Whole life insurance offers guaranteed death benefits, cash value growth and stable lifetime premiums. Compare the best insurance companies in the table below to find the right fit for your needs:
Best Whole Life Insurance Companies & Policies in 2025
North American, Protective Insurance, and Midland National are the best whole life insurance companies in 2025.
Find out if you're overpaying for life insurance below.
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Updated: October 27, 2025
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Key Takeaways
Whole life insurance provides lifelong coverage with fixed premiums and a cash value component that grows over time, making it ideal for long-term planning.
North American, Protective Insurance, and Midland National stand out for their competitive rates, financial stability, customer experience and policy customization options.
Financial strength, policy flexibility and cash value growth are key factors when choosing a whole life policy.
What Are the Best Whole Life Insurance Companies?
Best For | Company | Avg. Monthly Rate | Ages | Exam Required? | MoneyGeek Score |
|---|---|---|---|---|---|
North American | $360 (Female), $431 (Male) | 18-60 | Yes | 5 | |
Protective Insurance | $402 (Female), $432 (Male) | 20-80 | No | 4.8 | |
Midland National | $360 (Female), $431 (Male) | 18-75 | Yes | 4.6 | |
Pacific Life | $396 (Female), $455 (Male) | 18-75 | No | 4.5 | |
Columbus Life | $388 (Female), $465 (Male) | 18-75 | Yes | 4.3 |
* Rates are based on quotes we obtained in our 2025 survey for 30-year-old non-smokers in good to average health. Costs vary depending on the applicant's age, gender, health rating, smoking status, weight, coverage needs and state regulations. Some states prohibit gender-based pricing. Contact insurers directly for personalized quotes.
Best Whole Life Insurance Company Overall: North American
North American
MoneyGeek Rating
5/ 5
5/5Affordability
5/5Customer Experience
5/5Coverage Options
Avg. Monthly Rate
$360 (Female), $431 (Male)Ages
18-60Exam Required
Yes
Best for Poor Health: Protective Insurance
Protective
MoneyGeek Rating
4.8/ 5
5/5Affordability
5/5Customer Experience
3.3/5Coverage Options
Avg. Monthly Rate
$402 (Female), $432 (Male)Ages
20-80Exam Required
No
Most Affordable: Midland National
Midland National
MoneyGeek Rating
4.6/ 5
5/5Affordability
3.8/5Customer Experience
5/5Coverage Options
Avg. Monthly Rate
$360 (Female), $431 (Male)Ages
18-75Exam Required
Yes
Most Flexible Plans: Pacific Life
Pacific Life
MoneyGeek Rating
4.5/ 5
5/5Affordability
3.3/5Customer Experience
5/5Coverage Options
Avg. Monthly Rate
$396 (Female), $455 (Male)Ages
18-75Exam Required
No
Best for Young Adults: Columbus Life
Columbus
MoneyGeek Rating
4.3/ 5
5/5Affordability
3.3/5Customer Experience
3.3/5Coverage Options
Avg. Monthly Rate
$388 (Female), $465 (Male)Ages
18-75Exam Required
Yes
What Is Whole Life Insurance?
Whole life insurance covers you for your entire life. Pay your premiums, and your coverage never expires. Term life insurance ends after 10, 20, or 30 years, but whole life doesn't. Whole life policies also build cash value over time that you can borrow against or withdraw.
Your premiums never increase, and your beneficiaries receive a guaranteed death benefit when you pass away. Whole life policies are a solid choice if you want lifelong financial protection for your family plus a savings component that grows tax-deferred.
KEY FEATURES OF WHOLE LIFE INSURANCE
- Lifetime Coverage: Your policy stays in force for your entire life, so your family receives the death benefit no matter when you pass away. You won't have to worry about your coverage expiring or needing to renew.
- Fixed Premiums: Your monthly or annual premium amount is locked in when you buy the policy and never increases. Budgeting is easier since you'll know exactly what you're paying for decades to come.
- Cash Value Accumulation: Part of each premium payment goes into a cash value account that grows over time at a guaranteed rate. After your policy has been in force for a period (usually 2-3 years), you can borrow against this or withdraw funds if you need money during your lifetime. Loans reduce your death benefit if not repaid, and withdrawals may be subject to surrender charges.
