Best Whole Life Insurance Companies (Updated for 2023)
Are you shopping for a permanent life insurance policy to help with the cost of your final expenses or leave an inheritance behind?
Whole life insurance provides lifetime protection and builds a cash value that can be borrowed from. Some policies even offer living benefits if you become terminally ill or require long-term-care.
However, its important to note that not all whole life policies are equal, and some offer better benefits than others.
This insider's guide to best whole life insurance companies will help you determine the right provider for your needs. You can also instantly compare quotes from dozens of top-rated providers with the option to apply.
Here’s what we'll cover in this post:Quick Article Guide
What is Whole Life Insurance?
Traditional whole life insurance provides up to $50,000 of permanent life insurance with level premiums. These policies are ideal for seniors that want to leave an inheritance behind or help with the cost of their final expenses. Most whole life insurance policies can be purchased online or over the phone, and they do not require an exam for approval.
Traditional whole life insurance policies also build a small cash value overtime, but the returns you can expect from these providers tend to minimal. If you need more than $50,000 of whole life insurance, or want to build a sizeable cash value, a highly-rated mutual company that offers annual dividends is going to be the best option.
In the next section we have listed the best whole life insurance providers for 2023 and the coverage options they offer. If you need help determining your best option, you can also call us toll-free at 855-247-9555. Our agency is licensed in every state and we represent 63 top-rated providers.
Whole Life Insurance Rates
In the following tables we have provided some sample whole life insurance rates by age and gender. These policies are available to folks that are in average or better health for their age group.
Sample Whole Life Insurance Rates - $25,000
| Age | Male | Female |
| 35 | $38.12 | $35.21 |
| 40 | $43.61 | $40.50 |
| 45 | $50.92 | $47.52 |
| 50 | $60.01 | $55.17 |
| 55 | $72.38 | $63.58 |
| 60 | $88.59 | $76.35 |
| 65 | $111.80 | $96.51 |
| 70 | $141.97 | $122.80 |
| 75 | $237.83 | $171.94 |
*Displayed monthly rates are accurate as of 02/08/23 and are provided for illustrative purposes only.
For more whole life insurance rates, please see our article, "Whole Life Insurance Rates Chart (Updated for 2023)." You can request an instant quote using the form above. Our comparative shopping services are always free, and there is no cost to apply for coverage.
Best Whole Life Insurance Companies
Our independent agents reviewed more than 100 whole life insurance providers to compile this list of the 8 best whole life insurance companies for 2023. We compared policy offerings, issue ages, coverage amounts, financial stabilty, cash value accumulation, and customer service.
| Company | Issue Ages | Coverage | |
| |||
 |
From: 45 To: 85 |
$2,000 - $40,000 | |
 |
From: 50 To: 85 |
$5,000 - $35,000 | |
 |
From: 50 To: 85 |
$2,000 - $40,000 | |
 |
From: 0 To: 85 |
$50,000 - $10,000,000+ | |
 |
From: 50 To: 85 |
$5,000 - $30,000 | |
 |
From: 18 To: 80 |
$25,000 - $2,000,000 | |
 |
From: 0 To: 74 |
$10,000 - $50,000 | |
 |
From: 50 To: 85 |
$5,000 - $35,000 |
1. Mutual of Omaha
*Best Option For Living Benefits
Financial Ratings: AM Best (A+), S&P (AA-), Moody's (A1), Fitch (A), Comdex (90/100)
Policy Name: Living Promise Whole Life Insurance
Underwriting: Simplied Issue (No medical exam required)
Min Coverage Amount: $2,000
Max Coverage Amount: $40,000
Issue Age Range: 45 to 85
Maturity Age: 100
Included Policy Riders: Accelerated Death Benefit for Terminal Illness, Nursing Home confinement, or Chronic Illness.
Optional Policy Riders: Accidental Death Benefit.
Perk of This Policy: If you do not qualify for Mutual of Omaha's simplified issue whole life insurance due to your health history, you will have the option to purchase up to $25,000 of guaranteed issue life insurance with no medical questions asked.
2. Foresters Financial
*Best Option for Building Cash Value
Financial Ratings: AM Best (A), S&P (NR), Moody's (NR), Fitch (NR), Comdex (NR)
Policy Name: Plan Right Whole Life Insurance
Underwriting: Simplified Issue (No medical exam required)
Min Coverage Amount: $5,000
Max Coverage Amount: $35,000
Issue Age Range: 50 to 85
Maturity Age: 121
Included Policy Riders: Common Carrier Accidental Death Rider, Family Health Benefit Rider, Accelerated Death Benefit for Terminal Illness.
Perk of This Policy: Foresters' PlanRight Whole Life insurance policy builds a small cash value overtime that can be borrowed from. These policies also have the ability to generate dividends that can be used to reduce your premiums or help you cash value grow faster.
3. Great Western
*Best Option for Child/Grandchild Add-On
Financial Ratings: AM Best (A), S&P (NR), Moody's (NR), Fitch (NR), Comdex (NR)
Policy Name: Great Assurance - Immediate Death Benefit
Underwriting: Simplified Issue (No medical exam required)
Min Coverage Amount: $2,000
Max Coverage Amount: $40,000
Issue Age Range: 50 to 85
Maturity Age: 121
Included Policy Riders: Accelerated Death Benefit for Terminal Illness
Optional Policy Riders: Accidental Death Benefit, Child/Grandchild Protection
Perk of This Policy: Great Western offers 3 whole life insurance policies for people in poor to excellent health. If you are unable to qualify for Great Western's Assurance plan, you may qualify for their Graded Benefit plan that offers a reduced amount of immediate protection.
