Updated: August 16, 2025
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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.
USAA, Columbus, North American and Protective stand out for their 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.
USAA is the best overall whole life insurance company with a MoneyGeek score of 90. It's also the top provider for seniors, smokers, and overweight applicants. Columbus ranks highest for young adult men, while North American leads for young adult women. For people in poor health, Protective is our top choice.
Whole life insurance offers guaranteed death benefits, cash value growth and stable lifetime premiums. Compare the top providers in the table below to find the right fit for your needs.
Overall
| USAA
| 90
| $433
| $5,200
|
Senior Men
| USAA
| 90
| $1,289
| $15,467
|
Senior Women
| USAA
| 90
| $1,076
| $12,912
|
Young Adult Men
| Columbus Life
| 93
| $258
| $3,099
|
Young Adult Women
| North American
| 100
| $220
| $2,636
|
Male Smokers
| USAA
| 90
| $561
| $6,736
|
Female Smokers
| USAA
| 90
| $500
| $6,008
|
Men in Poor Health
| Protective
| 100
| $720
| $8,635
|
Women in Poor Health
| Protective
| 100
| $655
| $7,859
|
Overweight Men
| USAA
| 90
| $448
| $5,385
|
Overweight Women
| USAA
| 90
| $394
| $4,728
|
*Rates are based on our base profiles and MoneyGeek's 2025 survey of major insurers. 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.
USAA is the overall best whole life insurance company, with a MoneyGeek score of 90. It combines competitive pricing, broad policy offerings and excellent financial stability. Its products, which include term, whole, and universal life insurance, are accessible to U.S. citizens and permanent residents, with benefits varying by state.
The company allows policyholders to choose how they make payments for whole life insurance policies: for 20 years, until they turn 65, or for the policy's life. Whole life plans available include simplified whole life insurance and guaranteed issue whole life insurance.
USAA also ranks as the top choice for seniors, smokers, and people who are overweight. For seniors, average monthly costs are $1,289 for men and $1,076 for women. Smokers pay $561 for men and $500 for women. Overweight applicants average $448 for men and $394 for women monthly.
Columbus is the best whole life insurance provider for young adult men, with a MoneyGeek score of 93. It offers an average of $258 per month. Columbus provides term, whole and universal life insurance, with an accelerated death benefit rider available. All states and the District of Columbia offer policies, excluding New York.
The company's strong financial ratings and comprehensive coverage options make it a solid choice for young men seeking long-term protection and value in a whole life insurance policy.
North American is the best whole life insurance provider for young adult women, offering affordability, exceptional customer satisfaction, and comprehensive coverage. At $220 per month, it delivers strong value alongside an A+ AM Best rating and over 130 years of industry experience.
The company offers term, whole, and universal life insurance, with an accelerated death benefit rider available. While online quotes are limited to term policies and applications require working with an agent, North American's balance of low premiums and high-quality service makes it a top choice for women seeking lifelong financial protection.
Protective is the best whole life insurance provider for people in poor health, offering competitive rates and robust policy features. Men in poor health pay an average of $720 per month or $8,635 per year, while women pay $655 per month or $7,859 per year, making it the most affordable choice for this category.
Founded in 1907, Protective combines strong financial stability with multiple rider options to tailor coverage. While the company requires a medical exam and offers online quotes only for term life, it provides useful tools like a coverage needs calculator to help applicants determine the right protection. Its affordability and comprehensive offerings make it a top choice for high-risk applicants.
Whole life insurance offers permanent coverage, predictable premiums and a guaranteed death benefit, making it a solid choice for long-term financial planning. This guide explains how whole life policies work, who they're best suited for and what to consider when comparing providers. Whether you're evaluating cash value growth or insurer stability, the sections below will help you decide based on your needs and goals.
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.
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.
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.
Most insurers offer add-on riders to customize your policy. Popular options include:
Choose a provider with the features that match your financial and health planning needs.
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.
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.
Confirm that the insurer offers policies in your state. If you plan to move or retire elsewhere, look for companies that provide coverage across a wide range of states to avoid potential policy changes or restrictions.
Collect quotes from at least three insurers that meet your coverage needs. Compare:
Look beyond price to evaluate the structure and long-term benefits of each policy.
Work with a licensed agent who can explain policy options and answer questions about long-term performance. Independent agents offer products from multiple companies, while captive agents represent a single insurer. Choose an agent with strong product knowledge to help you weigh your options effectively.
