Globe Life is an insurance company that offers individual coverage in 49 states. The company was previously known as Liberty National Life Insurance and was founded in Birmingham, Alabama in 1900. Its Liberty Life, Liberty National Division is headquartered in McKinney, Texas. The company offers individual coverage and is licensed in all 49 states.
Cost
- The cost of Globe Life insurance depends on the coverage you choose. The company offers a simple online application where you answer a few health questions and receive an instant quote. The process can take a few minutes to complete. You will also be required to provide payment information. In case you're concerned about the costs, Globe Life offers a 30-day money-back guarantee.
- Globe Life insurance has different products for the different types of consumers. There is whole life insurance, term life insurance, and accidental death insurance. The latter is best for individuals who don't need the income of a permanent policy. This type of coverage does not expire and can be purchased by mail or through an agent. This type of coverage is similar to traditional life insurance, but it's smaller and only covers the costs of health-related and end-of-life expenses.
- Globe Life's website lists rates for adults as low as $3.49 per month, but that rate is based on a variety of factors. It's essential to choose a company with a good reputation. You can check their track record by looking at their customer satisfaction ratings. The company has served over 4 million customers, which is proof that they're a trustworthy insurer.
Complaints
- Complaints about globe life insurance are not confined to the customer service department. It can also be related to the underwriting process and annual expenses of the policies. If you have ever been the victim of such an event, you should know your rights and the remedies available to you. Read on to learn about the different ways you can file a complaint against a globe life.
- Complaints about Globe Life insurance include denials of claims, policy cancellations, and delays in claim payment. The company has consistently received more complaints about these issues than the industry average. As a result, Globe Life has agreed to pay a $4.5 million fine in 2019 to resolve the issues.
- Consumers should take note of Globe Life's poor customer service and industry ratings. It has a low score on several websites, including Consumer Affairs. This third-party review site allows verified users to rate insurance companies. The company received a 3.7 rating from Consumer Affairs. AM Best, an independent rating organization, also gives the company an A rating. These ratings reflect a company's financial strength.
Financial strength
- According to the AM Best financial strength ratings, Globe Life's subsidiaries have a solid balance sheet. They also have a favorable business profile and appropriate enterprise risk management. The company has a strong reputation among its customers. The company has an A+ credit rating from the Better Business Bureau. Although it has received some unresolved consumer complaints, these complaints have been addressed.
- Generally speaking, the investment portfolio of Globe Life is below-average in terms of risk compared to other companies in the same industry. The firm has a low exposure to private equities and structured securities. Most of its assets are in corporate bonds, which make up 80% of the company's total assets. The company also has a high concentration of NAIC 2 bonds (about 58% of its total investments). This type of investment is especially vulnerable to the rating migration during a credit market downturn.
- Globe Life has a strong operating performance, as evidenced by strong earnings and reserve margins. It has a low risk of market risk, and its strategic focus on the middle-income market enables it to generate consistent earnings. Financial strength is also demonstrated by the fact that it has a favorable cash flow profile and is well-entrenched in the market.
Customer service
- Globe Life is a life insurance company based in McKinney, Texas. They offer individual life insurance coverage and are licensed in 49 states. The company was originally called Liberty National Life Insurance and was founded in Birmingham, Alabama in 1900. Today, the company operates as Globe Life, Liberty National Division and offers individual life insurance policies.
- Customers can reach Globe Life through a variety of contact methods. They have a website, social media accounts, and phone numbers. Customer support may be available via these channels, and some may even provide 24/7 customer service. You can also find Globe Life Insurance on YouTube or Instagram, where they may reply to questions and comments posted there.
- Globe Life has a website, but the information on it is limited. The company's customer service is mediocre. Its email tool is ineffective, and its phone service, is prone to long hold times. Customers can also use a mobile app to make payments and update their personal information. Unfortunately, the company has had a higher number of complaints than average. The National Association of Insurance Commissioners compiles complaint ratios for companies based on their market share and number of complaints. Globe Life has a high complaint ratio, which means it is likely that customers have experienced issues with customer service.
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