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 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: November 12, 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.
Why You Can Trust MoneyGeek
We analyzed 30 insurance companies offering whole life insurance policies to create our list, scoring the best options based on affordability, customer experience and coverage options. MoneyGeek maintains editorial independence and doesn't receive compensation from insurance companies for life insurance rankings or recommendations. For more information, read our full methodology.
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
MoneyGeek Rating
5/ 5
5/5Affordability
5/5Customer Experience
5/5Coverage Points
Avg. Monthly Rate
$360 (Female), $431 (Male)Ages
18-60Exam Required
Yes
Best for Poor Health
Protective
MoneyGeek Rating
4.8/ 5
5/5Affordability
5/5Customer Experience
3.3/5Coverage Points
Avg. Monthly Rate
$402 (Female), $432 (Male)Ages
20-80Exam Required
No
Most Affordable
Midland National
MoneyGeek Rating
4.6/ 5
5/5Affordability
3.8/5Customer Experience
5/5Coverage Points
Avg. Monthly Rate
$360 (Female), $431 (Male)Ages
18-75Exam Required
Yes
Most Flexible Plans
Pacific Life
MoneyGeek Rating
4.5/ 5
5/5Affordability
3.3/5Customer Experience
5/5Coverage Points
Avg. Monthly Rate
$396 (Female), $455 (Male)Ages
18-75Exam Required
No
Best for Young Adults
Columbus
MoneyGeek Rating
4.3/ 5
5/5Affordability
3.3/5Customer Experience
3.3/5Coverage Points
Avg. Monthly Rate
$388 (Female), $465 (Male)Ages
18-75Exam Required
Yes
How Does Whole Life Insurance Work?
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 lasts for your entire life, so your family will receive the death benefit whenever you pass away. There’s no need to worry about your coverage expiring or having to renew it.
- Fixed Premiums: Your premium amount is set when you buy the policy and never increases. This makes budgeting easier since you’ll always know how much you’re paying.
- Cash Value Accumulation: A portion of each premium goes into a cash value account that grows at a guaranteed rate. After the policy has been active for a few years (usually two to three), you can borrow or withdraw from it if needed. Keep in mind that unpaid loans reduce your death benefit, and withdrawals may include surrender charges.
- Guaranteed Death Benefit: Your beneficiaries receive a fixed payout when you die, no matter when that happens. This death benefit provides financial security for your family and supports long-term 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
You can choose from several types of this insurance, depending on your financial goals. Check the chart to see which one fits you best:
Type | Premium Structure | Cash Value Growth | Flexibility | Best For |
|---|---|---|---|---|
Traditional Whole Life | Fixed for life | Predictable growth at a guaranteed rate | No adjustments allowed | Buyers seeking straightforward, guaranteed coverage with predictable costs |
Participating Whole Life | Fixed for life | Fixed rate plus potential dividends | Limited: Can use dividends to reduce premiums or buy additional coverage | People seeking growth potential while maintaining guaranteed minimums |
Limited Pay Whole Life | Higher premiums for set period (10, 20 years, or to age 65) | Accelerated accumulation at a guaranteed rate | No adjustments after policy is paid up | Buyers who prefer completing payments during working years and owning paid-up coverage in retirement |
How to Find the Best Whole Life Insurance Companies
Choosing a whole life insurer isn’t only about cheap prices. Look for long-term value, reliable service and flexible features that match your financial goals. Use this step-by-step guide to compare providers on the factors that matter most.
Check Financial Strength Ratings
Check financial strength ratings from independent agencies like A.M. Best, Standard & Poor’s and Moody’s. Choose insurers with high scores that show they can meet long-term commitments. These ratings confirm the company’s ability to stay financially stable and pay claims over your lifetime.
Understand Dividend Participation
Some whole life insurance policies are participating, which means they can pay annual dividends depending on the insurer’s financial results. If you’re interested in these policies, look for companies with a strong record of paying dividends consistently, even during tough economic times. Keep in mind that not all whole life policies include dividends and not every insurer is a mutual company.
Compare Policy Features and Riders
Many companies offer optional life insurance riders to help you personalize your policy. Common choices include:
- Waiver of Premium: Lets you pause payments if you become disabled.
- Long-Term Care or Chronic Illness Riders: Gives access to part of your death benefit if you need care for a qualifying health condition.
- Guaranteed Insurability Rider: Lets you increase coverage later without another medical exam.
Choose a company that offers the riders that fit your financial and health needs.
Evaluate Customer Service and Reputation
Check customer satisfaction ratings from sources like J.D. Power and review complaint data from state insurance departments or the NAIC. Look into how each company manages claims, billing and overall service. You can also contact customer support or read customer reviews to see how responsive and helpful they are.
Consider No-Exam Policy Availability
Some insurers offer simplified or guaranteed issue whole life policies that skip the medical exam. They’re a good fit if you have health issues or only need a small amount of coverage. Keep in mind, though, that these policies usually cost more and have lower benefit limits than fully underwritten ones.
Request and Compare Multiple Quotes
Collect quotes from at least three insurers that meet your coverage needs. Compare the following:
- Premium amounts
- Cash value growth projections
- Dividend illustrations (if applicable)
- Loan terms and policy flexibility
Look beyond the price to understand how each policy is structured and what long-term benefits it offers.
How Much Does Whole Life Insurance Cost?
Life insurance costs vary based on your age, health, gender and coverage amount. Younger people usually get lower rates because they pose fewer health risks. Use the breakdown below to get an idea of your potential premiums and plan your budget.
North American | $281 | $347 | $589 | $656 | $1,828 | $2,231 |
Protective Insurance | $308 | $350 | $580 | $637 | $1,612 | $1,901 |
Midland National | $281 | $347 | $589 | $656 | $1,828 | $2,231 |
Pacific Life | $313 | $377 | $630 | $698 | $1,864 | $2,303 |
Columbus Life | $293 | $352 | $651 | $751 | $1,915 | $2,377 |
* Rates above are for $500,000 whole life insurance policies for people who don't smoke and have average weight and health.
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.
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 makes up 50% of the score since you’ll be paying premiums for life. We gathered quotes online and through agents to compare prices across different ages and coverage amounts. This helped identify companies that offer competitive rates without compromising quality.
- Customer experience counts for 30% because whole life insurance is a long-term commitment. We reviewed complaint data from the National Association of Insurance Commissioners (NAIC) to find companies with consistently satisfied policyholders. Good service is important since you’ll contact your insurer for policy loans, dividends, beneficiary updates and eventually, claims.
- Coverage options contribute 20% of the score because flexibility and rider choices help your policy adapt to changing needs. We looked at dividend participation, rider availability (waiver of premium, long-term care, guaranteed insurability) and customization features that add value beyond the basic death benefit.
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.