What does the best whole life insurance policy look like? The only way to find out which whole life policy is ideal for you is to read reviews on various companies. This way you’re able to compare the costs and benefits of each insurance company.
Today, I’ve researched and compiled the top three whole life insurance policies that offer quality services, benefits, and costs. But before you can pick one of these whole life covers, you must know some important features to look out for.
In the buyer’s guide below, I’ve provided some key aspects to consider before choosing your whole life cover. This will help you pick the best one for your needs. Keep reading to find out more.
Product Quick Links
- Best Overall – North Western Mutual
- Best For HIV Applicants – Guardian
- Best For Children – Mutual of Omaha
|Best Overall – North Western Mutual|| ||4.7|
|Best for HIV Applicants – Guardian|| ||4.3|
|Best for Children – Mutual of Omaha|| ||4.1|
Northwestern Mutual offers universal, term, and whole life insurance. The company also offers excellent rider options such as accidental death and long-term care benefits. This insurer includes regular scheduled payouts and the opportunity to receive dividends with the whole life cover.
Product Key Features
- Payment plan options: lump sum, annually, monthly
- Number of plans: 12
- Riders: Waiver of premium, additional purchase benefits, accelerated care benefit
With Northwestern Mutual, you can customize your policy with riders. You can waiver the premium payments on your coverage or access a portion of your policy’s value if you need long-term care.
- High customer satisfaction
- Customization options
- Excellent financial stability
- Dividends opportunities
- Website resources are limited
- No online quote tool
Currently, there are two whole life insurance policies to choose from: traditional whole life and variable whole life. The company offers excellent customer services for quick responses to claims.
Guardian has an A++ AM Best rating, so it has excellent financial strength. The company offers level premiums so you can pay for your entire whole life policy in a short period of time. What’s more, you can qualify for a whole life policy if you’re a healthy HIV applicant.
Product Key Features
- Payment plan options: Various
- Number of plans: 14
- Riders: Waiver of premium, extended conversion, accelerated terminal terminal illness benefit
Guardian offers two types of whole life policies: limited payment and level premium, which offer different payment options. Additionally, there are riders to help you customize your plan such as accidental death benefits and guaranteed insurability options.
- Dividends opportunity
- Whole life up to age 121
- Online account management
- Customizable options
- No online quote option
- May not have discount for combined policies
This is the ideal policy for people who are between the ages of 20 and 60 who are living with HIV. To get a quote, you have to contact a local insurance agent.
The Mutual of Omaha offers whole life insurance without the need for a medical exam, which will save you time and money. If you’re an applicant between the ages of 45 and 85, you can buy coverage online between $2,000 and $25,000. There are also whole life insurance covers for children.
Product Key Features
- Payment plan options: various
- Number of plans: 8
- Riders: Children’s rider, accidental death, waiver of premium
85% of policy claims on the Guaranteed Plus plan are paid out within 24 hours. You can purchase up to $40,000 coverage through an agent. The company offers additional services such as dental coverage and Medicare Advantage.
- Whole life coverage for children
- Policy claims paid out in 24 hours
- Can buy coverage online
- No dividends
- Process may be slow online
Mutual of Omaha offers whole life cover for children as old as 14 days to 17 years old. You can keep your child covered with premiums that never cease.
Whole Life Insurance Buyer’s Guide
What Is Whole Life Insurance?
Whole life insurance is a policy that remains for the entirety of the holder’s lifetime. This is provided you pay your premiums when they’re due. A whole life insurance policy may be referred to as straight life or ordinary life.
This type of policy may have a savings option where a cash value can accumulate. Whole life policies are permanent. Upon a policy holder’s death, the money accumulated will be paid out to the insurer’s beneficiary.
The Whole Life Insurance Company’s Financial Strength
You must always pick a company that has excellent financial strength. This will guarantee financial security and it also shows the company’s ability to pay claims. Pick an insurance company that has a rating of A++ from AM Best. This rating of A++ shows the company has excellent financial strength.
Research The Company’s Reputation
Before you decide to pick a whole life insurance company, make sure they have an excellent reputation. To check how quickly the company processes claims, see what other customers are saying about their services.
You also want to make sure the company delivers the quality support they claim to offer in their services. The only way to see whether a company is worth your time is to read customer satisfaction cases.
Who Needs Whole Life Insurance?
People who have health conditions such as HIV or type 2 diabetes can benefit from whole life insurance. Parents who have children with special needs should also consider taking out a whole life cover. Adults who own property together should also take out this type of policy.
Elderly parents who want to leave their children money after they pass will need to take out the best life insurance for seniors, which can be a whole life policy. Even businesses with key employees can take out this type of policy.
How You Can Benefit From Whole Life Insurance
If you have a dependent who will rely on you long term, then you will benefit from permanent life insurance policies. The policy will ensure your dependent is financially provided for after you pass away.
Another benefit of permanent life insurance is that your premium won’t increase or expire after a certain amount of years. The policy won’t be canceled even if you fall ill. Some insurance companies may even allow you to cash out your policy early. Find out if the company you pick does this before signing up.
Whole life insurance gives you protection that lasts a lifetime, and some policies also provide some flexibility. With your opportunity to accumulate cash value, you can use this money to assist you when you need some financial help.
The three whole life insurance companies in today’s review offer you a variety of advantages. If you’re looking for a policy to protect your children, then Mutual of Omaha will be ideal for you. On the other hand, if you want coverage for HIV patients, then Guardian is for you. For more whole life policy options, pick Northwestern Mutual.
Do you have experience with Mutual Omaha, Northwestern Mutual, or Guardian? Let us know what your thoughts are on these whole life insurance policies.