A mutual life insurance coverage firm is owned by its policyholders, not exterior shareholders — that means policyholders are each clients and house owners of the corporate. If that concept sounds interesting, you would possibly wish to take into account shopping for a coverage from among the best mutual life insurance coverage corporations, all of which earned a NerdWallet ranking of at the very least 4.5 stars.
Our checklist highlights corporations that promote “collaborating” complete life insurance coverage insurance policies, that are eligible to obtain annual dividends. As a result of life insurance coverage dividends are based mostly on an organization’s monetary efficiency, they aren’t assured. However the mutual insurers on this checklist have been paying dividends to policyholders because the nineteenth century.
The very best mutual life insurance coverage corporations at a look
NerdWallet’s life insurance coverage content material, together with rankings and suggestions, is overseen by a workforce of writers and editors who focus on life insurance coverage. We comply with strict editorial tips to make sure the content material on our web site is correct and honest so you may make monetary choices with confidence and select the merchandise that work greatest for you.
Greatest for folks with well being circumstances
Guardian Life
5.0
NerdWallet ranking
NerdWallet’s rankings are decided by our editorial workforce. The scoring components takes under consideration shopper grievance and buyer satisfaction information.
Guardian stands out for decrease than anticipated shopper complaints and lengthening protection for folks with well being points.
Monetary energy rankingThese rankings point out an insurer’s potential to pay future claims.
Distinctive
On-line buyThis means whether or not the corporate gives a approach to apply for and buy insurance policies totally on-line.
No
NAIC complaintsScores are based mostly on complaints to state regulators relative to an organization’s measurement, in accordance with three years’ value of information from the Nationwide Affiliation of Insurance coverage Commissioners. NerdWallet conducts its information evaluation and reaches conclusions independently and with out the endorsement of the NAIC.
Far fewer than anticipated
Insurance policies suppliedTime period insurance policies final a set variety of years, whereas everlasting insurance policies usually final a lifetime. No-exam insurance policies don’t require a medical examination.
Time period & everlasting
Drew considerably fewer complaints to state regulators than anticipated for an organization its measurement.
Gives distinctive protection choices, akin to survivorship insurance coverage and insurance policies for HIV-positive candidates.
Minimal coverage particulars on the location.
Greatest for folks with well being circumstances
Guardian Life
5.0
NerdWallet ranking
NerdWallet’s rankings are decided by our editorial workforce. The scoring components takes under consideration shopper grievance and buyer satisfaction information.
Guardian stands out for decrease than anticipated shopper complaints and lengthening protection for folks with well being points.
Monetary energy rankingThese rankings point out an insurer’s potential to pay future claims.
Distinctive
On-line buyThis means whether or not the corporate gives a approach to apply for and buy insurance policies totally on-line.
No
NAIC complaintsScores are based mostly on complaints to state regulators relative to an organization’s measurement, in accordance with three years’ value of information from the Nationwide Affiliation of Insurance coverage Commissioners. NerdWallet conducts its information evaluation and reaches conclusions independently and with out the endorsement of the NAIC.
Far fewer than anticipated
Insurance policies suppliedTime period insurance policies final a set variety of years, whereas everlasting insurance policies usually final a lifetime. No-exam insurance policies don’t require a medical examination.
Time period & everlasting
Drew considerably fewer complaints to state regulators than anticipated for an organization its measurement.
Gives distinctive protection choices, akin to survivorship insurance coverage and insurance policies for HIV-positive candidates.
Minimal coverage particulars on the location.
Execs
Drew considerably fewer complaints to state regulators than anticipated for an organization its measurement.
Gives distinctive protection choices, akin to survivorship insurance coverage and insurance policies for HIV-positive candidates.
Cons
Minimal coverage particulars on the location.
Firm overview: Guardian Life, which has been paying dividends since 1868, sells an array of complete life insurance coverage insurance policies with completely different cost choices and different options. Not like another life insurers, Guardian makes complete life insurance coverage out there to folks dwelling with HIV, and should have aggressive charges for folks with different pre-existing well being circumstances.
Guardian additionally gives joint life insurance coverage insurance policies that cowl two folks and pay out when the second dies. This sort of protection could possibly be a superb match for spouses or enterprise companions.
Newest dividend payout: Almost $1.4 billion in 2024.
