Globe Life and Accident Insurance Company

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Globe Life
Subsidiary of Globe Life
IndustryLife insurance
Founded1951; 69 years ago (1951)
FounderRalph Reece
John Singletary
HeadquartersMcKinney, Texas
Area served
United States
Key people
Bill Leavell (President)
ProductsLife Insurance and
supplemental health
Websitehttp://www.globelifeinsurance.com

Globe Life, based in McKinney, Texas, provides life and health insurance coverage nationwide, and has earned the A (Excellent) Financial Strength Rating as of June 2020.[1] Globe Life and Accident Insurance Company has executive offices in Oklahoma City and McKinney, TX and is a subsidiary of Globe Life.

History[edit]

In 1951, the company was chartered by two longtime friends, Ralph Reece and John Singletary, with $60,000 of borrowed capital. Globe originally sold inexpensive but dependable life insurance protection to rural Oklahoma communities. Since 1951, Globe Life has grown in financial strength and reputation, consistently receiving high industry ratings. Today, Globe Life markets through direct mail, internet, and call center sales. The company's life insurance premium has grown from approximately $221 million in 1998[2] to approximately $813 million in 2018.[3]

Major Globe Life sponsorships[edit]

On February 5, 2014 Globe Life and Accident Insurance Company purchased the naming rights to Globe Life Park in Arlington, the stadium of the Texas Rangers Major League Baseball Team in Arlington, Texas. The agreement is for ten years starting in 2014 and going through the 2023 baseball season.[4]

Globe Life and Texas Rangers Baseball Foundation partnered on a baseball and softball grant program again in 2015.[5]

In addition to its partnership with the Texas Rangers, Globe Life is also the official insurance company of the Dallas Cowboys and partners with the organization through advertising and corporate events at the Cowboys’ stadium, AT&T Stadium in Arlington, Texas, and at the Dallas Cowboys’ headquarters and training facility in Frisco, Texas.[6]

President & CEO[edit]

Charles F. Hudson was the Senior Vice President of Globe Life from August 2001 through August 2005. He became President and CEO in August 2005 and retired in November 2014.[7] Bill Leavell was named President of Globe Life in October 2013.[8]

Company reputation[edit]

The company has an A+ Better Business Bureau rating on a scale of A+ to F and has over 376 closed complaints.[9] In a 2002 lawsuit, Globe Life was fined a civil penalty of $5,000 for failing to pay interest on death claims in Oregon.[10]

Employee Service Division[edit]

In 1972, Globe Life formed its Employee Services Division (ESD) to offer supplemental life and health insurance for federal and state employees already covered by Federal Employee Government Life Insurance, or FEGLI.[11]

References[edit]

  1. ^ AMBest (17 July 2020). "AM Best Downgrades Credit Ratings of Globe Life Inc. and Its Subsidiaries". BusinessWire. Retrieved 17 August 2020.
  2. ^ "Torchmark Corporation 1998 Annual Report" (PDF). p. 4. Retrieved 7 August 2019.
  3. ^ "Torchmark Corporation 2018 Annual Report" (PDF). p. 2 Appendix Part 1. Retrieved 7 August 2019.
  4. ^ "ESPN-Rangers Sell Naming Rights to Globe Life". Retrieved 19 June 2015.
  5. ^ "Globe Life and Texas Rangers Baseball Foundation to Partner on Baseball and Softball Grant Program Again in 2015". Major League Baseball. 25 March 2015. Retrieved 19 June 2015.
  6. ^ Allison Bell (26 July 2019). "Torchmark to Change Its Name to Globe Life". ThinkAdvisor. Retrieved 29 July 2019.
  7. ^ "Forbes-Charles F. Hudson". Retrieved 21 June 2010.
  8. ^ "Rueters-Bill Leavell". Retrieved 19 June 2015.
  9. ^ "Globe Life and Accident Insurance Company". Archived from the original on 13 June 2015. Retrieved 19 June 2015.
  10. ^ "Stipulation and Final Order, Globe Life, Case No. INS 02-08-005" (PDF). State of Oregon.
  11. ^ "Globe Life ESD". Retrieved 17 March 2011.