2024 Top 10 Whole Life Insurance Companies

To help you find the funeral or burial coverage that is best for you and your needs, let’s take a look at our Top 10 Whole Life Insurance Companies in the U.S. If you are considering purchasing whole life insurance, you can easily spend months comparing quotes and analyzing rating without knowing if you’ve even chosen the right company.

No one company fits everybody. Your needs are uniquely yours. So, to help you find the best life insurance company for your needs, we have narrowed down the choices for you!

Our top 10 whole life insurance companies share five characteristics:

1. They are financially reliable: Our top whole life providers have top ratings from A.M. Best and other rating agencies to make sure it will be able to pay your beneficiaries’ claim when you pass away.
2. They sell whole life policies: These life insurance companies sell whole life policies and underwrite those policies themselves. They are financially responsible for their policies, and you will have a simpler time filing a claim and getting paid with these companies.
3. Their policies are customizable: Each person’s needs differ depending on his situation. These top-rated carriers provide additional riders, such as a terminal illness rider that lets you get a part of your policy’s death benefit to pay for treatments or hospice care.
4. They have fewer consumer complaints: We looked into the National Association of Insurance Commissioners (NAIC) closed complaint ratio reports and the Better Business Bureau (BBB) for the number of confirmed complaints the company gets proportional to its market share. Our top picks ranked below the national median for complaints on life insurance policies.

OUR TOP 10 WHOLE LIFE INSURANCE COMPANIES

1. Mutual of Omaha
2. Foresters
3. MassMutual
4. Northwestern Mutual
5. Guardian
6. New York Life
7. TransAmerica
8. American National
9. Assurity
10. Gerber Life

#1 – Mutual Of Omaha

Mutual of Omaha has an A+ rating from A.M. Best for financial strength. It also has above average rating from J.D Power for overall satisfaction payments, billing, price, and customer satisfaction. They offer one of the best whole life insurance for seniors.

The company has three types of whole life policies for adults and two types of whole life insurance for children, including the following:

• Whole Life Guaranteed Direct
• Whole Life Guaranteed
• Whole Life Express
• Children’s Whole Life Direct
• Children’s Whole Life

Mutual of Omaha Living Promise whole life insurance is another top choice for final expense life insurance. It is mostly due to simplified no medical exam underwriting and a very easy application process.

It also has some of the best pricing compared to many other life insurance companies specializing in final expense insurance. Aside from reasonable rates for seniors, they are also very favorable to those with slightly severe health conditions because they offered level death and graded death benefit options.

Living Promise is senior care life insurance with a free-living benefits rider that allows a portion of the death benefit to be received if diagnosed with a terminal illness or confinement to a nursing home.

Mutual of Omaha is one of our favorite companies for burial and funeral policies due to the ease of application.

#2 – Foresters

Foresters Financial provides one of the best whole life insurance cash values. They have an A-Excellent Rating from A.M. Best. They are one of our best life insurance companies. PlanRight whole life insurance is a great whole life insurance option designed for seniors.

Foresters PlanRight is whole life insurance with three benefits: level benefit, graded benefit, and modified benefit.

PlanRight Level Benefit: immediate coverage; the policy is in force on the first day. Available to 50-85 years old, with maximum face amounts of up to $35,000 to age 80 and maximum face amounts of $15,000 for 81-85 years old.

PlanRight Graded Benefit: With two years waiting period. If death happens in the first two years, the policy pays out 30% of the face amount in the first year and 70% in the second year. Available for ages 50-85, with a $20,000 face amount up to age 80 and a maximum face amount of $10,000 for ages 81-85.

PlanRight Modified Benefit: The policy pays out a return of premiums plus 10% interest if death occurs in the first two years. This plan is available for ages 50-80, with a $15,000 maximum face amount.

Foresters is one of our favorite companies for burial and funeral policies due to the ease of the application process.

#3 – MassMutual

Massachusetts Mutual Life Insurance Company, or MassMutual, has been in the life insurance business since 1851. MassMutual is a top whole life insurance company for building cash value.

