Globe Life and Accident Insurance Company

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Globe Life
Subsidiary of Globe Life
IndustryLife insurance
Founded1951
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. Globe Life, is the largest issuer of ordinary individual life insurance policies in the U.S. since 2003 [1] and has earned the A+ (Superior) Financial Strength Rating (as of June 2015). [2] 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. Globe Life has earned the A+ (Superior) Financial Strength Rating (as of June 2015) from A.M. Best Company.[3] Globe has had an A+ (Superior) rating or higher since 1991.[citation needed] The company's life insurance premium has grown from approximately $221 million in 1998[4] to approximately $813 million in 2018.[5]

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.[6]

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. [7]

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.[8] Bill Leavell was named President of Globe Life in October 2013.[9]

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.[10] In a 2002 lawsuit, Globe Life was fined a civil penalty of $5,000 for failing to pay interest on death claims in Oregon.[11]

Employee Service Division[edit]

In 1972, Globe Life discovered a need for civil service employees to supplement their life insurance benefits. As a result, Globe Life formed its Employee Services Division (ESD) to service the Government marketplace at the state and Federal levels, and has developed special life and health insurance products to continually meet those needs. Through Globe's supplemental insurance program, Government members and their families can purchase Ordinary Life or Term insurance protection designed to pick up where their Federal Employee Government Life Insurance, or FEGLI, leaves off.[12]

References[edit]

  1. ^ "Globe Life and Texas Rangers Baseball Foundation to Partner on Baseball and Softball Grant Program Again in 2015". Retrieved 19 June 2015.
  2. ^ "A.M. Best Affirms Ratings of Torchmark Corporation and Its Subsidiaries". Retrieved 19 June 2015.
  3. ^ "A.M. Best Affirms Ratings of Torchmark Corporation and Its Subsidiaries". Retrieved 19 June 2015.
  4. ^ "Torchmark Corporation 1998 Annual Report" (PDF). p. 4. Retrieved 7 August 2019.
  5. ^ "Torchmark Corporation 2018 Annual Report" (PDF). p. 2 Appendix Part 1. Retrieved 7 August 2019.
  6. ^ "ESPN-Rangers Sell Naming Rights to Globe Life". Retrieved 19 June 2015.
  7. ^ Allison Bell (26 July 2019). "Torchmark to Change Its Name to Globe Life". ThinkAdvisor. Retrieved 29 July 2019.
  8. ^ "Forbes-Charles F. Hudson". Retrieved 21 June 2010.
  9. ^ "Rueters-Bill Leavell". Retrieved 19 June 2015.
  10. ^ "Globe Life and Accident Insurance Company". Retrieved 19 June 2015.
  11. ^ "Stipulation and Final Order, Globe Life, Case No. INS 02-08-005" (PDF). State of Oregon.
  12. ^ "Globe Life ESD". Archived from the original on December 15, 2010. Retrieved 17 March 2011.