Taking part coverage particulars
Coverage names: Entire Life Paid Up at 95, Entire Life Paid Up at 99, Entire Life Paid Up at 121, Govt Methods Entire Life, 10 Pay Entire Life, 10 Pay Flex Entire Life, 15 Pay Entire Life, 20 Pay Entire Life, Entire Life Paid Up at 65, Guardian Important Life, EstateGuard Entire Life, 15 Pay EstateGuard Entire Life, Pension Belief Entire Life Paid Up at 95, Pension Belief Govt Methods Entire Life, SafeGuard360TM.
Age eligibility: Varies by coverage.
Protection quantity: Varies by coverage.
State availability: Most insurance policies can be found in all states.
Out there riders: Range by coverage however could embrace an accelerated dying profit, unintentional dying profit, paid-up additions, time period insurance coverage and waiver of premium.
Greatest for versatile cost choices
MassMutual
5.0
NerdWallet ranking
NerdWallet’s rankings are decided by our editorial workforce. The scoring components takes under consideration shopper grievance and buyer satisfaction information.
MassMutual’s complete life insurance policies supply quite a lot of cost constructions to fit your wants.
Monetary energy rankingThese rankings point out an insurer’s potential to pay future claims.
Distinctive
On-line buyThis means whether or not the corporate gives a approach to apply for and buy insurance policies totally on-line.
Sure
NAIC complaintsScores are based mostly on complaints to state regulators relative to an organization’s measurement, in accordance with three years’ value of information from the Nationwide Affiliation of Insurance coverage Commissioners. NerdWallet conducts its information evaluation and reaches conclusions independently and with out the endorsement of the NAIC.
Far fewer than anticipated
Insurance policies suppliedTime period insurance policies final a set variety of years, whereas everlasting insurance policies usually final a lifetime. No-exam insurance policies don’t require a medical examination.
Time period, everlasting & no-exam
Wide selection of time period and everlasting life insurance coverage insurance policies.
Helps on-line claims.
Most insurance policies require a medical examination.
Greatest for versatile cost choices
MassMutual
5.0
NerdWallet ranking
NerdWallet’s rankings are decided by our editorial workforce. The scoring components takes under consideration shopper grievance and buyer satisfaction information.
MassMutual’s complete life insurance policies supply quite a lot of cost constructions to fit your wants.
Monetary energy rankingThese rankings point out an insurer’s potential to pay future claims.
Distinctive
On-line buyThis means whether or not the corporate gives a approach to apply for and buy insurance policies totally on-line.
Sure
NAIC complaintsScores are based mostly on complaints to state regulators relative to an organization’s measurement, in accordance with three years’ value of information from the Nationwide Affiliation of Insurance coverage Commissioners. NerdWallet conducts its information evaluation and reaches conclusions independently and with out the endorsement of the NAIC.
Far fewer than anticipated
Insurance policies suppliedTime period insurance policies final a set variety of years, whereas everlasting insurance policies usually final a lifetime. No-exam insurance policies don’t require a medical examination.
Time period, everlasting & no-exam
Wide selection of time period and everlasting life insurance coverage insurance policies.
Helps on-line claims.
Most insurance policies require a medical examination.
Execs
Wide selection of time period and everlasting life insurance coverage insurance policies.
Cons
Most insurance policies require a medical examination.
Firm overview: Based in 1851, MassMutual has paid dividends to its policyholders yearly since 1869. The corporate sells a spread of complete life insurance policies which can be eligible for dividends.
You possibly can select to pay premiums for under a set variety of years, akin to the primary 10 or 15 years of the coverage. Selecting this feature will construct money worth shortly however value extra up entrance. Or, for a decrease premium, you’ll be able to choose a coverage that received’t be absolutely paid up till age 65 or 100.
Newest dividend payout: MassMutual expects to pay $2.5 billion in 2025.
Taking part coverage particulars
Coverage names: Entire Life 100, Entire Life 65, Entire Life 8/10/12/15/20 Pay. The corporate additionally gives a Entire Life Excessive Early Money Worth (HCEV) coverage for companies.
Age eligibility: As much as age 90, relying on the coverage.
Protection quantity: Begins at $25,000 for many insurance policies.
State availability: All states.
Out there riders: Accelerated dying profit, waiver of premium, extra life insurance coverage, deliberate extra life insurance coverage, renewable time period, life insurance coverage complement, long-term care entry, assured insurability, switch of insured, yearly time period buy.
Greatest for low shopper complaints
Northwestern Mutual
5.0
NerdWallet ranking
NerdWallet’s rankings are decided by our editorial workforce. The scoring components takes under consideration shopper grievance and buyer satisfaction information.
Northwestern Mutual has the bottom grievance ratio of all of the life insurers we evaluation.
