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The five kinds of life insurance, compared.

Every product below answers two questions: how long do you want coverage, and do you want a savings component alongside it?

Term Life

Coverage for a set number of years, usually 10, 20, or 30.

Pros
  • Cheapest coverage per dollar of death benefit.
  • Simple: one premium, one payout, one term.
  • Most policies can be converted to permanent coverage later.
Cons
  • Expires. If you outlive the term, there is no payout.
  • Renewal after the term ends is much more expensive.
Best for: Most families with kids, a mortgage, or an income to replace.
Optimal carriers and why
  • Corebridge Financial. Consistently among the lowest rates at $500K+, and Select-a-Term lets you pick any length from 10 to 35 years.
  • Prudential. The go-to when there's a health nuance: tobacco, cannabis, higher BMI, controlled diabetes.
  • Lincoln Financial. TermAccel offers no-exam decisions up to $2M and is flexible on well-managed conditions.
  • Transamerica. Trendsetter Series is competitive across most age and health bands.
  • USAA. For military and veterans: Level Term V has no war or aviation exclusion and military-aware underwriting.
  • Mutual of Omaha. Reliable term pricing through age 80 and a trusted brand for buyers already past their 50s.

Whole Life

Permanent coverage that never expires and builds guaranteed cash value.

Pros
  • Coverage for life. The death benefit is guaranteed if premiums are paid.
  • Cash value grows at a guaranteed rate plus dividends with mutual carriers.
  • Predictable, level premium that never changes.
Cons
  • 8 to 12 times more expensive than term for the same death benefit.
  • Cash value grows slowly for the first 5 to 10 years.
Best for: High earners who have maxed retirement accounts, estate planning, lifelong dependents.
Optimal carriers and why
  • Northwestern Mutual. Highest financial strength ratings from all four major agencies and a consistent dividend payer.
  • MassMutual. Mutual company paying dividends every year since 1869, with blended designs that stretch each premium dollar.
  • USAA. Straightforward whole life for military families, with no war or aviation exclusion.

Indexed Universal Life (IUL)

Permanent coverage where cash value is tied to a stock index like the S&P 500.

Pros
  • Upside tied to market performance, with a floor (usually 0%) so you don't lose principal.
  • Flexible premiums after the first few years.
  • Tax-advantaged loans against cash value in retirement.
Cons
  • Caps limit your upside. A 20% market year might only credit 9 to 11%.
  • Fees are heavy in the early years. It only works if you fund it for 15+ years.
Best for: Sophisticated buyers using IUL as a tax-diversification bucket alongside 401(k) and IRA.
Optimal carriers and why
  • Nationwide. IUL Accumulator and IUL Protector are advisor favorites, and CareMatters adds a real long-term care rider.
  • Lincoln Financial. WealthAccumulate IUL is a mainstay for advanced retirement-supplement planning.
  • Corebridge Financial. QoL Max Accumulator is priced aggressively for cash-value growth in the accumulation years.
  • Transamerica. Financial Foundation IUL is broadly available; illustrations should be stress-tested.

Guaranteed Universal Life (GUL)

Permanent coverage with no real cash value, priced closer to term.

Pros
  • Cheapest way to buy permanent coverage.
  • Guaranteed death benefit to age 90, 95, 100, or 121 depending on design.
  • Simple: pick the age you want coverage to last, pay the premium, done.
Cons
  • Miss a premium and the guarantee can lapse. There is no forgiveness.
  • Essentially no cash value to borrow against.
Best for: Estate planning where you want a lifelong death benefit at the lowest premium.
Optimal carriers and why
  • Corebridge Financial. Guaranteed UL is regularly the price leader for lifetime coverage.
  • Prudential. PruLife Founders Plus UL is flexible on health history for lifetime guarantees.
  • Mutual of Omaha. Reliable GUL pricing with strong brand trust for older buyers.

Final Expense (Burial Insurance)

Small whole-life policy, usually $5K to $40K, sized for funeral and last bills.

Pros
  • Easy to qualify. Often no exam, just health questions.
  • Fixed premium, coverage never expires.
  • Guaranteed-issue versions accept virtually anyone 50 to 85.
Cons
  • Expensive per dollar of coverage.
  • Guaranteed-issue versions usually have a 2-year waiting period before full payout.
Best for: Adults 50+ who never bought coverage and want to spare their family the funeral bill.
Optimal carriers and why
  • Mutual of Omaha. Living Promise is a category benchmark with level and graded options.
  • Americo. Eagle Premier is a well-known final expense product with fast decisions.
  • Transamerica. Final expense down to $1,000 face amounts, with lenient underwriting.

Every carrier we work with

What each carrier is good at.

We can quote any of these. No single carrier wins for every situation, so we shop the one that fits yours.

Americo

Founded 1946AM Best A (Excellent)

Best for: Simplified-issue term and final expense for people who don't want a medical exam.

