- Customer service
- Financial stability
- Policy customization
- Digital assets
- Overview of the best whole life insurance companies
- Best whole life insurance companies
- Summary of the best whole life insurance companies
- The bottom line
Overview of the best whole life insurance companies
|State Farm||Great customer service|
|Northwestern Mutual||Accessing cash-value of a policy|
|MassMutual||Complex financial needs|
|Guardian Life||Numerous policy options|
|New York Life||Simplified options|
|Mutual of Omaha||Older applicants who need a supplemental policy|
|Pacific Life||Business planning and workplace options|
Best whole life insurance companies
- Limited Pay Life Insurance. This is a policy that builds cash value over a lifetime, but the premiums are set up in terms. Basically, you pay for the lifetime policy within a set number of years, so you don’t have to worry about a payment when you’re older. The terms are 10, 15, or 20 years. Death benefit starts at $50,000.
- Single-Premium Life Insurance. This is a whole life policy where you only pay one premium and never any additional payments. This type of policy starts with a $15,000 death benefit and is available for ages 0 to 80.
- Final Expense. An affordable policy offering $10,000 towards burial expenses. You can only purchase $10,000 worth and are issued from ages 50-80 (50-75 in New York).
- Waiver of premium for disability. Where your premiums are waived if you become disabled.
- Payor insurance. Same as waiver of premium for disability rider, but specifically for the premium on a child’s life insurance policy.
- Guaranteed Insurability option. You can purchase additional insurance benefits without another medical exam. Ideal for younger policyholders who want to increase the benefits as they get married and have children.
- Waiver of premium benefit
- Additional purchase benefit
- Accelerated care benefit
New York Life
- Value Whole Life. The policy offers a death benefit starting at $20,000, but the cash value grows at a slower rate compared to the other two whole life policy choices.
- Whole Life. This is a policy that can build cash value and allows you payment and premium flexibility throughout the life of the policy. Death benefit starts at $25,000.
- Custom Whole Life. A policy that features a custom period where you pay your premium but still has lifetime coverage from the policy. The premium can be paid in 5 years but can’t be after age 75. Death benefit starts at $50,000.
- Disability waiver of premium
- Children’s insurance
- Option to purchase paid-up additions
- Living benefits option
- Accidental death benefit
- Chronic care option
- Legacy 100
- Legacy 65
- Legacy 20
- Legacy 15
- Legacy 12
- Legacy 10
- Legacy HECV
- Survivor Legacy 100
- CareChoice Select Hybrid Life
- CareChoice One Hybrid Life
- Waiver of premium
- Additional life insurance
- Life insurance supplement
- Long-term care access
- Renewable term
- Guaranteed insurability
- Transfer of insured
- Accelerated death benefit
- Yearly term purchase
- Accelerated death benefit for terminal illness
- Estate protection
- Policy split option
- Survivorship additional life insurance and supplement
- Waiver of premium on death of specified insured
- Index participation feature
- Long-term care
- Waiver of premium
- Guaranteed insurability option
- Paid-up additions
Mutual of Omaha
- Guaranteed Issue. This is a policy where you have guaranteed coverage and a death benefit ranging from $2,000 to $25,000. This is guaranteed coverage without any health questions.
- Living Promise. This is a policy where the death benefit range is $2,000 to $40,000, but medical questions are asked.
Summary of the best whole life insurance companies
|Insurer||A.M. Best rating||BBB rating||Death benefit||Range||Guaranteed growth in cash value|
|State Farm||A++||A+||Starting at $10,000||0-80||Yes|
|Northwestern Mutual||A++||A+||Starting at $50,000||0-85||Yes|
|New York Life||A++||A+||Starting at $20,000||0-90||Yes|
|MassMutual||A++||B-||Starting at $25,000||0-90||Yes|
|Guardian Life||A++||A+||Starting at $25,000||0-90||Yes|
|Mutual of Omaha||A+||A+||Starting at $2,000||45-85||Yes|
What are riders and why do I need them in a policy?
What does guaranteed-renewable mean?
Why do I have to work with an agent?
Can I afford a whole life policy?
- Get several quotes. Whole life insurance rates are vastly different among the different insurance companies.
- Look for a rider that allows you to purchase additional coverage at a later time, such as a guaranteed insurability option. You can purchase more as you earn more money and your family needs change.
- Choose insurance companies with a wide variety of policy choices, often with more budget-friendly options.
- Purchase your policy while you’re young and healthy if possible. This will keep your premiums lower.
- Consider a term life policy. Term life is very affordable and rates are competitive. It’s a great option if you don’t need access to a cash value policy and you only want a policy for a specified amount of time.
Why should you use the best whole life insurance companies?
The bottom line
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