Best Whole Life Insurance Companies

Penn Mutual is one of the oldest and most reputable insurance carriers in the United States. The company sells a broad selection of life insurance policies through a nationwide network of advisors.

History and Financial Strength

Penn Mutual was founded in Philadelphia, Pennsylvania in 1847, and it paid its first death benefit the following year.

This carrier is a mutual company, which means that if you purchase a policy from Penn Mutual, you can expect a dividend payout each year the company does well.

Penn Mutual received an A+ rating from A. M. Best in the most recent round of updates. 

Coverage and Policy Features

Penn Mutual offers its services to individuals, families, and businesses. As a part of whole life coverage, you are guaranteed cash value accumulation, fixed premiums, and, of course, a death benefit that will be paid to your beneficiaries.

One of the best things about this type of insurance is the tax-deferred growing cash value, which can be a valuable contribution towards your overall financial plan.

Apart from standard individual insurance, Penn Mutual offers second-to-die policies that protect two individuals. This company’s whole life options come with an accelerated death benefit rider at no additional cost. 

Penn Mutual is one of the most well-rounded companies when it comes to optional policy riders. These include the accidental death benefit, accelerated and enhanced paid-up additions, disability waiver of premium, children’s term life insurance, overloan protection benefit, and surrender value enhancement.

Why Choose Penn Mutual? 

Not many providers offer the accelerated death benefit rider free of charge. Penn Mutual is one of them.

This type of benefit guarantees you access to a portion of the death benefit and can be invaluable if you get diagnosed with a chronic, critical, or terminal disease.

As far as options to make the most of the 6.1 dividend rate go, you can use the money for premium reduction, loan repayment, paid-up additions, term insurance purchase, dividend accumulations. You can even withdraw the funds as cash.

You can get in touch with phone support agents on weekdays from 8:30 am to 6 pm EST. Alternatively, if you need to make a payment or manage your account, the company's online customer center is the place to turn to. 

Bottom Line 

If you‘re in the market for whole life coverage provided by a trustworthy carrier, you should definitely request a quote from Penn Mutual. Not only has the company been in business for over 170 years, it’s also one of the most financially stable options out there.

With a market share of approximately 6%, New York Life is one of the largest carriers in the United States. Headquartered in New York, the company offers a variety of products to businesses and individuals.

History and Financial Strength

Founded in 1841 as Nautilus Mutual Life, the carrier's initial focus was on marine and fire insurance.

Four years later, the company changed its name to New York Life and started selling life insurance. This carrier was the first to issue policies at the same price to both women and men.

Today, New York Life is a mutual insurance company that offers some of the industry’s leading policies.

Although annual dividends are not guaranteed, the company has been paying them to its policyholders for 164 years in a row.

It’s expected that New York Life will pay $2.2 billion in dividends this year. This company's exceptional financial strength also shows with its A++ from A.M. Best.  

Coverage and Policy Features

New York Life offers a huge selection of insurance products. When it comes to whole life plans, customers are presented with three different options: standard, value, and custom coverage.

The value policy is meant for those who are getting close to retirement and want to maximize their coverage, while the custom option is perfect if you want to schedule premium payments for a specific period to fit your budget better. 

A coverage calculator and document processing are available online. However, you'll need to get in touch with New York Life's agents to get a quote.

According to the information provided online, each policy comes with a lifetime coverage period, a tax-deferred cash value component accessible during the policy owner’s lifetime, and the eligibility to earn dividends.

As far as options to customize your coverage go, New York Life offers a few policy riders. These include the disability waiver of premium, the option to purchase paid-up additions, chronic care, living benefit, and the accidental death benefit option. 

Why Choose New York Life?

New York Life offers many convenient policy features, including a customizable payment schedule. This feature comes with its whole life policy and gives the insured the option to eliminate their premiums in later years by paying the coverage off early. 

