Key takeaways
Guardian tops our list with a diverse lineup of whole life insurance.
Check out New York Life if you want to customize your policy, or USAA if you think you'll need to add more coverage later.
Northwestern Mutual scores points for blended term and whole life policies, while MassMutual offers high rates of cash value growth.
Reviewed weekly. Last updated: December 2025.
If you’d like to treat your life insurance policy as a cash asset, consider a whole life insurance policy that can build cash value while still providing a payout to loved ones when you die.
For this list of the best whole life insurance companies, we focused on financially strong insurers with low levels of customer complaints. We then assessed policy features, such as riders, the potential to earn dividends and the amount of coverage you can buy.
Did you know…
Several of the companies on this list are mutual companies that may pay out dividends. A life insurance dividend is a payment insurers make to permanent policyholders when there is leftover profit from the business year. Dividends can be paid out as a check or used to buy more coverage, lower premium payments, accrue interest or cash value, and even pay down a policy loan.
Best whole life insurance companies of 2026
Insurer | NerdWallet rating | Dividends available | |
|---|---|---|---|
Best for health conditions | Yes. | ||
Best for custom coverage | Yes. | ||
Best for boosting coverage | No. | ||
Best for hybrid whole life policies | Yes. | ||
Best for cash value growth | Yes. | ||
NerdWallet rates insurers at the company level, not the policy level. This means our star rating reflects the company as a whole, and not its whole life insurance policy specifically. | |||
Best for health conditions: Guardian Life
Why this insurer made the list: Guardian has a range of whole life products, including life insurance for people living with HIV.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term & permanent
💰 Guardian sample monthly rates
Male: $760.05
Female: $690.53
About Guardian’s whole life insurance
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, you don’t need to pay premiums to keep your coverage.
Policy name: Level Premium Whole Life.
Coverage amount: $25,000 to millions for eligible applicants.
Age eligibility: 0 to 90.
Policy name: Limited Payment Whole Life.
Coverage amount: $25,000 to millions for eligible applicants.
Age eligibility: 0 to 90.
Riders: Note that the IPF rider allows you to link a portion of your cash value to the performance of the S&P 500, and any profits are paid out in dividends.
Waiver of premium.
Long-term care.
Index participation feature (IPF).
💰Dividends: Guardian will pay out $1.7 billion in dividends in 2026, the highest sum in the company’s history.
Online experience: Guardian’s site has tons of general information about life insurance but doesn’t offer much in the way of policy or pricing details. You can get a term life rate estimate online but you’ll have to connect with Guardian for whole life quotes.
What to know about applying for a policy: Most people will have to take a medical exam to qualify for Guardian life insurance, including whole life insurance policies.
Where this insurer stands out: The company offers coverage for people living with HIV. To qualify, you must prove you’re under a specialist’s care and successfully receiving antiretroviral therapy.
» Read the full review: Guardian life insurance
Best for custom coverage: New York Life
Why this insurer made the list: New York Life sells three whole life policies and offers a variety of life insurance riders, as well as customizable payment options.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term & permanent
About New York Life’s whole life insurance
New York Life has several whole life insurance policies, including one that offers flexible premium payments. You can opt to pay off your policy in the first few years, or schedule the timing and amount of payments to suit you.
Policy name: Whole Life Insurance.
Coverage amount: Starting at $25,000.
Age eligibility: 0 to 90.
Policy name: Custom Whole Life Insurance.
Coverage amount: $50,000 to $1 million.
Age eligibility: 0 to 70.
Policy name: Secure Wealth Plus.
Coverage amount: Starting at $25,000.
Age eligibility: Age 0 to 60.
Riders:
Waiver of premium.
Chronic care.
Accelerated death benefit.
Paid-up additions.
Accidental death benefit.
Yearly renewable term rider.
💰Dividends: As a mutual company, New York Life plans to pay out $2.78 billion to its policyholders in 2026.
Online experience: New York Life’s site is transparent about the company’s offerings, though you won’t be able to get a quote online.
What to know about applying for a policy: Most of New York Life’s standard whole life policies will require a medical exam, except for Secure Wealth Plus. If you’re applying for that policy, you’ll answer a few health questions and will find out whether you’re approved within 24 to 48 hours.
Where this insurer stands out: Along with different payment options and a wide array of policies, New York Life offers quite a few riders to customize coverage. This type of flexibility is a standout for whole life insurance.
» Read the full review: New York Life insurance
Best for boosting coverage: USAA
Why this insurer made the list: USAA offers whole life insurance policies with lots of opportunities to boost coverage after life events.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Fewer than expected
Policies offered
Term, permanent & no-exam
💰 USAA sample monthly rates
Male: $416.22
Female: $396.64
About USAA’s whole life insurance
USAA is known for serving veterans, military members and their families, but anyone can apply for a life insurance policy with the company. USAA offers standard whole life insurance as well as a no-exam policy with smaller amounts of coverage through Mutual of Omaha.