- Guaranteed Death Benefit: Your beneficiaries receive a predetermined payout when you die, regardless of when that happens. Known as a death benefit, this gives your family financial certainty and helps with estate planning.
- Tax Advantages: The cash value in your policy grows tax-deferred, and your beneficiaries receive the death benefit tax-free.
Types of Whole Life Insurance
This insurance comes in several types to match your financial goals. Use this comparison chart to help determine which is the best policy for you:
Type | Premium Structure | Cash Value Growth | Flexibility | Best For |
|---|---|---|---|---|
Traditional Whole Life | Fixed for life | Guaranteed rate with predictable growth | No adjustments allowed | People who want simple, guaranteed coverage with no surprises |
Participating Whole Life | Fixed for life | Guaranteed rate plus potential dividends | Limited: can use dividends to reduce premiums or buy additional coverage | People who want upside potential while keeping guaranteed minimums |
Flexible: can increase or decrease within limits | Varies based on current interest rates (usually with a guaranteed minimum) | High: adjust premiums and death benefit as needs change | People with fluctuating income or changing coverage needs | |
Limited Pay Whole Life | Higher premiums for set period (10, 20 years, or to age 65) | Guaranteed rate with faster accumulation | No adjustments after policy is paid up | People who want to finish paying while working and own coverage free and clear in retirement |
How to Find the Best Whole Life Insurance Companies
Choosing the right whole life insurance provider isn't just about finding the cheapest rates. A strong policy offers long-term value, dependable service, and flexibility that fits your financial goals. Use this step-by-step guide to compare insurers across the most important factors.
Check Financial Strength Ratings
Start by reviewing financial strength ratings from independent agencies such as AM Best, Standard & Poor’s, and Moody’s. Look for companies with high ratings that show a strong ability to meet long-term obligations. These ratings help confirm that the insurer can pay claims and support your policy throughout your lifetime.
Understand Dividend Participation
Some whole life insurance policies are participating, meaning they may pay annual dividends based on the insurer’s financial performance. If you're considering dividend-paying policies, focus on companies with a long history of consistent dividend payments through different economic conditions. Not all whole life policies offer dividends, and not all insurers are mutual companies.
Compare Policy Features and Riders
Most insurers offer add-on riders to customize your policy. Popular options include:
- Waiver of Premium: Pauses payments if you become disabled.
- Long-Term Care or Chronic Illness Riders: Allow access to a portion of the death benefit for qualifying health needs.
- Guaranteed Insurability Rider: Allows future coverage increases without medical underwriting.
Choose a provider with the features that match your financial and health planning needs.
Evaluate Customer Service and Reputation
Check customer satisfaction data from sources like J.D. Power and complaint records from state insurance departments or the NAIC. Research how each company handles claims, billing, and service. Call customer support or review customer experiences to assess the responsiveness and quality of assistance.
Consider No-Exam Policy Availability
Some insurers offer simplified issue or guaranteed issue whole life policies without requiring a medical exam. These work well for people with health conditions or those applying for small coverage amounts. These policies tend to have higher premiums and lower benefit limits than fully underwritten options.
Request and Compare Multiple Quotes
Collect quotes from at least three insurers that meet your coverage needs. Compare:
- Premium amounts
- Cash value growth projections
- Dividend illustrations (if applicable)
- Loan terms and policy flexibility
Look beyond price to evaluate the structure and long-term benefits of each policy.
NO-EXAM WHOLE LIFE INSURANCE
You can often qualify for insurance without a medical exam, making coverage more accessible if you have health concerns or prefer privacy.
No-exam life insurance policies typically include a waiting period (usually two years) where full death benefits aren't paid for natural causes. During this period, beneficiaries receive premiums paid plus interest. After the waiting period, full death benefits apply regardless of cause.
These policies are best for people looking for life insurance with pre-existing health conditions, those who want immediate coverage, or anyone seeking privacy about their medical information.
How Much Does Whole Life Insurance Cost?