Another great thing about this carrier’s options are the add-ons, which will ensure that you’re protected if you become disabled or get diagnosed with a terminal illness.  

New York Life offers flexibility when it comes to the death benefit payout, too. The face amount can be paid in a lump sum, or alternatively the beneficiaries can purchase an annuity and get paid in installments. 

The company also provides several options to make the most of the funds. You can use them for paid-up addition purchases, premium payments, and dividend accumulation, or you can use them to withdraw cash.

Bottom Line

Thanks to its wide range of products, New York Life has been among the most popular carriers for over 170 years.

Its user-friendly website, highly-rated customer support, and almost unmatched financial security make this provider a strong choice for anyone looking for a whole life insurance policy.

Massachusetts Mutual Life Insurance Company - commonly known as MassMutual - is one of the largest and most trusted insurers in the United States.

The Company’s History and Financial Strength

MassMutual was founded in 1851 and its headquarters are located in Springfield, Massachusetts. Not only is this carrier one of the oldest insurers in the nation, it’s also among the most financially stable.

MassMutual holds an “A++” rate from A.M. Best, which gives its users peace of mind knowing that the carrier will be able to service any policy.

Given that the company has been in the business for more than 160 years and has never missed an annual dividend payment to its policyholders, it’s safe to say that this is one of the most trusted insurers in the United States.

Coverage and Policy Features

The list of MassMutual's whole life products includes the Legacy 100 (a policy that pays until age 100), the Legacy 65 (pays until age 65), the Legacy 20 Pay (a policy that is meant to be fully paid after 20 years of premium payments), the Legacy 10 Pay (paid in 10 years), and the High Early Cash Value (a policy that pays until age 85).

MassMutual also offers a survivorship plan that comes in two versions: the Survivor Legacy 100 (pays until age 100), and the Survivor Legacy 20 (fully paid in 20 premium-paying years).

All policy options have come with cash value, guaranteed level premiums, and lifetime coverage periods. As far as policy riders go, MassMutual offers survivorship benefits, accelerated death benefits, estate protection, and disability benefits. 

Keep in mind that all MassMutual policies require medical underwriting and are provided through the company’s insurance agents.

Why Choose MassMutual?

Apart from the wide range of policy types, its coverage options come with a number of useful features and add-ons, including the option to convert a term life policy to a permanent one.

When it comes to online tools, MassMutual offers an easy way to set up premium payments and view your bills. You can also use the online insurance calculator to choose the best policy type, determine the right coverage amount for your needs, and calculate your whole life insurance cost.

As far as dividend options go, you can withdraw them as cash or use them to reduce premiums, reduce loans and loan interest, purchase additions, or use them for dividend accumulation.

The company also offers a number of convenient options when it comes to the health benefit payout. Beneficiaries can get the face amount in a lump sum, or opt for monthly payments or investments.

Bottom Line

MassMutual offers has one of the most affordable rates and a wide range of policy types. Whole life insurance is the core of this carrier's portfolio, and its best selling product type.

Given its high dividend rates and exceptional level of financial strength, MassMutual is a smart choice for absolutely anyone.

Transamerica is a privately held financial company that provides its services to businesses and individuals.

The list of its products includes mutual funds, retirement services, annuities, workplace benefits, and an array of life insurance policies.

As far as life insurance options go, Transamerica sells variable universal, index universal, term, and whole life insurance.

Although availability details can vary by service, the company offers its insurance products in all 50 states, as well as Washington DC.

History and Financial Strength

Transamerica was founded in 1904 on the premise that financial services should be made affordable and accessible to everyone.

Since its launch, the company has served more than 13 million customers nationwide. As far as its financial stability goes, you can rest assured that Transamerica life insurance carrier is one of the safest choices out there.

The company has an A from A.M. Best rating, which means that its financial strength is very good.

Coverage and Policy Features

Transamerica offers policies with death benefit amounts ranging from $2,000 to $3 million. As far as policy options go, this carrier offers individual and group coverage. 

