From 41 life insurance providers, we found the nine best to support you your whole life.
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Nationwide
A+
A.M. Best Financial Rating
4.8/5
J.D. Power Customer Satisfaction
USAA Life
A++
A.M. Best Financial Rating
4.7/5
J.D. Power Customer Satisfaction
State Farm
A++
A.M. Best Financial Rating
4.6/5
J.D. Power Customer Satisfaction
New York Life
A++
A.M. Best Financial Rating
4.2/5
J.D. Power Customer Satisfaction
Mutual of Omaha
A+
A.M. Best Financial Rating
4.2/5
J.D. Power Customer Satisfaction
Protective Life
A+
A.M. Best Financial Rating
4.2/5
J.D. Power Customer Satisfaction
Best Overall
Northwestern Mutual Life Insurance
A++
A.M. Best Financial Rating
4/5
J.D. Power Customer Satisfaction
Guardian Life Insurance
A+
A.M. Best Financial Rating
4/5
J.D. Power Customer Satisfaction
Pacific Life
A+
A.M. Best Financial Rating
4/5
J.D. Power Customer Satisfaction
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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.
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 Life Insurance
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
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.
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.
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.
