Best Whole Life Insurance Companies

Flexible Protection You Can Count on for a Lifetime

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Choosing the best whole life insurance is difficult because there’s a variety of policy riders and contract provisions to consider. The potential permanence of whole life coverage means it’s critical to conduct this research carefully.

Evaluating a company’s long-term stability is as important as the coverage it offers. You also want to choose a policy that’s flexible, so you can tailor it to your needs. Using this information as our guide, we created this list of the best whole life insurance providers.

Our Top Picks for the Best Whole Life Insurance Companies

After evaluating insurance companies on a number of different criteria, we chose three as the best whole life insurance companies.

State Farm

State Farm

Features

  • Financially Strong: State Farm boasts the highest financial strength rating from A.M. Best.
  • Customize with Riders: State Farm has a large selection of riders to help you design a life insurance policy around you.
  • Vanishing Premium Option: Use dividends to reduce your premium payments over time.

Quick Facts

  • A.M. Best Rating: A++
  • Coverage Minimum: $25,000
  • Guaranteed Insurability Rider? Yes

MetLife

Features

  • Low Coverage Minimums: Purchase as little as $10,000 of whole life insurance coverage to start.
  • Guaranteed Level Premiums: Your premiums won't go up over the life of your policy.
  • Add Extra Coverage: Add protection for your estate, family members, or final expenses with policy riders.

Quick Facts

  • A.M. Best Rating: A+
  • Coverage Minimum: $10,000
  • Guaranteed Insurability Rider? Yes

MassMutual

MassMutual

Features

  • High Financial Stability Ratings: MassMutual has received an A++ from A.M. Best.
  • Interest Rate Guarantee: You're guaranteed to earn a minimum interest rate as described in your policy.
  • Partial Surrenders: You can withdraw funds up to a certain percentage of the policy's value.

Quick Facts

  • A.M. Best Rating: A++
  • Coverage Minimum: $50,000
  • Guaranteed Insurability Rider? Yes

What to Look for to Find the Best Whole Life Insurance

Financial Strength

Financial strength ratings indicate the company’s long-term stability. This is critical when considering a whole life insurance policy because you want to be sure the company’s going to be around when you need it. There are several organizations that assess financial strength, including A.M. Best, Moody’s, and S&P. Reviewing their scores is a good place to start when determining a company’s financial stability. All three companies listed above have high ratings, but State Farm and MassMutual stand out by earning the highest possible score from A.M. Best.

Coverage

Figure out how much life insurance coverage you need and build your policy around that. For younger buyers, a company like MetLife, with low coverage minimums, is a good place to start. Level premiums and a guaranteed minimum interest rate add stability to your policy, but you also want flexibility. Partial surrender, disability waiver of premiums, and a vanishing premium option can help with this. All three companies offer these, in addition to flexible coverage limits, making them well-suited to a range of individuals.

Policy Riders

Policy riders enable you to customize your policy even further. Add extra protection for your estate, long-term care, family members, and final expenses. A whole life guaranteed insurability rider is another one to look out for. This ensures your future insurability at standard rates without providing further proof of insurability. All the companies on this list offer a nice selection of policy riders, but MetLife falls slightly behind the other two by not offering a long-term care rider.

The Bottom Line

Considering the potential duration of whole life insurance coverage, it’s important that you make a careful, informed decision. After all, this is a company you’ll want to trust and depend on for life. All three providers on this list offer solid options for those looking for whole life insurance, so take the time to consider each company’s policies and features before making such a long-term commitment.