Best Whole Life Insurance Policies of May 2024 in the USA

Whole life insurance is a type of permanent life insurance designed for people with low risk tolerance and who want lifelong coverage with guaranteed premiums, death benefit and cash value growth.

Whole life insurance is one of the oldest forms of life insurance. For most of the 1900s, it was the most common form of life insurance in the United States. It continues to be popular today and represents 33% of total life insurance premiums, according to LIMRA, an industry-funded research group


In an era where financial security is paramount, whole life insurance stands as a stalwart protector, offering both peace of mind and long-term benefits. As we navigate through the complexities of insurance policies, it’s crucial to identify the best options available. In May 2024, the landscape of whole life insurance in the USA presents a myriad of choices, each vying for attention and trust. Let’s delve into the intricacies of the top contenders, assessing their features, benefits, and overall suitability.


To find the best whole life insurance, we used data provided by Veralytic, an independent publisher of life insurance research and analytics. Veralytic measures the competitiveness of permanent life insurance products. Veralytic can provide a customized analysis of life insurance policies to life insurance buyers and current policyholders.

Cost competitiveness of whole life insurance policies (30% of score): This measures the level of premiums and internal policy charges, including the cost of insurance, fixed administration expenses and cash value-based wrap fees.

Historical performance (25% of score): This measures whether the historical performance of the company’s investments that fuel cash value growth are superior to other companies’ comparable products.

Reliability of policy illustrations (25% of score): This factor measures the reliability over time of the company’s illustrations for its permanent life insurance products. When you plan to be holding on to a policy for decades and counting on cash value to accumulate, you want an illustration that’s accurate.

Financial strength (10% of score): This measure incorporates the insurer’s financial strength ratings from four major ratings agencies: AM Best, Fitch, Moody’s and Standard and Poor’s. Financial strength is particularly important when you’re relying on a company’s ability to pay claims many decades from now.

Access to cash value (10% of score): This measure evaluates the liquidity of cash value and a policyholder’s access to it. Some policies will build cash value better in the early years, and with other companies, you may be waiting several years before you have meaningful cash value within a policy. Generally speaking, the higher the liquidity, particularly in early policy years, the better—but some insurers charge more for greater liquidity, so consider the possible tradeoff.

1. Northwestern Mutual: Championing Stability and Flexibility

Northwestern Mutual consistently shines as a beacon of reliability in the insurance realm. Their whole life policies epitomize stability, offering guaranteed premiums and cash value accumulation. What sets them apart is their unparalleled flexibility, allowing policyholders to customize coverage according to their evolving needs. Whether it’s wealth accumulation, legacy planning, or supplemental retirement income, Northwestern Mutual provides comprehensive solutions backed by over 160 years of experience.

2. New York Life: Blending Tradition with Innovation

For those seeking a blend of tradition and innovation, New York Life emerges as a formidable choice. With a rich history dating back to 1845, New York Life infuses traditional values of integrity and reliability into its whole life insurance offerings. What distinguishes them in May 2024 is their innovative approach towards policy management. Through cutting-edge digital platforms and personalized guidance, New York Life ensures a seamless experience for policyholders, empowering them to navigate the complexities of insurance with confidence.

3. MassMutual: Empowering Generations with Financial Wellness

In an era defined by intergenerational wealth transfer, MassMutual stands at the forefront of empowering families with financial wellness. Their whole life insurance policies not only provide lifelong protection but also serve as a vehicle for building and preserving wealth across generations. Through innovative features such as dividend options and accelerated underwriting, MassMutual caters to the diverse needs of modern families, ensuring a legacy of prosperity and security for years to come.

4. Guardian Life: Nurturing Relationships, Securing Futures

At the heart of Guardian Life’s whole life insurance philosophy lies a commitment to nurturing relationships and securing futures. With a focus on personalized service and long-term partnership, Guardian Life fosters trust and confidence among its policyholders. In May 2024, their whole life policies continue to stand out for their comprehensive coverage, competitive dividends, and unparalleled customer support. Whether it’s protecting loved ones or planning for retirement, Guardian Life offers solutions tailored to individual aspirations and circumstances.

5. Penn Mutual: Elevating Financial Empowerment through Innovation

Penn Mutual embraces a forward-thinking approach towards whole life insurance, leveraging innovation to elevate financial empowerment. Their policies blend the stability of guaranteed protection with the flexibility of customizable options, providing a holistic solution for diverse financial goals. In May 2024, Penn Mutual distinguishes itself through its commitment to innovation, offering intuitive digital tools and educational resources to empower policyholders in making informed decisions. With a focus on long-term value and customer-centricity, Penn Mutual remains a trusted partner in safeguarding financial futures.

What Are Whole Life Insurance Dividends?

Dividends are common on whole life insurance policies. “Participating” whole life insurance policies pay a dividend and are offered by mutual insurance companies. “Non-participating” whole life insurance policies do not pay a dividend and are offered by stock insurance companies.

You’ll typically have a choice of how to use your dividends. Common options include:

  • Taking the dividend as cash
  • Putting it toward your life insurance premiums
  • Purchasing paid-up additions

Purchasing paid-up additions will increase the cash value and death benefit. If you have a policy loan out, dividends can be used to pay loan interest and to pay back the loan. Insurance companies may offer other dividend options.


As we navigate the complex landscape of whole life insurance in May 2024, it’s essential to align with a provider that not only offers comprehensive coverage but also embodies trust, reliability, and innovation. Whether it’s the stability of Northwestern Mutual, the tradition of New York Life, the intergenerational focus of MassMutual, the personalized service of Guardian Life, or the innovation of Penn Mutual, each provider brings unique strengths to the table. By carefully evaluating these top contenders, individuals can secure not just insurance coverage but a pathway to long-term financial security and peace of mind.

Factors That Affect the Cost of Whole Life Insurance

The coverage amount you select will have a large impact on your premium. Other factors that typically affect whole life insurance premiums include:

  • Age and gender
  • Height and weight
  • Past and current health conditions
  • The health history of your parents and siblings
  • Nicotine and marijuana use, including nicotine patches and gum
  • Substance abuse
  • Credit
  • Criminal history (such as felonies)
  • Driving record (especially DUI convictions and moving violations, such as speeding tickets)
  • Dangerous hobbies and activities (such as piloting planes)
  • Life insurance riders you add when you buy the policy

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