You can often qualify for whole life 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.
Shopping for whole life insurance means understanding how insurers calculate your premiums. The cost depends on factors like age, health, gender and coverage amount, with younger applicants typically receiving lower rates due to reduced health risks. Use our cost breakdown below to estimate your potential premiums and budget accordingly.
| $50,000 | $7 | $83 |
| $100,000 | $14 | $166 |
| $150,000 | $21 | $249 |
| $200,000 | $28 | $332 |
| $250,000 | $35 | $415 |
| $300,000 | $42 | $498 |
| $350,000 | $49 | $581 |
| $400,000 | $56 | $664 |
| $450,000 | $63 | $747 |
| $500,000 | $70 | $830 |
| $550,000 | $76 | $913 |
| $600,000 | $83 | $996 |
| $650,000 | $90 | $1,080 |
| $700,000 | $97 | $1,163 |
| $750,000 | $104 | $1,246 |
| $800,000 | $111 | $1,329 |
| $850,000 | $118 | $1,412 |
| $900,000 | $125 | $1,495 |
| $950,000 | $132 | $1,578 |
| $1,000,000 | $139 | $1,661 |
| $1,500,000 | $208 | $2,491 |
| $2,500,000 | $347 | $4,152 |
*Rates above are for applicants who don't smoke, have average weight and average health rating.
You can bundle life insurance with another product, such as auto or home insurance, to potentially save money. — Mark Friedlander, Director, Corporate Communications, Insurance Information Institute
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 is one of the primary factors that influence the cost of your policy. Generally, younger people receive lower premiums, as insurers view them as lower risk.
Insurance companies often differentiate quotes for whole life insurance based on gender, where legally permitted. Typically, women may receive lower premiums due to a longer average lifespan.
Your overall health plays a key role in determining your premium. A comprehensive medical exam may be required to evaluate conditions affecting your policy cost.
Habits like smoking or excessive drinking can elevate your risk profile, increasing premiums.
Jobs that expose you to higher risks can result in increased policy costs. Occupations in fields like construction or aviation are often considered higher risk.
The more coverage you seek, the higher your premium will be. Balance your coverage needs with what you can afford.
Your place of residence can affect your premium. Insurance providers may adjust whole life insurance quotes based on local mortality rates and other demographic data.
Some policies offer optional riders, like long-term care coverage, which can add to the overall cost of your policy.
When you get a quote for whole life insurance, the sales illustration will show cash value growth and potential whole life dividends based on historical data. Though the minimum cash value growth is guaranteed, dividend payments are not.
If you no longer want your whole life insurance policy, you can surrender it. You'll receive any remaining cash value, but surrender charges may apply. These charges vary by company, which sets them for a specific period, known as a surrender charge period. Like a mortgage, the surrender charge period front-loads the interest, meaning you'll pay the highest charge in the first few years of the policy.
Whole life insurance is a type of permanent life insurance designed to provide financial protection until death, as long as you continue to pay your premiums according to the policy terms. Some whole life insurance policies have a limited payment period, which means they'll continue to accrue cash value after you pay the policy in full. For instance, a 20-year whole life policy requires 20 years of payments before policy fulfillment. This type of policy has a higher premium due to the shorter payment timeline.
Also, mutual whole life insurance companies may offer policies that include dividends. These are profits returned directly to policyholders instead of stockholders. Policyholders can use dividends in various ways, such as taking them as cash, paying premiums, paying outstanding loans against the cash value or buying paid-up additions. Paid-up additions can increase the death benefit amount and cash value by using the dividends to purchase additional whole life insurance coverage.
When researching whole life insurance, consider the initial cost, long-term benefits and potential for cash value growth and dividends. Understand the details of this insurance, whether you're seeking the best whole life insurance policy for young adults, for families or looking for the top companies.
Whole life insurance and term life insurance differ in several ways. Whole life insurance is a type of permanent life insurance, while term life insurance is temporary coverage. Both policies have level premiums, but whole life insurance provides lifetime coverage, whereas term life insurance expires once the term is over. If you renew term life insurance, you'll have to pay higher premiums based on your current age.
Whole life insurance builds cash value and may come with dividends, which insurers don't offer with term life insurance. The ability to accumulate cash value and receive dividends makes whole life insurance more expensive than term life insurance. The higher cost comes with lifelong protection and long-term financial planning benefits that term life insurance doesn't offer.
