A mutual life insurance company is owned by its policyholders, not external shareholders — meaning policyholders are both customers and owners of the company. If that idea sounds appealing, you might want to consider buying a policy from one of the best mutual life insurance companies, all of which earned a NerdWallet rating of at least 4.5 stars.
Our list highlights companies that sell “participating” whole life insurance policies, which are eligible to receive annual dividends. Because life insurance dividends are based on a company’s financial performance, they aren’t guaranteed. But the mutual insurers on this list have been paying dividends to policyholders since the 19th century.
The best mutual life insurance companies at a glance
NerdWallet’s life insurance content, including ratings and recommendations, is overseen by a team of writers and editors who specialize in life insurance. We follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you.
Best for people with health conditions
Guardian Life
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Guardian stands out for lower than expected consumer complaints and extending coverage for people with health issues.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
Minimal policy details on the site.
Best for people with health conditions
Guardian Life
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Guardian stands out for lower than expected consumer complaints and extending coverage for people with health issues.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
Minimal policy details on the site.
Pros
Drew significantly fewer complaints to state regulators than expected for a company its size.
Offers unique coverage options, such as survivorship insurance and policies for HIV-positive applicants.
Cons
Minimal policy details on the site.
Company overview: Guardian Life, which has been paying dividends since 1868, sells an array of whole life insurance policies with different payment options and other features. Unlike some other life insurers, Guardian makes whole life insurance available to people living with HIV, and may have competitive rates for people with other pre-existing health conditions.
Guardian also offers joint life insurance policies that cover two people and pay out when the second one dies. This type of coverage could be a good fit for spouses or business partners.
Latest dividend payout: Nearly $1.4 billion in 2024.
Participating policy details
Policy names: Whole Life Paid Up at 95, Whole Life Paid Up at 99, Whole Life Paid Up at 121, Executive Strategies Whole Life, 10 Pay Whole Life, 10 Pay Flex Whole Life, 15 Pay Whole Life, 20 Pay Whole Life, Whole Life Paid Up at 65, Guardian Essential Life, EstateGuard Whole Life, 15 Pay EstateGuard Whole Life, Pension Trust Whole Life Paid Up at 95, Pension Trust Executive Strategies Whole Life, SafeGuard360TM.
Age eligibility: Varies by policy.
Coverage amount: Varies by policy.
State availability: Most policies are available in all states.
Available riders: Vary by policy but may include an accelerated death benefit, accidental death benefit, paid-up additions, term insurance and waiver of premium.
Best for flexible payment options
MassMutual
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
MassMutual’s whole life policies offer a variety of payment structures to suit your needs.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Wide range of term and permanent life insurance policies.
Supports online claims.
Most policies require a medical exam.
Best for flexible payment options
MassMutual
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
MassMutual’s whole life policies offer a variety of payment structures to suit your needs.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
Yes
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term, permanent & no-exam
Wide range of term and permanent life insurance policies.
Supports online claims.
Most policies require a medical exam.
Pros
Wide range of term and permanent life insurance policies.
Cons
Most policies require a medical exam.
Company overview: Founded in 1851, MassMutual has paid dividends to its policyholders every year since 1869. The company sells a range of whole life policies that are eligible for dividends.
You can choose to pay premiums for only a set number of years, such as the first 10 or 15 years of the policy. Choosing this option will build cash value quickly but cost more up front. Or, for a lower premium, you can select a policy that won’t be fully paid up until age 65 or 100.
Latest dividend payout: MassMutual expects to pay $2.5 billion in 2025.
Participating policy details
Policy names: Whole Life 100, Whole Life 65, Whole Life 8/10/12/15/20 Pay. The company also offers a Whole Life High Early Cash Value (HCEV) policy for businesses.
Age eligibility: Up to age 90, depending on the policy.
Coverage amount: Starts at $25,000 for most policies.
State availability: All states.
Available riders: Accelerated death benefit, waiver of premium, additional life insurance, planned additional life insurance, renewable term, life insurance supplement, long-term care access, guaranteed insurability, transfer of insured, yearly term purchase.
Best for low consumer complaints
Northwestern Mutual
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Northwestern Mutual has the lowest complaint ratio of all the life insurers we review.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Company website doesn’t give specifics about coverage amounts or riders.
Limited riders available.
Best for low consumer complaints
Northwestern Mutual
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Northwestern Mutual has the lowest complaint ratio of all the life insurers we review.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Company website doesn’t give specifics about coverage amounts or riders.
Limited riders available.
Pros
Far fewer complaints to state regulators than expected for a company its size.
Highly rated for customer satisfaction in J.D. Power study.
Consistently pays a dividend to eligible customers, which is common among mutual life insurance companies.
Cons
Company website doesn’t give specifics about coverage amounts or riders.
Limited riders available.
Company overview: Northwestern Mutual has been paying dividends every year since 1872. The company shines when it comes to consumer service, with very few complaints to state regulators. It also earned an above-average ranking from J.D. Power in a recent customer satisfaction survey.
Northwestern Mutual offers whole life insurance with limits up to $80 million. Most policies include an accelerated death benefit rider that allows you to access part of your death benefit if you’re diagnosed with a terminal illness. You may also be able to add a long-term care rider to your policy.
Latest dividend payout: The company expects to pay $8.2 billion in 2025.
Participating policy details
Age eligibility: Up to age 85.
Coverage amount: $50,000 to $80 million.
State availability: All states.
