From 41 life insurance providers, we found the nine best to support you your whole life.
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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.
The average cost of a whole life insurance policy is $678.70 per month, according to the Insurance Information Institute. However, the cost of your whole life insurance policy may vary, depending on where you live, how old you are and your medical history.
We chose Nationwide as the best overall whole life insurance provider for its outstanding customer satisfaction score from J.D. Power and strong financial ratings from AM Best. The best provider for you may be different, depending on the kind of insurance that you need.
Term life insurance is usually a good option for people who are younger and may want to change their policy later in life. Those who are older usually prefer a whole life insurance policy, because it allows you to build value over time.
A whole life insurance policy is designed to last your lifetime, allowing you to build up cash value over time as long as you keep up with your monthly premiums. You can even sometimes access that cash value for emergencies, depending on the kind of policy that you have.
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.
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.
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.