Skip to Main Content

Powered by HomeInsurance.com (NPN: 8781838)

Advertising disclosure
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser.

This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Best universal life insurance companies

Updated Oct 01, 2024

Universal life insurance may be a good option for individuals who are looking for robust coverage that lasts a lifetime (as long as premiums are paid) and includes some flexibility. Most policies allow you to increase or decrease your death benefit and premiums, so you can manage your finances appropriately over time, no matter what your circumstances. Bankrate's insurance editorial team chose some of the best universal life insurers by looking at cost, rider options, customer satisfaction and more. Our choices below are worth considering if you are searching for a robust universal life policy.

Compare life insurance providers quickly and easily

See which provider is right for you.

Caret Down IconCaret Up Icon
Please select age
Caret Down IconCaret Up Icon
Please select Coverage amount
Caret Down IconCaret Up Icon
Please select Policy type
Location-Icon
Your information is secure

Powered by Coverage.com (NPN: 19966249)

Advertising disclosure
This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser.

This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Bankrate
Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable.
See more providers in
Choose from insurers in

Key takeaways

  • Universal life insurance is a flexible type of life insurance that can be adjusted to meet changing needs.
  • Because of the flexibility, you may be in contact with your carrier more often, and as such, you may want to consider customer satisfaction scores and accessibility.
  • You may also want to consider a company with numerous riders to help you personalize your coverage to your unique situation.

Best universal life insurance companies

Bankrate analyzed universal life insurance companies by looking at the following factors: J.D. Power customer satisfaction scores from the 2023 U.S Individual Life Insurance Study, financial strength scores from AM Best, number of riders and coverage capacity. We also used accessibility as a metric and researched whether each company had a mobile app, 24/7 customer service, an online portal and local agents.

Based on our research, the following life insurance companies offer some of the best universal life insurance coverage:

Life insurance company J.D. Power customer satisfaction score AM Best rating
Guardian 784/1,000 A++
MassMutual 809/1,000 A++
Mutual of Omaha 805/1,000 A+
Nationwide 840/1,000 A+
Northwestern Mutual 790/1,000 A++
Prudential 779/1,000 A+
State Farm 843/1,000 A++

For those looking for a universal life insurance policy with quite a few product and rider options, Guardian may be a great choice.

Guardian also has the highest AM Best financial strength rating possible: A++ (Superior). This means that, historically, Guardian has been financially sound and able to pay out large influxes of claims.

One drawback for Guardian however, is that it does not offer universal life insurance quotes online, possibly because of the complexity of the policies. You’ll need to contact a financial advisor that sells Guardian products in order to get a quote and buy a policy.

PROS

  • Checkmark Icon

    Superior AM Best financial strength rating

  • Checkmark Icon

    Offers several types of policies and riders

CONS

  • Close X Icon

    Less accessible than some competitors

  • Close X Icon

    No online universal life insurance quotes

MassMutual won the 2023 and 2024 Bankrate awards for The Best Whole Life Insurance and offers robust universal life policies with several rider options. MassMutual offers several types of policies, including term, whole life, universal, and variable universal. The company is also in the top three for customer satisfaction through the J.D. Power reports and holds a rating of A++ with AM best. Together, those two ratings strongly indicate that customers are satisfied with the company and that it has enough financial strength to meet its duties to customers. However, some of MassMutual’s insurance products may not be purchasable through their online website.

PROS

  • Checkmark Icon

    Multiple types of UL coverage are available

  • Checkmark Icon

    Two-year winner for best whole life insurance

CONS

  • Close X Icon

    Not all products can be applied for online

  • Close X Icon

    No customer support on the weekend

For those looking for above-average customer service and several universal life insurance options, you might want to consider Mutual of Omaha. Additionally, the company is relatively accessible, with local agents, an automated 24/7 phone line for payments and an online customer portal.

Mutual of Omaha has varied age restrictions and policy terms by state; however, it doesn’t advertise its riders online. This does not mean that endorsements are not available, but you’ll have to request a quote and talk with a Mutual of Omaha agent to learn what options you have.

PROS

  • Checkmark Icon

    Higher-than-average J.D. Power score

  • Checkmark Icon

    Several ways to contact the company

  • Checkmark Icon

    Several different UL policy types available

CONS

  • Close X Icon

    Age restrictions and policy terms vary by state

  • Close X Icon

    Riders are not advertised online

Nationwide stands out among universal life insurance companies for its highly customizable policies. Nationwide also offers several ways to interact with your policy, including a mobile app, online portal and local agents. The insurance company could also be a good choice if you like bundling your auto and home insurance with your life policy and keeping all your products in one place.

However, Nationwide’s A+ (Superior) financial strength rating from AM Best is high, but not quite as high as some of its competitors. Additionally, in order to get a universal life quote, you must contact an agent.

