The Best Whole Life Insurance Policies And Companies In 2023

Shawn Plummer

CEO, The Annuity Expert

Investing in your future is a wise decision, and one of the key ways to secure it is by acquiring whole life insurance. However, with many whole life insurance companies, selecting the best can be daunting. This guide simplifies that process by looking at the best whole life insurance policies and top-rated companies and what makes them stand out.

Understanding Whole Life Insurance Companies

Whole life insurance companies offer policies that blend insurance and investment. Unlike term life insurance, a whole life insurance policy does not expire. Instead, it serves a dual purpose by providing death benefits to your loved ones and accumulating cash value over time that you can borrow against.

The Importance of Choosing the Best Company for Whole Life Insurance

The best company for whole life insurance is more than just a product provider. It is a partner in your journey toward financial stability and security. The right company will offer a comprehensive package that meets your unique needs, is financially strong to honor its commitments, and maintains exceptional customer service.

Best Whole Life Insurance

Factors to Consider When Selecting Whole Life Insurance Companies

Several factors come into play when identifying the best whole life insurance providers. These include the company’s financial stability, policy features, customer service, and pricing. So let’s delve deeper into these crucial aspects.

Financial Stability

A financially stable company assures you that your investment is secure and the company can fulfill its obligations.

Policy Features

The best cash-value whole life insurance offers attractive policy features like guaranteed returns, dividends, and flexible premium payment options.

Customer Service

Superior customer service ensures your questions are answered promptly, claims are settled promptly, and you’re treated respectfully.

Pricing

Even though whole life insurance is generally more expensive than term life insurance, pricing varies across companies. So choose a policy that provides the best value for your money.

Best Whole Life Insurance Companies

The Best Whole Life Insurance Companies List

Without further ado, let’s introduce some of the best whole life insurance companies that meet these criteria.

Transamerica Whole Life Insurance

This policy from Transamerica is one of the best whole life insurance policies available today. It offers a death benefit of up to $1,000,000+ and has a cash value component that can be used for things like retirement planning or college tuition. The policy also has a level premium, which means your rates will never go up as long as you keep the policy in force—non-US citizen-friendly.

More Details: Transamerica Whole Life Insurance

Nationwide Whole Life Insurance

This policy from Nationwide is another excellent option for whole-life insurance. It offers a death benefit of up to a million dollars and has a cash value component that can be used for things like retirement planning or college tuition. The policy also has a level premium, which means your rates will never go up as long as you keep the policy in force. In addition, applicants can choose to pay the same premiums up to age 100 or for twenty years (20-Pay Life Insurance).

More Details: Nationwide Whole Life Insurance

Gerber Life Whole Life Insurance For Adults

This policy from Gerber Life is an excellent option for adults looking for whole-life insurance. It offers a death benefit of up to $300,000 and one of the best cash value whole life insurance components that can be used for things like retirement planning or college tuition. The policy also has level premiums, which means your rates will never go up if you keep the policy in force.

More Details: Gerber Whole Life Insurance For Adults

Protective Whole Life Insurance

This policy from Protective is one of the best whole life insurance policies on the market. It offers a death benefit of up to $1,000,000+ and has a cash value component that can be used for things like estate planning or college tuition. The policy also has level premiums, which means your rates will never go up if you keep the policy in force.

More Details: Protective Whole Life Insurance

Baltimore Life Whole Life Insurance

This policy from Baltimore Life is another great option for whole life insurance. It offers a death benefit of up to $500,000 and has a cash value component that can be used for retirement planning or college tuition. The policy also has a one-time payments option (single-premium life insurance) or level premiums for ten or seven years (depending on age) for their Generation Legacy policy, which means your rates will never go up as long as you keep the policy in force. Baltimore Life also offers an annuity and life insurance hybrid policy that will accept money from a 401k or IRA.

More Details: Baltimore Life Whole Life Insurance

Oxford Whole Life Insurance

This policy from Oxford Life is an excellent option for whole-life insurance. It offers a death benefit of up to $500,000 and has a cash value component that can be used for funeral planning or college tuition. The policy also has level premiums, which means your rates will never go up if you keep the policy in force. The U-Haul moving truck company owns Oxford Life Insurance Company.

More Details: Oxford Life Whole Life Insurance

Gerber Life College Savings Plan Insurance

This policy from Gerber Life Insurance is an excellent option for those looking to save for college. It offers a death benefit of up to $150,000 and has a cash value component that can be used for things like retirement planning or college tuition. The policy also has level premiums, which means your rates will never go up if you keep the policy in force. Plus, a college savings plan component can help you save for your child’s education.

More Details: Gerber College Savings Plan

Ethos Whole Life Insurance

This policy from Ethos is one of the best whole life insurance policies on the market for Burial Insurance. It offers a death benefit of up to $30,000 and does not require a medical exam to get a policy. The policy also has level premiums, which means your rates will never go up if you keep the policy in force.

More Details: Ethos Whole Life Insurance

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No Medical Exam Life Insurance

Transamerica Final Expense Insurance

This policy from Transamerica Life Insurance is an excellent option for those looking for final expense insurance. It offers a death benefit of up to $50,000 and does not require a medical exam to get a policy. The policy also has level premiums, which means your rates will never go up if you keep the policy in force. Plus, living benefit riders will help pay for specific emergencies such as terminal illnesses.

More Details: Transamerica Final Expense Insurance

Compare Rates From All 9 Whole Life Insurance Policies

Now that you know more about the best whole life insurance policies on the market, it’s time to compare rates. Use our free quote tool to compare rates from all of the top insurers in your area. You can find out how much you could save by getting multiple quotes. Contact us today for a free consultation; we will happily help you get started.

Helpful Tip: If you are seeking an affordable way to get your estate planning taken care of, including a living trust and last will and testament, we highly recommend:

Whole Life Insurance Companies

Next Steps

In conclusion, the best whole life insurance companies provide you with more than just a policy. They offer peace of mind, knowing your investment is secure and your loved ones will be cared for in the event of your passing. Remember, the best company for you is one that fits your unique needs and circumstances.

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Frequently Asked Questions

How do you find the best whole life insurance for seniors?

To find the best whole-life insurance for seniors, compare premiums, benefits, and coverage across different providers. Consider financial stability ratings, customer reviews, and personalized needs. Consulting with a financial advisor can also be helpful.

What is the best whole life insurance with living benefits?

Companies like Prudential offer whole life insurance policies with robust living benefits, such as accelerated death benefits, chronic illness riders, and cash value growth. Choose based on your unique needs.

How to find the best whole life insurance for a child?

To find the best whole life insurance for a child, compare providers’ rates, benefits, and customer reviews. Look for policies that grow with the child and offer guaranteed insurability. Consulting an insurance advisor can also be beneficial.

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*Disclosure: Some of the links in this guide may be affiliate links. I may receive a commission at no cost to you if you purchase a policy. It helps us keep the lights on!

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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