What happened to Globe Life Insurance?
Q: What went wrong with Globe Life Insurance? I enrolled online and then they disappeared from the OnlineAdviser Web pages so I sent a complaint directly to the agent. Did the company go out of business and should I change my policy to another company?
A: We have little information on the apparent change at Global Life Insurance. We learned that in a letter dated December 31, 2008 Globe Life announced that they will no longer work with agents. The announcement contained no further details. We do not know if the company is going out of business or if this is a cutback in new customer sales support. We are not aware of any recent regulatory agency action against Globe Life or significant customer complaint, nor have we seen any significant news stories on this topic.
OnlineAdviser will continue to support enrollment in all companies and products including Globe Life. MedSave.com has replaced the Globe Life products with products from other insurance companies. We believe that if you re-shop your life insurance and are approved online for a more attractive policy then it makes sense to switch insurance companies especially considering the uncertainty of this recent news.