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:
- Nationwide: Best for Personalized Coverage
- USAA: Best for Military-Centric Options
- State Farm: Best for Local Assistance
- Mutual of Omaha: Best for Guaranteed Issue Policies
- MassMutual: Best for Riders
Compare the Best Whole Life Insurance Companies
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. | ||
|---|---|---|---|
| Pin Nationwide | 813/1,000 | A+ | |
| Pin USAA | Not Rated | A++ | |
| Pin State Farm | 822/1,000 | A++ | |
| Pin Mutual of Omaha | 795/1,000 | A+ | |
| Pin MassMutual | 782/1,000 | A++ |
Information accurate as of March 2022.
* J.D. Power’s 2021 U.S Individual Life Insurance Study. Based on a 1,000 point scale.
Best for Personalized Coverage
WHY WE CHOSE IT
Why we chose it
Pros
- Numerous policy options
- High J.D. Power customer satisfaction score
Cons
- Lower AM Best financial strength than some competitors
- No online quotes for whole life
OTHER LIFE PRODUCTS OFFERED
- Term
- Universal
- Variable
STANDOUT FEATURES
- Choose from two different payment options
- Local agents available
Best for Military-Centric Options
WHY WE CHOSE IT
Why we chose it
Pros
- Superior AM Best financial strength
- Military-focused coverages
Cons
- May use third-party underwriters for certain types of coverage
- Only available to military members, veterans, and qualifying family members
OTHER LIFE PRODUCTS OFFERED
- Term
- Universal
STANDOUT FEATURES
- High coverage limits
- Waiver of premium rider may be available depending on the state
Best for Local Assistance
WHY WE CHOSE IT
Why we chose it
Pros
- Highest J.D. Power customer satisfaction rating in the 2021 study
- Local agents available
Cons
- No online quotes
- Not available in all states
OTHER LIFE PRODUCTS OFFERED
- Term
- Universal
- Final expense
STANDOUT FEATURES
- Flexible payment options
- Accessible via local agent, phone, website, or mobile app
Best for Guaranteed Issue Policies
WHY WE CHOSE IT
Why we chose it
Pros
- Guaranteed issue policy
- Online quotes available
Cons
- Lower AM Best financial strength than some competitors
- Fewer policy options than competitors
OTHER LIFE PRODUCTS OFFERED
- Term
- Universal
- Accidental death
STANDOUT FEATURES
- No medical exam
- Available for ages 45-85 (50-75 in New York)
Best for Riders
WHY WE CHOSE IT
Why we chose it
Pros
- Numerous riders
- Superior AM Best financial strength
Cons
- Lower J.D. Power score than some providers on our list
- Fewer whole life types than other carriers
OTHER LIFE PRODUCTS OFFERED
- Term
- Universal
- Variable
STANDOUT FEATURES
- 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.
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
Frequently Asked Questions
Methodology
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.
- Customer Satisfaction: We used J.D. Power’s 2021 Life Insurance Satisfaction Study scores to determine how satisfied customers tend to be with a particular carrier.
- 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.
About the Authors
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.
