9 Best Whole Insurance Companies In USA 2024

When it comes to whole life insurance, choosing the right provider is essential for securing lifelong coverage, building cash value, and ensuring peace of mind for your beneficiaries. Whole life insurance is a permanent policy that provides coverage for your entire life, as long as premiums are paid, and it accumulates cash value over time. Here are 9 of the best whole life insurance companies in the U.S. for 2024, known for their reliability, financial strength, and customer service.

1. Northwestern Mutual

Best For: Financial strength, dividend performance, and long-term reliability.
Overview: Northwestern Mutual is one of the largest and most financially stable whole life insurance providers in the U.S. It is known for consistently paying dividends to policyholders and offering a range of whole life insurance policies with solid growth potential.
Why It’s Great:
- Dividend Payments: Has a long history of paying dividends, which can be used to reduce premiums, purchase additional coverage, or accumulate cash value.
- Financial Stability: As of 2023, it holds the highest ratings from credit agencies such as A.M. Best, Fitch, and S&P.
- Comprehensive Whole Life Options: Offers a variety of options, including traditional whole life, custom whole life, and participating policies.
Pros:
- Strong history of dividend payouts
- Excellent financial ratings
- Highly customizable policies
Cons:
- Premiums can be higher than some competitors
- Not the best option for individuals seeking inexpensive or simplified policies.

2. MassMutual

Best For: Customizable whole life policies and strong dividend performance.
Overview: Massachusetts Mutual Life Insurance Company (MassMutual) is another top contender in the whole life insurance space, known for offering strong policyholder benefits, including attractive dividend options and flexible policy features.
Why It’s Great:
- Dividend Performance: Consistently pays dividends, with flexible ways to use them (cash, premiums, or buying additional coverage).
- Financial Strength: MassMutual has earned top ratings from A.M. Best, S&P, and Fitch.
- Customization: Offers various policy options, including paid-up additions and flexible premium plans.
Pros:
- Excellent dividend track record
- Financially strong company with high ratings
- Highly customizable whole life policies
Cons:
- Premiums can be expensive
- May require working with a financial advisor to fully understand the options.

3. New York Life

Best For: Versatility in whole life insurance policies and strong customer satisfaction.
Overview: New York Life is a well-established life insurance provider, offering whole life policies that can be tailored to meet a wide variety of needs, from estate planning to wealth accumulation.
Why It’s Great:
- Variety of Options: New York Life offers a range of whole life policies, including participating (dividend-paying) policies, and various add-ons like riders for long-term care and accelerated benefits.
- Financial Strength: It holds high ratings from major agencies and has a history of paying dividends.
- Customer Satisfaction: Known for strong customer service and an overall positive reputation.
Pros:
- Wide range of whole life options with flexibility
- High customer satisfaction and strong financial ratings
- Well-established company with a long history
Cons:
- Premiums can be higher than some competitors
- May require more research or advice to understand the full benefits.

4. Guardian Life

Best For: Dividend-paying whole life policies and competitive premium options.
Overview: Guardian Life is another top whole life insurance company offering financial security with a history of paying dividends to policyholders. It provides excellent coverage for individuals who want to build wealth through cash value accumulation.
Why It’s Great:
- Dividend Performance: Guardian consistently pays dividends, which can help policyholders reduce premiums, purchase more coverage, or grow cash value.
- Financial Stability: Guardian Life has strong ratings for its financial stability.
- Comprehensive Whole Life Options: The company offers a range of options, including whole life insurance with flexible premiums and policy riders.
Pros:
- Reliable dividend payments
- Flexible policies with custom riders
- Competitive premiums and strong customer service
Cons:
- May not be the most affordable option for younger policyholders
- Some policies require a long-term commitment before seeing significant cash value accumulation.

5. State Farm

Best For: Affordable whole life insurance policies with guaranteed premiums.
Overview: State Farm is one of the largest insurers in the U.S. and provides affordable, straightforward whole life insurance policies with guaranteed premiums and coverage.
Why It’s Great:
- Affordable Premiums: State Farm offers competitive pricing for whole life insurance policies, which can be especially beneficial for young families or those on a budget.
- Reliable Coverage: Offers guaranteed death benefits, stable premiums, and a simple process for acquiring coverage.
- Solid Reputation: State Farm is well-regarded for its customer service and strong reputation in the insurance industry.
Pros:
- More affordable whole life insurance policies
- Guaranteed premiums and death benefits
- Strong reputation for customer service
Cons:
- Limited dividend-paying policies
- Fewer policy customization options than some competitors.

6. Prudential

Best For: Customizable whole life insurance with living benefits.
Overview: Prudential offers flexible whole life insurance policies with unique riders and features, such as living benefits and the ability to adjust coverage as your life circumstances change.
Why It’s Great:
- Flexible Coverage Options: Prudential’s whole life policies are customizable, allowing for the addition of riders like accelerated death benefits and long-term care coverage.
- Living Benefits: Offers living benefits options that allow you to access your death benefit if you become terminally ill.
- Financial Strength: Prudential has strong financial ratings and a long history of customer trust.
Pros:
- Highly customizable policies with flexible riders
- Living benefits for terminal illness or critical illness
- Strong customer support and financial stability
Cons:
- Premiums may be higher than some other providers
- More complex policy options may require additional explanation from an agent.

7. Lincoln Financial Group

Best For: Innovative whole life products and solid cash value growth.
Overview: Lincoln Financial offers a variety of whole life insurance options with a focus on cash value accumulation and long-term growth. Their policies provide competitive dividends and solid performance over time.
Why It’s Great:
- Solid Cash Value Growth: Lincoln’s policies focus on helping policyholders build cash value, which can be borrowed against or used to pay premiums.
- Customizable Options: Offers a variety of riders and additional options for policyholders who want more control over their coverage.
- Financial Stability: Lincoln Financial has high ratings for its financial strength and stability.
Pros:
- Solid cash value accumulation
- Customizable policy options and riders
- Strong financial stability and ratings
Cons:
- Premiums can be higher for certain riders and policies
- Can be more complex to understand without guidance.

8. Mutual of Omaha

Best For: Simplified whole life insurance and affordable premiums.
Overview: Mutual of Omaha provides affordable whole life insurance policies with a focus on straightforward coverage. Their policies are often easier to understand and offer simple benefits with guaranteed premiums.
Why It’s Great:
- Simplified Policies: Mutual of Omaha offers easy-to-understand whole life policies with guaranteed coverage and premiums.
- Affordable Coverage: Generally offers competitive pricing for basic whole life insurance policies.
- Reputable Company: Known for strong customer service and solid financial ratings.
Pros:
- Straightforward, easy-to-understand policies
- More affordable premiums than many competitors
- Strong reputation and customer support
Cons:
- Limited options for dividend-paying policies
- Less customization compared to other insurers.

9. MetLife (Now Brighthouse Financial)

Best For: Long-term protection and estate planning.
Overview: MetLife, which now operates as Brighthouse Financial, offers whole life insurance policies focused on long-term protection, estate planning, and wealth transfer.
Why It’s Great:
- Estate Planning Focus: MetLife’s whole life insurance policies are particularly suitable for estate planning, with high death benefits and strong cash value options.
- Flexible Coverage Options: Offers a range of riders and customization options.
- Financial Stability: Brighthouse Financial, the successor to MetLife, has strong financial ratings and a long history.
Pros:
- Excellent for estate planning and long-term wealth transfer
- Flexible policy options and add-ons
- Strong financial stability
Cons:
- May be more expensive for younger individuals
- Less focus on policyholders seeking short-term benefits.