HomepageInsuranceLifeThe Best Whole Life Insurance of 2021

The Best Whole Life Insurance of 2021

From 41 life insurance providers, we found the nine best to support you your whole life. ​

Enter your ZIP code to find providers, plans, and prices in your area.

Please enter a valid zip code

Click at least 2-3 companies to find the very best rate.

    Advertiser Disclosure

    Close icon.

    We are an independent publisher. Our reporters create honest, accurate, and objective content to help you make decisions. To support our work, we are paid for providing advertising services. Many, but not all, of the offers and clickable hyperlinks that appear on this site are from companies that compensate us. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear. While we strive to provide a wide range of offers, our site does not include information about every product or service that may be available to you. We strive to keep our information accurate and up-to-date, but some information may not be current. So, your actual offer terms from an advertiser may be different than the offer terms on this site. And the advertised offers may be subject to additional terms and conditions of the advertiser. All information is presented without any warranty or guarantee to you.

    Reviews Report

    • Nationwide and USAA are Reviews.com’s top picks for whole life insurance, earning 4.8 and 4.7 out of 5, respectively.
    • The best whole life insurance companies all have high financial stability ratings from AM Best.

    Many insurance companies offer whole life insurance as a way for policyholders to diversify their financial plans for retirement because it provides guaranteed cash value and benefits. While term life insurance is more affordable than whole life insurance, the latter makes the most sense for seniors and those with solid financial portfolios and complex end-of-life considerations.

    After analyzing product offerings, coverage, pricing, industry ratings and real customer reviews, these are our picks for the best whole life insurance companies in 2021.

    The Best Whole Life Insurance Companies of 2021

    Compare the Best Whole Life Insurance Companies

    Provider Reviews.com Score J.D. Power Score* AM Best
    Nationwide 4.8 803/1,000 A+
    USAA 4.7 Not Rated A++
    State Farm 4.6 838/1,000 A++
    New York Life 4.2 784/1,000 A++
    Mutual of Omaha 4.2 789/1,000 A+
    Protective Life 4.2 754/1,000 A+
    Northwestern Mutual 4 790/1,000 A++
    Guardian Life 4 743/1,000 A++
    Pacific Life 4 776/1,000 A+

    Information accurate as of March 2021.
    * J.D. Power’s 2020. LIfe Insurance Satisfaction Study

    Nationwide

    Best Policy Options

    Why we chose it

    Nationwide offers some of the most highly customized whole life insurance quotes. The company’s biggest appeal is the myriad of options for life insurance, which makes it a top contender.
    • 4.8 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • 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.
    • 803* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Nationwide offers some of the most highly customized whole life insurance quotes. The company’s biggest appeal is the myriad of options for life insurance, which makes it a top contender.

    Pros

    • Policy options
    • Financial stability

    Cons

    • Not budget-friendly
    • No dividends for whole life insurance
    Read More

    Products Offered

    • Term 
    • Universal
    • Variable

    Standout Features

    • Guaranteed insurability benefit
    • Spouse/child riders
    USAA Life

    Best for Military Members

    Why we chose it

    Though unrated for its life insurance, USAA is known as a leader in the insurance and financial industry for exceptional customer service.
    • 4.7 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • 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.
    • NR J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Though unrated for its life insurance, USAA is known as a leader in the insurance and financial industry for exceptional customer service.

    Pros

    • Guaranteed cash value
    • Strong financial stability

    Cons

    • Only available to military
    • Limited policy options
    Read More

    Products Offered

    • Term 
    • Whole

    Standout Features

    • Children/grandchildren riders
    • Disability protection
    • Free assistance to survivors
    State Farm

    Best for Flexible Pricing

    Why we chose it

    State Farm made it to our list of best whole life insurance companies for its flexibility. You can set up your policy to work as a single premium option, or you can work with limited payments.
    • 4.6 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • 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.
    • 838* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    State Farm made it to our list of best whole life insurance companies for its flexibility. You can set up your policy to work as a single premium option, or you can work with limited payments.

    Pros

    • Strong financial rating
    • High customer service rating

    Cons

    • No online quotes
    • Not available in all states
    Read More

    Products Offered

    • Limited pay
    • Single premium
    • Final expense

    Standout Features

    • Flexible payment options
    New York Life

    Best for Conversions

    Why we chose it

    New York Life also made it to our list of best providers for term insurance for its flexibility and customization options.
    • 4.2 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • 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.
    • 784* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    New York Life also made it to our list of best providers for term insurance for its flexibility and customization options.

    Pros

    • Flexible policies
    • Option to earn dividends

    Cons

    • No online quotes
    • Limited online account management
    Read More

    Products Offered

    • Term 
    • Universal 
    • Variable

    Standout Features

    • Disability waiver
    • Chronic care rider
    • Option to purchase paid-up additions
    Mutual of Omaha

    Best for New Member Benefits

    Why we chose it

    Northwestern Mutual earned a spot as best whole life insurance overall for offering guaranteed, tax-deferred cash growth over time and customization options.
    • 4.2 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • 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.
    • 789* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Northwestern Mutual earned a spot as best whole life insurance overall for offering guaranteed, tax-deferred cash growth over time and customization options.

