Top 6 Best Whole Life Insurance Companies

In the field of customer experience, we take into account website transparency and communication ease, which examines the extent of online policy information. We converted the results to a curved 5-point scale to determine each insurer’s rating.

While these rankings serve as a reference, we strongly advise you to shop about and compare life insurance quotes from several providers to get the best deal possible. For any reviews, Pakoption is not compensated.

• Term life insurance provides a guaranteed payout in the event of the policyholder’s death during the term as well as temporary coverage.
• Permanent life insurance usually lasting a lifetime, also accrues cash value that can be accessed at a later date.
• No-exam life insurance provides coverage devoid of a medical examination need.

Financial strength. To verify an insurer’s long-term financial stability and claim-paying capacity, we use AM Best ratings. PakOption generally advises evaluating life insurance providers with an A- or better rating. This is the summary:

• Exceptional: A+, A++.
• Strong: A-, A.
• Moderate: B, B+.

Complaints. Based on data from the National Association of Insurance Commissioners spanning three years, these ratings are determined by the number of complaints to state regulators about the size of the company. Fewer complaints than anticipated are received by the top life insurance providers.

Purchase online. This shows you whether an insurer permits you to apply online and purchase insurance in its entirety.

Overview:

Financial strength rating	Exceptional
Online purchase	No
NAIC complaints	Far fewer than expected
Policies offered	Term & permanent

Pros & Cons

Pros:

• Received far fewer complaints from state officials than one would have thought for a business of its scale.
• provides special coverage alternatives, including policies for applicants who are HIV positive and survivorship insurance.

Cons:

• The website has very few policy specifics.

Company Overview:

You can select a policy with level premiums or a “limited payment” insurance with Guardian’s whole life coverage, which enables you to pay off your policy in 10, 15, or 20 years. Thereafter, there are no premiums needed to maintain your coverage. A variety of riders are available for selection, including long-term care, index participation feature (also known as IPF) riders, and riders that waive the premium for disabilities. With the IPF rider, you can tie a portion of your cash value to the S&P 500 Price Return Index’s performance. Any gains are distributed as dividends.

Additionally, the company provides life insurance to HIV-positive individuals. You must demonstrate that you are getting antiretroviral medication successfully and that you are under a specialist’s supervision to be eligible for this term and whole life insurance.

Although dividends are not guaranteed, Guardian has been paying them to its permanent policyholders year since 1868. In 2024, the business will make its largest payout ever, of $1.4 billion. ^[1]

Guardian whole life insurance policy details

• Policy options: Life Paid Up at 121, Life Paid Up at 99, Life Paid Up at 95, Life Paid Up at 65, 10 Pay Whole Life, 15 Pay Whole Life, 20 Pay Whole Life, EstateGuard.
• Eligibility age range: 0 to 90 (varies by policy).
• Minimum coverage amount: $25,000.
• Maximum coverage amount: Unlimited.
• State availability: All states.
• Potential to earn dividends: Yes.

Overview:

Financial strength rating	Exceptional
Online purchase	Yes
NAIC complaints	Far fewer than expected
Policies offered	Term, permanent & no-exam

Pros & Cons

Pros:

• Numerous options for both permanent and term life insurance.
• provides a life insurance policy right now.
• backs up statements made online.

Cons:

• Most insurance call for a health examination.

Company Overview:

You may be able to add different riders to your coverage, depending on your policy. These consist of a yearly term buy rider that enables you to apply your dividend payments to a term life insurance policy, a chronic disease rider, and a long-term care rider.

You are qualified to earn dividends depending on the insurer’s profits as a permanent policyholder. According to MassMutual’s calculations, its permanent policyholders will receive payouts of over $2.2 billion in 2024. ^[2]

MassMutual whole life policies details

• Policy options: Whole Life 100, Whole Life 65, Whole Life 10/12/15/20 Pay, Whole Life HECV.
• Eligibility age range: 0 to 90 (varies by policy).
• Minimum coverage amount: $25,000, or $100,000 for HECV — a policy designed for businesses.
• Maximum coverage amount: Unlimited.
• State availability: All states.
• Potential to earn dividends: Yes.

Overview:

Financial strength rating	Exceptional
Online purchase	No
NAIC complaints	Fewer than expected
Policies offered	Term & permanent

Pros & Cons

Pros:

• Much fewer complaints than one might anticipate for a business of its scale to state regulators.
• Excellent customer satisfaction rating in the J.D. Power survey.
• distributes a dividend to qualified clients regularly; this is typical of mutual life insurance businesses.

Cons:

• Details on ridership and coverage quantities are not provided on the company website.
• Limited riders available

Company Overview:

There are several ways to pay for a whole life insurance policy from Northwestern Mutual. For 10, 15, 20, or 25 years, or until you turn 65 or 100 years old, you can opt to pay premiums. In addition, you might be able to combine term life insurance with your policy to keep permanent coverage while reducing costs.

