Globe Life Term Life Insurance: How It Works and What to Check

Short answer: Globe Life term life insurance is an adult term policy you can apply for online through Globe Life, with coverage choices from $5,000 to $100,000 and, Globe Life says, “no medical exam—just a simple application.” Globe Life says premiums increase “as you enter each new five-year age period,” and its rate schedule page says the policy ends at the policy anniversary after your 80th or 90th birthday, depending on your state. Globe Life also sells whole life, so ask which product you’re being quoted.

Is Globe Life insurance whole or term?

Both. Globe Life says, “Globe Life And Accident Insurance Company provides both whole life and term life insurance plans.” It describes term plans as “purchased for a set number of years (a term, hence the name) after which the policy ends.”

Here’s how the two adult products compare, using Globe Life’s own pages:

Sources: Globe Life term life page, rate schedule page and adult whole life page. Details vary by state.

For the general trade-offs between the two, see term vs. whole life for seniors.

How do Globe Life term premiums change?

This is the most important thing to understand. Globe Life’s rate tables say: “Your initial premium is based on your age at issue; premiums increase as you enter each new five-year age period.”

Globe Life’s rate schedule page describes the structure in more detail. It calls the product a “modified premium term” policy and says:

• “The initial term period can either be 1, 2, 3, 4, or 5 years in duration, depending upon issue age.”
• “All renewal term periods begin at a 5-year plus one age,” giving 21, 26, 31 and 36 as examples.
• Renewal periods “will be 5 years in length except for the final term period.”

Globe Life also says the rate schedule “is based on your current age and is guaranteed for the life of the policy.” In other words, the schedule of prices by age band is set in advance, but the amount you pay rises each time you move into a new band. Ask Globe Life for the full schedule for your state and coverage amount.

For comparison, the Texas Department of Insurance (TDI) says term premiums “will stay the same for the entire term” and “go up if you renew at the end of the term.” With Globe Life’s product, renewals come every five years.

When does Globe Life term coverage end?

Globe Life’s rate schedule page says the policy ends at a set age, which depends on your state:

Source: Globe Life rate schedule page. Check the description for your own state before you buy.

If you want coverage that doesn’t end at a set age, ask about whole life instead, and read what term life insurance is for the basics.

Who can apply, and how much coverage can you get?

Globe Life lists these term coverage choices: “$5,000, $10,000, $20,000, $30,000, $50,000, $100,000.” Some limits apply:

• Higher amounts at older ages: “Ages 60-89: $75,000 and $100,000 not available for issue; rates are for renewals only.” Globe Life’s rate schedule also says “Issue ages 76-80 are for coverage amounts of $5,000 or $10,000 only” and “All other amounts issued for ages 26-75 only.”
• Older ages: One rate table footnote says, “Ages 81-89 not available for issue; rates are for renewals only.” Another says, “Ages 76-79 not available for issue; rates are for renewals only.”
• State limits: Globe Life says, “Insurance face value may be limited by state,” and “Product availability and features vary by state and subsidiary.”
• New York: Globe Life says, “Policies issued in New York are sold and underwritten by Globe Life Insurance Company of New York.”

Globe Life’s rate tables start with the 18–20 age band. Ask Globe Life the oldest age at which you can apply in your state.

Is there a medical exam or waiting period?

Globe Life says, “There is no medical exam—just a simple application.” Ask which questions the application includes, and answer them carefully. The NAIC says, “It’s important to tell the truth on the application.” For how no-exam applications work generally, see no medical exam life insurance.

Globe Life also advertises “No Waiting Period” and “Full Coverage The First Day.” It says the policy “pays for all causes of death, except suicide” if suicide occurs within two years from the date of issue, and that after the policy “has been in force two years, Globe Life will not question its validity for any reason except non-payment of premiums.”

TDI explains why that two-year window matters: during a contestable period, if the company learns “you gave wrong information or didn’t disclose something, it can deny payment.”

Can you convert Globe Life term to whole life?

The Globe Life term product pages we read don’t describe conversion terms for its adult term policy. Ask Globe Life directly.

For background, TDI says convertibility “lets you exchange your term policy for a permanent life policy without having to take a medical exam or answer questions about your health,” that “Converting a policy will raise your premiums,” and that companies “usually allow you to convert term life policies only for a time, typically until you turn 65.”

