Are you shopping for whole life insurance? Unlike term life insurance, whole life insurance policies are designed to provide coverage for your entire life. These policies are great for younger and middle-aged adults who want to solidify coverage and offer invaluable security and peace of mind for their loved ones. If you’re on the market for whole life coverage, then your first step should be gathering quotes and comparing each company’s rates and benefits. Here, we’ll review three of the best companies in the whole life insurance business. While you should always do your own homework, these three companies are great starting points as you weigh your whole life insurance policy options.
Top 3 Whole Life Insurance Companies:
- Guardian Life Insurance
- MassMutual
- Mutual of Omaha
Guardian Life Insurance
Let’s start with Guardian Life Insurance. This insurance company offers whole, term, universal and variable universal policies to people of all ages, and its one of the best life insurance providers on the market. People who get whole life insurance policies through Guardian Life get some unique benefits, such as the ability to invest some of their cash value to the Standard & Poor’s 500 index. There are also opportunities for customers to borrow against the values of their whole life policies. People who have term life insurance through Guardian Life can also convert their plans to whole life insurance over three intervals placed every five years. Whole life policy holders can also earn dividends.
Highlights:
- Wide range of life insurance products.
- Can associate plans with S&P 500 Index.
- Whole life policy holders can earn dividends.
MassMutual
Next on our list is MassMutual. As one of the largest life insurance companies in the country, MassMutual offers the full range of life insurance products in addition to several other financial tools such as annuities, disability insurance, wealth management services and long-term care insurance. MassMutual’s whole life policy holders have the opportunity to earn annual dividends. They are also protected by guaranteed death benefits, and their policies build up cash values that can be used for major expenses such as retirement living or college tuition. Getting a whole life insurance quote is easy through MassMutual’s website.
Highlights:
- Policy holders can earn annual dividends.
- Investment and wealth management services available.
- Getting quotes is easy through website.
Mutual of Omaha
Third on our list is Mutual of Omaha. One thing that immediately stands out about Mutual of Omaha is this company doesn’t require medical exams on all of its whole life policies, which might make these options more attractive than others. In addition to offering whole, term and universal life insurance, Mutual of Omaha also offers Medicare supplemental plans, long-term care insurance and other valuable coverage add-ons. Whole life insurance policies are designed to cover the costs of funerals and other end-of-life expenses with maximum coverage amounts of around $50,000. That said, policy holders can access the cash value of their plans for big expenditures.
Highlights:
- Medical exams sometimes not required.
- Medicare supplemental plans available.
- Meant to cover end-of-life expenses.
Conclusion
Whole life insurance adds protection and peace of mind to any household. However, when shopping around for the best whole life insurance, it’s important to remember that policies can vary significantly from one to the next. Getting quotes from these three leading insurance companies is a great place to start.