These 5 insurers stand out for their flexible policies, riders and track record for paying out dividends.
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.
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.
Issue Age
18 to 75
Coverage
$250,000 to $5,000,000
Medical Exam Required
Depends on policy
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.
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
Free Quote
Online
Insurance Products
Term, Whole, and Universal life insurance
Issue Age
18 to 75
Coverage Amount
$250,000 to $5,000,000
Term Lengths
10, 15, 20, 30 years
Medical Exam Required
Depends on policy
Ways To File A Claim
Online, Mail
Ratings, Accreditation and Memberships
BBB: A+
Customer Service Options
Phone
Issue Age
18 to 75
Coverage
$250,000 to $5,000,000
Medical Exam Required
Depends on policy
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.
Issue Age
18 to 75
Coverage
$100,000 to $3,000,000
Medical Exam Required
Depends on policy
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.
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
Free Quote
Online
Insurance Products
Term, Whole, Universal
Issue Age
18 to 75
Coverage Amount
$100,000 to $3,000,000
Term Lengths
10, 20, and 30 years
Medical Exam Required
Depends on policy
Ways To File A Claim
Phone, Online.
Ratings, Accreditation and Memberships
AM Best: A++
Customer Service Options
Phone, Online
Issue Age
18 to 75
Coverage
$100,000 to $3,000,000
Medical Exam Required
Depends on policy
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.
Issue Age
18 to 100
Coverage
Not listed to Not listed
Medical Exam Required
Yes
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.
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
Free Quote
No, agent quotes only
Insurance Products
Term, universal, whole
Issue Age
18 to 100
Coverage Amount
Not listed to Not listed
Term Lengths
10, 20, 80
Medical Exam Required
Yes
Ways To File A Claim
Online form, phone: 1-800-635-8855
Ratings, Accreditation and Memberships
BBB: A+, AM Best A++
Customer Service Options
Phone: 1-800-635-8855, Online portal
Policy Riders Offered
Array
Issue Age
18 to 100
Coverage
Not listed to Not listed
Medical Exam Required
Yes
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.
Issue Age
15 to 75
Coverage
$5,000 to $1,000,000
Medical Exam Required
Yes
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.
Pros
No medical exam or waiting period &mdash
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
Free Quote
Yes
Insurance Products
Level term, annual renewable term, whole life and simplified whole life
Issue Age
15 to 75
Coverage Amount
$5,000 to $1,000,000
Term Lengths
10, 15, 20, 25 and 30-year
Medical Exam Required
Yes
Ways To File A Claim
Ways To File A Claim
Ratings, Accreditation and Memberships
AM Best: A+
Customer Service Options
Phone
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
Issue Age
15 to 75
Coverage
$5,000 to $1,000,000
Medical Exam Required
Yes
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.
Issue Age
18 to 80
Coverage
$2,000 to $10,000,000
Medical Exam Required
Depends on policy
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.
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.
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.
Katia Iervasi is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in insurance. Her writing and analysis on life, disability and health insurance has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. She holds a BA in communication from Australia's Griffith University. See full bio
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finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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