Globe Life Profile
Globe Life Inc. operates as an insurance holding company.
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. The company provides a variety of life and supplemental health insurance products and annuities to a broad base of customers.
The company markets its insurance products through a number of distribution channels, each of which sells the products of one or more of its 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 its Direct to Consumer Division (Direct to Consumer).
Segments
The company operates through four segments: Life Insurance, Supplemental Health Insurance, Annuities, and Investments.
Insurance
Life Insurance
The distribution channels for life insurance products include direct to consumer, exclusive agents, and independent agents. The company’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.
Life insurance products marketed by the company include traditional whole life and term life insurance. An immaterial amount of annuities sold as companion products are included in the life segment.
Health Insurance
The company offers Medicare Supplement and limited-benefit supplemental health insurance products that include primarily critical illness and accident plans. 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. Health insurance products are generally guaranteed renewable and include Medicare Supplement, critical illness, accident, and limited-benefit supplemental hospital and surgical coverage.
Annuities
Annuity products include single-premium and flexible-premium deferred annuities. The company does not market stand-alone fixed or deferred annuity products. Annuities include fixed-benefit contracts.
History
The company was founded in 1979. 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.
