Five of the Best Whole Life Insurance Companies. A quality whole life insurance policy can help you achieve several financial goals. Your preferred policy type (participating or non-participating) will depend on your needs, your desired death benefit, and cash accumulation trajectory.
The following top-rated companies are among the best choices for whole life policies. They have the highest customer satisfaction and financial strength ratings and offer generous rider options.
State Farm
State Farm is one of the best life insurance companies for those looking to protect their families. Their products are affordable, and their customer service is outstanding. They have a wide variety of options, including term and whole life insurance policies, as well as guaranteed issue final expense coverage. They also offer car, home, and homeowners insurance. State Farm has been around for over a century, and its brand is synonymous with auto and home insurance. They have also been a longtime advocate for road safety and offer numerous policy incentives that encourage safe driving practices.
In a recent NerdWallet survey, 84% of State Farm customers said they were satisfied with the company’s claims process. The company gave it high marks for ease of service, tied with Erie and ahead of CSAA. In addition, State Farm has a strong online presence and offers convenient services like mobile bill pay, auto pay, and payment reminders.
Founded in 1922, State Farm is the US’s largest property and casualty insurance company. It is a mutual insurer, meaning its policyholders own it. The company has grown to include auto and homeowners insurance, banking, and retirement services. Its extensive range of products contains IRAs, mutual funds, and college savings plans. Its banking services include mobile deposit and ATM access.
Nationwide
Nationwide offers a full range of insurance and financial services across the United States. Their products include domestic property and casualty insurance, life insurance, retirement savings, and strategic investments. Their customer service is reliable, and they have a good track record of paying out claims quickly and fairly. They also offer competitive rates and a variety of discounts to attract customers. Their whole life policies stand out, with a choice of whole, universal, and variable universal policies that provide lifetime coverage with the potential to collect cash value. They also offer a no-medical-exam option, called Nationwide Life Essentials.
Nationwide’s omnichannel approach makes it easy for customers to contact them through multiple platforms, including the website, mobile app, and social media. The company also has an extensive network of local agents and financial advisors. This allows Nationwide to tailor its products to specific needs and provide personalized service. This approach has helped the company build strong customer loyalty, and its long history of stability and reliability ensures that the company has an excellent reputation for customer satisfaction, with a high score in J.D. Power’s customer service and an A+ financial strength rating from A.M. Best. Its low claims rate and comprehensive product offerings make it an ideal choice for people who want to consolidate their insurance policies with one provider.
Transamerica
The Transamerica Life Insurance Company offers various life and financial products. Its indexed universal life insurance and whole life policies are designed for individuals and businesses. Representatives are available to help customers choose the best policy for their needs and provide advice on workplace retirement plans and investment portfolios.
In addition to providing financial services, Transamerica has an extensive network of community organizations supporting education, financial literacy, and human services. It has a long service history and has received high ratings from independent rating agencies. Transamerica also has a robust distribution network. World Financial Group’s subsidiary has been named one of the world’s top distribution networks.
Foundworld’s872, the Transamerica Corporation is an American life insurance and financial services company headquartered in Baltimore, Maryland. The company is a founding member of the United Way and a leading donor to education, health, and human services. It is also a major contributor to research into the causes of cancer.
Despite its strong financial standing, Transamerica has drawn more consumer complaints than expected for a company of its size. It offers several life insurance products, including term and whole life, indexed universal life, and final expense policies. It also offers coverage for high-net-worth foreign nationals. Its life insurance policies require a medical exam and may charge interest for cash accumulation.
Progressive
Anyone who’s watched TV in the past decade has probably seen Flo, Progressive’s fictional spokesperson. She is known for her upbeat personality, makeup, and retro hairstyle. She has amassed millions of fans on social media. Progressive is one of the largest auto insurers in the US and offers a wide range of personal and business insurance coverage.
The company offers a wide range of products, including car, boat, motorcycle, and renters insurance, as well as life, home, and homeowners policies. It also offers insurance bundles and discounts for bundling policies. Its online tools include a mobile app, an instant quoting service, and a rate ticker that compares competitor prices to help you find the best deal.
Progressive’s car excludes the optional coverage, which pays off the difference between the value of your vehicle and what it still owes you on your loan or lease. It also offers a variety of additional policy coverages, such as roadside assistance and accident forgiveness. While it’s not one of the top-rated home insurance companies, it provides a few homeowner coverage options other insurers don’t, such as personal property coverage and on-demand backup. It also has a below-average customer satisfaction rating in the J.D. Power 2024 auto insurance shopping study.
