We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.
So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.
7 Best Whole Life Insurance Companies for 2025
Guardian, MassMutual and Northwestern Mutual are among our top picks for whole life insurance policies in 2025.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Katia Iervasi Assistant Assigning Editor | Life insurance, disability insurance, health care
Katia Iervasi is an assigning editor at NerdWallet. An insurance authority, she previously spent over six years covering insurance topics as a writer, where she loved untangling complicated topics and answering readers’ burning money questions. She holds a Bachelor of Arts in communication and has studied writing, fact-checking and editing with Poynter. Her writing and analysis has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. Originally from Sydney, Australia, Katia currently lives in New York City.
Lisa Green Assigning Editor | Insurance, data journalism
Lisa Green leads the life insurance team and oversees insurance-focused data journalism at NerdWallet. A professional journalist since high school, she was an insurance writer at NerdWallet before becoming an assigning editor. Previously, Lisa spent more than 20 years as an editor at The Tennessean in Nashville, where she led business and consumer coverage for several years. At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. Her work has also won awards from the Society for Advancing Business Editing and Writing, Investigative Reporters and Editors, and the Society of Professional Journalists. Lisa is an alumna of the Wharton Seminars for Business Journalists at the University of Pennsylvania. She has also studied data journalism with the National Institute for Computer-Assisted Reporting, business editing with the American Press Institute and writing, editing and news research with the Poynter Institute. In addition to her work at NerdWallet, Lisa is a real estate investor and has taught a seminar on how to earn college scholarships. She is based in Nashville.
If you’re looking to treat your life insurance policy as a cash asset, you might be in the market for a whole life insurance policy. Along with providing a payout to your loved ones when you die, these policies build cash value over time at a set interest rate.
To create this list of the best whole life insurance companies, our experts focused on financially strong insurers with low levels of customer complaints. We then honed in on important features of whole life insurance policies, such as riders, the potential to earn dividends and the amount of coverage you can buy.
NerdWallet's life insurance content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in life insurance. We follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Very few complaints from consumers.
Offers unique coverage options, such as policies for HIV-positive applicants.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Guardian has a diverse lineup of whole life products, including life insurance for people living with HIV.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Very few complaints from consumers.
Offers unique coverage options, such as policies for HIV-positive applicants.
Cons
Minimal policy details on the site.
Can't buy a policy online.
Pros
Very few complaints from customers.
Offers unique coverage options, such as policies for HIV-positive applicants.
Cons
Minimal policy details on the site.
Can’t buy a policy online.
Company overview: With Guardian’s whole life coverage, you can choose a policy with level premiums, or a “limited payment” policy that allows you to pay off your policy in 10, 15 or 20 years. After that, no premiums are required to keep your coverage. You can choose from a range of riders, such as a disability waiver of premium rider, long-term care rider or an index participation feature (IPF) rider. The IPF rider allows you to link a portion of your cash value to the performance of the S&P 500 Price Return Index, and any profits are paid out in dividends.
The company also offers life insurance for people living with HIV. To qualify for these term and whole life policies, you must prove you’re under a specialist’s care and successfully receiving antiretroviral therapy.
While Guardian doesn’t guarantee dividends, it has paid them out to its permanent policyholders every year since 1868, and paid out $1.4 billion in 2024, the highest sum in the company’s history.
Policy options: Life Paid Up at 121, Life Paid Up at 99, Life Paid Up at 95, Life Paid Up at 65, 10 Pay Whole Life, 15 Pay Whole Life, 20 Pay Whole Life, EstateGuard.
Eligibility age range: 0 to 90 (varies by policy).
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Wide range of term and permanent life insurance policies.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: MassMutual has a string of whole life policies to choose from, some of which earn cash value at a set interest rate of 3.75%.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Wide range of term and permanent life insurance policies.
Supports online claims.
Low number of complaints.
Cons
Most policies require a medical exam.
