Whole life insurance is a permanent policy that offers lifelong protection and builds cash value over time. Though it’s the simplest permanent policy on offer, these five insurers have enhanced their coverage to appeal to specific types of policyholders.
When analyzing the best life insurance companies that offer whole life policies, we determine the insurer’s industry reputation by reviewing its financial strength, accreditations, underwriting standards and customer reviews. Finally, we weigh up each insurer’s product lineup, policy features and riders.
What are the best whole life insurance companies?
In a saturated whole life insurance market, these five insurers stand out for their distinct offerings.
Best overall pick
Guardian
4.5
★★★★★
Finder score
An established player in the insurance scene, Guardian offers eight options for policyholders looking to build their cash value — and wealth — faster. These include a 10-pay whole life plan, which allows you to pay off your policy over the course of 10 annual payments. After that, any funds you contribute go straight to the cash value portion of your policy.
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Pros
- Some policies link to the performance of an index, like the S&P 500.
- Long list of riders, including waiver of premium, accidental death benefit and guaranteed insurability.
- Sells a survivorship whole life policy that covers two people.
- Opens coverage to healthy people living with HIV.
- Potential to earn dividends.
Cons
- No online quotes
- Strict underwriting isn't ideal for people with poor health
- Pushy marketing toward more expensive, unneeded policies
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| Free Quote | Online |
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| Insurance Products | Term, Whole, and Universal life insurance |
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| Issue Age | 18 to 75 |
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| Coverage Amount | $250,000 to $5,000,000 |
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| Term Lengths | 10, 15, 20, 30 years |
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| Medical Exam Required | Depends on policy |
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| Ways To File A Claim | Online, Mail |
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| Ratings, Accreditation and Memberships | BBB: A+ |
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| Customer Service Options | Phone |
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| Issue Age | 18 to 75 |
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| Coverage | $250,000 to $5,000,000 |
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| Medical Exam Required | Depends on policy |
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Best for varying payment structures
State Farm
4
★★★★★
Finder score
State Farm gives its policyholders a string of payment options by which to invest in whole life. Pay for your policy the traditional way with monthly premiums, or pay off your premium entirely in 10, 15 or 20 years with limited pay life. If you can afford a lump sum payment, the single premium life option allows you to do just that — and begin accruing cash value right away.
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Pros
- Face values of $100,000 to $3 million.
- Key riders to eligible policyholders, including accidental death, flexible care and long-term care.
- Potential to earn dividends.
- Sells a final expense policy valued at up to $10,000 for those ages 50 to 80, or 50 to 75 in New York.
- Boasts stellar customer service and satisfaction ratings.
Cons
- Strict underwriting
- No variable universal life insurance
- High rates if you're in poor health
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| Free Quote | Online |
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| Insurance Products | Term, Whole, Universal |
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| Issue Age | 18 to 75 |
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| Coverage Amount | $100,000 to $3,000,000 |
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| Term Lengths | 10, 20, and 30 years |
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| Medical Exam Required | Depends on policy |
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| Ways To File A Claim | Phone, Online. |
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| Ratings, Accreditation and Memberships | AM Best: A++ |
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| Customer Service Options | Phone, Online |
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| Issue Age | 18 to 75 |
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| Coverage | $100,000 to $3,000,000 |
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| Medical Exam Required | Depends on policy |
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Read review
Best for customizing your coverage
Northwestern Mutual
4.5
★★★★★
Finder score
Another financially strong choice, Northwestern Mutual offers one of the most customizable whole life insurance policies we've seen. If you qualify, you can build a policy that suits your needs with the help of a full roster of riders, including accidental death, critical illness, disability income and waiver of premium.
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Pros
- Option to include a term life component in your whole life insurance policy.
- While they're not guaranteed, Northwestern Mutual has paid out dividends annually since 1872.
- Competitive rates, especially for riskier applicants like seniors and smokers.
- Choose your preferred premium payment period.
