Globe Life Inc. (Globe Life) operates as an insurance holding company. The company markets primarily individual life and supplemental health insurance to lower middle to middle-income households throughout the United States.
The company’s primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company.
Globe Life provides...
Globe Life Inc. (Globe Life) operates as an insurance holding company. The company markets primarily individual life and supplemental health insurance to lower middle to middle-income households throughout the United States.
The company’s primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company, Liberty National Life Insurance Company, Family Heritage Life Insurance Company of America, and United American Insurance Company.
Globe Life provides a variety of life and supplemental health insurance products and annuities to a broad base of customers. The company is organized into three reportable segments: Life Insurance, Supplemental Health Insurance, and Investments.
Globe Life markets its insurance products through a number of distribution channels, each of which sells the products of one or more of Globe Life's insurance segments. The company’s distribution channels consist of the following exclusive agencies: American Income Life Division (American Income), Liberty National Division (Liberty National) and Family Heritage Division (Family Heritage); an independent agency, United American Division (United American); and the company’s Direct to Consumer Division (DTC).
Insurance Product Line Segments. The Insurance Product Line segments involve the marketing, underwriting, and administration of policies. Each product line is further subdivided by the various distribution channels that market the insurance policies. Each distribution channel operates in a niche market offering insurance products designed for that particular market.
Investment Segment. The Investment segment involves the management of the company’s capital resources, including investments and the management of liquidity.
The company has several life distribution channels that focus on distinct market niches, three of which are labor unions, affinity groups, and sales via direct to consumer solicitations. A significant portion of the company’s sales agents are independent contractors.
The company utilizes third-party vendors, including independent sales agents, to provide certain business services and functions, which exposes the company to risks outside the control of the company.
Insurance
Life Insurance
The distribution channels for life insurance products include direct to consumer, exclusive agents, and independent agents.
Globe Life's insurance subsidiaries write a variety of nonparticipating ordinary life insurance products. These include traditional whole life, term life, and other life insurance. The company does not sell interest-sensitive whole life products.
Health Insurance
Globe Life offers Medicare Supplement and limited-benefit supplemental health insurance products that include accident, cancer, critical illness, heart, intensive care, and other health products. These products are designed to supplement health coverage that applicants already own. Medicare Supplements are offered to enrollees in the traditional fee-for-service Medicare program. Medicare Supplement plans are standardized by federal regulation and are designed to pay deductibles and co-payments not paid by Medicare.
Investments
The investments of Globe Life insurance subsidiaries predominantly consist of investment-grade securities.
History
The company was founded in 1900. It was incorporated in Delaware in 1979. The company was formerly known as Torchmark Corporation and changed its name to Globe Life Inc. in 2019.