Policy name: Simplified Whole Life Insurance.
Coverage amount: $50,000 to $5 million.
Age eligibility: 15 to 85.
Riders:
Accelerated death benefit.
Life Event Option (LEO).
Waiver of premium.
💰Dividends: USAA is not a mutual company, so it doesn’t pay dividends to policyholders.
Online experience: USAA’s site features basic facts about its whole life policies and refers those interested in guaranteed issue whole life insurance to the Mutual of Omaha website. That type of coverage is open to seniors and designed to cover final expenses.
What to know about applying for a policy: Unlike most insurers, USAA offers the ability to get a whole life insurance quote online. Note that you may be required to take a medical exam as part of the application process, which is fairly standard.
Where this insurer stands out: If you add the Life Event Option rider to your policy, you can top up your coverage up to six different times after life events, such as getting married, having a child or leaving the military.
» Read the full review: USAA life insurance
Best for hybrid whole life: Northwestern Mutual
Why this insurer made the list: Northwestern Mutual sells one whole life policy with flexible coverage starting at $50,000, and the option to blend term life for cheaper coverage.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Far fewer than expected
Policies offered
Term & permanent
💰 Northwestern Mutual sample monthly rates
Male: $730.96
Female: $660.63
About Northwestern Mutual’s whole life insurance
Northwestern Mutual’s whole life insurance policy comes with different payment options. You can choose to pay premiums for 10, 15, 20 or 25 years, or until you reach age 65 or 100. Northwestern also gets far fewer than the expected number of complaints for a company of its size and scores consistently well for customer satisfaction.
Policy name: Whole Life One.
Coverage amount: $50,000 to millions for eligible applicants.
Age eligibility: 0 to 85.
Policy name: Whole Life Plus.
Coverage amount: $50,000 to millions for eligible applicants.
Age eligibility: 0 to 85.
Riders:
Waiver of premium.
Additional purchase benefit.
Accelerated care benefit.
💰Dividends: Northwestern Mutual is set to pay policyowners $9.2 billion in 2026, an annual payout that is the industry’s largest.
Online experience: Northwestern Mutual’s site is straightforward but light on the policy details you’d want to know about before buying. If you want to learn more or apply for coverage, you’ll need to be matched with a financial advisor.
What to know about applying for a policy: The company’s site asks for quite a bit of personal information before providing the name and contact number of a financial advisor in your area. Most life insurance policies require a medical exam.
Where this insurer stands out: Northwestern’s Whole Life Plus gives you the option to add a term life benefit to your whole life coverage. This can help maximize the amount of money you’re putting into the policy and boost your cash value.
» Read the full review: Northwestern Mutual life insurance
Best for cash value growth: MassMutual
Why this insurer made the list: MassMutual has a string of whole life policies to choose from, some of which earn cash value at a set interest rate of 3% or higher.
Rating Breakdown
Financial strength rating
Exceptional
Online purchase
No
NAIC complaints
Far fewer than expected
Policies offered
Term & permanent
💰 MassMutual sample monthly rates
Male: $705.57
Female: $588.12
About Mass Mutual’s whole life insurance
MassMutual’s whole life offerings are named after how long or to what age you’ll have to make premium payments. For example, Whole Life 100 requires paying premiums until age 100, while Whole Life 65 means you’ll pay more up front but the policy will be paid off by age 65. Whole Life 8, 10, 12, 15 and 20 refers to the number of years you’d pay premiums.
Policy name: Whole Life 100.
Coverage amount: $25,000 to $1 million.
Age eligibility: 0 to 90.
Policy name: Whole Life 65.
Coverage amount: $25,000 to $1 million.
Age eligibility: 0 to 60.
Policy name: Whole Life 8/10/12/15/20 Pay.
Coverage amount: $25,000 to $1 million.
Age eligibility: 0 to 75.
Policy name: Whole Life HECV.
Coverage amount: $100,000 to $1 million.
Age eligibility: 0 to 75.
Riders:
Life insurance supplement.
Renewable term.
Waiver of premium.
Additional life insurance.
Guaranteed insurability.
Accelerated death benefit.
Transfer of insured.
Yearly term purchase.
💰Dividends: MassMutual expects to pay $2.9 billion in dividends to eligible policyowners in 2026.
Online experience: MassMutual’s site provides helpful information about life insurance in general, but not many policy details. Once you become a policyholder, MassMutual has a top-rated app you can use to manage your policy, change beneficiaries and make payments.
What to know about applying for a policy: Like most of the insurers on this list, MassMutual may require you to take a medical exam to qualify for life insurance coverage.
