6 Best Whole Life Insurance Companies for December 2024

Guardian, MassMutual and Northwestern Mutual are among our top picks for whole life insurance policies in 2024.

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Updated · 3 min read
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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.

The best whole life insurance companies at a glance

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.

Best for applicants with health conditions
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Guardian Life

5.0

NerdWallet rating 
Bottom line: Guardian has a diverse lineup of whole life products, including life insurance for people living with HIV.

on Nerdwallet

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Far fewer than expected

Policies offered

Term & permanent
Best for applicants with health conditions
insurance-product-card-logo

on Nerdwallet

Guardian Life

5.0

NerdWallet rating 
Bottom line: Guardian has a diverse lineup of whole life products, including life insurance for people living with HIV.

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Far fewer than expected

Policies offered

Term & permanent
Pros

Drew significantly fewer complaints to state regulators than expected for a company its size.

Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.

Cons

Minimal policy details on the site.

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 $1.4 billion in 2024, the highest payout 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).

Minimum coverage amount: $25,000.

Maximum coverage amount: Unlimited.

State availability: All states.

Potential to earn dividends: Yes.

» Read the full review: Guardian life insurance


Best for cash value growth
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MassMutual

5.0

NerdWallet rating 
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%.

on Nerdwallet

Financial strength rating

Exceptional

Online purchase

Yes

NAIC complaints

Far fewer than expected

Policies offered

Term, permanent & no-exam
Best for cash value growth
insurance-product-card-logo

on Nerdwallet

MassMutual

5.0

NerdWallet rating 
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 rating

Exceptional

Online purchase

Yes

NAIC complaints

Far fewer than expected

Policies offered

Term, permanent & no-exam
Pros

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.

Policy options: Whole Life 100, Whole Life 65, Whole Life 8/10/12/15/20 Pay, Whole Life HECV.

Eligibility age range: 0 to 90 (varies by policy).

Minimum coverage amount: $25,000, or $100,000 for HECV — a policy designed for businesses.

Maximum coverage amount: Unlimited.

State availability: All states.

Potential to earn dividends: Yes.

» Read the full review: MassMutual life insurance


Best for blended term
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Northwestern Mutual

5.0

NerdWallet rating 
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.

on Nerdwallet

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Far fewer than expected

Policies offered

Term & permanent
Best for blended term
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on Nerdwallet

Northwestern Mutual

5.0

NerdWallet rating 
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 rating

Exceptional

Online purchase

No

NAIC complaints

Far fewer than expected

Policies offered

Term & permanent
Pros

Far fewer complaints to state regulators than expected for a company its size.

Highly rated for customer satisfaction in J.D. Power study.

Cons

Company website doesn’t give specifics about coverage amounts or riders.

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 is set to pay out $7.3 billion in dividends to qualifying policyholders in 2024

.

Policy options: Whole Life Plus.

Eligibility age range: 0 to 85.

Minimum coverage amount: $50,000.

Maximum coverage amount: $80 million.

State availability: All states.

Potential to earn dividends: Yes.

» Read the full review: Northwestern Mutual life insurance


Best for rider options
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New York Life

5.0

NerdWallet rating 
Bottom line: New York Life sells three whole life policies and offers a variety of life insurance riders, as well as customizable payment options.

on Nerdwallet

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term & permanent
Best for rider options
insurance-product-card-logo

on Nerdwallet

New York Life

5.0

NerdWallet rating 
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 rating

Exceptional

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term & permanent
Pros

Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.

Drew fewer complaints to state regulators than typically expected for a company of its size.

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

.

Policy options: Whole Life, Custom Whole Life and Secure Wealth Plus.

Eligibility age range: 0 to 90 (varies by policy).

Minimum coverage amount: $25,000 (for applicants ages 18 and older).

Maximum coverage amount: $100 million.

State availability: All states.

Potential to earn dividends: Yes.

» Read the full review: New York Life insurance



Best for customer satisfaction
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State Farm

5.0

NerdWallet rating 
Bottom line: For flexible payment options, it’s worth looking into State Farm’s lineup. Depending on the policy, you may have the option to pay off your coverage in one payment.

on Nerdwallet

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term, permanent & no-exam
Best for customer satisfaction
insurance-product-card-logo

on Nerdwallet

State Farm

5.0

NerdWallet rating 
Bottom line: For flexible payment options, it’s worth looking into State Farm’s lineup. Depending on the policy, you may have the option to pay off your coverage in one payment.

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term, permanent & no-exam
Pros

Ranked first in J.D. Power’s latest customer satisfaction study for life insurance.

Broad range of term products, including instant answer life insurance.

Cons

Life insurance policies not available in Massachusetts.

Some restrictions for Android smartphones when accessing policy details through online portal.

Company overview: State Farm’s standard whole life policy has level premiums, which means you’ll pay the same amount each month. But if you’d like to adjust when and how much you pay, you can buy a single premium or limited payment policy.

If you’re healthy, age 18 to 50 and applying for a policy worth $100,000 to $1 million, State Farm might fast-track your application and issue your policy without the need for a medical exam. If you purely want to cover your own funeral, burial and end-of-life expenses, the insurer offers a final expense policy to applicants ages 45 to 80 (50 to 75 in New York). Policy features aside, State Farm leads J.D. Power’s list of life insurers with the best customer satisfaction

.

Policy options: Whole Life, Limited Pay Whole Life, Single Premium Whole Life, Final Expense.

Eligibility age range: Varies by policy.

Minimum coverage amount: $10,000 for final expense policy; $15,000 for other whole life policies.

Maximum coverage amount: None for standard whole life policies; $10,000 to $15,000 for the final expense policy, depending on the state.

State availability: All states except Massachusetts.

Potential to earn dividends: Yes.

» Read the full review: State Farm life insurance


Best for smaller coverage amounts
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AARP

5.0

NerdWallet rating 
No medical exams are required for life insurance policies through AARP, although you have to be a member to buy one.

on Nerdwallet

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term, permanent & no-exam
Best for smaller coverage amounts
insurance-product-card-logo

on Nerdwallet

AARP

5.0

NerdWallet rating 
No medical exams are required for life insurance policies through AARP, although you have to be a member to buy one.

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

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.

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.

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.

State availability: Depends on policy.

Potential to earn dividends: No.

» Read the full review: AARP life insurance


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How we rank the top life insurers

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.

Alternatives to the best whole life insurance

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:

More about whole life insurance

Learn more about whole life policies before you buy. Here are a few resources to help you understand your options.

More about top-rated life insurance companies

Looking for a different type of life insurance policy? Check out NerdWallet’s top picks across these categories:

Frequently asked questions

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.

For a healthy, nonsmoking 40-year-old, the typical cost of a $500,000 whole life insurance policy is $5,972 a year, 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.

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.

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