Best Whole Life Insurance Companies of February 2025

Best Whole Life Insurance Companies of February 2025

Investopedia’s analysis of 45 whole life insurance companies has identified the best providers in key categories for February 2025. Lafayette takes the top spot overall, but other insurers stand out for their specific strengths. Our rankings consider a wide array of factors, including financial strength, customer satisfaction, coverage options, and available riders.

Best Overall: Lafayette

Key Findings:

• Best Overall: Lafayette
• Best for Financial Stability, Customer Satisfaction, High-Issue Age Policies, and Dividends: MassMutual
• Best for Burial Insurance and Living Benefits: Nationwide
• Best for Small Policies: Transamerica

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Investopedia’s Top Picks

Lafayette

Why Lafayette? Investopedia selected Lafayette for its outstanding whole life insurance packages. Benefits include:

• Superior financial strength
• Coverage options starting as low as $3,000 with no maximum limit
• Three living benefits riders included at no extra cost
• A solid history of paying annual dividends

Lafayette provides coverage for a wide range of individuals seeking whole life insurance and offers seven distinct policy choices, including a final expense plan. The company also provides living benefit riders, which enables the policyholder to receive payments while alive if they become seriously ill.

Financial Strength Rating: A+

Notable Features: Lafayette has a low minimum coverage, absence of a maximum limit, and a selection of seven whole life policies. The business also offers living benefits riders.

MassMutual

Why MassMutual? MassMutual excels in several areas:

• Best possible financial strength rating (A++ from AM Best)
• Excellent ratings for customer satisfaction
• Highest dividend interest rate (6.1%)
• Offers policies to applicants up to age 90

MassMutual sets itself apart with a solid ability to meet its insurance obligations. While it may not have the low minimum coverage, MassMutual holds the highest possible financial strength of any company.

Financial Strength Rating: A++

Notable Features: Outstanding financial strength and great customer satisfaction.

Nationwide

Why Nationwide? Nationwide is distinguished for its dedication to burial insurance and offering living benefits:

• No minimum age for coverage
• Relatively short graded benefit period for burial insurance
• Includes three living benefits at no additional cost
• High customer satisfaction scores
• Potential same-day approvals for some applications

With a strong financial rating and relatively few customer complaints, Nationwide is another strong contender. Nationwide is a suitable option for parents because it offers juvenile coverage via a children’s term rider.

Financial Strength Rating: A+

Notable Features: No minimum age and relatively short graded benefit period for burial insurance.

Transamerica

Why Transamerica? Transamerica’s strengths lie in its affordable small policies:

• Coverage is available from $1,000
• Policies are available without medical exams
• Offers online claim initiation

Transamerica provides a low-cost way to cover minor debts or make charitable donations, with coverage as low as $1,000.

Financial Strength Rating: A

Notable Features: Coverage available in amounts as low as $1,000

Methodology

Investopedia’s analysis is built on weeks of research and is intended to create objective, comprehensive reviews to assist in the reader’s selection of the finest insurance company to suit their needs. In order to arrive at our selections, our team evaluated data from 45 companies on criteria considered most important when choosing a life insurance company, including financial stability, customer satisfaction, coverage options, cost, and other features.

Our researchers extracted data and analyzed 3,150 data points related to 70 key criteria from company websites, ratings agencies (AM Best, NAIC, and J.D. Power), and customer service calls. Key categories were then evaluated using the following weightings:

• Policy Features: 50%
• Riders: 18%
• Financial Stability: 10%
• Customer Satisfaction: 10%
• Policy Types: 8%
• Application and Online Service Features: 4%