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
- Nationwide: Best Policy Options
- USAA: Best for Military Members
- State Farm: Best for Flexible Pricing
- New York Life: Best for Conversions
- Mutual of Omaha: Best for Member Benefits
- Protective Life: Best Low-Risk Customers
- Northwestern Mutual: Best for Customization
- Guardian Life: Best In-Person Service
- Pacific Life: Best for Online Tools
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
Best Policy Options
Why we chose it
Why we chose it
Pros
- Policy options
- Financial stability
Cons
- Not budget-friendly
- No dividends for whole life insurance
Products Offered
- Term
- Universal
- Variable
Standout Features
- Guaranteed insurability benefit
- Spouse/child riders
Best for Military Members
Why we chose it
Why we chose it
Pros
- Guaranteed cash value
- Strong financial stability
Cons
- Only available to military
- Limited policy options
Products Offered
- Term
- Whole
Standout Features
- Children/grandchildren riders
- Disability protection
- Free assistance to survivors
Best for Flexible Pricing
Why we chose it
Why we chose it
Pros
- Strong financial rating
- High customer service rating
Cons
- No online quotes
- Not available in all states
Products Offered
- Limited pay
- Single premium
- Final expense
Standout Features
- Flexible payment options
Best for Conversions
Why we chose it
Why we chose it
Pros
- Flexible policies
- Option to earn dividends
Cons
- No online quotes
- Limited online account management
Products Offered
- Term
- Universal
- Variable
Standout Features
- Disability waiver
- Chronic care rider
- Option to purchase paid-up additions
Best for New Member Benefits
Why we chose it
Why we chose it
Pros
- Guaranteed issue policy
- Online quotes available
Cons
- Limited policy options
- Limited online resources
Products Offered
- Term
- Universal
- Accidental death
Standout Features
- Children’s life insurance rider
- Graded and Level Benefit Plans
- Mutual Perks discounts and benefits
Best for Low-Risk Clients
Why we chose it
Why we chose it
Pros
- Fixed cash value
- Online resources available
Cons
- Tobacco users pay higher premiums
- No adjustable policies
Products Offered
- Term
- Universal
- Permanent
Standout Features
- Accelerated death benefit endorsement
- Guaranteed insurability rider
Best for Customization
Why we chose it
Why we chose it
Pros
- Flexible policies
- Nationwide availability
Cons
- No online quotes
- Average customer service
Products Offered
- Term
- Universal
- Annuities
Standout Features
- Additional purchase benefit
- Term-to-whole conversion
Best fir In-Persona Service
Why we chose it
Why we chose it
Pros
- Dividend options available
- Strong financial stability
Cons
- Lower-than-average customer satisfaction
- Limited online resources
- No policy transfers
Products Offered
- Term
- Universal
Standout Features
- Guardian index participation feature (IPF)
- EstateGuard covers two people at once
- Available to people with HIV
Best for Online Tools
Why we chose it
Why we chose it
Pros
- Dividend options available
- Strong financial stability
- Multiple policy options
Cons
- No online quotes
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
- What is Life Insurance?
- Whole Life vs. Term Life Insurance
- The Best Cheap Life Insurance Companies
- The Best Life Insurance Companies
- The Best Term Life Insurance Companies
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 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.
