Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Dec 7, 2021

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The Brief

  • Life insurance companies that offer permanent life insurance will have level premiums
  • Term life insurance policies have rates that stay the same for a shorter period but are often much cheaper
  • The best life insurance companies with rates that stay the same will vary based on your insurance needs and disposable income

If you’re looking for consistency in your budget, you might wonder if there are any life insurance companies with rates that stay the same. Thankfully, whole life insurance can help you secure constant rates for a lifetime.

Consistent lifetime rates might not always be in your best interest. This article will emphasize why while detailing the different types of life insurance policies.

Read on to learn more about life insurance companies with rates that stay the same, or enter your ZIP code to get free quotes from life insurance companies near you.

Which life insurance companies have rates that stay the same?

There are many life insurance companies and life insurance options out there. Life insurance rates vary by company, policy type, and personal factors such as age or gender.

There are three primary types of life insurance policies: term life insurance, whole life insurance, and universal life insurance. With universal life, there are a handful of subcategories as well.

In reality, term life insurance offers level premiums but only for the duration of your policy. For example, if you have a 30-year term life insurance policy, your rates stay the same for that entire duration.

Technically, your rates would be subject to change if you outlive your 30-year policy. However, if you’re concerned about those changes, whole life insurance and universal life insurance offer constant rates that never change.

The life insurance companies with rates that don’t stay the same over your lifetime will only offer term life insurance. Some of the best life insurance companies that offer permanent life insurance include:

  • State Farm
  • Foresters
  • MassMutual
  • New York Life
  • Allstate
  • AIG
  • Nationwide
  • Progressive

There are many other providers, but most of these companies are well-known and have strong company ratings. Other companies like Prudential life insurance might be better for term life insurance.

What are the best whole life insurance companies?

The best whole life insurance companies will depend on a few policy details alongside your needs. How to choose the best life insurance company varies from person to person.

There are a lot of questions to ask before you choose a company and consider it the best. For example, how much life insurance do I need? How much is life insurance going to cost? How independent are my beneficiaries?

The best life insurance companies are simply the cheapest life insurance companies for many people. Unfortunately, the cheapest isn’t clear when whole life insurance is compared to term life insurance.

Sample Foresters 20-Year Term Life Insurance vs. Whole Life Insurance Rates for $250,000 Policy Coverage
AgeTerm - MaleTerm - FemaleWhole - MaleWhole - Female
25$13.78$11.59$178.68$156.80
30$14.00$12.91$216.52$188.96
35$15.53$14.00$267.05$230.52
40$20.56$18.59$326.33$277.99
45$31.94$25.81$401.58$349.30
50$46.59$36.97$499.36$429.14
55$72.41$54.69$629.30$549.89
60$118.13$88.38$802.33$700.83
65$219.63$150.06$1,043.61 $912.58
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You’ll see above that term life insurance is notably cheaper than whole life insurance. The rates above are for healthy adults, but it should help to see the major difference in policy rates and expectations.

Despite the cash value component, there are a few things to consider with the rates above. At 60 years old, you could be paying roughly $100 per month for term or over $700 a month for whole life insurance.

At that age, there’s a real possibility that you won’t outlive your life insurance policy. In this case, you may be better off paying for term life insurance considering those rates will stay the same if you don’t outlive the policy.

Not to mention, many people simply can’t afford to pay more than a couple hundred dollars per month. If you are concerned about premium changes but are also on a budget, universal life insurance adds flexibility to your rates that whole life insurance doesn’t.

How do I choose the best life insurance policy with rates that stay the same?

Choosing the best life insurance policy with level premiums will take a little research. You’ll need to have a general understanding of life insurance ratings, reviews, and costs. Our life insurance underwriting guide can help.

Since budget is often the most important consideration for people start by collecting and comparing life insurance quotes from different insurers.

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The cheapest life insurance for men and the cheapest life insurance for seniors may or may not be the same. Once you’ve established a budget and found quotes that you can afford, then you can start looking into company ratings.

Financial Strength and Customer Satisfaction Ratings of the Top Whole Life Insurance Companies
Company/GroupA.M. BestJ.D. Power
New York Life A++ (Superior)777
MassMutual A++ (Superior)782
AllstateA+ (Superior)N/A
State Farm A++ (Superior)822
ForestersA (Excellent)N/A
AIGA (Excellent)729
NationwideA+ (Superior)813
ProgressiveA+ (Superior)N/A
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You’ll see above that most of the companies listed earlier are each highly rated by A.M. Best for financial strength. Not all companies were rated by J.D. Power but most, minus AIG, had strong customer satisfaction ratings as well.

If you’re stuck between two companies, it helps to check Better Business Bureau ratings and accreditation to confirm the complaint resolution history of each company.

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Life Insurance Companies With Rates That Stay The Same: The Bottom Line

Virtually any life insurance company that offers whole or universal policies has rates that stay the same. Even so, it doesn’t always make sense to purchase permanent life insurance over term life insurance.

By now, you should be better equipped to compare life insurance companies with rates that stay the same. Before you go, enter your ZIP code to get free quotes from top insurance companies near you.