You can be looking for a whole life insurance policy if you want to approach your insurance as a financial asset. These insurance policies pay money to your loved ones when you pass away and also accrue financial worth over time at a predetermined interest rate.
Our specialists concentrated on financially sound insurers with low levels of consumer complaints while compiling this list of the top whole life insurance companies. Following that, we focused on key aspects of whole life insurance policies, including riders, the possibility of earning dividends, and the quantity of coverage you can get.
Why you should trust NerdWallet: We have stringent editorial standards that our authors and editors adhere to, so you can make decisions about your finances with confidence and select the products that are right for you. Here is a list of our partners, along with information on how we get paid.
How we determined the best life insurers
For individual life insurance, NerdWallet bases its ratings on consumer feedback, the National Association of Insurance Commissioners’ complaint index scores, and weighted averages of financial strength ratings, which show a company’s capacity to cover future claims. We take into account website accessibility and transparency, which examines the breadth of policy information readily available online, under the consumer experience category. We converted the results to a curved 5-point scale in order to determine each insurer’s rating.
For 2023, the best Whole Life Insurance Policies
By reading the succinct summaries below and clicking on the links to the NerdWallet reviews, you can learn more about each business on our list.
MassMutual: Best for increasing cash value
National Mutual: The ideal mixed term
New York Life: Best options for riders
The best for customer satisfaction is State Farm Life
To discover the best life insurance quote for you, we advise you to shop about and compare life insurance quotes from several companies. For any reviews, NerdWallet does not get paid.
The greatest whole life insurance alternatives
For most people, traditional term life insurance is adequate. Whole life insurance is substantially more expensive than term life insurance, which doesn’t accrue cash value. By the time a term life insurance policy expires, you might no longer require life insurance.
You might also want to think about alternative permanent life insurance options if you’re certain you want lifetime coverage. Several options include:
With universal life insurance, you can easily change the premiums and death benefit.
Indexed universal life insurance is a variety of universal life that is connected to an S&P 500-style stock index.
Variable life insurance, which gives you the option to decide how to invest the cash value of your policy.