It’s no secret that life insurance rates are on the rise. In fact, a recent study by Forbes found that rates have increased an average of 33% in just the past five years.

In this piece, we’ll do a deep dive on Globe Life Insurance rates.  In particular:

  • The types of life insurance sold by Globe Life
  • The cost of their “burial insurance” policies for men and women, by age
  • Finally, we’ll take a look at a study by to see just how much you risk overpaying as a result of Globe Life’s increasing life insurance rates 

Who Is Globe Life Insurance Company?

Globe Life and Accident Insurance Company is a life insurer that was founded in 1951. The company is headquartered in Oklahoma City, Oklahoma, and offers life insurance (primarily final expense insurance and children’s life insurance) and supplemental health insurance products.

Globe Life is rated A (Excellent) by A.M. Best, a company that provides life insurance company financial strength ratings to consumers. The Company is rated A+ by the Better Business Bureau.

What Types of Life Insurance Does Globe Life Sell?

Globe Life offers two main types of life insurance: term life insurance and whole life insurance.

Term life insurance is the more affordable option, but it only covers you for a set period of time (usually 10-30 years). On the other hand, whole life insurance covers you for your entire life. It’s more expensive, but it’s also better if you want to leave a financial safety net for your loved ones.

Globe Life also offers several riders that can be added to either type of policy. These include coverage for accidents, critical illness, and long-term care.

When it comes to purchasing a life insurance policy, one of the most important decisions is whether or not to take a medical exam. This exam determines your health status and risk level, and it can significantly impact your premiums.

If you’re in good health, you may be able to purchase life insurance without taking a medical exam. But if you have any health concerns, you’ll likely have to take the exam to qualify for coverage.

It’s important to note that not all life insurance policies require a medical exam. If you’re interested in term life insurance, for example, you may be able to purchase Globe Life insurance coverage without having to take an exam. But if you want whole life insurance, you’ll likely have to undergo a medical evaluation.

Globe Life Policies = Renewable Term Life Insurance

With insurance, you should always try to match definite expenses with permanent insurance and temporary expenses with term insurance. Since we’re all going to die, our final expenses would be considered “definite” expenses. Therefore, you would want a whole life insurance policy (or at minimum accidental death insurance).

Globe life insurance policies are different though. What they call burial insurance is actually a renewable term life policy.

What is renewable term life insurance?

Renewable term life insurance is a type of individual life insurance that can be renewed at the end of the policy term, typically every 5 or 10 years.

The problem with purchasing term life insurance is that it’s not designed to provide a permanent death benefit. In fact, most policies only allow you to renew up to age 65 or 70. At that point, you’re supposed to “convert” the policy to a whole life policy.

Globe Life Insurance Rates: Key Issue #1

The problem with Globe Life’s final expense insurance policies is that they expire at age 89.

Unlike the renewable term life insurance products mentioned above, a Globe Life policy cannot be converted to whole life insurance and it cannot be renewed beyond age 89.

These days many people are living well into their 90s and beyond. So, if you’re looking for true whole life insurance policies, Globe Life’s “funeral insurance” is not for you.

Globe Life Insurance Rates: Key Issue #2

The second, even bigger issue is that Globe Life insurance rates increase every 5 years.

Above, you’ll find a link to a study by GetSure Insurance Agency, a 100%-online digital life insurance agency focused on seniors, that goes through exactly how much you risk overpaying by purchasing a Globe Life insurance policy.  Long story short, you can overpay by about 300% in total compared to a comparable term life insurance product from a company like AIG.

Globe is not very upfront about this on their website, but if you read the fine print, you’ll see that rates go up every 5 years, starting at age 45.

So, if you’re looking for level premiums (i.e. term life insurance rates that don’t increase), a Globe Life insurance policy is once again not for you.

What makes this especially frustrating is that the people who typically buy final expense coverage are those on fixed incomes who cannot afford to throw money down the drain.

Unfortunately, what often happens with Globe policyholders is that they do not realize this when they are buying a policy. Five, ten, fifteen years down the line, when they see just how unaffordable their rates have gotten, they have no choice but to cancel their policy. Worse, they may have been diagnosed with a medical condition in the intervening years that makes them unable to get a new life insurance policy.

Why Are Globe Life’s Rates So High?

When it comes to life insurance, there are a lot of factors to consider. But one of the most important is the price. And for those with Globe Life Insurance, the price just keeps going up.

Your premiums increase sharply every five years with Globe Life, meaning that if you want to stick with them for the long run, your rates will be sky high by the time you reach your 70s or 80s. Many people are forced to drop their coverage at this point, meaning Globe doesn’t have to payout when they’re most likely to die.

So why is Globe Life Insurance so expensive? There’s no easy answer, but it likely has something to do with the company’s lack of competition. Globe Life is the largest life insurance company in the country, so it doesn’t have to worry about losing customers to a competitor.


Life insurance is an important financial safety net for your loved ones in the event of your death. It can help them cover expenses like funeral costs, outstanding debts, and living expenses.

Before you buy Globe Life insurance, make sure you look for life insurance quotes from a variety of life insurance providers. You will likely see that Globe’s life insurance rates make it prohibitively expensive for you to buy a policy from them.

If you’re looking for life insurance, there are definitely better life insurance companies than Globe Life. Shop around and compare rates – you’re sure to find a policy that’s both affordable and meets your needs.