PROS

  • Checkmark Icon

    Higher-than-average J.D. Power score

  • Checkmark Icon

    Numerous riders available

  • Checkmark Icon

    No-exam UL option available

CONS

  • Close X Icon

    AM Best financial strength rating is lower than some competitors

  • Close X Icon

    No online quote option

Northwestern Mutual has high third-party scores combined with a high coverage capacity. The carrier could be a good fit if you are looking for a high death benefit on your policy and an exceptional level of service. You can also contact Northwestern Mutual to discuss or make changes to your policy in a variety of ways, including via the online portal or by talking directly to a financial advisor. Northwestern Mutual won a 2023 Bankrate Award for Best Universal Life Insurance Company.

However, only a few riders are advertised on its website, so it may be difficult to know how you can customize your policy with Northwestern Mutual. Customers may also note that quotes are unavailable online, and the company does not offer guaranteed life insurance.

PROS

  • Checkmark Icon

    High J.D. Power customer satisfaction score

  • Checkmark Icon

    High coverage capacity

  • Checkmark Icon

    Several ways to contact the company

CONS

  • Close X Icon

    Fewer riders than some competitors

  • Close X Icon

    Quotes not available online

If you are looking for a highly personalized policy, Prudential could be a good choice. With several riders, the company has options to build a policy that fits your needs. Prudential might also be a good option if you like to keep numerous types of financial products with one company for easier access. The provider also offers retirement accounts, annuities, health insurance and investment products.

However, Prudential does have a below-average J.D. Power customer satisfaction score, which might mean that customers aren’t always satisfied with the service they receive. Additionally, Prudential does not offer any form of guaranteed-issue life insurance.

PROS

  • Checkmark Icon

    High number of riders

  • Checkmark Icon

    Several additional product types offered

CONS

  • Close X Icon

    Below-average J.D. Power customer satisfaction score

  • Close X Icon

    No form of guaranteed-issue life insurance

State Farm was in the top position in J.D. Power's 2023 rankings for Customer Satisfaction, which suggests that the company takes the time and effort to meet its policyholders' needs efficiently and professionally. The company has the highest possible ranking with AM Best, as well. Its A++ score tells policyholders that it manages its financial resources well and will have no trouble paying out on claims. These and other factors led to State Farm earning the 2024 Bankrate Award for Best Universal Life Insurer. State Farm also features a highly interactive website and mobile app if you like to handle your insurance business online, and 19,000+ agents if you prefer to work with a local representative.

However, State Farm doesn’t offer indexed or variable universal life policies, so if you are looking for these options, you might be better served elsewhere. Additionally, those in Massachusetts, New York and Wisconsin will not be able to purchase a life policy, as State Farm is not actively writing life insurance in those areas.

PROS

  • Checkmark Icon

    Highest J.D. Power score in the study

  • Checkmark Icon

    Superior AM Best financial strength rating

  • Checkmark Icon

    Highly-accessible agent interactions

CONS

  • Close X Icon

    No options for indexed or variable universal life

  • Close X Icon

    Policies are not available in Massachusetts, New York or Wisconsin

How to choose the best universal life insurance company

It can help to understand the different types of universal life insurance when you are considering your policy. Universal life insurance includes variable, guaranteed and indexed universal life insurance. For example, if you’re looking for the best IUL (best indexed universal life insurance) make sure the insurer you’re interested in offers that product. Not all insurance companies offer all types of universal life insurance.

Permanent life insurance such as universal life is designed to remain in force throughout your life, so choosing the right policy is vital. Here are a few tactics you can take to find the best life insurance for your needs:

  • Consider third-party ratings: Ratings from companies like J.D. Power, the National Association of Insurance Commissioners (NAIC), AM Best, Standard & Poor’s (S&P) and Moody’s can help you get a well-rounded view of a carrier’s customer satisfaction levels and financial strength. This information could be useful when choosing a company that you may interact with for the rest of your life.
  • Compare quotes from multiple companies: Much like other forms of insurance, life insurance rates can vary not only between providers but between customers as well. Comparing quotes between several carriers may help you find the policy you want at a better cost when looking for a life insurance policy. If you’re unsure where to start looking for such companies, consider Bankrate’s write-up on affordable life insurance companies.
  • Think about working with a financial advisor: A financial advisor or licensed life insurance agent could help you determine what your specific needs are. Plus, they may have recommendations regarding companies, life insurance policy types or riders.

Frequently asked questions

Methodology

Choosing the best life insurance policy is not a decision to take lightly. The insurance company’s history, as well as its reputation for customer service, financial stability and death benefit payouts, are just a few of the things that can impact both your experience and policy value. We assessed NAIC ratings based on market share, financial stability ratings from sources like AM Best and customer satisfaction scores from J.D. Power. We also examined the number of riders available, general accessibility, coverage capacity and whether medical exams were required as part of the underwriting process in order to make our picks.