Best Whole Life Insurance Companies (2026)

USAA is the best whole life insurance company overall in 2026, with the lowest rates in our analysis at $504 per month for 40-year-old women and $513 for men with a $500,000 policy. Gerber Life has the lowest rates at age 60, while Protective has the lowest rates for 20-year-old women. USAA also provides up to $10 million in coverage and holds the highest possible A++ AM Best financial strength rating.

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Best Whole Life Insurance Companies (2026)

Written by Patrick Bryant

Updated: October 2, 2026

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Key Takeaways

USAA is best whole life insurance overall: A 40-year-old woman pays $504 per month and a man pays $513 for $500,000 in coverage, compared with $521 for women and $556 for men at Gerber Life and $586 for women and $663 for men at Protective.

The cheapest whole life insurance company changes by age and gender. Protective has the lowest rates for 20-year-old women at $290 per month, while USAA is lowest for 20-year-old men at $319. For 60-year-olds, Gerber Life is cheapest for both women and men at $1,121 and $1,286 per month.

Whole life costs much more than term life. At age 40, USAA's monthly rates for a $500,000 whole life policy are $504 for women and $513 for men, compared with average rates of $47 for women and $59 for men with a 20-year term life policy. That's about 11 times more for women and nearly nine times more for men.

Whole life insurance is better for permanent financial needs than temporary income replacement. Its lifelong coverage, guaranteed cash value and guaranteed death benefit can support estate planning, inheritance goals or a lifelong dependent. Term life insurance, by comparison, provides more death benefit per premium dollar for temporary needs.

Whole life insurance is best for long-term needs: It's best suited for people who need lifelong coverage, want to leave a guaranteed inheritance or have estate planning needs that won't disappear over time.

Best Whole Life Insurance Companies

We analyzed thousands of quotes to identify the best whole life insurance companies based on affordability, customer experience and coverage options.

USAA, Gerber Life and Protective each lead on price for different age profiles. USAA has the lowest rates for both women and men at age 40, while Gerber Life is cheapest at age 60 and Protective has the lowest rates at age 20 for women. For 40-year-olds, USAA costs $17 less per month on average than Gerber Life and $82 less than Protective for women, with savings of $43 and $150, respectively, for men.

Coverage limits also vary. USAA and Protective both allow up to $10 million in whole life coverage, while Gerber Life is limited to $1 million for people 55 or younger and only $500,000 at older ages.


Overall	USAA	$504 (Female), $513 (Male)	18-85	$10 million	4.7
Seniors	Gerber Life	$521 (Female), $556 (Male)	18-80	$1 million (up to 55), $500,000 (56-80)	4.0
Young Adults	Protective	$586 (Female), $663 (Male)	0-80	$10 million	3.8

* Rates shown are for 40-year-old non-smokers in average health. Your actual costs will vary depending on your age, gender, health rating, smoking status, weight, and coverage.

MoneyGeek scored whole life insurance carriers on three weighted factors:

Affordability (50%): We gathered quotes online and through agents across different ages and coverage amounts. Lower relative costs score higher.
Customer experience (30%): We reviewed customer forums, NAIC complaint data and industry ratings. Higher scores reflect consistent policyholder satisfaction across policy loans, billing, beneficiary updates and claims.
Coverage options (20%): We assessed dividend participation, rider availability (waiver of premium, long-term care, guaranteed insurability) and customization options. More flexibility scores higher.

We also compared rates by age to identify companies that perform particularly well for different buyer profiles. A company may rank highly for younger or older applicants even if another insurer performs better overall because whole life pricing varies widely by age.

Read more in our full Life Insurance Methodology.

USAA

Best Overall

MoneyGeek Rating

4.7/ 5

5/5Affordability

3.9/5Customer Experience

4.9/5Coverage

Average Monthly Rate
$504 (Female), $513 (Male)
Ages
18-85
Coverage Limit
$10 million

pros
- Highest possible A++ AM Best financial strength rating
- Up to $10 million in whole life coverage
- Accepts applicants from ages 18 to 85
- Flexible payment structures
cons
- Pricing less competitive for seniors
USAA has the lowest whole life rates in our analysis for 40-year-olds. A 40-year-old woman pays $504 per month, while a man pays $513 for a $500,000 policy, compared with $521 and $556 at Gerber Life and $586 and $663 at Protective. That gives USAA a monthly price advantage of up to $82 for women and $150 for men among the three companies reviewed.

USAA has a $10 million maximum coverage limit, the highest possible A++ AM Best financial strength rating and a 0.12 NAIC complaint index that's well below the 1.0 industry baseline. Its Secure Non-Participating Whole Life policy is available for ages 18 to 85 with coverage from $50,000 to $10 million. A unique benefit that no other provider in our list has is its flexible premium payment options. You can pay premiums for life, for 20 years or until age 65.

