Our experts answer readers' insurance questions and write unbiased product reviews (here's how we assess insurance products). In some cases, we receive a commission from our partners; however, our opinions are our own.
Whole life insurance is often referred to as permanent life insurance. If you're looking for a life insurance policy that lasts longer than a few decades, you may want to consider a whole life policy.
Whole life policies offer benefits that don't expire as long as you make your premium payments. Most policies require a medical exam, and insurance companies will ask questions about your medical history.
Best Whole Life Insurance Companies
- State Farm Life Insurance: Best for customer satisfaction
- Prudential Life Insurance: Best for seniors
- Columbus Life: Best for accelerated death benefits
- New York Life Insurance: Best insurance agents
- USAA Life Insurance: Best for military
- Mutual of Omaha Life Insurance: Best for no medical exam
- Allianz Life: Best for investing
- Guardian Life Insurance: Best for people with HIV
Compare the Top Whole Life Insurance Companies
Best Whole Life Insurance Policy for Customer Satisfaction
State Farm Life Insurance
Compare policies and rates from participating partners with Policygenius.
Insider’s Rating
4/5
Perks
Bundling is standard, and agents often quote with multiple discounts.
JD Power Customer Satisfaction Rating
843
AM Best Financial Strength Rating
A++
Pros
- Best in JD Power customer service ratings
- Company offers a range of different insurance products to meet buyer needs
- Agents are knowledgeable about its products
Cons
- Life insurance products are conservative and limited
- Buyers may be subject to multi-year waiting periods before they qualify for full payouts on life insurance policies
- State Farm agents cannot offer alternative options if State Farm is unable to bind a life insurance policy
Insider’s Take
State Farm is one of the insurance industry's most prominent insurers offering auto, home, and other insurance. Bundling is standard, and agents often quote with multiple discounts. Its term, universal, and whole life insurance products are no exception.
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Product Details
- Life insurance products include term and permanent life
- Ranks highly for customer satisfaction
Best for Seniors
Prudential Life Insurance
compare policies and rates with Policygenius
Insider’s Rating
4.75/5
Perks
Offers aggressive financial plans.
JD Power Customer Satisfaction Rating
779
AM Best Financial Strength Rating
A+
Pros
- Available in all 50 states (New York residents may have different plans)
- Buyers can withdraw money to pay for nursing home bills due to severe illness or disability
- Knowledgeable agents who can walk you through your options
Cons
- Financial returns are limited
- Limited policy options for seniors and other groups who might struggle to find life insurance
Insider’s Take
The aggressive financial plans offered by Prudential may appeal to many younger buyers and those with a stable income. However, those with lower income or buyers who aren't sure about the financial system may be more hesitant to engage with Prudential. Like many other industry giants, Prudential is working to change this perception.
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Best for Accelerated Death Benefits
Columbus Life
compare policies and rates with Policygenius
Insider’s Rating
4.9/5
Perks
Offers lien method to makes it easier to calculate the financial impact of pulling money out early.
AM Best Financial Strength Rating
A+
Pros
- Buyers can pull money out for medical and other bills in the event of disease or disability
- Columbus uses lien method to simplify accelerated death payments
- Company offers a wide range of riders to customize policies
Cons
- Premiums may be higher than competitors
- Term policies are not guaranteed to be converted to whole
Insider’s Take
Best for long-term care and accelerated death benefits.
Best Insurance Agents
New York Life Insurance
compare policies and rates with Policygenius
Insider’s Rating
4.5/5
Perks
Offers aggressive financial products and extensively trained agents.
JD Power Customer Satisfaction Rating
794
AM Best Financial Strength Rating
A++
Pros
- Strong life insurance options for financial planning and wealth building
- Policies available nationwide
- Knowledgeable life insurance agents
Cons
- May require a medical exam
- Buyers looking for more modest policies may not find the most competitive pricing
Insider’s Take
If you're preparing for a comfortable retirement or looking to build generational wealth, New York Life is one of the strongest options. If you have questions or genuinely want to understand your life insurance options, New York Life agents are among the most qualified professionals in the business.