The cash value will accumulate over the life of the policy. If you’re looking to use your plan to supplement your retirement income, the cash value will help contribute as a source of income.

They offer guaranteed death benefits that never decrease, meaning your beneficiary will receive a lump sum cash payment when you die.

MassMutual also has level premiums that will not increase regardless of age or health condition. MassMutual is a mutual company that pays dividends to policyholders annually. Although not guaranteed, Mass Mutual dividend rates are superior to its competitors. MassMutual’s dividend rate is 6.70% in 2017.

Included Policy Riders with Whole Life Legacy:

Accelerated Death Benefit Rider – this rider allows you to advance a portion of the death benefit if you have a terminal illness in which you will have 12 months or less to live.

Transfer of Insured Rider – this rider allows you to substitute your policy with another insured. There must be insurable interest between you and the new insured. Your substitute must not be 75 years old, and he must submit evidence of insurability.

Yearly Term Purchase Rider – this rider allows you to purchase one-year term insurance from your one-year term dividend option.

#4 – Northwestern Mutual

Northwestern Mutual is the largest direct writer of whole life insurance in the United States. It offers the most policy options compared with other insurance carriers.

Northwestern Mutual’s whole life insurance has add-ons like Accidental Death, Critical Illness, and Disability Income riders that protect you against any contingency. It also has high customer satisfaction scores. It has received 4 out of 5 scores from J.D Power & Associates regarding customer satisfaction.

Their premiums are guaranteed not to increase, and their whole life policy accumulates a tax-deferred cash value. Northwestern Mutual’s premium rates are very competitive, especially for senior citizens. As a mutual company, they provide an opportunity to earn annual dividends that can boost cash value or pay toward the premium. You can see the Northwestern mutual dividend history chart on their site.

Whole Life Products:

Limited Pay Life: This whole life policy lets you pay for 10 to 30 years. After the limited pay life term, premiums are no longer required, but you can keep the policy and all its benefits.

65 Life: You pay premiums until you’re 65 years old with this policy. When you turn 65, you stop paying the premiums but still have coverage.

90 Life: You will pay for this policy until you’re 90, which costs less than the 65 Life policy.

#5 – Guardian

Guardian Life Insurance Company offers fixed premium permanent coverage. Guaranteed cash value accumulations on a tax-deferred basis.

Guardian has many cash-value options. They have eight options, far more than other life insurance carriers in the market today. You can borrow against your cash value; if you have to borrow against your policy, your loan will not count as income for tax purposes.

Guardian has eight different payment structures, including Guardian whole life 100, that allow you to choose how to pay. For example, you could choose to pay your premiums for ten years and then build up savings.

There are several riders available in Guardian Whole Life Insurance, including:

Enhanced Accelerated Benefit – this rider allows for an acceleration of a portion of the death benefit if you have a critical or terminal illness. You will qualify for this rider if you cannot perform two of the six activities of daily living or you are diagnosed with 12 months or less to live.

Index Participation Feature – this is a Guardian exclusive rider that allows for the allocation of a portion or all of the cash value of paid-up additions to receive dividends based on the movement of the S&P 500 Price Return Index, subject to cap and floor.

#6 – New York Life

New York Life is the nation’s largest mutual life insurance company.  It has a perfect Comdex rating of 100 has made its policyholders happy with its fantastic cash value growth and dividend payments.

New York whole life insurance is one of the best options when looking for a cash value policy in the market (but may be more expensive than other companies).

New York Life has consistently got the highest financial ratings from A.M. Best, Standard & Poor’s, Moody’s Investor Services, and Fitch Ratings. Great financial ratings show the company’s ability to meet its financial obligation to the policyholders.

New York Life is also among the top-ranking company on Fortune Magazine’s list of most-admired companies.

Buying whole-life policies entitle you to receive dividends. You can check their mutual trust dividend history. Whole life policies can be designed so you can pay it in a certain number of years.

