120cm is about 47", so apart from a driver, should be able to get other clubs in. You may need to cut the box down to size, though.
I use Hermes for lower value stuff, and UPS or similar bought through Interparcel for others. I never pay the extra insurance, which I see as an overpriced bet on losing, and over the years and dozens of shipments UK and abroad, only ever lost one cheapish club.