You can include riders in your policy to improve your coverage, such as an accelerated death benefit that is deducted from your payout if you require long-term care. Additionally, you can expand your coverage at a later time without having to retake the life insurance medical test thanks to the additional purchase benefit rider. One of the biggest individual life insurers in the United States, Northwestern Mutual is a mutual business that plans to distribute $7.3 billion in dividends to eligible policyholders in 2024.

Northwestern Mutual’s whole life insurance policy details

• Policy options: Whole Life Plus.
• Eligibility age range: 0 to 85.
• Minimum coverage amount: $50,000.
• Maximum coverage amount: $80 million.
• State availability: All states.
• Potential to earn dividends: Yes.

Overview:

Term & Permanent	Exceptional
Online purchase	No
NAIC complaints	Fewer than expected
Policies offered	Term & permanent

Pros & Cons

Pros:

• Ranks higher than average in the most recent J.D. Power life insurance customer satisfaction survey.
• Drew had fewer complaints than one might anticipate from a business of its magnitude directed at state regulators.

Cons:

• There are no quotes on the internet.

Company Overview:

Flexible premium payments are available with New York Life’s personalized whole life insurance. During the first few years of your coverage, you have the option to pay it off in full, or you can plan your payments to fit your schedule.

A range of riders for life insurance is also provided by the insurer, including an accelerated death benefit, a remission of premiums, and a chronic care rider.

New York Life is a mutual corporation, and its policyholders will receive dividend payments totaling $2.2 billion in 2024.

New York Life whole life policy details

• Policy options: Whole Life, Custom Whole Life, and Secure Wealth Plus.
• Eligibility age range: 0 to 90 (varies by policy).
• Minimum coverage amount: $25,000 (for applicants ages 18 and older).
• Maximum coverage amount: $100 million.
• State availability: All states.
• Potential to earn dividends: Yes.

Overview:

Term & Permanent	Exceptional
Online purchase	No
NAIC complaints	Fewer than expected
Policies offered	Term, permanent & no-exam

Pros & Cons

Pros:

• For a corporation of its scale, Drew received fewer complaints from state regulators regarding life insurance than anticipated.
• Ranked #1 in the most recent J.D. Power life insurance customer satisfaction survey.
• Numerous term products, such as fast response life insurance, are available.

Cons:

• There are no life insurance policies available in Rhode Island or Massachusetts.
• Certain limitations apply to Android handsets while using the web portal to view policy details.

Company Overview:

The level premiums on State Farm’s typical whole-life policy imply that your monthly payment will remain constant. Nonetheless, you can get a single premium or limited payment insurance if you’d like to change the amount and timing of your payments.

State Farm may expedite your application and issue your insurance without requiring a medical exam if you are in good health, between the ages of 18 and 50, and if you are applying for coverage worth $100,000 to $1 million. The insurer gives applicants between the ages of 45 and 80 (50 and 75 in New York) a final expense insurance if all they want to cover is their own funeral, burial, and end-of-life expenses. Aside from policy features, State Farm tops J.D. Power’s ranking of the best life insurers for client satisfaction.

State Farm whole life insurance policy details

• Policy options: Whole Life, Limited Pay Whole Life, Single Premium Whole Life, Final Expense.
• Eligibility age range: Varies by policy.
• Minimum coverage amount: $10,000 for the final expense policy; and $15,000 for other whole life policies.
• Maximum coverage amount: None for standard whole-life policies; $10,000 to $15,000 for the final expense policy, depending on the state.
• State availability: All states except Massachusetts.
• Potential to earn dividends: Yes.

Overview:

Term & Permanent	Exceptional
Online purchase	No
NAIC complaints	Fewer than expected
Policies offered	Term, permanent & no-exam

Pros & Cons

Pros:

• No medical examinations are necessary.
• AARP membership grants access to anyone 50 years of age or older.
• fewer complaints to state regulators than anticipated.

Cons:

• The cost of term life insurance increases every five years.

Company Overview:

Through its collaboration with New York Life, one of the biggest life insurance providers in the country, AARP provides coverage to its members and their spouses.

Members 50 to 80 years old and their spouses 45 to 80 years old can apply for AARP’s standard whole-life insurance coverage by responding to a few health questions. A medical examination is not necessary. Online, you can purchase coverage for up to $50,000, or you can get in touch with New York Life to request a bigger amount.

In addition, AARP provides members and couples between the ages of 50 and 80 with a guaranteed acceptance whole-life policy that omits the medical exam and interview. Members and spouses must be between the ages of 50 and 75 to be eligible in New York. Candidates may purchase independent insurance for up to $25,000.

AARP whole life policies details

• Policy options: Permanent Life Insurance, Guaranteed Life Insurance.
• Eligibility age range: 50 to 80 (varies by policy, state, and membership status).
• Minimum coverage amount: $5,000.
• Maximum coverage amount: $25,000 or $50,000, depending on the policy, though higher amounts may be available.
• State availability: Depends on policy.
• Potential to earn dividends: No.