1. 61667 POINTS
    Steve SavantPRO
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona


    Video Transcript:

    Next question is, "What are the best whole life companies?" Well, I have to divide that into a couple of sections. One is, what are the best whole life companies for indemnification? And what are the best whole life companies if you're using this for supplemental income? There are several great carriers out there that are really good dividend paying whole life contracts.

    If you're using it for indemnification, you want to look at the most benevolent underwriter, because that's the game that has to be played in permanent whole life, because you're going to be paying this premium for the rest of your life. So, I want to find out from an indemnification or protection point of view, who gives me the best number because of my health consideration?

    The secondary part is, if I'm using whole life for an actual income play, I want to be able to use whole life and a contract that actually is going to give me more rate of return. And that's how I look at it; is it income, or is it indemnification?
    Answered on November 11, 2013
  2. 4249 POINTS
    Gary LanePRO
    President, Lane Independent Agency, Southern California
    New York Life is America's Oldest, Largest, and Highest Rated Life Insurance Company. More than 165 years in business, and a Mutual Company, so they work for their policy holders, not stock holders. They offer both Whole Life and Term Life Policies.
    Answered on November 19, 2013
  3. 37376 POINTS
    David G. Pipes, CLU®, RICP®PRO
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    According to your state insurance commissioner, the best whole life insurance companies are those that are admitted to do business in your state. These companies have demonstrated to your commissioner the ability to keep their promises, whether it is paying death claims or delivering cash value. There are incremental differences between the companies but stick with the company that your life insurance agent recommends.
    Answered on February 13, 2015
  4. 5877 POINTS
    Stan Cox IIPRO
    Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
    Great question! First I must say that I'm a proponent of Whole Life insurance mainly because it is permanent, has a guaranteed level premium, a guaranteed death benefit, and grows cash value tax-free that is available to the owner for a number of beneficial strategies. That said the Mutual insurance companies are the best - opposed to the vast majority which are stock companies.

    Then consideration must be given to the strength of the company along with the history and proven payment record. There are independent rating companies the look at those things and give rating scores to all the insurance companies. Those rating companies are: AM Best, Standard & Poor, Weiss, Fitch, and the Comdex. The Mutual Insurance companies that regularly receive the highest ratings and have been around the longest are: NY Life, Mass Mutual, and The Guardian. They are all great companies with terrific products and are very competitive as far as premiums. Mass Mutual pays the highest dividends.
    Answered on October 18, 2015
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