    Pros

    • Guaranteed issue policy
    • Online quotes available

    Cons

    • Limited policy options
    • Limited online resources
    Read More

    Products Offered

    • Term
    • Universal
    • Accidental death

    Standout Features

    • Children’s life insurance rider
    • Graded and Level Benefit Plans
    • Mutual Perks discounts and benefits
    Protective Life

    Best for Low-Risk Clients

    Why we chose it

    Protective Life offers fixed cash value and affordable policies, but this company is also among the more expensive options for those who are considered high-risk
    • 4.2 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • 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.
    • 790* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Protective Life offers fixed cash value and affordable policies, but this company is also among the more expensive options for those who are considered high-risk

    Pros

    • Fixed cash value
    • Online resources available

    Cons

    • Tobacco users pay higher premiums
    • No adjustable policies
    Read More

    Products Offered

    • Term
    • Universal
    • Permanent

    Standout Features

    • Accelerated death benefit endorsement
    • Guaranteed insurability rider
    Northwestern Mutual

    Best for Customization

    Why we chose it

    Northwestern Mutual earned a spot as best whole life insurance overall for offering guaranteed, tax-deferred cash growth over time and customization options.
    • 4 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • 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.
    • 790* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Northwestern Mutual earned a spot as best whole life insurance overall for offering guaranteed, tax-deferred cash growth over time and customization options.

    Pros

    • Flexible policies
    • Nationwide availability

    Cons

    • No online quotes
    • Average customer service
    Read More

    Products Offered

    • Term
    • Universal
    • Annuities

    Standout Features

    • Additional purchase benefit
    • Term-to-whole conversion
    Guardian Life Insurance

    Best fir In-Persona Service

    Why we chose it

    With Guardian Life, you have to work with an actual agent, but it’s worth it for many to receive perks like cash value and death benefits.
    • 4 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • 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.
    • 743* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    With Guardian Life, you have to work with an actual agent, but it’s worth it for many to receive perks like cash value and death benefits.

    Pros

    • Dividend options available
    • Strong financial stability

    Cons

    • Lower-than-average customer satisfaction
    • Limited online resources
    • No policy transfers
    Read More

    Products Offered

    • Term
    • Universal

    Standout Features

    • Guardian index participation feature (IPF)
    • EstateGuard covers two people at once
    • Available to people with HIV
    Pacific Life

    Best for Online Tools

    Why we chose it

    Pacific Life specializes in custom life insurance policies and provides calculators and online resources to help clients determine their coverage
    • 4 Reviews Score Score is based on company’s customer experience, financial stability, and coverage options.
    • 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.
    • 776* J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality.

    Why we chose it

    Pacific Life specializes in custom life insurance policies and provides calculators and online resources to help clients determine their coverage

    Pros

    • Dividend options available
    • Strong financial stability
    • Multiple policy options

    Cons

    • No online quotes
    Read More

    Products Offered

    • Universal
    • Indexed/Variable Universal
    • Term

    Standout Features

    • Online calculators 
    • In-person support

    * J.D. Power’s 2020 U.S. Life Insurance Study. Based on a 1,000-point scale.

    What Is Whole Life Insurance?

    Many people frequently worry about how they will be able to take care of final expenses and care for their family once they are gone. Whole life insurance fills this need with a type of policy that is designed to last the entirety of your life with special benefits and support to your appointed beneficiaries after you pass away.

    Keep in mind that the death benefit of a whole life insurance policy is not the same as the cash value of your policy, unless you purchase a specific rider, only the death benefit will be passed to your beneficiaries.

    Benefits of whole life insurance

    Whole life insurance is popular for several reasons. 

    • Secure: As a lifetime policy, this life insurance is designed to last the rest of your life. Unlike term life insurance, it never expires as long as you pay your premiums, so you never have to worry about renewing.
    • Safe: A whole life insurance policy is tax-deferred, which means that you are entitled to tax breaks that you don’t see with other kinds of insurance policies.
    • Steady: Whole life insurance offers a set premium each month. As long as coverage doesn’t lapse, you can expect to pay the same amount for your premium, and your death benefit will never change.

    Drawbacks of whole life insurance

    As helpful as it may be, a whole life insurance policy isn’t ideal for every situation.

    • More expensive: Because of its many guarantees, whole life insurance can be significantly more expensive than the more temporary form of life insurance that you receive with term life insurance. 
    • Limited: A whole life insurance is limited in the kind of death benefits that you receive, often offering significantly more limited options for your policy. For some families, the coverage just isn’t enough.

    Further Reading

    Whole Life Insurance FAQ

    Methodology

    We evaluated life insurance companies based on riders, coverage, resources, financial strength, and customer satisfaction to determine Reviews.com scores and create our best life insurance reviews. To compare life insurance companies with other providers across the board, we calculate each Reviews.com score based on the following:

    • Number of Riders: The more riders a life insurance company has, the higher it scores in our Reviews.com methodology.
    • Financial Stability: Reviews.com utilized AM Best ratings to assign a score based on each life insurance company’s financial stability.
    • Customer Satisfaction: With J.D. Power’s 2020 Life Insurance Satisfaction Study, we assigned a score to each company based on the rating it received.
    • Coverage: Life insurance companies scored higher if customers can convert term to whole and if they offered multiple options under different types of life insurance policies. 
    • Resources: Reviews.com compared website functionality for life insurance companies based on ability to receive online quotes, submit online claims, and read information on different policies available.

    About the Authors

    Lena Borrelli

    Lena Borrelli Contributing Writer

    Lena Borrelli is a freelance writer for Reviews.com. Over the last year, she has covered insurance, finance, and more. She has been featured in TIME with NextAdvisor, Bankrate, The Simple Dollar, MYMOVE, Million Mile Secrets, Coverage.com and more. My favorite article is “How to Invest in Real Estate During COVID?” on Reviews.com.