Strengths
  • No-exam term up to age 70 with fast decisions.
  • Well-known Eagle Premier final expense product.
  • Living benefits for chronic, critical, and terminal illness built into many policies.
Watch-outs
  • Not the cheapest for fully underwritten term. Better if you want speed or have minor health issues.
  • Smaller carrier than the household names below.
Simplified-issue TermFinal Expense Whole Life

Mutual of Omaha

Founded 1909AM Best A+ (Superior)

Best for: Adults 45 to 85 shopping final expense, plus solid mid-market term.

Strengths
  • Living Promise final expense is a category benchmark, with level and graded options.
  • Strong brand trust with older buyers.
  • Reliable term rates through age 80 for many bands.
Watch-outs
  • Term pricing for very healthy young adults is often beaten by Corebridge or Prudential.
  • Underwriting can be strict on tobacco.
Term Life ExpressLiving Promise Whole LifeIUL Express

Transamerica

Founded 1904AM Best A (Excellent)

Best for: Broad menu, from cheap term to indexed universal life.

Strengths
  • Trendsetter Series term is competitively priced in most bands.
  • Accepts a wide range of health conditions.
  • Final expense product available down to $1,000 face amounts.
Watch-outs
  • Customer service reviews are mixed. Not a knock on claims, more on servicing.
  • IUL illustrations should be stress-tested at lower crediting rates.
Trendsetter TermFinancial Foundation IULFinal Expense

Corebridge Financial

Formerly AIG Life & RetirementAM Best A (Excellent)

Best for: Aggressive term pricing, especially at $500K+ face amounts.

Strengths
  • Select-a-Term lets you pick any duration from 10 to 35 years.
  • Consistently among the lowest rates for healthy applicants.
  • Accelerated underwriting up to $2M for qualified applicants.
Watch-outs
  • Underwriting tightens quickly with build, blood pressure, or cholesterol flags.
  • Rebrand from AIG confuses some buyers, but it is the same claims-paying entity.
Select-a-TermQoL Max Accumulator IULGuaranteed UL

Lincoln Financial

Founded 1905AM Best A (Excellent)

Best for: Term for buyers with a health history, and long-term IUL/VUL planning.

Strengths
  • TermAccel offers no-exam decisions up to $2M for many profiles.
  • One of the most flexible carriers on well-managed conditions like mild diabetes or past cancer.
  • Well-known WealthAccumulate IUL for advanced planning.
Watch-outs
  • Pricing on term is middle-of-pack unless a health nuance rules others out.
  • Advanced products belong with an experienced agent, not DIY.
TermAccelLifeElements TermWealthAccumulate IUL

Prudential

Founded 1875AM Best A+ (Superior)

Best for: Difficult health cases and tobacco users.

Strengths
  • Most lenient major carrier on cannabis and cigar use, often at non-smoker rates.
  • Willing to consider elevated BMI, controlled diabetes, and sleep apnea.
  • Convertible term with a wide list of permanent products to convert into.
Watch-outs
  • Rates for perfectly healthy 20 to 30 year olds are usually beaten by Corebridge.
  • Underwriting can be slower. Three to six weeks is not unusual.
Term EssentialPruTerm OneVUL Protector

Nationwide

Founded 1926AM Best A+ (Superior)

Best for: Indexed universal life with strong long-term care riders.

Strengths
  • IUL Accumulator and IUL Protector are well-regarded in the advisor world.
  • Long-term care rider, Nationwide CareMatters, is genuinely useful, not a gimmick.
  • Fair term pricing when bundled with existing Nationwide products.
Watch-outs
  • Not usually the cheapest pure-term option.
  • IUL is a long-term commitment. It needs 15+ years to work as designed.
YourLife Guaranteed Level TermIUL AccumulatorCareMatters II

USAA

Founded 1922AM Best A++ (Superior)

Best for: Active military, veterans, and their families.

Strengths
  • One of very few carriers with no war or aviation exclusion for service members.
  • Level Term V available from $100K to $10M with military-aware underwriting.
  • Strong customer service reputation across all product lines.
Watch-outs
  • Membership is limited to military families, though membership itself is straightforward.
  • Whole life offerings are simpler than mutual-company competitors.
Level Term VWhole LifeGuaranteed Whole Life

MassMutual

Founded 1851AM Best A++ (Superior)

Best for: Participating whole life with a long dividend history.

Strengths
  • Mutual company, so policyholders share in dividends, paid every year since 1869.
  • Blended whole life plus term riders let you buy more permanent coverage per dollar.
  • Financially one of the strongest carriers in the country.
Watch-outs
  • Whole life premiums are 8 to 12 times term for the same face amount. Not a starter product.
  • Term pricing is fine but not category-leading.
Whole Life LegacyCareChoice One (LTC hybrid)Vantage Term

Northwestern Mutual

Founded 1857AM Best A++ (Superior)

Best for: Buyers who want the highest-rated mutual carrier and plan to hold whole life for life.

Strengths
  • Highest financial strength ratings from all four major agencies.
  • Consistent dividend payer, with projected 2025 dividend around $8.2B.
  • Deep advisor network for coordinated planning.
Watch-outs
  • Term is a loss-leader to eventually convert. Pure term shoppers often find better rates elsewhere.
  • Whole life premiums are among the highest. Don't buy unless you're committed for 20+ years.
Whole Life90 LifeTerm Life (Level 10/20)

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