Monetary energy rankingThese rankings point out an insurer’s potential to pay future claims.
Distinctive
On-line buyThis means whether or not the corporate gives a approach to apply for and buy insurance policies totally on-line.
No
NAIC complaintsScores are based mostly on complaints to state regulators relative to an organization’s measurement, in accordance with three years’ value of information from the Nationwide Affiliation of Insurance coverage Commissioners. NerdWallet conducts its information evaluation and reaches conclusions independently and with out the endorsement of the NAIC.
Far fewer than anticipated
Insurance policies suppliedTime period insurance policies final a set variety of years, whereas everlasting insurance policies usually final a lifetime. No-exam insurance policies don’t require a medical examination.
Time period & everlasting
Far fewer complaints to state regulators than anticipated for an organization its measurement.
Extremely rated for buyer satisfaction in J.D. Energy research.
Constantly pays a dividend to eligible clients, which is frequent amongst mutual life insurance coverage corporations.
Firm web site doesn’t give specifics about protection quantities or riders.
Restricted riders out there.
Greatest for low shopper complaints
Northwestern Mutual
5.0
NerdWallet ranking
NerdWallet’s rankings are decided by our editorial workforce. The scoring components takes under consideration shopper grievance and buyer satisfaction information.
Northwestern Mutual has the bottom grievance ratio of all of the life insurers we evaluation.
Monetary energy rankingThese rankings point out an insurer’s potential to pay future claims.
Distinctive
On-line buyThis means whether or not the corporate gives a approach to apply for and buy insurance policies totally on-line.
No
NAIC complaintsScores are based mostly on complaints to state regulators relative to an organization’s measurement, in accordance with three years’ value of information from the Nationwide Affiliation of Insurance coverage Commissioners. NerdWallet conducts its information evaluation and reaches conclusions independently and with out the endorsement of the NAIC.
Far fewer than anticipated
Insurance policies suppliedTime period insurance policies final a set variety of years, whereas everlasting insurance policies usually final a lifetime. No-exam insurance policies don’t require a medical examination.
Time period & everlasting
Far fewer complaints to state regulators than anticipated for an organization its measurement.
Extremely rated for buyer satisfaction in J.D. Energy research.
Constantly pays a dividend to eligible clients, which is frequent amongst mutual life insurance coverage corporations.
Firm web site doesn’t give specifics about protection quantities or riders.
Restricted riders out there.
Execs
Far fewer complaints to state regulators than anticipated for an organization its measurement.
Extremely rated for buyer satisfaction in J.D. Energy research.
Constantly pays a dividend to eligible clients, which is frequent amongst mutual life insurance coverage corporations.
Cons
Firm web site doesn’t give specifics about protection quantities or riders.
Restricted riders out there.
Firm overview: Northwestern Mutual has been paying dividends yearly since 1872. The corporate shines in terms of shopper service, with only a few complaints to state regulators. It additionally earned an above-average rating from J.D. Energy in a current buyer satisfaction survey.
Northwestern Mutual gives complete life insurance coverage with limits as much as $80 million. Most insurance policies embrace an accelerated dying profit rider that lets you entry a part of your dying profit should you’re recognized with a terminal sickness. You may additionally have the ability to add a long-term care rider to your coverage.
Newest dividend payout: The corporate expects to pay $8.2 billion in 2025.
Taking part coverage particulars
Age eligibility: As much as age 85.
Protection quantity: $50,000 to $80 million.
State availability: All states.
Out there riders: Accelerated dying profit, waiver of premium, long-term care, extra buy profit.
Greatest for quick functions
New York Life
5.0
NerdWallet ranking
NerdWallet’s rankings are decided by our editorial workforce. The scoring components takes under consideration shopper grievance and buyer satisfaction information.
New York Life gives all kinds of insurance policies, together with a complete life providing with an expedited underwriting course of.
Monetary energy rankingThese rankings point out an insurer’s potential to pay future claims.
Distinctive
On-line buyThis means whether or not the corporate gives a approach to apply for and buy insurance policies totally on-line.
No
NAIC complaintsScores are based mostly on complaints to state regulators relative to an organization’s measurement, in accordance with three years’ value of information from the Nationwide Affiliation of Insurance coverage Commissioners. NerdWallet conducts its information evaluation and reaches conclusions independently and with out the endorsement of the NAIC.
Fewer than anticipated
Insurance policies suppliedTime period insurance policies final a set variety of years, whereas everlasting insurance policies usually final a lifetime. No-exam insurance policies don’t require a medical examination.