Pros
Low number of complaints.
Wide range of term and permanent life insurance policies.
Supports online claims.
Cons
Most policies require a medical exam.
Company overview: Depending on your policy, you might be able to customize your coverage with various riders. These include a long-term care rider, chronic illness rider and a yearly term purchase rider, which allows you to direct your dividend payments toward a term life insurance policy.
As a permanent policyholder, you’re eligible to receive dividends based on the insurer’s profits. MassMutual will pay out more than $2.5 billion to its permanent policyholders in 2025, its highest sum yet.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Northwestern Mutual sells one whole life policy with flexible coverage starting at $50,000, and the option to blend term life for cheaper coverage.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Lower complaint ratio than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Cons
Company website doesn’t give specifics about coverage amounts or riders.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Northwestern Mutual sells one whole life policy with flexible coverage starting at $50,000, and the option to blend term life for cheaper coverage.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Lower complaint ratio than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Cons
Company website doesn’t give specifics about coverage amounts or riders.
Limited riders available.
Pros
Lower complaint ratio than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Cons
Company website doesn’t give specifics about coverage amounts or riders.
Limited riders available.
Company overview: Northwestern Mutual’s whole life insurance policy comes with various payment options. You can choose to pay premiums for 10, 15, 20 or 25 years, or until you reach age 65 or 100. Plus, you may have the option to blend term life with your policy to lower the premiums, while maintaining permanent coverage.
To enhance your coverage, you can add riders to your policy, such as an accelerated death benefit that pays out a portion of your payout if you need long-term care. There’s also an additional purchase benefit rider, which lets you increase your coverage at a later date without taking another life insurance medical exam. Northwestern Mutual is a mutual company, one of the largest individual life insurers in the U.S., and it expects to pay out $8.2 billion in dividends to qualifying policyholders in 2025.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Received far fewer complaints to state regulators than expected for a company its size.
May pay dividends to select policyholders.
Offers disability and long-term care insurance in addition to life insurance.
Cons
Website offers little detail about coverage amounts or riders.
Life insurance is available only to those with a Christian affiliation.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: Thrivent is a fraternal benefit organization that sells term and permanent life insurance to Christian consumers.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Received far fewer complaints to state regulators than expected for a company its size.
May pay dividends to select policyholders.
Offers disability and long-term care insurance in addition to life insurance.
Cons
Website offers little detail about coverage amounts or riders.
Life insurance is available only to those with a Christian affiliation.
Pros
Received far fewer complaints to state regulators than expected for a company its size.
May pay dividends to select policyholders.
Offers disability and long-term care insurance in addition to life insurance.
Cons
Website offers little detail about coverage amounts or riders.
Life insurance is available only to those with a Christian affiliation.
Company overview: Thrivent offers whole life policies with a range of payment options. For example, you can pay a level premium until you turn 70 or 95, or make higher payments over the first 10 years of the policy to build cash value more quickly. The organization also offers a joint life insurance policy that can cover two people, such as spouses or business partners.
As a fraternal benefit organization, Thrivent is owned by its members and may pay dividends to participating policyholders. In 2025, Thrivent will pay $564 million in dividends and policy benefits.
Thrivent also provides resources to support volunteering and charitable giving by its members. To buy life insurance from Thrivent, you must be a Christian or the spouse of a Christian.
Thrivent whole life insurance policy details
Policy options: Whole Life Insurance, Whole Life Plus Term Protection, Survivor Whole Life.
Eligibility age range: Up to age 90 for most Whole Life Insurance policies. Ages 18 to 75 for Whole Life Plus Term Protection. Ages 18 to 90 for Survivor Whole Life.
Minimum coverage amount: For Whole Life Insurance, $10,000 or $100,000, depending on your life insurance risk class. For Whole Life Plus Term Protection, $50,000 for the whole life coverage and $25,000 for the term coverage. For Survivor Whole Life, $100,000.
