurance. This product is designed to cover mortgage payments in the event of accidental death.
  • Medicare Supplement Insurance: Globe also offers a Medicare Supplement policy. This product covers costs that are not covered under Medicare, including coverage for deductibles, co-pays, and hospital costs.

How to Get Globe Life Insurance Rates

Globe Insurance does not write policies above $100,000 for term life, therefore we are unable to provide a comparison based on our standard rate sample.

Globe does offer the first month of coverage at $1 for the first month; thereafter a $100,000 term policy for a 30-year-old man living in California is $37.53 per month. The quoting system does not say how long the term is to which this quote relates.

It should be noted that this quote is for a policy that doesn’t require a medical exam, so while it’s easier to get approved, rates can be expected to be a little higher overall.

How to File Globe Life Insurance Claims

The claims section of the Globe Life website provides clear instructions for filing a claim for each of the companies in the group. It lists all of the documentation that is required as well as addresses, phone numbers, and steps you need to take.

The company also has an eService Center, where customers can use their Globe Life insurance login to handle account information and policies and check the status of a claim. The site also directs you to call their Customer Service Department, 1-888-650-4081, for a claims update.

What are Globe Life Insurance Ratings, Consumer Research, and Complaints?

Globe Insurance has been BBB accredited since 1953. The page for the company’s headquarter’s address displays an A+ rating, this review listed 236 customer complaints, with the majority of them concerning product and service.

What is Globe Life Insurance Company Summary?

Globe Life and Accident Insurance was founded in 1951 with $60,000 in borrowed funds. Initially offering coverage in rural Oklahoma, the company has grown to provide insurance across the nation.

Globe writes basic and easy to obtain life insurance policies for adults and children, as well as a few similar products. They advertise as offering $100,000 in coverage for only $1 for the first month, targeting those who want a policy quickly and at low cost.

Policies are entirely direct-buy, meaning there is no licensed insurance agent. All of the process is taken care of online or through the mail, and the company doesn’t require medical exams.

Globe’s headquarters is in Oklahoma City, however, the company is licensed in every state with the exception of New York. They offer online quoting and policy issuing, with a quote system that requires some basic personal information, including name and address. The Globe Life Insurance number for customer service is 1-800-811-3927.

Globe Life and Accident Insurance Company: What’s the Bottom Line?

Positive
Globe Life offers consumers an avenue for buying life insurance without a medical exam. This can be beneficial for people who have had trouble getting insured through other companies. There are still medical questionnaires that must be filled out honestly, but it gives people without other options a chance to get life insurance coverage.

Negative
Unfortunately, it appears that their rates go up quite a bit after that first month, and can be slightly more expensive since they do not require an exam.

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