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Product Details
- Life insurance provider with policies available across the US
Best for Military
USAA Life Insurance
compare policies and rates with Policygenius
Insider’s Rating
4.37/5
AM Best Financial Strength Rating
A++
Pros
- Affordable pricing starting with $12/month on some policies
- May offer coverage to military members other companies won't cover
- Offers term and permanent life insurance options
Cons
- 2 year waiting period for full benefits on some policies
- May focus on death benefits only more than other companies
- All permanent policies are underwritten and serviced by other companies, not by USAA
USAA review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- USAA offers life insurance for the military, veterans, and the public.
Best for People with HIV
Guardian Life Insurance
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Insider’s Rating
4.87/5
JD Power Customer Satisfaction Rating
784
AM Best Financial Strength Rating
A++ (Superior)
Pros
- Offered nationwide
- Financial stability rating of A++ from AM Best
- No medical exam is available
- Unique coverage options like survivorship insurance and insurance for HIV applicants
Cons
- Although you can get an online quote, you will need an agent to purchase a policy
- Site pushes buyers towards term policies first
Guardian Life review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Life insurance provider with online insurance calculator tool
- Survivorship insurance and no medical exam policy
Best for No Medical Exam
Mutual of Omaha Life Insurance
compare policies and rates with Policygenius
Insider’s Rating
4.5/5
JD Power Customer Satisfaction Rating
805
AM Best Financial Strength Rating
A+
Pros
- diverse whole and term life insurance options
- Strong financial ratings and company history
- Wide range of riders to customize plans
Cons
- online applications not available for term applicants
- May not provide strong investment options for retirement
Mutual of Omaha Life Insurance review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- N/A
Best for Investing
Allianz Life
compare policies and rates with Policygenius
Insider’s Rating
4.9/5
Perks
Offers life insurance policies for foreign nationals with H-1B visas.
AM Best Financial Strength Rating
A+
Pros
- Plans offer high returns on investment
- Great for investment and long-term retirement planning
- May increase your income by as much as 20%
- Allianz offers plans for foreign nationals including H-1B visas
Cons
- Plans are meant specifically for high-income adults,alternatives may not be offered
Insider’s Take
Best for investing and high returns on income.
Whole Life Insurance Tips
Can you cash out whole life insurance?
You can cash out your life insurance if you have a policy that comes with cash value, like permanent life insurance. To do so, you would borrow or take funds from your policy. You can also completely surrender the policy and cash out, but that would mean giving up your life insurance coverage so it's generally not advisable.
Who has the best whole life insurance policy?
The best whole life insurance policies are available from companies including State Farm, Prudential, and New York Life. The best option for you may depend on what features you're looking for, such as an accelerated death benefit or the option to bypass a medical exam.
What age is best to buy whole life insurance?
When it comes to buying insurance, generally the earlier you purchase a policy the less you'll pay. If you're looking at a whole life insurance policy specifically, you should buy a new policy or convert an existing term policy before age 60 to avoid the biggest rate increases and policy limitations.
How soon can I borrow against my whole life insurance?
If you have a whole life insurance policy that includes cash value, you can borrow against it once you reach a certain threshold of accrued value in your policy. This generally takes several years, and will depend on your specific policy's terms.
Whole Life Insurance Company Reviews
State Farm Whole Life Insurance
State Farm Life Insurancecontinues to lead the way in customer satisfaction. Customers typically hold auto, home, and other insurance policies with multi-policy discounts. Life insurance agents with State Farm can only quote its company policies. But they have the training to apply all available discounts to be as aggressive as possible with policy premiums.
Like many other companies, State Farm now offers "living benefits" in the event of illness or injury. Whole life options include a single premium, premiums payable to age 100, and premiums payable to an agreed-upon point. Buyers can discuss options with a licensed life insurance agent.