Time period & everlasting
Ranks above common in J.D. Energy’s newest buyer satisfaction research for all times insurance coverage.
Drew fewer complaints to state regulators than usually anticipated for an organization of its measurement.
Quotes aren’t out there on-line.
Greatest for quick functions
New York Life
5.0
NerdWallet ranking
NerdWallet’s rankings are decided by our editorial workforce. The scoring components takes under consideration shopper grievance and buyer satisfaction information.
New York Life gives all kinds of insurance policies, together with a complete life providing with an expedited underwriting course of.
Monetary energy rankingThese rankings point out an insurer’s potential to pay future claims.
Distinctive
On-line buyThis means whether or not the corporate gives a approach to apply for and buy insurance policies totally on-line.
No
NAIC complaintsScores are based mostly on complaints to state regulators relative to an organization’s measurement, in accordance with three years’ value of information from the Nationwide Affiliation of Insurance coverage Commissioners. NerdWallet conducts its information evaluation and reaches conclusions independently and with out the endorsement of the NAIC.
Fewer than anticipated
Insurance policies suppliedTime period insurance policies final a set variety of years, whereas everlasting insurance policies usually final a lifetime. No-exam insurance policies don’t require a medical examination.
Time period & everlasting
Ranks above common in J.D. Energy’s newest buyer satisfaction research for all times insurance coverage.
Drew fewer complaints to state regulators than usually anticipated for an organization of its measurement.
Quotes aren’t out there on-line.
Execs
Ranks above common in J.D. Energy’s newest buyer satisfaction research for all times insurance coverage.
Drew fewer complaints to state regulators than usually anticipated for an organization of its measurement.
Cons
Quotes aren’t out there on-line.
Firm overview: One of many largest life insurance coverage corporations within the U.S., New York Life has been paying dividends every year since 1854. The corporate sells three collaborating complete life insurance coverage insurance policies. Its Safe Wealth Plus coverage has a sooner underwriting course of and shortly builds up money worth within the early years of the coverage.
No matter which complete life possibility you select, you’ll be able to usually customise your coverage with further riders. For instance, the continual care rider helps you to entry a part of your dying profit when you’re nonetheless alive should you’re recognized with a continual sickness. The dwelling profit rider is analogous however applies should you’re recognized with a terminal sickness. You may also add a incapacity waiver of premium that can care for your premiums should you can’t work for a time frame as a result of a incapacity.
Age eligibility: As much as age 85 for Entire Life and Customized Entire Life. As much as age 60 for Safe Wealth Plus.
Protection quantity: Minimal quantities vary from $10,000 to $50,000, relying on the coverage.
State availability: All states.
Out there riders: Time period insurance coverage, continual care, waiver of premium, accelerated dying profit, unintentional dying profit, paid-up additions.
Penn Mutual
4.5
NerdWallet ranking
NerdWallet’s rankings are decided by our editorial workforce. The scoring components takes under consideration shopper grievance and buyer satisfaction information.
Penn Mutual gives a broad slate of riders and has been paying dividends for greater than 175 years, the longest consecutive span of any firm on our checklist.
Monetary energy rankingThese rankings point out an insurer’s potential to pay future claims.
Distinctive
On-line buyThis means whether or not the corporate gives a approach to apply for and buy insurance policies totally on-line.
No
NAIC complaintsScores are based mostly on complaints to state regulators relative to an organization’s measurement, in accordance with three years’ value of information from the Nationwide Affiliation of Insurance coverage Commissioners. NerdWallet conducts its information evaluation and reaches conclusions independently and with out the endorsement of the NAIC.
Far fewer than anticipated
Insurance policies suppliedTime period insurance policies final a set variety of years, whereas everlasting insurance policies usually final a lifetime. No-exam insurance policies don’t require a medical examination.
Time period & everlasting
Gives time period lengths as much as 30 years.
Intensive common life insurance coverage lineup.
Low quantity of complaints.
No on-line quotes.
Restricted coverage info on the location.
Penn Mutual
4.5
NerdWallet ranking
NerdWallet’s rankings are decided by our editorial workforce. The scoring components takes under consideration shopper grievance and buyer satisfaction information.
Penn Mutual gives a broad slate of riders and has been paying dividends for greater than 175 years, the longest consecutive span of any firm on our checklist.
Monetary energy rankingThese rankings point out an insurer’s potential to pay future claims.
Distinctive
On-line buyThis means whether or not the corporate gives a approach to apply for and buy insurance policies totally on-line.