Available riders: Accelerated death benefit, waiver of premium, long-term care, additional purchase benefit.
Best for fast applications
New York Life
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
New York Life offers a wide variety of policies, including a whole life offering with an expedited underwriting process.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
Quotes aren’t available online.
Best for fast applications
New York Life
5.0
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
New York Life offers a wide variety of policies, including a whole life offering with an expedited underwriting process.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
Quotes aren’t available online.
Pros
Ranks above average in J.D. Power’s latest customer satisfaction study for life insurance.
Drew fewer complaints to state regulators than typically expected for a company of its size.
Cons
Quotes aren’t available online.
Company overview: One of the largest life insurance companies in the U.S., New York Life has been paying dividends each year since 1854. The company sells three participating whole life insurance policies. Its Secure Wealth Plus policy has a faster underwriting process and quickly builds up cash value in the early years of the policy.
Regardless of which whole life option you choose, you can generally customize your policy with extra riders. For example, the chronic care rider lets you access part of your death benefit while you’re still alive if you’re diagnosed with a chronic illness. The living benefit rider is similar but applies if you’re diagnosed with a terminal illness. You can also add a disability waiver of premium that will take care of your premiums if you can’t work for a period of time due to a disability.
Age eligibility: Up to age 85 for Whole Life and Custom Whole Life. Up to age 60 for Secure Wealth Plus.
Coverage amount: Minimum amounts range from $10,000 to $50,000, depending on the policy.
State availability: All states.
Available riders: Term insurance, chronic care, waiver of premium, accelerated death benefit, accidental death benefit, paid-up additions.
Penn Mutual
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Penn Mutual offers a broad slate of riders and has been paying dividends for more than 175 years, the longest consecutive span of any company on our list.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Offers term lengths up to 30 years.
Extensive universal life insurance lineup.
Low volume of complaints.
No online quotes.
Limited policy information on the site.
Penn Mutual
4.5
NerdWallet rating
NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer complaint and customer satisfaction data.
Penn Mutual offers a broad slate of riders and has been paying dividends for more than 175 years, the longest consecutive span of any company on our list.
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Exceptional
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
No
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Far fewer than expected
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Term & permanent
Offers term lengths up to 30 years.
Extensive universal life insurance lineup.
Low volume of complaints.
No online quotes.
Limited policy information on the site.
Pros
Offers term lengths up to 30 years.
Extensive universal life insurance lineup.
Low volume of complaints.
Cons
Limited policy information on the site.
Company overview: Penn Mutual declared its first dividend back in 1849 and has been paying them to eligible policyholders ever since. Individuals can choose either of Penn Mutual’s whole life insurance policies, which both accumulate cash value but have different potential payment schedules. Penn Mutual offers a long list of life insurance riders to choose from, depending on which policy you select.
In addition to whole life policies for individuals, Penn Mutual also offers a survivorship policy, which can cover two people (such as spouses or business partners). It pays out after the second person dies.
Latest dividend payout: Penn Mutual is set to pay$265 million in 2025.
Age eligibility: Up to age 85 for Accumulation and Protection policies. Ages 20 to 75 or 85 for Survivorship, depending on the plan you choose.
Coverage amount: Minimum amounts start at $50,000 in most cases for Accumulation and Protection policies and $200,000 for Survivorship policies.
State availability: All states except New York.
Available riders: Vary by policy, but may include an accelerated death benefit, accidental death benefit, children’s term insurance, disability waiver of premium, paid-up additions, guaranteed purchase option or overloan protection.
How to choose a mutual life insurance company
Around 15% of life insurers in the U.S. are mutual companies, according to the American Council of Life Insurers. If you’re thinking about buying a policy from one of them, consider these factors:
Financial strength. Because your life insurance policy may not pay out for decades, it’s important to know the issuer will be around well into the future. You can check financial strength ratings for life insurance companies via rating agencies such as AM Best. All the companies in the list above have exceptional financial strength.
Coverage. Make sure the company has the type of policy and riders you want. When evaluating life insurance quotes, check that each policy you’re considering has similar coverage, terms and conditions to ensure a fair price comparison.
Consumer complaints. The National Association of Insurance Commissioners tracks consumer complaints about each insurance company. You can look up the carriers you’re interested in on the NAIC website or check out our life insurance reviews, which include complaint data.
Dividends. If you’re looking to buy a participating whole life insurance policy, look at each mutual company’s history of dividend payouts. (Keep in mind, however, that dividends are never guaranteed.)
More about top-rated life insurance companies
Looking for a different type of life insurance? Check out NerdWallet’s picks across these categories:
How we rank the top life insurers
When NerdWallet evaluates life insurance companies, our editorial team considers both the customer and the insurer. These are some of the factors we take into account and why:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories: term life insurance, permanent life insurance and no-exam life insurance. The right policy for you depends on your needs and budget, but the best life insurance companies offer a broad range of coverage types to cater to most people.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. The top life insurance companies have an exceptional financial strength rating of A+ or A++.
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. Our top-rated life insurance companies have fewer than the expected number of complaints, so you can expect a smoother customer experience.
Buy online. We consider it a bonus when an insurer allows you to apply for and buy a policy completely online.
Cindy Miller is a writer who covers politics, health, business, and finance. She has been writing for Gibbs Press news site] since 2018 and has won several awards for her work.
She likes to spend her free time reading and practicing yoga. She also enjoys cooking and traveling.
