Is Globe Life Insurance Legit?

FT Contributor
An insurance agent sharing financial figures from her computer screen to a smiling couple.

Globe Life was established in 1951 and now has $82 billion of insurance for 4.2 million policyholders throughout the U.S. The company has an A-plus rating through the A.M. Best Company based on its financial strength and mainly focuses on life insurance policies.

If you purchase a life insurance policy from Globe Life, you’re required to pay your premium monthly but the company only charges $1 for the first month of coverage. Globe Life offers life insurance products that don’t require medical exams. Review the following sections to learn more about these products.

Globe Life Insurances

When you purchase a life insurance policy, you’re protecting your loved ones from financial insecurities if you were to pass away unexpectedly. There are many term lengths and policy benefits you can choose from.

If you pass away within the policy term, your beneficiary receives the policy benefit to help with funeral costs, monthly bills, and other expenses. Globe Life offers various life insurance products to meet consumers’ different needs.

Globe Whole Life Insurance

When you purchase a whole life insurance policy, your policy term lasts your lifetime. Your beneficiary files a claim with the insurance company when you pass away and they’re awarded your policy benefit as one lump-sum payment.


The cost of a whole life insurance policy through Globe Life varies depending on the policy benefit you choose and your age. Your policy benefit could be:

  • $5,000;
  • $10,000;
  • $20,000;
  • $30,000;
  • $50,000.

For the first month of coverage, you only pay $1. After the first month, your policy is rated based on your age and this rate is locked in for your lifetime. Your policy benefit cannot be reduced and your policy may begin to build cash value, which can be used for financial emergencies in the future.


To apply for a Globe Life whole life policy, you’re not required to complete a medical exam. However, the company asks a series of questions about your age and health, which determine your eligibility and rate.

Since the company doesn’t have an extensive underwriting process, whole life insurance rates are generally high and policy benefits are low. If you want your loved ones to plan an inexpensive funeral for you, this policy payout may cover it. If you’re a New York resident, you only qualify for a policy benefit that’s $1,000 to $25,000, depending on factors such as your gender or age.

Globe Term Life Insurance

A term life insurance policy also pays out the policy benefit as a lump-sum payment to your beneficiary if you pass away. However, a term life insurance policy doesn’t last your entire life and is only active during a specific term.

Globe Life’s term life insurance policies have low policy benefits when compared to other companies and the term is only for five years. If you choose to renew for another term, the company re-rates the policy so you’re likely to pay a higher premium for your new term.

You can choose from one of the following benefits:

  • $5,000;
  • $10,000;
  • $20,000;
  • $30,000;
  • $50,000;
  • $100,000.

You’re not required to complete a medical exam to purchase a term life insurance policy but you must answer questions about your health and age so the company can determine your rate.


If you’re approved for term life insurance coverage through Globe Life and Accident Insurance Company, your first month’s premium is only $1. After that, your rate is determined by your age at the policy’s start date.

Your monthly rate stays the same for the entire term but may increase if you renew it for another five years. Globe Life claims that adults may pay as low as $3.49 per month for a term life insurance policy.


While the underwriting process is limited and a medical exam isn’t required, there are some restrictions. The policy is only available to individuals up to a certain age, usually 80 to 90 years old. New York residents can only sign up for a maximum policy benefit of $50,000.

Globe Life Accidental Benefits Insurance

An accidental death occurs as the result of an unexpected incident. When you carry accidental benefits insurance, your beneficiary is entitled to your policy benefit if you pass away unexpectedly from an accident.

In addition to life insurance, Globe Life offers accidental benefits insurance that pays out $250,000 for a covered accidental death. This money can be used to plan the funeral or for other expenses that must be covered.

Additional Payout Opportunities

Depending on how you pass away or the type of accident you’re involved in, you or your beneficiary may be entitled to additional payouts, such as the following:

  • Accidental death of a parent: If your policy covers your entire family, an additional 10% of your death benefit may be paid out to your children if they’re between the ages of 15 and 22, up to a $10,000 limit.
  • Accidental death while in a vehicle: If you were wearing a seatbelt and passed away in a car accident, an additional 10% of your death benefit is awarded to your beneficiary.
  • Accidental death on a commercial airline: An additional 10% of your death benefit is awarded to your beneficiary if you passed away while on a commercial airplane.
  • Paralysis: If you have partial or full paralysis due to an accident, your Globe Life accidental benefits insurance policy pays you the amount they believe is fair based on your current mobility.
  • Dismemberment: If you lose a limb due to a covered accident, the insurance company pays you an amount based on your current mobility.


Your first month of coverage only costs $1 and the rate you pay after that is determined by your age. The monthly policy rate stays the same throughout the life of the policy. Your accidental death benefit starts at $250,000 and increases by 5% each year for five years or until you turn 70, whichever occurs first.


To be eligible for accidental benefits insurance, you must be between the ages of 18 and 69. The policy offers guaranteed acceptance, so you’re not required to take a medical exam or answer health questions.

The policy benefit is only paid out if you die in a covered accident, such as a car accident or plane crash. If you pass away from lung disease or cancer, accidental life insurance doesn’t apply.

Is Globe Life a Good Insurance Company?

If you’re looking for term life, whole life, or accidental benefits insurance policy directly through an insurance company, Globe Life may be a good fit for you. It’s important to review the pros and cons of doing business with the company before purchasing a policy.


  • Monthly rates stay the same for the entire policy term.
  • There are additional payouts for other situations with the accidental benefits policy.
  • Life insurance policies don’t require medical exams.
  • You only pay $1 for the first month of coverage.


  • Globe Life is likely to increase your rate when you renew your policy.
  • The policy benefits are limited and generally lower than other life insurance companies.
  • If you’re healthy, you may pay more when you don’t complete a medical exam.
  • Based on your answers to the health-related questions, the company can deny you coverage.

If you’re looking for a quick way to obtain life insurance that doesn’t provide a high policy payout, Globe Life may meet your needs. While the introductory $1 policy rate is enticing, it’s important to understand your rate for the rest of the term, as well as the coverage it provides, before purchasing an insurance policy through Globe Life.

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