State Farm
Policy Types: Traditional whole life, single premium whole life, limited pay whole life, final expense
Coverage Amount: State Farm offers whole life policies with death benefits starting between $10,000 and $250,000, depending on the policy.
State Farm offers four types of whole life insurance policies, for which applicants can purchase a policy up to 85 years of age.
Most policies are eligible for dividends that can be used to reduce premiums, and some may offer access to tax-deferred cash value.
Some ways policyholders can customize their policies include adding riders such as children’s term, payor insurance, and waiver of premium for disability.
You may also be able to save money on policies by bundling multiple products with State Farm.
Some policies also offer flexible premium payments, allowing you to pay monthly, quarterly, semiannually, or annually.
USAA
Pros:
- High coverage amounts available
- Disability assistance available
Cons:
- Limited riders available
- No online quotes
Policy Types: Traditional whole life, guaranteed issue whole life
Coverage Amount: The Guaranteed Whole Life plan has coverage that ranges from $2,000 to $25,000, while the Simplified Whole Life policy offers death benefits ranging from $25,000 to $10 million.
USAA offers its life insurance products even if you’re not a member. Both of its whole life policies offer assistance to survivors and protection in the event of a disability.
The Simplified Whole Life policy offers coverage up to $10 million, and you pay premiums throughout the life of your policy or for 20 years.
The Guaranteed Whole Life plan offers coverage up to $25,000, and adults up to 85 years old can purchase a new policy. Plus, acceptance is guaranteed, with no health questions or medical exams.
Nationwide
Pros:
- No medical exam for Simplified Whole Life policy purchase
- Customizable policies
Cons:
- No online quotes available
- Accelerated death benefit rider not available on all policies
Policy Types: Traditional whole life, simplified issue whole life
Coverage Amount: Nationwide’s whole life policies have a minimum starting coverage of $10,000. The better your risk class, the higher the starting coverage amounts are.
Nationwide offers three types of whole life policies. For those looking for a more simple application process, the Nationwide Simplified Whole Life plan offers guaranteed coverage with no medical exam.
However, the coverage amounts are much lower compared to its other whole life policies.
With its Whole Life 100 policy, you stay paying premiums when the insured turns 100, while its Whole Life 20 plan has only 20 years of premiums.
All policies allow you to customize them with riders such as waiver of premium, terminal illness, chronic illness, critical illness, and guaranteed insurability benefit.
MassMutual
Pros:
- 10 whole life policies available
- Death benefit increase possible for some policies
Cons:
- No online quote or application available
Policy Types: Traditional whole life
Coverage Amount: Coverage from MassMutual’s whole life policies starts at $25,000, with the max for some said to be dependent on underwriting, but its two CareChoice policies top out at $720,000.
With 10 whole life policies to choose from, MassMutual offers the most of any company in our rating. Many of the policies include earning dividends, which are not guaranteed, but MassMutual states that it has paid dividends every year since 1869.
With some policies, you can increase the death benefit, although the conditions for which this is allowed depend on the policy.
Not all of the policies offer riders, so work with your MassMutual agent to ensure you have the policy and coverage you need.
Also, like many of the insurers in our rating, you won’t be able to purchase a whole life policy online with MassMutual. You’ll need to speak to one of its agents.
New York Life
Pros:
- Customizable premium payment options
- Multiple riders available
Cons:
- Unable to receive quotes or apply online
- No specified coverage amount on website
Policy Types: Traditional whole life
Coverage Amount: You’ll need to speak to an agent for information on how much coverage is available on whole life policies.
With New York Life’s Custom Whole Life policy, you can select how long you’ll pay premiums on your policy. New York Life states, however, that in general the shorter the time period you pay premiums, the higher those premiums will be.
You can work with your New York Life agent to customize your policy with riders such as disability waiver of premium, accidental death benefit, chronic care, and the living benefits option.
Whole life policies from New York Life can earn dividends, although this is not guaranteed. The company states that it has paid dividends every year since 1854.