USAA is best for middle-aged buyers who want higher whole life coverage amounts or the ability to finish premium payments before retirement. Its pricing is less competitive at older ages. At age 60, Gerber Life costs $282 less per month for women and $145 less for men.
- AM Best rating: A++
- NAIC complaint index: 0.12
- J.D. Power score: N/A
Policy name: USAA Secure Non Participating Whole Life
- Coverage range: $50,000 to $10 million
- Supported ages: 18 to 85
- Payment options: Pay for life (coverage to age 121), paid up at 65 or 20-pay
- Availability: Not sold in New York
Policy name: Guaranteed Issue Whole Life
- Coverage range: $2,000 to $25,000, no health questions
- Supported ages: 45 to 85, or 50 to 75 in New York
- Death benefit: Graded for 2 years (premiums plus 20%)
Riders:
- Life Event Option lets you buy more coverage after life events with no new underwriting, up to six times, before age 45
- Military Severe Injury Benefit pays $25,000
- Military Future Insurability
- Accelerated death benefit
- Waiver of premium
- Child rider
- Motor vehicle accidental death rider (on Guaranteed Issue)

Gerber

Best for Seniors

MoneyGeek Rating

4.0/ 5

4/5Affordability

3.7/5Customer Experience

4.3/5Coverage

Average Monthly Rate
$521 (Female), $556 (Male)
Ages
18-80
Coverage
$1,000,000

pros
- No medical exam required for coverage up to $1 million
- Lowest average rates at age 60 among reviewed companies
- One policy can cover multiple family members
cons
- Coverage cap drops to $500,000 at 56 years old
- Relatively high NAIC complaint index of 0.53
Gerber Life has the lowest whole life rates for seniors in our analysis. A 60-year-old woman pays $1,121 per month and a man pays $1,286 for $500,000 in coverage. Women save $278 per month compared with Protective and $282 compared with USAA, while men save $326 compared with Protective and $145 compared with USAA.

The tradeoff is lower coverage limits at older ages. Gerber's Family Plan Whole Life policy allows up to $1 million for younger applicants but caps coverage at $500,000 for people 56 and older, compared with maximums of $10 million at USAA and Protective. For many seniors, however, $500,000 is more than enough if their primary goals are covering final expenses, leaving an inheritance or handling smaller remaining debts rather than replacing decades of income.

Gerber Life also has guaranteed-issue whole life policies of up to $25,000 for eligible applicants ages 50 to 80. These policies skip the medical exam and health questions and are designed primarily to cover final expenses.
- AM Best rating: A+
- NAIC complaint index: 0.53
- J.D. Power score: N/A
Policy name: Family Plan Whole Life (adult)
- Coverage range: $50,000 to $1 million, or $500,000 at age 56 and older. No exam in most cases. Applicants 55 and older buying more than $100,000 may need one.
- Supported ages: 18 to 80
- Availability: Not sold in New York
Policy name: Grow-Up Plan (children's)
- Coverage range: $5,000 to $50,000, no medical exam. Coverage doubles at age 18 with no premium increase.
- Supported ages: 14 days to 14 years
- Who can apply: Parents, grandparents or legal guardians
Policy name: Guaranteed Life (guaranteed issue)
- Coverage range: $5,000 to $25,000, or up to $15,000 in South Dakota. No health questions.
- Supported ages: 50 to 80, or 50 to 75 in New York
- Death benefit: Graded for 2 years. A death from natural causes in that period pays 110% of premiums, and an accidental death pays the full amount.
- Availability: Not sold in Montana
Riders:
- Accelerated death benefit
- Spouse rider
- Child rider
- Guaranteed purchase option (Grow-Up® Plan) allows child to buy more coverage as an adult without a medical exam
- Waiver of premium

Protective

Best for Young Adults

MoneyGeek Rating

3.8/ 5

4/5Affordability

3.5/5Customer Experience

3.7/5Coverage

Average Monthly Rate
$586 (Female), $663 (Male)
Ages
0-80
Coverage
$10 million

pros
- High coverage limit
- Affordable premiums for young adults
- Accepts applicants from birth
cons
- Less competitive premiums for older ages
Protective has the lowest whole life rates for young women in our analysis at $290 per month for $500,000 in coverage, compared with $307 at Gerber Life and $311 at USAA. For 20-year-old men, however, USAA is cheaper at $319 per month compared with $336 at Protective and $356 at Gerber Life.

Protective's pricing advantage disappears at older ages. For 40-year-olds, Protective costs $586 per month for women and $663 for men, compared with $504 and $513 at USAA. At age 60, its rates rise to $1,399 for women and $1,612 for men.

