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Many insurance companies offer whole life insurance as a way for policyholders to diversify their financial plans for retirement, as 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 older people 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 2020.
Top 10 Providers
- Northwestern Mutual: Best Overall
- State Farm: Most Flexible Premiums
- Nationwide: Best Policy Options
- USAA: Best for the Military
- New York Life: Best for Flexibility
- Mutual of Omaha: Best Introductory Benefits
- Protective Life: Best Customer Support
- Guardian Life: Best Mobile Tools
- Pacific Life: Best for Affordability
- Liberty Mutual: Best Claims Processing
| Reviews.com Score | Customer Experience Score | Financial Strength Score | Best for | |
| Northwestern Mutual | 5 | 5/5 | 5/5 | Customization |
| State Farm | 5 | 5/5 | 4/5 | Flexible pricing structures |
| Nationwide | 4.8 | 4/5 | 2/5 | Lots of policy options |
| USAA | 4.7 | Unrated | 3/5 | Military customer support |
| New York Life | 4.2 | 4/5 | 4/5 | Conversions |
| Mutual of Omaha | 4.2 | 4/5 | 3/5 | New member benefits |
| Protective Life | 4.2 | 3/5 | 3/5 | Customer service |
| Guardian Life | 4 | 4/5 | 1/5 | Accessibility |
| Pacific Life | 4 | 3/5 | 3/5 | Cheap premiums |
| Liberty Mutual | 3.4 | 4/5 | 2/5 | Online management |
*Data as of 08/25/20.
Northwestern Mutual
Best Overall
Northwestern earned a spot as best whole life insurance overall for offering guaranteed, tax-deferred cash growth over time and customization options. They don’t have the usual limitations on how you can use it, so this can be an option for a safety net. The company offers security for its customers, operating since 1857 with the industry’s highest ratings for customer satisfaction and financial stability. Northwestern Mutual also got a spot in our overall list of best life insurance companies.
To learn more about this provider, check out our full review of Northwestern Mutual Life Insurance.
✓ Best For:
- Excellent customer service
- Flexible policies
✗ Not For:
Online quotes
More facts:
- AM Best financial rating: A++
- J.D. Power customer satisfaction score: 810 on a 1,000-point scale.
- NAIC complaints index: 3.85 (above average)
State Farm
Flexible Premiums
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, like premiums payable up to age 100 and premiums payable up to a set number of years. It helps make whole life insurance more easily attainable.
To learn more about this provider, check out our full review of State Farm.
✓ Best For:
- Financial security
- Customer service
✗ Not For:
- Outside coverage area
- Newcomers
More facts:
- AM Best financial rating: A++
- J.D. Power customer satisfaction score: 808 on a 1,000-point scale.
- NAIC complaints index: 0.24 (below average)
Nationwide
Policy Options
Nationwide offers some of the most highly customized policies for whole life insurance. Customers love the service, but you’ll also have to give up on dividends if you choose Nationwide for your policy. The company’s biggest appeal is the myriad of options for their life insurance, which makes it a top contender. Nationwide also made it to our list of the best cheap life insurance providers.
To learn more about this provider, check out our full review of Nationwide.
✓ Best For:
- Policy options
- Financial stability
✗ Not For:
- Budget-friendly alternatives
- Dividends for whole life insurance
More facts:
- AM Best financial rating: A+
- J.D. Power customer satisfaction score: 783 on a 1,000-point scale.
- NAIC complaints index: 0.05 (below average)
USAA
Military
Though unrated for its life insurance, USAA is known as a leader in the industry for exceptional customer service. One major drawback is that this company only services active or former members of the military and their families.
To learn more about this provider, check out our full review of USAA.
✓ Best For:
- Customer satisfaction
- Guaranteed cash value
✗ Not For:
- Non-military
- Variety of policies
More facts:
- AM Best financial rating: A++
- J.D. Power customer satisfaction score: 783 on a 1,000-point scale.