No
NAIC complaintsScores are based mostly on complaints to state regulators relative to an organization’s measurement, in accordance with three years’ value of information from the Nationwide Affiliation of Insurance coverage Commissioners. NerdWallet conducts its information evaluation and reaches conclusions independently and with out the endorsement of the NAIC.
Far fewer than anticipated
Insurance policies suppliedTime period insurance policies final a set variety of years, whereas everlasting insurance policies usually final a lifetime. No-exam insurance policies don’t require a medical examination.
Time period & everlasting
Gives time period lengths as much as 30 years.
Intensive common life insurance coverage lineup.
Low quantity of complaints.
No on-line quotes.
Restricted coverage info on the location.
Execs
Gives time period lengths as much as 30 years.
Intensive common life insurance coverage lineup.
Low quantity of complaints.
Cons
Restricted coverage info on the location.
Firm overview: Penn Mutual declared its first dividend again in 1849 and has been paying them to eligible policyholders ever since. People can select both of Penn Mutual’s complete life insurance coverage insurance policies, which each accumulate money worth however have completely different potential cost schedules. Penn Mutual gives an extended checklist of life insurance coverage riders to select from, relying on which coverage you choose.
Along with complete life insurance policies for people, Penn Mutual additionally gives a survivorship coverage, which may cowl two folks (akin to spouses or enterprise companions). It pays out after the second particular person dies.
Newest dividend payout: Penn Mutual is ready to pay$265 million in 2025.
Age eligibility: As much as age 85 for Accumulation and Safety insurance policies. Ages 20 to 75 or 85 for Survivorship, relying on the plan you select.
Protection quantity: Minimal quantities begin at $50,000 typically for Accumulation and Safety insurance policies and $200,000 for Survivorship insurance policies.
State availability: All states besides New York.
Out there riders: Range by coverage, however could embrace an accelerated dying profit, unintentional dying profit, youngsters’s time period insurance coverage, incapacity waiver of premium, paid-up additions, assured buy possibility or overloan safety.
How to decide on a mutual life insurance coverage firm
Round 15% of life insurers within the U.S. are mutual corporations, in accordance with the American Council of Life Insurers. In the event you’re fascinated about shopping for a coverage from considered one of them, take into account these elements:
Monetary energy. As a result of your life insurance coverage coverage could not pay out for many years, it’s essential to know the issuer might be round effectively into the longer term. You possibly can test monetary energy rankings for all times insurance coverage corporations by way of ranking businesses akin to AM Greatest. All the businesses within the checklist above have distinctive monetary energy.
Protection. Be certain the corporate has the kind of coverage and riders you need. When evaluating life insurance coverage quotes, test that every coverage you’re contemplating has comparable protection, phrases and circumstances to make sure a good worth comparability.
Client complaints. The Nationwide Affiliation of Insurance coverage Commissioners tracks shopper complaints about every insurance coverage firm. You possibly can lookup the carriers you’re enthusiastic about on the NAIC web site or try our life insurance coverage opinions, which embrace grievance information.
Dividends. In the event you’re seeking to purchase a collaborating complete life insurance coverage coverage, have a look at every mutual firm’s historical past of dividend payouts. (Consider, nonetheless, that dividends are by no means assured.)
Extra about top-rated life insurance coverage corporations
On the lookout for a special sort of life insurance coverage? Try NerdWallet’s picks throughout these classes:
How we rank the highest life insurers
When NerdWallet evaluates life insurance coverage corporations, our editorial workforce considers each the client and the insurer. These are a number of the elements we take into consideration and why:
Insurance policies supplied. There are lots of forms of life insurance coverage available on the market, and so they fall into three key classes: time period life insurance coverage, everlasting life insurance coverage and no-exam life insurance coverage. The best coverage for you is dependent upon your wants and price range, however the very best life insurance coverage corporations supply a broad vary of protection sorts to cater to most individuals.
Monetary energy. We use AM Greatest rankings to substantiate an insurer’s long-term monetary stability and talent to pay claims. For all times insurance coverage, NerdWallet usually recommends contemplating insurers with rankings of A- or greater. The highest life insurance coverage corporations have an distinctive monetary energy ranking of A+ or A++.
Complaints. These rankings are based mostly on complaints to state regulators relative to an organization’s measurement, in accordance with three years’ value of information from the Nationwide Affiliation of Insurance coverage Commissioners. Our top-rated life insurance coverage corporations have fewer than the anticipated variety of complaints, so you’ll be able to count on a smoother buyer expertise.
Purchase on-line. We take into account it a bonus when an insurer lets you apply for and purchase a coverage fully on-line.