Individual insurance provides face amounts from $25,000 to $2 million. This type of insurance also comes with a cash value component that you can access in the form of a loan in case of an emergency.

Group policies can't be purchased individually - they are provided as a voluntary benefit through your employer.

To become eligible for up to $25,000 in guaranteed whole life coverage, you'll just need to answer a few simple health-related questions. 

Transamerica's whole life coverage comes with a cash value component that is tax-deferred and increases over time.

In other words, the longer you pay premiums, the more the cash value on your policy builds up. You can access the cash value any time in the form of a loan.

To make sure loans don't affect your total death benefit amount, you need to repay what you owe on time.

One of the downsides is that you can’t get a quote online. The only way to confirm your pricing options is through an insurance agent. 

Why Choose Transamerica? 

You’ll get the benefit of a tax-deferred cash value as well as a tax-free death benefit. Also, you won’t have to worry about premiums increasing due to age or having to wait for a certain period before the coverage begins. 

Transamerica offers an additional policy that comes with accelerated death benefits (also referred to as living benefits) in cases of chronic or terminal illness. 

When it comes to payment methods, the carrier accepts checks, credit cards, and bank drafts. You can also set up autopay. Premiums can be paid on a monthly basis, as well as quarterly, every six months, and annually. 

Bottom Line

Unlike most of the companies on our list, Transamerica isn’t a dividend-paying provider. On the other hand, it offers one of the widest face amount ranges on the market.

Its financial stability and longevity make this insurer a smart choice for businesses and individuals alike.

Guardian Life is an insurance company that specializes in a few different financial products and services.

These include life insurance, wealth management and investments, disability income insurance, critical illness and dental insurance, individual vision and dental insurance, and annuities.

History and Financial Strength

Founded in 1860 as a mutual company, Guardian Life is among the providers that are owned by its policyholders.

It has been paying annual dividends to its customers every year since 1868, and it's estimated to pay over $1.3 billion in dividends this year.

When it comes to financial strength, Guardian Life holds an A++ rating from A.M. Best, which makes this insurance carrier a safe choice for anyone. 

Coverage and Policy Features

Guardian Life's standard whole life policy comes with permanent guaranteed life insurance, dividend payment potential, cash value that grows over time, a tax-sensible asset for loans, and tax benefits.  

This carrier also offers a whole life survivorship policy named Guardian EstateGuard. Also referred to as a second-to-die policy, this type of insurance covers multiple people - usually spouses - on one policy.

What makes any survivorship policy different from regular whole life coverage options is that the beneficiary is paid the death benefit after the second person dies.

The Guardian EstateGuard policy comes with a few unique features, such as an increase in cash value after the first person passes away and the option to add more coverage in the early years of the policy.

Guardian Life is also among the very few carriers that offer policies to healthy people living with HIV.

Eligible applicants must be aged between 20 and 60, free of AIDS-defining illnesses, on highly active antiretroviral therapy (ART) for at least two years with favorable lab results, and under the care of an HIV-specialist doctor. 

The list of available riders can vary by state. However, it usually includes the waiver of premium, index participation feature, paid-up additions, long-term care, and guaranteed insurability option. 

Why Choose Guardian Life?

As we’ve already mentioned, this insurance provider works as a mutual company, which means it’s owned by its policyholders who get paid dividends each year.

As far as dividend options go, you can accumulate them or use them to reduce premium and loan amounts, purchase paid-up additions, and offset premiums.

You can get in touch with the carrier’s support via phone Monday through Thursday from 8 a.m. to 6 p.m. EST, and from 8 a.m. to 5 p.m. EST on Fridays.

You can also fill out a contact form on the company’s website, or send a letter to Guardian Life’s PO box. 

Bottom Line

Guardian Life is one of the largest carriers that provides reasonably priced insurance. One of its biggest downsides is that its rates are not available online.

However, you can purchase policies or get quotes through an insurance agent.