This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Globe Life disclosed in a September 2024 regulatory filing that the EEOC found "reasonable cause" to believe the company discriminated against six of its sales agents — five former and one current — on the basis of sex, and that one agent was also discriminated against on the basis of race. The EEOC indicated it may file suit. The formal EEOC findings sit atop a broader pattern documented by Business Insider, whose investigation obtained screenshots showing senior managers at American Income Life (AIL), a Globe Life subsidiary, exchanging racist, sexist, and transphobic text messages between 2014 and 2019. One former AIL vice president sent a meme depicting a Black man; other messages included the n-word. The investigation documented evidence of racism from Globe's Texas headquarters to its agencies nationwide. Globe Life stated it intends to vigorously defend against any EEOC lawsuit and has policies prohibiting discrimination.
Globe Life has been referred to the Direct Selling Self-Regulatory Council (DSSRC) by the Council of Better Business Bureaus for failing to substantiate earnings claims made in the promotion of its Family Heritage division. In Case #203-2025, the DSSRC found the company declined to provide any substantive evidence to support the claims at issue. Globe Life subsequently failed to provide a statement indicating it would adhere to the DSSRC's recommendations or appeal the decision, a non-compliant posture with the self-regulatory body's process.
This regulatory failure occurs amid broader, persistent allegations of misconduct. A 2024 report from *The Bear Cave* detailed numerous accusations of fraudulent practices, including consumers being issued unwanted insurance policies. While the company has aggressively refuted these lawsuits and allegations, the pattern includes a fresh 2025 investigation by legal firms into potential fiduciary breaches by Globe Life executives, spotlighting ongoing governance concerns.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.