Its fully underwritten Protective Series Whole Life policy offers $100,001 to $10 million in coverage for applicants from 15 days old through age 80, the broadest age range in our analysis and the only whole life provider we reviewed that covers applicants under 18. Its simplified-issue policy allows $20,000 to $100,000 in coverage without a medical exam for eligible applicants through age 65.
- AM Best rating: A+
- NAIC complaint index: 0.21
- J.D. Power score: 597 (21st)
Policy name: Protective Series Whole Life
- Coverage range: $100,001 to $10 million, fully underwritten
- Supported ages: 15 days to 80
- Payment options: Pay to 100 or 20-pay
- Availability: Not sold in New York
Policy name: Protective Series Whole Life Simplified Issue
- Coverage range: $20,000 to $100,000, no medical exam
- Supported ages: 15 days to 65
- Payment options: Pay to 100 or 20-pay
Riders:
- Waiver of premium
- Accelerated death benefit
- Accidental death benefit
- Child term rider

How Does Whole Life Insurance Work?

Whole life insurance covers you for life and builds cash value you can borrow against. The tradeoff is cost: in MoneyGeek's rate analysis, a 40-year-old woman buying $500,000 in whole life coverage pays about 11 times more a month than a comparable 20-year term policy.

Cash value grows tax-deferred at a guaranteed rate, but it can take years to accumulate value. Whole life is worth considering if you need permanent coverage for estate planning, a lifelong dependent or an inheritance goal. If your main priority is getting the largest death benefit for the lowest premium, term life costs much less.

KEY FEATURES OF WHOLE LIFE INSURANCE

Lifetime coverage: Whole life remains in force for life as long as required premiums are paid. It's more suitable than term insurance for financial needs that don't expire.
Fixed premiums: Your premium is established when the policy is issued and doesn't increase as you age. Buying earlier locks in a lower rate for life.
Guaranteed cash value: Part of your premium builds cash value according to your policy's guarantees. You can borrow against or withdraw from that value, but withdrawals and unpaid loans can reduce the death benefit.
Guaranteed death benefit: Your beneficiaries receive the policy's death benefit as long as your policy remains in force, which can support inheritance or estate-planning goals.
Tax treatment: Cash value grows tax-deferred, and life insurance death benefits are paid to beneficiaries income-tax-free.

Who Should Consider Whole Life Insurance?

Whole life insurance is most appropriate when your beneficiary's financial need is expected to last for life and the higher premium fits your budget. At 40 years old, the whole life options in our analysis start above $500 per month for $500,000 in coverage, compared with average 20-year term rates of $47 for women and $59 for men.

Consider whole life if you:

Need lifelong coverage for a dependent with permanent financial needs
Want to leave a guaranteed inheritance
Have estate planning or liquidity needs
Want guaranteed cash value in addition to a death benefit
Prefer fixed premiums that won't increase with age

Consider term life instead if you:

Mainly need income replacement while children are young
Want coverage for a mortgage or other temporary obligation
Need a large death benefit at the lowest possible cost
Don't need the cash value component

Types of Whole Life Insurance

Whole life policies differ in both premium structure and dividend treatment. USAA and Protective, for example, have limited-payment options that let you complete premiums over 20 years rather than paying for life. USAA also offers an option to have its policy paid up by age 65. These structures require higher premiums during the payment period but can eliminate life insurance payments later in retirement.

Dividend treatment is a separate decision. Participating whole life policies may pay non-guaranteed dividends based on insurer performance, while non-participating policies rely on guaranteed policy values without dividends. USAA's featured Secure Non-Participating Whole Life policy is an example of the latter.

Premium Structure


Traditional whole life	Level premiums paid for life	Buyers prioritizing predictable lifelong payments
Limited-pay whole life	Higher premiums for a set period, such as 10 or 20 years	Buyers who want the policy paid up before retirement
Single-premium whole life	One lump-sum payment	Buyers able to fund permanent coverage upfront
Modified whole life	Lower introductory premiums followed by higher level premiums	Buyers prioritizing lower initial payments

Dividend Structure


Participating	May pay non-guaranteed dividends based on insurer performance	Buyers interested in dividend potential
Non-participating	Does not pay dividends	Buyers focused primarily on guaranteed policy values

How to Choose the Best Whole Life Insurance Company

The best whole life company depends on your age, coverage needs and policy priorities. Compare insurers on the factors below rather than choosing one carrier based on a single premium quote.