4. Penn Mutual
*Best Option for $50,000+
Financial Ratings: AM Best (A+), S&P (AA-), Moodys (Aa3), Fitch (A+), Comdex (92/100)
Policy Name: Guaranteed Whole Life II
Underwriting: Simplified issue up to $7.5mm (No medical exam required)
Min Coverage Amount: $50,0000
Max Coverage Amount: $10,000,000+
Issue Age Range: 0 to 85
Maturity Age: Variable (Determined by policyholder)
Included Policy Riders: Overloan Protection, Supplemental Exchange, Accelerated Death Benefit for Terminal Illness and Critical Illness
Optional Policy Riders: Waiver of Premium for Disability, Accidental Death Benefit, Flexible Protection, Child Term Insurance, Surrender Value Enhancement, and Guaranteed Purchase Option
Perk of the Policy: While most whole life insurance providers offer a maximum death benefit of $50,000, Penn Mutual offers up to $7.5 million of permanent life insurance coverage without a medical exam. Penn Mutual's whole life insurance policies also offer dividends and build a cash value than can be borrowed from.
5. Americo
*Best Option for Tobacco Users
Financial Ratings: AM Best (A), S&P (NR), Moodys (NR), Fitch (NR), Comdex (NR)
Policy Name: Eagle Premier
Underwriting: Simplified issue (No medical exam required)
Min Coverage Amount: $5,000
Max Coverage Amount: $30,000
Issue Age Range: 40 to 85
Maturity Age: 121
Included Policy Riders: Accelerated Death Benefit for Terminal Illness, Accidental Death Benefit
Optional Policy Riders: Child/Grandchild Term Insurance
Perk of the Policy: Americo's Eagle Premier policy is ideal for someone who currently smokes cigarettes, but plans to quit. For the first three years of coverage, you will be charged non-smoker rates. During this period, you most stop all tobacco and nicotine use for at least 12 months to continue paying non-tobacco rates for the remainder of your policy.
6. Transamerica
*Best Option for Seniors
Financial Ratings: AM Best (A), S&P (A+), Moodys (A1), Fitch (A), Comdex (84/100)
Policy Name: Transamerica Lifetime
Underwriting: Simplified Issue or Fully Underwritten (Some applicants may be eligible for no exam)
Min Coverage Amount: $25,000
Max Coverage Amount: $2,000,000
Issue Age Range: 18 to 80
Maturity Age: 121
Included Policy Riders: Accelerated Death Benefit for Terminal Illness, Chronic and Critical Illness Rider
Optional Policy Riders:Disability Waiver of Premium, Income Protection Option, Guaranteed Insurability Benefit, Term Insurance Rider, Children's Benefit Rider, Accidental Death Benefit Rider
Perk of the Policy: Transamerica's Lifetime plan is great for seniors because it offers a variety of living benefits that can be added to your policy. It also includes some free benefits that allow the policyholder to access their death benefit if they become ill or require assisted living.
7. Fidelity Investments
*Best Option for a Fast Approval
Financial Ratings: AM Best (A-), S&P (A-) Moodys (Baa1), Fitch (A-), Comdex (91/100)
Policy Name: Rapid Decision Senior Life
Underwriting: Simplified Issue (No medical exam required)
Min Coverage Amount: $10,000
Max Coverage Amount: $150,000
Issue Age Range: 50 to 85
Maturity Age: 121
Included Policy Riders: Accelerated Death Benefit for Terminal Illness
Perk of the Policy: Fast approval time. Qualified applicants can expect an approved and issued policy in as little as 24 to 48 hours. Eligibility for expedited approval is based on the applicant's medical history, pharmacy records, MVR reports, citizenship status, and health questionnaire responses.
8. Sons of Norway
*Best Option for Basic Coverage
Financial Ratings: AM Best (NR), S&P (NR), Moodys (NR), Fitch (NR), Comdex (NR)
Policy Name: Whole Life 121
Underwriting: Simplified Issue (No medical exam required)
Min Coverage Amount: $10,000
Max Coverage Amount: $50,000
Issue Age Range: 0 to 74
Maturity Age: 121
Optional Policy Riders: Guaranteed Purchase Option, Child Insurance Rider
Perk of the Policy: Sons of Norway is usually the least-expensive whole life insurance option for those over age 60. The policy also offers a guaranteed cash value that can be borrowed from at anytime. The downside to these policies is that they do not include any additional benefits or riders that most providers automatically.
We're Here to Help
If you need help determining your best option for whole life insurance, please call us directly at 855-247-9555, or request a free online quote. Our independent agency represents 63 top-rated life insurance providers to make sure our clients are always matched with their best option.
Our agents offer at least 10 years of life insurance experience and our comparative shopping services are completely free. Most importantly, we do not have sales goals or quotas to meet, we are here to provide you with the information you need to make an informed decision.
Clifford Pendell
Managing Partner and Co-founder
Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.
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