The cost of this insurance depends on factors like age, health, gender and coverage amount. Younger applicants tend to receive lower rates due to reduced health risks. Use our cost breakdown below to estimate your potential premiums and budget accordingly:
Data filtered by:
30
Female
| $100,000 | $80 | $958 |
| $250,000 | $200 | $2,396 |
| $500,000 | $399 | $4,792 |
| $750,000 | $599 | $7,189 |
| $1,000,000 | $799 | $9,585 |
| $1,500,000 | $1,198 | $14,377 |
* Rates above are for applicants who don't smoke, have average weight and average health rating.
WHOLE LIFE INSURANCE COST FACTORS
Insurance providers assess a range of factors to calculate your life insurance premium. These elements range from personal health status to geographical location. Understanding these factors can help you navigate whole life insurance costs.
- Age. Younger people pay much lower premiums, because insurers view them as lower risk.
- Gender. Insurance companies often have different ratesbased on gender, where legally permitted. Women tend to receive lower premiums due to a longer average lifespan.
- Health Status. A comprehensive medical exam is often required to evaluate conditions affecting your policy cost. People in poor health may pay more, because insurance companies view them as a higher risk.
- Lifestyle Habits. Habits like smoking or excessive drinking can elevate your risk profile, increasing premiums.
- Occupation. Jobs that expose you to higher risks, like construction or aviation, result in increased policy costs.
- Coverage. The more coverage you seek, the higher your premium will be. Balance your coverage needs with what you can afford.
- Geographical Location. Your place of residence can affect your premium. Insurance providers sometimes adjust quotes based on local mortality rates and other demographic data.
- Additional Benefits or Riders. Some policies offer optional riders, like long-term care coverage, which can add to the overall cost of your policy.
Who Should Buy Whole Life Insurance?
Think about your specific insurance needs before purchasing whole life insurance. Term life insurance could be the best choice if your primary goal is to cover temporary debts, like a mortgage, or ensure your children can afford college after your death.
Whole life works better when you need permanent financial protection that won't expire. The guaranteed cash value, level premiums and lifelong coverage make it suitable for specific situations where term insurance falls short.
- Military Families. Military personnel often benefit from whole life insurance due to deployment risks and family needs. The Servicemembers' Group Life Insurance (SGLI) provides basic term coverage, but whole life offers permanent financial protection that continues after military service. Choose whole life if you want coverage that won't expire when you leave the military.
- High-Net-Worth. Wealthy families use whole life insurance for estate planning and tax advantages. The death benefit can provide liquidity to pay estate taxes, while the cash value grows tax-deferred. Business owners may use whole life for buy-sell agreements or key person coverage.
- Parents of Special Needs Children. Families with special needs dependents often choose whole life insurance to provide lifelong financial support.
- Seniors Seeking Final Expense Coverage. Older adults may purchase smaller policies to cover funeral costs and final expenses, ensuring these costs don't burden family members. These policies don't usually require medical exams and offer guaranteed acceptance.
Whole Life Insurance Alternatives
You have several alternatives that can provide financial protection for your family. Here are the main types of insurance, each with different coverage durations and features that might better fit your situation:
Type | Coverage Duration | Premium Structure | Cash Value | Best For |
|---|---|---|---|---|
Whole Life Insurance | Lifetime | Fixed for life | Yes, guaranteed growth rate | People who want lifelong coverage with guaranteed cash value and predictable costs |
10, 20 or 30 years | Fixed for term period | No | People who need affordable coverage for a specific timeframe. | |
Lifetime | Flexible | Yes, varies with interest rates | People who want permanent coverage with flexibility to change premiums and death benefits | |
Lifetime | Flexible | Yes, tied to stock market index performance | People who want growth potential linked to market performance with downside protection | |
Lifetime | Fixed for life | Limited or none | Seniors who want to cover funeral costs and final expenses without burdening family |
Best Whole Life Insurance: Bottom Line
This form of insurance offers stability, lifelong financial protection and a guaranteed cash value component, making it a valuable tool for long-term planning. North American is the best whole life insurance provider with strong policy options and financial strength. Depending on your profile, Protective Insurance, Midland National, Pacific Life, and Columbus Life may also be good options.