What to check before you buy Globe Life term life

1. The full premium schedule. Ask for every five-year age band through the end of coverage, not just the first premium.
2. When coverage ends in your state. Age 80 or age 90, per Globe Life’s rate schedule page.
3. Conversion. Ask whether the policy can be converted to whole life, until what age, and on what terms.
4. Coverage limits at your age. Globe Life’s pages list several issue-age limits on coverage amounts (for example, issue ages 76–80 are for $5,000 or $10,000 only), so ask which amounts you can apply for at your age and in your state.
5. The refund period. Globe Life’s term quote form mentions a “No-Risk Money-Back Guarantee”; ask how many days you have. The NAIC says you can usually return a policy for a full refund “within a certain period, usually 10 days after you receive it,” and TDI says Texas policies have a free-look period “of at least 10 to 20 days.”
6. The application questions. Read the application before you sign.
7. Licensing. TDI says, “Make sure the agent and company are licensed to sell insurance.”
8. A like-for-like comparison. TDI says, “Be sure the policies you compare offer similar coverage,” and “Don’t choose a policy on price alone.”
9. Affordability over time. The NAIC says, “Before you buy a life insurance policy, be sure you can pay the premiums.” With premiums that rise every five years, check the later bands too.
10. Your current coverage. The NAIC says, “Don’t cancel your current policy until you get the new one.”

The bottom line

Globe Life sells both term and whole life. Its adult term policy’s premiums rise with each five-year age period, and Globe Life’s rate schedule page says it ends after age 80 or 90, depending on your state. Get the full premium schedule and ask about conversion before you decide.

If you’d like to compare term policies from other insurance companies, a licensed agent can walk you through options from the companies they’re appointed with, with no obligation. Here’s how calling RestAssured works.

RestAssured is not affiliated with Globe Life. Product names are trademarks of their owners. RestAssured is not an insurance company or an insurance agency; we connect callers with independently licensed insurance agents. To buy a Globe Life policy, contact Globe Life directly through globelifeinsurance.com. This guide uses Globe Life’s own published pages and information from the NAIC and the Texas Department of Insurance.

Frequently asked questions

Is Globe Life insurance whole or term?

Both. Globe Life says Globe Life And Accident Insurance Company “provides both whole life and term life insurance plans.” Its adult term policy is a term-to-age-80 or term-to-age-90 product depending on your state, and its adult whole life page says “Lifetime rates will never increase for any reason.”

Does Globe Life term insurance go up in price?

Yes, on a schedule. Globe Life says “Your initial premium is based on your age at issue; premiums increase as you enter each new five-year age period.” It also says the rate schedule is “guaranteed for the life of the policy,” so ask Globe Life to show you the full schedule for your state.

When does Globe Life term life insurance end?

Globe Life’s rate schedule page says the policy terminates at the policy anniversary following the insured’s 80th birthday in some states (including AL, GA, MS, SC, MO, OK, DC, TN and NY) and following the 90th birthday in most other states. Check the description for your own state.

Can I convert Globe Life term life to whole life?

The Globe Life term product pages we read don’t describe conversion terms for its adult term policy. Ask Globe Life directly whether your policy can be converted, until what age, and whether health questions apply. The Texas Department of Insurance says companies usually allow conversion only for a time, typically until you turn 65.

Does Globe Life term life require a medical exam?

Globe Life says there is “no medical exam—just a simple application.” Ask which questions are on the application, because the NAIC says “It’s important to tell the truth on the application.”

Sources

• Globe Life: Term Life Insurance for Adults (product page and rate tables)
• Globe Life: Adult and Juvenile Monthly Rate Schedules, Alabama (policy description and footnotes)
• Globe Life: Is Globe Life Insurance Term or Whole Life?
• Globe Life: Whole Life Insurance for Adults
• Globe Life: Term Life Insurance (quote form and fine print)
• Texas Department of Insurance: Life insurance guide
• NAIC: Life Insurance Buyer's Guide

This article is for general education. Policy features, prices and eligibility vary by insurance company and state; your agent will explain the specific terms of any policy before you apply.