Where this insurer stands out: MassMutual’s guaranteed cash growth rates of around 3% or higher are generous for whole life insurance, which tends to accumulate cash value quite slowly. This, combined with premium payment flexibility, can make MassMutual’s whole life policies a good value for insurance shoppers interested in lifelong coverage.
» Read the full review: MassMutual life insurance
How we rate the best life insurance companies
✅ 445 life insurers reviewed
📝 210 policies assessed
🔢 1,515 data points analyzed
📊 Star rating categories
When NerdWallet evaluates life insurance companies, our editorial team considers the insurer's strengths and weaknesses, as well as the things that matter most to customers buying a long-term financial product. We then weigh these factors carefully:
💰 Financial strength (35%). We use AM Best ratings to confirm an insurer’s financial stability and ability to pay claims far into the future. The top life insurance companies have an exceptional financial strength rating of A+ or A++ (Superior).
🗣️ Consumer complaints (35%). Our top-rated life insurance companies have fewer than the expected number of complaints to state regulators over a three-year period, according to the National Association of Insurance Commissioners — so you can expect a smoother customer experience.
☎️ Consumer experience (20%). Insurers who allow consumers to contact them by email, phone and live chat earn the highest scores. The same goes for insurers who support online quotes, beneficiary changes and claims.
👀 Transparency (10%). Our methodology gives higher scores to transparent insurers who clearly display information about their policy options, coverage amounts and term lengths (if applicable) on their site.
⭐ What our star ratings mean
Companies with 5 stars are exceptional, with strong financials, diverse policy lineups and great reputations for customer service.
Companies with 4.5 stars are excellent, with solid financials and policy offerings, and good customer service track records.
Companies with 4.0 stars are good, and potentially great for people looking for niche coverage options.
Companies with 3.5 stars or fewer could do better in certain categories, like financial strength and customer complaints.
NerdWallet does not receive compensation for our star ratings or our reviews. Read more about our life insurance ratings methodology and editorial guidelines.
What is whole life insurance?
Whole life insurance is designed to provide lifelong coverage, usually until age 100 or longer. These policies also build cash value at a slow but steady rate, and those funds can be borrowed against or withdrawn later.
Keep in mind that whole life insurance premiums are more expensive than term life insurance.
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.
How does whole life insurance cost?
For a healthy, nonsmoking 40-year-old, a $500,000 whole life insurance policy costs around $5,525 a year for men and $4,968 a year for women, according to LifeStein.com, a life insurance brokerage. To compare, a 20-year, $500,000 term life policy might cost $410 a year for men and $340 a year for women.
» MORE: Average life insurance rates
Pros
- Predictable death benefit and premiums
- Tax-deferred cash value that you can borrow against
- Lifelong coverage
Cons
- Higher premiums
- Loans and withdrawals can affect death benefit
- Cash value builds slowly
Did you know...
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 companies in the U.S. — the largest are Northwestern Mutual, MassMutual, New York Life, State Farm and Guardian Life.
Alternatives to whole life insurance
Term life insurance is sufficient for most people. It 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, these are the other types of permanent life insurance:
Universal life insurance gives you the flexibility to adjust your premiums and death benefit.
Indexed universal life insurance is a kind of universal life insurance that’s tied to a stock index, such as the S&P 500.
Variable life insurance lets you choose how to invest your policy’s cash value.
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:
*Sample rates are based on a $500,000 whole life insurance policy for a healthy, nonsmoking 40-year-old man and woman. If rates are not displayed, that means the insurer didn't supply them to us or doesn't offer whole policies with that coverage amount.
Frequently asked questions
What is modified whole life insurance?
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.
What is the downside of whole life insurance?
What is the downside of whole life insurance?
The biggest downside of whole life insurance is its cost, which can be significantly more expensive than term life policies. The length of time it takes to build up cash value to borrow against or withdraw can also be discouraging.
What is the best whole life insurance policy for seniors?
What is the best whole life insurance policy for seniors?
If you’re shopping for coverage in your 50s or beyond, consider one of NerdWallet’s best life insurance companies for seniors. You’ll find details for each insurer’s whole life policy, including coverage amounts and maximum issue ages.
Article sources
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.
- 1.Guardian Life. Guardian announces $1.7 billion dividend allocation. Accessed Dec 17, 2025.
- 2.New York Life. New York Life announces record $2.78 billion dividend for 2026.. Accessed Dec 17, 2025.
- 3.Northwestern Mutual. Northwestern Mutual Announces Historic $9.2 Billion Dividend Payout in 2026 - A Powerful Demonstration of Company's Enduring Commitment to Policyowners. Accessed Dec 17, 2025.
- 4.MassMutual. MassMutual to Pay Record $2.9 Billion in Policyowner Dividends in 2026. Accessed Dec 17, 2025.
