Globe Life and Accident Insurance Company

Globe Life And Accident Insurance Company
Subsidiary of Torchmark Corporation
Industry Life insurance
Founded 1951
Founder Ralph Reece
John Singletary
Headquarters Oklahoma City, Oklahoma
Area served
 United States
Key people
 Charles F. Hudson, President and CEO
Products supplemental health
and life insurance
Website http://www.globeontheweb.com

Globe Life And Accident Insurance Company, based in Oklahoma City, Oklahoma, provides life and health insurance coverage nationwide. Globe Life And Accident Insurance Company (hereafter referred to as "Globe," "Globe Life," or "The Company") was founded in 1951. The Company’s executive offices are housed in Oklahoma City and included more than 3.9 million policyholders (as of August 2013). The Company has more than $66 billion of insurance in force (as of August 2013). The Company is a wholly owned subsidiary of Torchmark Corporation (NYSE: TMK), based in McKinney, Texas.[1]

History

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 primarily through direct mail operation. Globe Life has earned the A+ (Superior) Financial Strength Rating (as of June 2014) from A.M. Best Company [2] insurance analysts since 1899. Globe has had an A+ (Superior) rating or higher since 1991. 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.[3]

Employee Service Division

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.[4]

President & CEO

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.[5]

Company Reputation

The company has an A+ BBB rating with over 250 complaints filed.[6] The company received multiple bad reviews for deceptive marketing and for failing to pay claims.[7]

References

  1. ↑ Best's Insurance Reports Life/Health United States & Canada 2008 Edition Volume I.
  2. ↑ http://www3.ambest.com/ambv/bestnews/presscontent.aspx?altsrc=0&refnum=17155
  3. ↑ http://espn.go.com/dallas/mlb/story/_/id/10407792/texas-rangers-sell-stadium-naming-rights-globe-life. Missing or empty |title= (help)
  4. ↑ http://www.esdglobe.com/about.asp Accessed on March 17, 2011
  5. ↑ http://people.forbes.com/profile/charles-f-hudson/80311 Accessed on June 21, 2010
  6. ↑ "Globe Life and Accident Insurance Company". Retrieved 22 October 2014.
  7. ↑ "Stipulation and Final Order, Globe Life, Case No. INS 02-08-005". State of Oregon. Retrieved 22 October 2014.