Cons
- No online quotes
- Health exam likely required
- Sold through agents
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| Free Quote | No, agent quotes only |
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| Insurance Products | Term, universal, whole |
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| Issue Age | 18 to 100 |
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| Coverage Amount | Not listed to Not listed |
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| Term Lengths | 10, 20, 80 |
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| Medical Exam Required | Yes |
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| Ways To File A Claim | Online form, phone: 1-800-635-8855 |
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| Ratings, Accreditation and Memberships | BBB: A+, AM Best A++ |
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| Customer Service Options | Phone: 1-800-635-8855, Online portal |
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| Policy Riders Offered | Array |
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| Issue Age | 18 to 100 |
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| Coverage | Not listed to Not listed |
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| Medical Exam Required | Yes |
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Best for getting coverage quickly
Amica
3.5
★★★★★
Finder score
With traditional whole life policies, the typical turnaround time is three to eight weeks. If you need coverage sooner, Amica offers a simplified whole life policy with face amounts of $5,000, $10,000, $15,000, $20,000 or $25,000, depending on your state of residence. Most insurers offering accelerated underwriting cap their coverage at $10,000.
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Pros
- No medical exam or waiting period — just answer some basic questions about your health and lifestyle.
- Pay your premiums monthly, quarterly, semiannually or annually.
- Offers a 31-day free look period.
- Ideal for taking care of end-of-life expenses, such as funeral costs, medical bills and debts.
Cons
- Few online services
- Limited rider options
- Lacks coverage variety
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| Free Quote | Yes |
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| Insurance Products | Level term, annual renewable term, whole life and simplified whole life |
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| Issue Age | 15 to 75 |
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| Coverage Amount | $5,000 to $1,000,000 |
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| Term Lengths | 10, 15, 20, 25 and 30-year |
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| Medical Exam Required | Yes |
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| Ways To File A Claim | Ways To File A Claim |
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| Ratings, Accreditation and Memberships | AM Best: A+ |
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| Customer Service Options | Phone
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| Policy Riders Offered | Accelerated death benefit rider,Accidental death benefit rider,Child rider,Cost-of-living rider,Critical illness benefit rider,Waiver-of-premium rider |
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| Issue Age | 15 to 75 |
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| Coverage | $5,000 to $1,000,000 |
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| Medical Exam Required | Yes |
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Read review
Best for consistent dividend performance
MassMutual
3.5
★★★★★
Finder score
A perk of whole life insurance is the ability to build cash value. The mutual company MassMutual has increased its permanent policyholders' earnings by paying out dividends every year since the 1860s. In 2019, the company approved an estimated record $1.72 billion payout. Even if you sign up with a mutual company, dividends aren't guaranteed — making MassMutual's an impressive achievement.
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Pros
- Up to $10 million in whole life coverage.
- A range of riders to eligible policyholders that include accelerated death benefit, waiver of premium, term and long-term care.
- Rising dividend rates year over year.
Cons
- Medical exam likely required
- Limited riders
- Not competitive for everyone
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| Free Quote | Online |
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| Insurance Products | Term, Whole life, Universal, Guaranteed acceptance |
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| Issue Age | 18 to 80 |
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| Coverage Amount | $2,000 to $10,000,000 |
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| Term Lengths | 10, 15, 20, 25, 30 years |
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| Medical Exam Required | Depends on policy |
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| Ways To File A Claim | Online, Phone |
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| Ratings, Accreditation and Memberships | Better Business Bureau, A.M. Best’s |
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| Customer Service Options | 1-800-272-2216 or submit an online contact form |
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| Issue Age | 18 to 80 |
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| Coverage | $2,000 to $10,000,000 |
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| Medical Exam Required | Depends on policy |
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Read review
Bottom line
While whole life insurance is the most basic type of permanent protection, the details matter. The insurers on this list tailor their policies to those who are looking for particular features, like flexible payment structures and a range of riders. Before taking on a policy, compare life insurance companies to find the lowest rates for the most comprehensive coverage you’re looking for.
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.
Learn more about our methodology here.