Maximum coverage amount: Unlimited.
State availability: All 50 states plus Washington, D.C.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: New York Life sells three whole life policies and offers a variety of life insurance riders, as well as customizable payment options.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Low complaint volume for a company of its size.
Some policies are eligible for dividends.
Cons
Quotes aren't available online.
Pros
Low complaint volume for a company of its size.
Some policies are eligible for dividends.
Cons
Quotes aren't available online.
Company overview: New York Life’s custom whole life policy offers flexibility with premium payments. You can opt to pay off your policy in the first few years, or schedule the timing and amount of your payments to suit you.
The insurer also offers a variety of life insurance riders, such as a chronic care rider, waiver of premium rider and accelerated death benefit.
As a mutual company, New York Life plans to pay out $2.5 billion in dividends to its policyholders in 2025.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: With high customer satisfaction and a wide policy lineup, Penn Mutual caters to the needs of many policyholders. But you can’t get a quote online.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: With high customer satisfaction and a wide policy lineup, Penn Mutual caters to the needs of many policyholders. But you can’t get a quote online.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Pros
Offers term lengths up to 30 years.
Extensive universal life insurance lineup.
Low volume of complaints.
Cons
No online quotes.
Limited policy information on the site.
Pros
Offers term lengths up to 30 years.
Extensive universal life insurance lineup.
Low volume of complaints.
Cons
No online quotes.
Limited policy information on the site.
Company overview: Penn Mutual offers two individual whole life policies, plus a joint life insurance policy that can cover spouses or business partners. You can choose to make steady payments on your policy throughout your life or to pay it off in as little as five years.
Penn Mutual whole life policies have a built-in accelerated death benefit rider. The Survivorship product also includes a split policy rider in case you and the other person eventually want to separate your joint coverage into two individual policies.
Penn Mutual expects to pay $265 million in dividends to participating policyholders in 2025.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
No medical exams required.
Fewer than the expected number of complaints to state regulators.
Anyone age 50 and up can get access through AARP membership.
Cons
Term life insurance premiums rise every five years.
NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Bottom line: No medical exams are required for life insurance policies through AARP, although you have to be a member to buy one.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Pros
No medical exams required.
Fewer than the expected number of complaints to state regulators.
Anyone age 50 and up can get access through AARP membership.
Cons
Term life insurance premiums rise every five years.
Pros
No medical exams required.
Fewer than the expected number of complaints to state regulators.
Anyone age 50 and up can get access through AARP membership.
Cons
Term life insurance premiums rise every five years.
Company overview: AARP offers coverage to its members and their spouses via its partnership with New York Life, one of the largest life insurance companies in the U.S.
With AARP’s standard whole life insurance policy, members ages 50 to 80 and spouses ages 45 to 80 can apply by answering a few health questions. No medical exam is required. You can buy up to $50,000 in coverage online or request a higher amount by contacting New York Life.
AARP also offers a guaranteed acceptance whole life policy, which skips both the questionnaire and medical exam and issues coverage to members ages 50 to 80 or 85 and spouses ages 45 to 80 or 85 depending on the state. In New York, the age eligibility is 50 to 75 for both members and spouses. Applicants can buy up to $30,000 in coverage on their own.
AARP whole life insurance policy details
Policy options: Permanent Life Insurance, Guaranteed Life Insurance.
Eligibility age range: 50 to 85 (varies by policy, state and membership status).
Minimum coverage amount: $5,000.
Maximum coverage amount: $30,000 or $50,000, depending on the policy, though higher amounts may be available.
When NerdWallet evaluates life insurance companies, our editorial team considers both the customer and the insurer. These are some of the factors we take into account and why:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories: term life insurance, permanent life insurance and no-exam life insurance. The right policy for you depends on your needs and budget, but the best life insurance companies offer a broad range of coverage types to cater to most people.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. The top life insurance companies have an exceptional financial strength rating of A+ or A++.