Consider your specific insurance needs before purchasing whole life insurance. Term life insurance may be the best choice if your primary goal is to cover temporary debts, such as a mortgage, or ensure your children can afford college after your death.
Whole life insurance 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 personnel often benefit from whole life insurance due to deployment risks and family protection needs. The Servicemembers' Group Life Insurance (SGLI) provides basic term coverage, but whole life offers permanent protection that continues after military service. Consider whole life if you want coverage that won't expire when you leave the military.
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.
Families with special needs dependents often choose whole life insurance to provide lifelong financial support. Unlike term insurance that expires, whole life insurance ensures coverage continues throughout the child's lifetime, providing security for ongoing care needs.
Older adults may purchase smaller whole life policies to cover funeral costs and final expenses, ensuring these costs don't burden family members. These policies typically don't require medical exams and offer guaranteed acceptance.
Depending on your needs, a combination of term life and whole life insurance may be the best solution. This strategy allows term life insurance to cover temporary needs while whole life insurance meets permanent needs. Your decision to buy whole life insurance depends on your circumstances and financial goals.
Compare whole life insurance with other types of life insurance to see which is best for your family's needs. We also analyzed and ranked the best life insurance companies for different policies.
Whole life insurance offers stability, lifelong protection and a guaranteed cash value component, making it a valuable tool for long-term planning. USAA ranks as the best provider with strong policy options and financial strength. Depending on the applicant's profile, Columbus, North American, and Protective may also be top options.
Comparing features like premium structure, policy flexibility, and insurer reputation will help you choose the best whole life policy for your needs.
Find the answers to some of the most common questions about the best whole life insurance policies and companies.
The best whole life insurance policy offers a mix of guaranteed cash value growth, competitive whole life insurance rates and potential dividends. It comes from a top whole life insurance company known for financial stability and customer satisfaction.
The best whole life insurance policy will depend on your individual needs and financial goals. When choosing a policy, consider the coverage amount, premium costs, cash value growth and additional benefits or riders offered. Based on MoneyGeek's analysis, USAA is the best overall provider for this type of policy.
Also read: Best Life Insurance Companies in 2025
Whole life insurance offers lifetime 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 whole life insurance from a mutual company, you may receive dividends. You can use these to pay premiums, purchase additional whole life insurance coverage or take them as cash. Understanding how life insurance works helps you make better decisions.
Whole life insurance is sold by mutual whole life insurance companies and other insurance providers that offer whole life insurance plans. These companies provide detailed whole life insurance quotes online or through licensed agents.
To obtain whole life insurance, start by requesting quotes from top-rated whole life insurance companies. Compare these quotes, policies and whole life insurance rates to find a plan that meets your financial goals and provides the coverage you need.
The main difference between whole and term life insurance is the length of coverage period. Whole life insurance is permanent and offers a level death benefit from when your policy is issued until death. Term life insurance provides a death benefit for a specific number of years, usually between 10 and 30. The policy expires after the term is over unless you renew it at your current age for a higher premium.
The choice between term and whole life insurance depends on your needs and circumstances. Term life insurance is generally 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 insurance offers permanent coverage and includes a savings component that builds cash value over time. This makes it 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.
Most life insurer health questionnaires will include a few COVID-19 questions. Previously having COVID-19 shouldn't impact your ability to purchase new life insurance coverage, according to the Insurance Information Institute. However, if you're experiencing long COVID symptoms, it may be considered a chronic condition and could impact the rate insurers charge you.
Whole life insurance shopping feels overwhelming because companies rarely advertise their rates upfront, and the permanent coverage features differ significantly from term life policies you might already understand. We designed our research to cut through the marketing noise and focus on what matters most when committing to decades of premium payments.
We analyzed life insurance quotes alongside customer satisfaction data, financial stability reports, and product offerings to identify which whole life insurance companies deliver the best value for your premium dollars. Our scoring system weights the factors impacting your long-term policyholder experience.
How We Scored Companies
We ranked whole life insurance companies using these weighted categories:
Our Testing Process
Each company's score reflects real-world research across multiple areas:
Sample Customer Profile
Our quotes use this standard profile unless noted otherwise:
We modified age, gender, height, weight, tobacco use, health status and location to gather quotes for different customer types. This approach revealed pricing patterns and helped us identify which companies offer the best value across various demographics.
The companies we reviewed provide broad national coverage and offer online quotes, making them accessible options for most shoppers researching whole life insurance.
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!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