- State Farm agents can quote with all applicable discounts and customized benefits
- Single premium plans and premiums payable for a set time are available
- Life insurance customers can take out loans from their policy, and State Farm offers living benefits
State Farm Life Insurance Review
Prudential Whole Life Insurance
Prudential Life Insurance is known for its superior financial stability (and that extends to the company's other insurance products, as well). The Prudential VUL Protector (and the Pruco Life of New Jersey VUL Protector plan) offers specialized life insurance planning for seniors.
Premiums are fixed, and Prudential provides a lower risk profile on this plan to minimize potential losses. With less aggressive investments, buyers won't see the significant gains associated with higher-risk investment vehicles.
- Coverage is specialized for senior applicants with a high likelihood of acceptance
- Low-risk investment vehicles to minimize losses
- Fixed premiums over the entirety of your life insurance policy
Prudential Life Insurance Review
Columbus Whole Life Insurance
Columbus Life remains a top competitor in life insurance overall. More companies now offer accelerated death benefits, sometimes called living benefits. Columbus remains on the cutting edge. Buyers can pull money for immediate medical bills, long-term care, and end-of-life expenses before they pass away. Competitors frequently use a discounted death benefit, which offers confusing data for the average consumer. So it's hard to know what impact an early withdrawal would have on your death benefit. Columbus simplifies the process with the lien method. It makes it easier for the average life insurance investor to understand the impact of withdrawals on long-term financial planning.
Columbus Life customers enjoy various life insurance plans supplemented with plenty of riders. Base premiums are highly affordable, and riders allow policy customization to find each buyer's best life insurance products. Some customers choose whole life products up front, but Columbus Life enables qualified applicants to apply to convert term life insurance policies to whole policies up to initial expiration date.
- Accelerated life insurance benefits available for long-term disability or extreme illness
- Columbus uses the lien method instead of the discounted death benefit
- Plenty of riders available to customize policies
New York Life Whole Life Insurance
New York Life Insuranceoffers policies with payouts going into the millions. Many life insurance plans are designed for investment purposes allowing buyers to withdraw money on a set schedule. Expected payout and penalties are laid out up front, and sales agents are knowledgeable and friendly.
Buyers looking to maintain a significant death benefit for their beneficiaries can take out loans against the life insurance balance. While interest may apply, penalties will not. Qualified New York Life insurance agents can guide you through different life insurance options to find the plan that meets your needs.
- Extensively trained insurance agents are there to answer any questions you have about New York Life
- High-value life insurance plans available for financial planning
- Loan options to preserve higher death benefits while using existing funds as needed
New York Life Insurance Review
USAA Whole Life Insurance
USAA Life Insurance offers $400,000 in coverage with the servicemember's group life insurance (SGLI) policy, available to eligible military members in the major branches and reserves. Due to deployment, traditional life insurance companies may not offer policy options for military members. USAA specializes in serving active duty military members, and it provides additional life insurance options for veterans.
USAA underwriters consider factors like age, health, and lifestyle, and medical exams are involved. However, it takes away many of the common barriers military members face, even when being deployed.
- Active-duty service members can use it to supplement SGLI
- Available for a diverse range of military members and veterans
- Applicants may still be required to undergo medical exams
USAA Life Insurance Review
Mutual of Omaha Whole Life Insurance
Mutual of Omaha Life Insuranceis known, above all else, for its financial stability. It offers various plans and riders, including no-exam life insurance plans. Some policies are as small as $2,000 for applicants between 50 and 75. Life insurance policies max out at $25,000 for healthy applicants looking to avoid a medical exam.
Once approved, there is a two-year waiting period for no medical exam life insurance policies with Mutual of Omaha. If policyholders die during those two years, Mutual of Omaha will pay out 110% of the premiums paid to date. The company closes most claims on the same business day for qualifying claims.