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. Our top-rated life insurance companies have fewer than the expected number of complaints, so you can expect a smoother customer experience.
Buy online. We consider it a bonus when an insurer allows you to apply for and buy a policy completely online. Note: Whole life insurance isn't typically sold online, so seeing a "yes" in the company cards above refers to the insurer's term life product.
How to find the best whole life insurance company
1. Calculate how much coverage you need
To figure out how much life insurance you need, think about everything you pay for now and everything you expect to pay for in the future. This list could include everyday expenses like child care, utility bills and groceries, as well as long-term costs like college tuition and mortgage payments. Once you have a number, subtract the value of any assets you own. The final dollar figure is the gap a whole life insurance policy can help to fill.
2. Decide whether you want to go with a mutual life insurance company
If you buy a whole life policy with a mutual life insurance company, you'll be a shareholder. This means you'll be eligible for dividends based on the company's financial performance. While dividends aren't guaranteed, they are an additional perk. There are many mutual life insurance companies in the U.S. — the largest are Northwestern Mutual. MassMutual, New York Life, State Farm and Guardian Life.
3. Consider additional riders
With most companies, you can customize your whole life policy with life insurance riders for a fee. These provide additional coverage you wouldn’t get otherwise. For example, an accelerated death benefit rider allows you to tap into your policy’s payout if you get sick, and a waiver of premium rider pauses your premiums if you become disabled or unemployed and can’t earn an income for a period of time.
4. Get prices from a handful of companies
The cost of coverage varies among companies, so aim to compare life insurance quotes from multiple insurers. Ideally, you want to choose a company with a strong financial strength rating — this indicates its ability to pay claims far into the future. You can check the financial strength rating of each term life insurance company you’re considering through a rating firm such as AM Best. NerdWallet typically recommends considering insurers with ratings of A- or higher. All of the largest life insurance companies have solid financial strength ratings.
Traditional term life insurance is typically sufficient for most people. Term life, which doesn’t build cash value, is much less expensive than whole life insurance. A term life policy lasts a set number of years, and by the time it expires, you may no longer need life insurance.
If you’re certain you want lifelong coverage, you may also want to consider other types of permanent life insurance. Some of the options are:
NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2021-2023. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
Frequently asked questions
Is whole life insurance worth it?
It depends on your needs and financial situation. If you can comfortably afford the higher premiums and want to see your life insurance policy grow into a cash asset, whole life insurance might be worth the price tag.
But if you simply want to buy life insurance to give your family a financial safety net when you die, a term life insurance policy is probably sufficient.
How much is whole life insurance?
For a healthy, nonsmoking 40-year-old, the typical cost of a $500,000 whole life insurance policy is $6,408 a year for men and $5,654 a year for women, according to average life insurance rates from Covr Financial Technologies. To compare, the same applicant might pay $308 a year for a 20-year, $500,000 term life policy for men and $282 a year for women.
What is modified whole life insurance?
Modified whole life insurance is a type of whole life insurance that offers lower premiums for the first few years. After that, the premiums go up. During the “modified premium” period, you can’t contribute to your policy’s cash value.
Is whole life insurance worth it?
It depends on your needs and financial situation. If you can comfortably afford the higher premiums and want to see your life insurance policy grow into a cash asset, whole life insurance might be worth the price tag.
But if you simply want to buy life insurance to give your family a financial safety net when you die, a
For a healthy, nonsmoking 40-year-old, the typical cost of a $500,000 whole life insurance policy is $6,408 a year for men and $5,654 a year for women, according to
from Covr Financial Technologies. To compare, the same applicant might pay $308 a year for a 20-year, $500,000 term life policy for men and $282 a year for women.
What is modified whole life insurance?
Modified whole life insurance is a type of whole life insurance that offers lower premiums for the first few years. After that, the premiums go up. During the “modified premium” period, you can’t contribute to your policy’s cash value.
