Globe Life Insurance was founded in 1951 when two men with one dream took on the challenge of starting an insurance company with only $60,000. Since then, their company has provided insurance for 4.2 million policy holders, with $80 billion of insurance in force.
Globe Life Insurance is among 5 other companies wholly owned by Torchmark Corporation, a public corporation headquartered in TX.
Torchmark Corporation owns the following insurance companies:
- Globe Life And Accident Insurance Company
- American Income Life Insurance Company
- United American Insurance Company
- Liberty National Life Insurance Company
- Family Heritage Life insurance Company of America
Stats
| A.M. Best Rating | A+ |
| B.B.B. Rating | A+ |
| PolicyZip Rating | |
| Founded | 1951 |
| Headquarters | 3700 S. Stonebridge Drive, McKinney, TX 75070 |
| Number of Employees | 2,000 |
| Total Assets | $3.9 billion in 2016 |
Globe Life Insurance: Term Life Insurance
Term life insurance is designed to cover individuals for a limited period of time, thus the name “term”. Term life is often the lowest cost life insurance and builds no cash value, like permanent insurance. Some term products can be converted into permanent life insurance.
Globe Life provides several options for term life coverage: $5, 000, $10,000, $20,000, $30,000, or $50,000. Globe Life’s term products are unique in that they charge $1 for the first month, and then the rate schedule is based on your current age and is guaranteed for the life of the policy. Although Term life insurance does not provide cash value, it still gives you piece of mind knowing it will protect your loved ones.
Globe Life Insurance: Whole Life Insurance for Children
Whole life Insurance, which is also known as straight life or ordinary life, is an insurance policy that is guaranteed to remain in force for the insured’s entire life or to the maturity date, as long as the premiums are paid.
Globe Life Insurance offers different coverage options for whole life insurance: $5,000, $10,000, $15,000, and $20,000. Whole Life Insurance for children allows you to give your child or grandchild a financial head start with a policy that builds cash value. Cash value is considered like a savings account within your policy because when you pay your premium, part of the money goes towards your premium, and then the rest goes towards the cash value. And then the cash value earns interest and the cash value grows without taxation. Your benefits will never be reduced or canceled regardless of the change in your age or occupation.
There is also no medical exam or physical exam, making it a very easy application. In addition, there is no waiting period. Purchasing a whole life insurance for your children or grandchild is a valuable gift for them.
Globe Life Insurance: Senior Life Insurance
Senior life insurance options are $5,000, $10,000, $20,000, $30,000, and $50,000. There are no medical exams or waiting period. Globe Life Senior Life Insurance is commonly distributed through the mail and does not require medical examinations.
Family Life Insurance
Globe Life Insurance, Family Life Insurance gives you coverage options for the entire family and allows you to protect your family and plan for the future. The number one reason why people buy Family Life Insurance is to protect their family from the financial burden and financial decisions while dealing with the loss of a loved one. The coverage options are $5,000, $10,000, $20,000, $30,000, and $50,000. There are no medical exams or waiting periods.