- No medical exam policies are available, with payouts up to $25,000
- Available for applicants up to 85 except in New York, where the age limit is 75
- Two-year waiting period for full benefits
Mutual of Omaha Life Insurance Review
Allianz Whole Life Insurance
Allianz Life offers high-value plans for tax-free payouts and aggressive investments. Many applicants use Allianz life insurance policies to supplement 401(k)s and other retirement investment vehicles. Some estimates suggest qualified applicants could increase their income by up to 20%. In addition, buyers can add riders to customize life insurance plans.
Allianz is among a few companies offering life insurance policies for foreign nationals with H-1B visas.
- Million-dollar policy limits for qualified applicants
- Strong growth and investment options
- Plans available for foreign nationals with H-1B visas
Guardian Life Whole Life Insurance
Guardian Life Insurance offers unique policies for high-risk groups, including HIV patients.Due to medical innovations, undetectable cases of HIV are on the rise. The long-term health issues and early deaths of patients with HIV are lower than ever before, but many insurers are still hesitant to issue life insurance policies to HIV patients.
Applicants should be between 20 and 60 years old and in good health. Guardian Life also requires accepted applicants to be on antiretroviral therapy for a minimum of two years with promising lab results. While an HIV diagnosis is acceptable for Guardian Life insurance policies, applicants cannot have any AIDS-defining illnesses. Because of its thorough underwriting process, Guardian offers generous policies with reasonable premiums for qualified applicants.
- Specialized plans available for patients with HIV
- Applicants must be under the care of an HIV doctor and on retroviral therapy for at least two years
- Applicants cannot have AIDS-defining illnesses
Guardian Life Insurance Review
How to Pick The Best Whole Life Insurance Policy for You
How does life insurance work for the average consumer? With many riders and options available, life insurance options are better than ever. Buyers enjoy more types of life insurance, competitive life insurance rates, and much more.
Personal Finance Insider recommends working with a trusted life insurance agent to make the final decision. Insurance professionals can help you set parameters that make sense for your search and compare prices with benefits. As a result, qualified insurance agents can get consumers affordable pricing and ensure greater customer satisfaction.
Why You Should Trust Us: How We Chose the Best Whole Life Insurance
Life insurance comes in many shapes and forms, and whole life isn't always the right option. It depends on your goals, your current finances, and other factors. We base our reviews on crucial factors to help consumers determine which life insurance plan is right for them.
- Price: The insurance premium often overshadows other factors when generating life insurance quotes. Cheap life insurance has appeal now, but it doesn't always get you the coverage you need. We look at affordability as part of the bigger picture.
- Coverage: How much coverage can you qualify for? Will it cover the death benefits you want for family or other beneficiaries? Will it meet your investment goals? Applicants seeking death benefits to cover funeral costs have different expectations than those looking to live comfortably in retirement. We also look at unique products like those for HIV patients, seniors, foreign nationals, and more.
- Performance: What kind of gains can you expect? We look at the risk profile and average financial gains over the policy's lifespan.
- Payouts: A whole life policy will pay out upon death or earlier based on what's written in the policy documents. We examine the claims process, average processing time, and payment rate.
Read our insurance rating methodology for all the details on how we evaluate insurance companies.
Insurance Editor, LIA, MLO
Lina Roby (she/her) was a Personal Finance Insurance editor at Insider. She covered pet, travel, auto, and other common insurance products. She is also a licensed property & casualty insurance agent. Her goal is to help readers make informed decisions for all their insurance needs and plan for the unexpected, especially in a constantly evolving insurance marketplace. As a licensed insurance agent, she worked closely with clients and insurance carriers to quote and bind homeowners, auto, liability, and other insurance plans for personal and business. As a licensed mortgage loan originator, she was also able to more effectively quote and bind homeowners insurance policies meeting mortgage lender requirements. With a love for writing, she has also assisted with marketing for her local insurance marketplace.
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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