From 41 life insurance providers, we found the nine best to support you your whole life.
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Click at least 2-3 companies to find the very best rate.
Best for Personalized Coverage
AM Best Financial Rating AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
J.D. Power Customer Satisfaction J.D. Power scores are based on surveys for customer satisfaction and product quality.
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Whole life insurance is a common type of life insurance coverage designed to last your entire life, as long as premiums are paid. Whole life policies are relatively simple and straightforward, they do offer the added perk of accumulating cash value which you may be able to borrow from, withdraw, or use to pay your premiums. If you’re shopping for whole life insurance, Reviews.com’s research could help you choose a company that will be right for your situation.
The Best Whole Life Insurance Companies of 2022
Based on our research — which included analyzing third-party customer satisfaction and financial strength ratings, as well as coverage options — the following five companies sell some of the best whole life insurance:
While we chose these companies as being among the best, the best carrier for your unique set of circumstances might not be on this list. Working with a licensed life insurance agent could help you determine the right option for you.
J.D. Power Customer Satisfaction Score* J.D. Power scores are based on surveys for customer satisfaction and product quality.
AM Best Financial Strength Rating AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
A++ AM Best Rate AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim.
782* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.
Why we chose it
MassMutual offers a large number of riders which could help you build a customized policy.
Superior AM Best financial strength
Lower J.D. Power score than some providers on our list
Fewer whole life types than other carriers
OTHER LIFE PRODUCTS OFFERED
Online life insurance calculator
Online and in-person options
What Is Whole Life Insurance?
Whole life insurance is a type of permanent life insurance policy. Life insurance provides financial protection for your loved ones in the event of your passing. Permanent policies are designed to last for your entire life, as long as the premiums are paid.
Whole life is one of the simplest types of permanent coverage and is designed to provide a death benefit payout to your beneficiary when you pass. Whole life policies also build cash value, which you may be able to use during your lifetime.
Benefits of Whole Life Insurance
Whole life insurance is popular for several reasons:
Permanent coverage: Whole life insurance is designed to last for your entire life. Unlike term life insurance, it does not expire as long as you pay your premiums, so you never have to worry about renewing.
Simplicity: Whole life insurance doesn’t offer a lot of bells and whistles, which may be a good choice if you want a simple, easy-to-understand policy.
Steady premiums: Whole life policy premiums stay level throughout your life, so you have peace of mind knowing your monthly payment.
Drawbacks of whole life insurance
While whole life policies can be great for many people, these policies have drawbacks:
More expensive: Because whole life coverage is designed to last until your death, rather than for a set period, coverage tends to be more expensive than term insurance.
Limited flexibility: Whole life’s simplicity can also be a drawback if you are looking for a policy with more flexible coverage. In that case, universal life insurance may be a better choice.
The cost of life insurance is highly personalized. The amount of coverage you choose, your health metrics, and the riders you add will all change the premium you pay. The best way to know how much you should budget is to get a quote.
It will depend on your needs. Term life insurance may be a good option for younger people who want to change their policy later in life or who only need coverage for a shorter time. Whole life can be a good choice if you want coverage that lasts your entire life but don’t need the extras that more complex policies like universal life can offer.
Some companies offer online quotes, which can be a good starting point. However, because the life insurance underwriting process often involves a health history questionnaire and potentially a medical exam, many companies ask that you work with an agent, either in an office or by phone, to purchase a policy.
We evaluated life insurance companies based on riders, coverage, resources, financial strength, and customer satisfaction to create our best life insurance reviews. To compare life insurance companies with other providers across the board, we reviewed the following:
Number of Riders: More riders can mean a company’s policies are more customizable,
Financial Stability: Reviews.com utilized AM Best ratings to determine a company’s historical ability to pay out claims.
Resources: Reviews.com compared website functionality, phone availability, and mobile app options for life insurance companies based on ability to receive online quotes, submit online claims, and read information on different policies available.
Cate Deventer is a writer and licensed insurance agent. She has a Bachelor’s degree in theatre and is currently pursuing a degree in English with a concentration in professional and technical writing from Indiana University East. Her work has been featured on Reviews.com and Bankrate.com, and she’s passionate about helping people take charge of their finances. In her free time, she likes to read thrillers and sci-fi novels, garden, and toss tennis balls for her dog.