5 Best Mutual Life Insurance Companies in July 2025 – Mutual life insurance companies are owned by their policyholders instead of outside shareholders. As a result, policyholders are not just customers but also part-owners of the company.
If this ownership model appeals to you, it may be worth exploring a policy from one of the top-rated mutual life insurance providers. Each company on this list earned a rating of 4.5 stars or higher.
5 Best Mutual Life Insurance Companies in July 2025
These insurers offer “participating” whole life insurance policies. These policies may pay out annual dividends, which are based on the company’s financial results. Below are standout mutual life insurance providers, along with their pros and cons.
Guardian Life
Guardian Life has been in operation since 1868 and offers a variety of whole life insurance policies. The company stands out for offering coverage to individuals with certain pre-existing conditions, including HIV. It also offers joint life insurance policies, which can be ideal for couples or business partners.
Pros
- Low number of consumer complaints
- Offers coverage to HIV-positive applicants
Cons
- Limited policy details available on the website
- Policies cannot be purchased online
MassMutual
MassMutual, founded in 1851, has paid dividends every year since 1869. Its whole life insurance options include flexible premium schedules. You can pay over a short period, like 10 or 15 years, to quickly build cash value, or spread payments over a longer term for lower monthly costs.
Pros
- Wide selection of term and permanent policies
- Online claims supported
- Fewer complaints than expected
Cons
- Most policies require a medical exam
Northwestern Mutual
Northwestern Mutual has consistently delivered strong customer service, with one of the lowest complaint ratios among life insurers. Established in 1857, it has paid dividends each year since 1872 and offers whole life coverage up to $80 million. Most policies include an accelerated death benefit rider. Additional riders, such as long-term care, may also be available.
Pros
- Very low complaint ratio
- Strong performance in J.D. Power customer satisfaction rankings
- Consistent dividend payments
Cons
- Limited policy and rider details online
- Online purchase is not available
New York Life
New York Life is one of the largest life insurers in the United States. It has paid dividends annually since 1854 and offers a range of whole life policies. Its Secure Wealth Plus policy includes a faster underwriting process and builds cash value early in the policy. Riders include chronic care, terminal illness, and disability premium waivers for added flexibility.
Pros
- Fewer complaints than expected for its size
- Some policies eligible for dividends
Cons
- No online quotes available
Penn Mutual
Penn Mutual began paying dividends in 1849 and has done so consistently ever since. It offers two main whole life insurance policies, both with cash value growth potential and different premium options.
Penn Mutual provides a wide selection of riders and offers survivorship life insurance, which pays out after the second insured individual passes away.
Pros
- Offers term lengths up to 30 years
- Broad range of rider options
- Low complaint volume
Cons
- No online quotes
- Limited policy information on the site
Choosing the Right Mutual Life Insurance Company
- Financial strength: Choose a company with solid financial ratings. This ensures it can meet its long-term obligations. All the companies listed above have top-tier financial strength.
- Coverage options: Compare policy types and available riders. Make sure each plan you’re considering provides the benefits and flexibility you need.
- Complaint record: Check the National Association of Insurance Commissioners (NAIC) for consumer complaint data.
- Dividend history: If you’re interested in a participating policy, consider the company’s track record with dividend payments. While dividends are not guaranteed, a strong history can be a positive sign.
