Whole life insurance has always been and will always be an important part of a responsible person’s financial strategy, but in recent years there have been some great innovations in whole life insurance plans that make them more appealing than ever before. For this reason, choosing the right whole life insurance plan becomes an important consideration when deciding how to protect yourself and your family from unexpected financial issues. The following are the 10 best whole life insurance plans for 2022 and their most important features that you should look at when making your choice.
1) Allstate: Great Generosity
The Allstate Foundation and The Y give young people ways to make a difference in their communities—and see how it feels to be a force for good. A partnership between Allstate and The Y, Great Generosity is an opportunity for youth leaders at every level of involvement to develop their own programs to improve their community. Because we believe everyone can do good things in their communities.
2) MetLife: Flexible Premiums
When you buy a life insurance policy from MetLife, your premiums are flexible—they can rise or fall annually. Depending on your situation, flexibility might be one of several factors to consider when choosing a whole life insurance plan. In fact, flexibility may be especially important if you’re worried about maintaining an even monthly budget.
3) AIG: Great For Young Investors
The AIG whole life insurance is great for young investors that want a combination of both protection and growth. Your money will grow tax-deferred while you have protection against death, dismemberment, unemployment and health problems. There are no fees when you invest in an AIG whole life policy! The monthly premiums are low and you can name a beneficiary to receive your full policy value upon your death. Learn more about how to buy whole life insurance at Agents Mutual.
4) Northwestern Mutual: Great Return on Investment
Overall, Northwestern Mutual is one of the best whole life insurance plans because it provides a high return on investment. The policy’s guaranteed lifetime value rider allows its owner to keep his money in his policy until he chooses to withdraw it. And, with a moderate annual cash value growth rate of 7 percent, you can’t go wrong investing your money in an NWM whole life insurance plan. Remember, though, that your money won’t be accessible until retirement.
5) Lincoln Financial Group: Great Service
I can’t say enough about how great Lincoln Financial Group is. They have a friendly staff and were incredibly helpful. I was struggling to find a decent insurance plan when I found them, and they went above and beyond to provide me with what I needed. Additionally, they made it really easy to make payments each month so that there are no hiccups.
6) MassMutual Life Insurance Company: Great Stability
MassMutual has an A.M. Best financial strength rating of A++ (Superior) as of June 15, 2017. The A represents superior financial security, ++ signifies strong protection against creditors, and a high capacity to meet financial commitments such as policy claims.
7) Jefferson National Life Insurance Company: Low Fees
This whole life insurance plan has a low expense ratio, making it less expensive in total than other plans with similar coverage. $100,000 of coverage costs only $24 per month. Your premiums go toward building cash value, which you can use later if needed to pay off debt or invest as you wish. No Medical Exam: This company doesn’t require a medical exam before you start your policy.
8) Principal Financial Group Inc.: Great Investment Options
Let’s be clear: if you’re looking for high returns, low fees and solid customer service, you’re not going to find any of that in insurance. But if you want straightforward investment options with a history of strong returns at a reasonable price, Principal Financial Group has all three. They have an A+ rating from A.M. Best and over 55 years of experience in life insurance, but they also have solid mutual funds and financial planning software available to help customers invest their own money.
10) Penn Mutual Life Insurance Company : Strong Return on Investment
The Penn Mutual Life Insurance Company was founded in 1847 and is one of America’s oldest life insurance companies. The company has over $60 billion in assets, which makes it a particularly attractive long-term investment. Its aggressive growth can be seen through its return on equity, which is at a steady 14%. Its current ratio is also high, coming in at 1.16 — which shows that it has more than enough assets to cover short-term liabilities.
9) John Hancock Financial Services, Inc.: Strong Return on Investment
In today’s increasingly expensive world, it can be hard to find low-cost insurance options with decent returns. But John Hancock offers one of the best: The company has been in business since 1924 and was recently ranked number 1 by J.D. Power for customer satisfaction in its industry. This makes it an ideal choice if you’re looking to keep your financial affairs in order while getting good value out of your plan—especially when it comes to whole life insurance.