Comparing features like premium structure, policy flexibility, and provider reputation will help you choose the best policy for your needs.
Frequently Asked Questions (FAQs)
Find the answers to some of the most common questions you have about insurance.
How does whole life insurance work?
It offers lifetime financial protection with level premiums and a guaranteed death benefit. In exchange for your monthly or annual premiums, the life insurance company promises minimum cash value growth and a death benefit paid to your beneficiary when you die.
If you buy insurance from a mutual company, you may receive dividends when the company performs well financially. Dividends aren't guaranteed and vary based on the insurer's actual expenses, mortality experience, and investment returns. Understanding how life insurance works helps you make better decisions.
Is term or whole life insurance better?
Term life insurance is more affordable and offers coverage for a set period, making it a good choice for those with temporary financial obligations or a limited budget.
Whole life offers permanent coverage and includes a savings component that builds cash value over time. It’s a good choice for those who want lifelong coverage and the ability to accumulate savings that you can borrow against or use to pay premiums.
How does the cash value in whole life insurance work?
Part of each premium goes into a cash value account that grows at a guaranteed rate. You can borrow against or withdraw this money, though doing so reduces your death benefit. The cash value grows tax-deferred over time.
Is whole life insurance worth it?
It is worth it if you need lifelong coverage, want guaranteed cash value growth, and can afford higher premiums. If you only need temporary coverage or are on a tight budget, term life insurance might make more financial sense.
Can I cancel my whole life insurance policy?
You can cancel anytime and receive the cash surrender value, which is your cash value minus surrender charges. These charges decrease over time and may disappear entirely after 10 to 20 years, depending on your policy. Try alternatives like reducing coverage or taking policy loans first.
How much whole life insurance do I need?
Most experts recommend coverage equal to 10 to 15 times your annual income. Think about your debts, income replacement needs and final expenses. Since this insurance costs more than term life, you might buy a smaller permanent policy for lifelong needs. Use our life insurance calculator to help determine your coverage need.
Finding the Best Whole Life Insurance Companies: Expert Advice
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Our Methodology
Whole life insurance shopping feels overwhelming because companies rarely advertise their rates upfront, and committing to decades of premium payments requires confidence that your insurer will still be financially strong when your beneficiaries need the death benefit. We built this research to reveal which companies deliver real value for permanent coverage.
We ranked whole life insurance companies using three weighted factors:
- Affordability accounts for 50% because you'll pay these premiums for life. We collected quotes through online systems and direct agent contact to understand pricing patterns across different demographics and coverage amounts, revealing which companies offer competitive rates without sacrificing quality.
- Customer experience makes up 30% because you're entering a decades-long relationship with your insurer. We analyzed complaint data from the National Association of Insurance Commissioners (NAIC) to identify companies with consistently satisfied policyholders. Strong customer service matters significantly for whole life since you'll interact with your insurer for policy loans, dividend decisions, beneficiary changes and eventually claims processing.
- Coverage options contribute 20% because policy flexibility and available riders determine whether your whole life insurance adapts to changing needs. We evaluated dividend participation options, rider availability (waiver of premium, long-term care access, guaranteed insurability), and policy customization features that add value beyond basic death benefit protection.
Our sample customer profile included:
- 40-year-old male, nonsmoker
- 5 feet 9 inches tall, 160 pounds
- Average health rating
- Standard coverage amounts from $50,000 to $500,000
From this baseline, we modified age (18 to 80), gender, height, weight, tobacco use, health status, and location to gather quotes for different customer types. This approach revealed pricing patterns showing which companies offer the best value across demographics,
Financial strength evaluation proved critical since whole life insurance requires insurers to remain stable for decades. We examined AM Best ratings and company histories to assess long-term viability—committing to 30+ years of premiums demands confidence your insurer can pay the death benefit whether you die next year or in 2060.
We tested the buying process by reviewing online quote systems, examining policy materials, and assessing payment flexibility because convenience matters when managing a lifelong financial commitment.
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About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
He writes about economics and insurance, breaking down complex topics so people know what they're buying.