New York Life has several distinct features, including these policy riders:

Insurance Exchange – this rider allows you to transfer the life insurance policy to a successor insured, but it is subject to insurability.

Spouse’s Paid-Up Insurance Purchase Option – your spouse, is provided the right to purchase a new paid life insurance policy without the evidence of insurability if the policyholder passes away.

The spouse needs to be the named beneficiary of the policy to qualify.

Living Benefits – a portion of the life insurance policy benefits can be accessed if you are diagnosed with a terminal illness and found to have a life expectancy of one year or less.

#7 – Transamerica

TransAmerica has small whole life insurance policies designed to cover funeral costs and other final expenses. It is an excellent senior life insurance policy due to competitive pricing.

A guaranteed whole life insurance policy is available for face amounts ranging from $50,000 to $3,000,000 up to age 80. TransAmerica offers guaranteed premiums and death benefits as long as premiums are paid.

TransAmerica also offers group whole life insurance through employers as a voluntary benefit for up to $25,000. Cash value accumulation is available that you can borrow from.

Guaranteed whole life also has an accelerated death benefit rider that pays a portion of the policy’s death benefit if you have a terminal illness diagnosis, critical illness, or chronic illness such as heart attack or stroke after your policy is in force.

#8 – American National

American National’s signature whole life insurance is available for ages 0-80. The policy build guaranteed cash value and offers annual dividend payments.

Accelerated Benefit rider is included in the policy at no additional cost. It can provide a partial or full death benefit payout if you qualify for chronic, critical, or terminal illness.

Optional policy riders include:

Children’s Level Term Rider – provides level term insurance for each child up to 25.

Guaranteed Insurance Option Rider – allow for additional insurance policy purchase at specified ages or life events regardless of health condition or occupation.

Disability Premium Waiver – the premium will be waived if you become disabled continuously for at least six months.

Paid-Up Additions Rider – this rider allows you to purchase additional insurance coverage that is separate from your policy. By utilizing this rider, you increase both the living and death benefits with an increase in cash value.

ANICO Signature Term Rider – this rider allows you to buy additional term insurance for your family member or associate as long as there is an insurable interest. The minimum death benefit is $25,000, and the coverage can be converted into permanent life without evidence of insurability.

#9 – Assurity

Assurity Simplified whole life insurance is an excellent option for people who want affordable life insurance with a minimum face amount. The maximum death benefit is $50,000, which is ideal for covering burial and final expenses.

Assurity Simplified Whole Life offers three plans based on your answer to the health questions: level, graded, and modified death benefit.

Level Death Benefit: Face amounts $5,000 to $50,000. Immediate coverage from day one will pay out 100% death benefit upon the insured’s death without waiting a waiting period.

Graded Death Benefit:  Face amounts of $5,000 to $35,000. The graded death benefit pays a portion of the face amount for the first two years of the policy

• Year 1 – 40% of death benefit
• Year 2 – 75% of death benefit
• Year 3 onward – 100% of death benefit

Modified Death Benefit: Face amount of $5,000 to $25,000. The policy pays out:

• Year 1 – 110% return of premium
• Year 2- 120% return of premium
• Year 3 and beyond – 100% of death benefit

#10 – Gerber Life

Gerber Life’s guaranteed whole life insurance is one of the most popular options for guaranteed acceptance whole life insurance coverage for seniors. It’s an easy way whole life insurance. Gerber is among the largest insurance company that sells directly to consumers.

They offer whole life insurance coverage with no medical exam or health questions. Coverage ranges from $5,000 to $25,000. Their guaranteed issue life insurance provides a fixed premium whole life insurance cash value for ages 50-80.

Gerber Life Insurance has a Grow Up Plan for children. This is a comprehensive selection of whole life policies for children where you hold the policy until the child reaches the age of 21. At this time, the child has the option to continue the policy at standard rates for adults. You can choose from $5,000 to $50,000 face amount with locked-in premiums during the child’s youth.

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