Best whole life insurance companies

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.

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.

• Pros and cons

  Pros

  • Some policies link to the performance of an index, like the S&amp
  • 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

• More details

  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.

• Pros and cons

  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

• More details

  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.

• Pros and cons

  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

• More details

  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.

• Pros and cons

  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

• More details

  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.

• Pros and cons

  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

• More details

  Free Quote	Online
  Insurance Products	Term, Whole life, Universal, Guaranteed acceptance
  Issue Age	18 to 80
  Coverage Amount	$2,000 to $10,000,000
  Term Lengths	10, 15, 20, 25, 30 years
  Medical Exam Required	Depends on policy
  Ways To File A Claim	Online, Phone
  Ratings, Accreditation and Memberships	Better Business Bureau, A.M. Best’s
  Customer Service Options	1-800-272-2216 or submit an online contact form

Issue Age	18 to 80
Coverage	$2,000 to $10,000,000
Medical Exam Required	Depends on policy

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.