- NAIC complaints index: 0.13 (below average)
New York Life
Flexibility
As one of the biggest insurance providers, New York Life is available everywhere with affordable policies and great customer service. Online tools are lacking, but you receive personalized service from a local agent. New York Life also made it to our list of best providers for term insurance for its flexibility and customization options.
To learn more about this provider, check out our full review of New York Life.
✓ Best For:
- Option to earn dividends
- Flexible policies
✗ Not For:
- Online quotes
- Online account management
More facts:
- AM Best financial rating: A++
- J.D. Power customer satisfaction score: 770 on a 1,000-point scale.
- NAIC complaints index: 0.21 (below average)
Mutual of Omaha
Introductory Benefits
Policyholders with Mutual of Omaha receive death benefits with possible tax-deferred cash growth. There are several forms of whole life insurance available, even including a children’s whole life policy, with an easy application process. However, this is not the cheapest option for many policyholders.
To learn more about this provider, check out our full review of Mutual of Omaha.
✓ Best For:
- Pricing available online
- Guaranteed issue policy
✗ Not For:
- Variety of policy options
- Online resources
More facts:
- AM Best financial rating: A+
- J.D. Power customer satisfaction score: 795 on a 1,000-point scale.
- NAIC complaints index: 0.65 (below average)
Protective Life
Customer Support
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. If you can guarantee your policy now, you’ll receive great benefits – just as long as you know that you can’t change it later.
To learn more about this provider, check out our full review of Protective Life.
✓ Best For:
- Fixed cash value
- Excellent online resources
✗ Not For:
- Smokers
- Adjustable policies
More facts:
- AM Best financial rating: A+
- J.D. Power customer satisfaction score: 754 on a 1,000-point scale.
- NAIC complaints index: 0.37 (below average)
Guardian Life
Mobile Tools
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. These policies are not the cheapest, and Guardian Life does not allow you to transfer your policy, so you want to be 100% sure before you commit to a policy.
To learn more about this provider, check out our full review of Guardian Life.
✓ Best For:
- Dividends
- Great financial stability
✗ Not For:
- Online resources
More facts:
- AM Best financial rating: A++
- J.D. Power customer satisfaction score: 770 on a 1,000-point scale.
- NAIC complaints index: 0.95 (below average)
Pacific Life
Affordability
Pacific Life specializes in custom life insurance policies with a selection of riders you can use as add-ons to get the level of coverage you need. Coverage is available in all 50 states, and its strong financial ratings mean efficient claims processing. You’ll have to work with a representative, but you’re likely to walk away with the coverage that you want.
To learn more about this provider, check out our full review of Pacific Life.
✓ Best For:
- Efficient claims processing
- Multiple riders
✗ Not For:
- Online quotes
More facts:
- AM Best financial rating: A+
- J.D. Power customer satisfaction score: 765 on a 1,000-point scale.
- NAIC complaints index: 0.02 (below average)
Liberty Mutual
Claims Processing
Since 1912, Liberty Mutual has been popular for its insurance products, including life insurance. It’s available in all 50 states and Washington, D.C., offering accessibility and a quick approval process. While the customer service is just average, it is worth it for those looking for a nationwide provider with multiple insurance options.
To learn more about this provider, check out our full review of Liberty Mutual.
✓ Best For:
- Availability
- Fast approval
✗ Not For:
- Customer service
- Website transparency
More facts:
- AM Best financial rating: A
- J.D. Power customer satisfaction score: 788 on a 1,000-point scale.
- NAIC complaints index: 1.75 (above average)
Further Reading:
- What is Life Insurance?
- Whole Life vs. Term Life Insurance
- The Best Cheap Life Insurance Companies
- The Best Life Insurance Companies in 2020
- The Best Term Life Insurance Companies in 2020
How We Chose the Best Whole Life Insurance Companies
Reviews.com scores services and companies using five quantifiable criteria to help readers choose the best one for them. For the life insurance companies, our editorial team compared financial strength, number of riders offered, coverage options, customer satisfaction scores and website functionality from each company and averaged the scores to produce our very own Reviews.com rating. Since life insurance rates vary widely among different profiles, we encourage you to continue researching options that fit your specific needs.
FAQs
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.
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