Globe Life has seen some complaints in the first three months of 2021, almost six times the national average. The complaints revolved mostly around claims, policyholder service, surrendering policies, and billing. The company has responded to the complaints with better customer service and a faster claims process. However, the company has been criticized for paying higher than expected death benefits. For all these reasons, the company must take steps to increase its complaint ratio.
Global Life is a popular option for families who want to provide for their children. Their low rates allow them to invest in a cash value component that can be accessed later on for college expenses. It also offers final expense insurance that pays for a family's funeral expenses, without requiring a medical examination. This type of policy requires a low premium and has a low payout limit. Despite the many benefits, these policies are not without risk.
While this type of policy is popular, there are several concerns with the company. For one, its claims process has been problematic for many customers. It has been six years since the company began requiring a medical exam to sell policies. Some consumers have reported problems with their policies and the company's claims handling. It is important to note that this does not necessarily mean that the company is ineffective at handling complaints. It makes a good company even more desirable.
While Globe Life has some positive factors, its complaint ratio is consistently low. In 2018, it had a 6.74 complaint ratio, while in 2019 it posted an 8.39 complaint ratio according to Globe Life news. The company also has a low FSR, which is an indication of financial strength and ability to pay claims. The negative complaint statistics may lead to lower investment returns. It can be attributed to the fact that the company is not insurable. So, consumers should be careful when buying a policy from a large, established life insurance company.
In addition to the negative global life insurance news, it is also important to note that Globe Life has an average complaint ratio of 6.74. The company's complaint ratio is poorer than the national average, and a low complaint ratio is one of the main reasons why a company can be considered inefficient. Fortunately, there are ways to improve the quality of a global life insurance company's customer service. Unlike other companies, the firm's financial strength rating can be a good indicator of how well a life insurer will perform according to the news.