1
Match Coverage Limits to Your Needs
Maximum whole life coverage varies widely. USAA and Protective offer up to $10 million, while Gerber Life's maximum falls to $500,000 for older applicants.
2
Check Financial Strength Ratings and Complaints
Whole life policies can stay in force for decades, so consider financial strength and complaint history alongside price. USAA holds the highest possible A++ AM Best rating and has a low 0.12 NAIC complaint index, compared with A+ and 0.21 at Protective and A+ and 0.53 at Gerber Life. The NAIC industry baseline is 1.0.
3
Review Payment Structures
Decide whether you want to pay premiums for life or finish payments earlier. USAA offers lifetime payments, 20-pay and paid-up-at-65 structures, while Protective offers pay-to-100 and 20-pay options. Limited-pay policies require higher premiums during the payment period but can eliminate premiums later in life.
4
Compare Cash Value, Dividends and Riders
Request policy illustrations showing guaranteed cash value, any non-guaranteed projected values, surrender values and policy loan terms. If you're comparing participating policies, review dividend assumptions separately because dividends aren't guaranteed. Also compare riders based on your needs.
5
Get Multiple Quotes
Compare whole life quotes from several insurers. Don't compare premiums alone. Review guaranteed cash values, projected values, dividend assumptions, surrender charges, riders and policy loan terms before choosing a carrier.

How Much Does Whole Life Insurance Cost?

Whole life insurance rates rise sharply with age, and the lowest-cost company varies by profile. For $500,000 in coverage, women's rates in our analysis range from $290 to $311 per month at age 20, $504 to $586 at age 40 and $1,121 to $1,403 at age 60. Men's rates range from $319 to $356 at age 20, $513 to $663 at age 40 and $1,286 to $1,612 at age 60. Protective is cheapest for 20-year-old women, while USAA is cheapest for 20-year-old men and both genders at age 40, and Gerber Life has the lowest rates for both genders at age 60.

Whole life costs much more than term insurance. At age 40, USAA's $500,000 whole life coverage costs $504 per month for women and $513 for men, compared with average rates of $47 and $59 for a 20-year term policy. The higher whole life premium pays for lifelong coverage and guaranteed cash value.


Protective	$290 (F), $336 (M)	$586 (F), $663 (M)	$1,399 (F), $1,612 (M)
Gerber Life	$307 (F), $356 (M)	$521 (F), $556 (M)	$1,121 (F), $1,286 (M)
USAA	$311 (F), $319 (M)	$504 (F), $513 (M)	$1,403 (F), $1,431 (M)

*Rates above are for $500,000 whole life insurance policies for people who don't smoke and have average weight and health.

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Frequently Asked Questions

Part of your premium contributes to cash value that grows tax-deferred according to your policy's guarantees. Once enough value accumulates, you can borrow against or withdraw from it. Withdrawals and unpaid loans can reduce the policy's cash value and death benefit.

Whole life insurance is worth considering if you need permanent coverage, want guaranteed cash value or have estate and inheritance planning goals. If you primarily need temporary income replacement or want the most coverage for the lowest premium, term life costs less.

Yes. You can surrender a whole life policy and receive its cash surrender value, which equals your available cash value minus applicable surrender charges and outstanding loans. Surrender charges vary by policy and decline over time.

Yes, you can borrow against your whole life insurance policy's cash value once it accumulates. These loans don't usually require credit checks or repayment schedules. However, unpaid loans plus interest reduce your death benefit and could cause policy lapse if the balance exceeds your cash value.

Many term life policies include a conversion option that lets you switch some or all of your coverage to a permanent policy without new medical underwriting. Conversion deadlines and eligible permanent policies vary by insurer, so check your policy before the conversion period expires.

Participating whole life policies may pay dividends when the insurer's results are better than expected. Dividends aren't guaranteed, but they can be taken as cash, used to reduce premiums, left with the insurer or used to buy additional coverage.

About Patrick Bryant

Patrick Bryant is the Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches insurance products, writes consumer guides and maintains the scoring methodologies behind our provider comparisons. He analyzed more than 50 life insurance carriers across multiple policy types, collecting thousands of quotes nationwide to evaluate rates, coverage options and underwriting factors. His methodologies are reviewed quarterly to reflect current market conditions and carrier data.

Read Full Bio »

Best Whole Life Insurance Companies (2026)

Best Whole Life Insurance Companies

USAA

Gerber

Protective

How Does Whole Life Insurance Work?

Who Should Consider Whole Life Insurance?

Types of Whole Life Insurance

How to Choose the Best Whole Life Insurance Company

How Much Does Whole Life Insurance Cost?

Frequently Asked Questions

How does the cash value in whole life insurance work?

Is whole life insurance worth it?

Can I cancel my whole life insurance policy?

Can you borrow from whole life insurance?

Can you convert a term life policy to whole life?

How do whole life insurance dividends work?

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About Patrick Bryant