Best Universal Life Insurance Companies of February 2025
According to Investopedia’s recent analysis, Pacific Life emerges as the leading provider for universal life (UL) insurance. The company distinguishes itself through its low coverage minimums, extensive range of policy choices, and impressive financial health coupled with high customer satisfaction ratings. Universal life insurance is designed to offer protection throughout one’s lifetime, providing flexible premiums and death benefits that policyholders can adjust dynamically to meet their changing needs.
Investopedia performed a comprehensive review and evaluation of 45 different companies, using a rigorous set of 70 different criteria. These included careful assessments of policy features and customer satisfaction levels, among other factors, to determine the top performers in the industry.
Our Top Picks:
- Best Overall, Best Variable Universal Life Insurance, Best Indexed Universal Life Insurance: Pacific Life
- Best for Financial Stability, Best for Customer Satisfaction: MassMutual
- Best for Living Benefits: Nationwide
- Best for No-Medical-Exam Life Insurance: Midland National
- Best for High-Issue-Age Policies: John Hancock
Pacific Life
Why We Chose It: Pacific Life’s appeal lies in its robust financial health, minimal customer complaints, and diverse suite of insurance products. They offer five distinct variable universal life insurance options, featuring guaranteed minimum interest and a range of investment strategies. Its indexed universal life insurance products also shine, providing four different choices for clients looking to tailor their coverage and develop their cash value in a way that meets their individual needs.
Pros & Cons
- Pros
- Offers coverage up to $3 million with no medical exam required
- Policies available with starting amounts as low as $25,000
- Provides a wide range of universal life insurance products
- Cons
- Does not offer online quotes.
- Online application is not available.
- Coverage is not available the same day.
Overview: Pacific Life’s insurance portfolio encompasses a variety of products, including universal, indexed universal, and variable universal policies. This variety ensures they can cater to an extensive spectrum of financial needs, including survivorship options. Although they may not have as many available riders as some competitors studied by Investopedia, certain policies deliver notable add-ons. For example, the Pacific Trident IUL policy includes a no-lapse guarantee which is offered at no additional cost for up to 20 years, which is a valuable feature. In addition, healthy individuals can obtain coverage up to $3 million without needing to undergo a medical exam.
Pacific Life was established back in 1868 and is based in Newport Beach, California. The company enjoys a solid reputation, with a low number of customer complaints. Moreover, they received an above-average customer satisfaction rating in the 2024 U.S. Individual Life Insurance Study conducted by J.D. Power.
Riders
- Child term rider
- Waiver of premium rider
- Terminal illness rider
- Long-term care rider
- Chronic illness rider
- No-lapse guarantee rider
- Short-term no-lapse guarantee rider
MassMutual
Why We Chose It: MassMutual stands out in Investopedia’s research for its solid financial stability and impressive levels of customer satisfaction. It holds the highest possible rating (A++) from AM Best regarding its financial strength. MassMutual has the lowest NAIC complaint index at 0.075, among the companies in this report, showing that it receives very few complaints relative to the company’s size. It secured the third position in J.D. Power’s 2024 Life Insurance Study in terms of customer satisfaction, reflecting both its strong reputation and dependability.
Pros & Cons
- Pros
- Receives very few customer complaints relative to its market share
- Holds the highest AM Best financial stability rating
- Reports high customer satisfaction ratings from J.D. Power
- Cons
- Does not offer indexed universal life policies.
- Coverage without a medical exam is limited to $1 million.
Overview: MassMutual, established in 1951, is based in Springfield, Massachusetts. It stands apart as one of just seven companies, out of the 45 Investopedia reviewed, that received an A++ rating from AM Best. The company’s exceptional financial stability is further highlighted by its low NAIC complaint index. MassMutual accepts universal life applications from individuals up to 85 years old. Furthermore, they provide coverage options starting as low as $50,000, without any maximum limit. A number of their universal and variable universal policies also provide “no-lapse guarantees.” These guarantees make sure that as long as you continue making timely premium payments, your policy remains active.
Riders
- Spouse term rider
- Guaranteed insurability rider
- Waiver of premium rider
- Disability income rider
- Terminal illness rider
- Chronic illness rider
Nationwide
Why We Chose It: What sets Nationwide apart is its inclusion of critical, chronic, and terminal illness riders with its universal life insurance policies, without any extra cost. These riders give you access to a portion of the death benefit if you get diagnosed with a qualifying illness.
Pros & Cons
- Pros
- Offers several living benefit riders included with their policies
- Provides coverage up to $5 million without requiring a medical exam
- Maintains minimal customer complaints
- Cons
- Does not offer policies smaller than $100,000
Overview: Nationwide combines a solid financial foundation with features geared towards consumer convenience. Their universal life insurance policies incorporate “living benefits” that give policyholders access to some of their death benefit if they need it for qualifying health issues. In addition, its policies include numerous optional riders to tailor coverage to fit individual needs. While the $100,000 minimum coverage might not be ideal for someone looking for a smaller, more budget-friendly policy, buyers seeking substantial insurance coverage will find no upper limit. With its accelerated underwriting approach, those in good health can get coverage up to $5 million with no medical examination, making Nationwide a convenient option for people who want quick, hassle-free coverage.
Nationwide started in 1925 and has its headquarters in Columbus, Ohio.
Riders
- Guaranteed insurability rider
- Waiver of premium rider
- Accidental death benefit rider
- Overloan lapse protection rider
- Terminal illness rider
- Long-term care rider
- Chronic illness rider
- Critical illness rider
- Child term rider
Midland National
Why We Chose It: Midland National’s WriteAway accelerated underwriting program speeds up the approval process, letting you apply and get approved for universal life insurance in less than a week, making it ideal for those needing coverage quickly.
Pros & Cons
- Pros
- Tobacco users can get coverage without a medical exam
- Living benefit riders are included with their policies
- Offers accelerated underwriting approval in less than a week
- Cons
- Scores below average in J.D. Power customer satisfaction ratings
Overview: Through Midland National’s WriteAway program, universal life insurance coverage is available up to $2 million without the need for a medical examination for eligible applicants. Application approvals can often be secured the same day for the healthiest applicants, with the whole process potentially taking less than a week. Universal life coverage starts at $50,000, with no upper limit for traditional underwriting. However, working with a licensed agent is necessary to apply. Midland National was founded in 1906 and is located in Sioux Falls, South Dakota.
Riders
- Guaranteed insurability rider
- Waiver of premium rider
- Accidental death benefit rider
- Terminal illness rider
- Overloan protection rider
- Protected death benefit rider
- Chronic illness rider
- Critical illness rider
- Child term rider
John Hancock
Why We Chose It: John Hancock’s universal life insurance policies are an option for people up to 90 years of age, which is the highest age limit set by the companies Investopedia reviewed, making it a useful choice for older adults seeking to obtain coverage.
Pros & Cons
- Pros
- Policies are available to people up to the age of 90 years old
- Two living benefits are included for free.
- Cons
- Does not provide online quotes.
- Scores below average in J.D. Power customer satisfaction ratings
Overview: John Hancock offers a full range of universal, variable, and indexed universal life insurance, including choices with no-lapse guarantees. Adding to its appeal, its free Vitality GO program rewards healthy choices with discounts on purchases such as groceries and fitness products. Customers can also opt for the paid version—$2 per month—which brings additional perks like savings at major retailers and discounts of up to 25% on life insurance premiums. Quotes and applications necessitate working through a John Hancock agent. John Hancock was established in 1862 and is headquartered in Boston.
Riders
- Waiver of premium rider
- Disability income rider
- Terminal illness rider
- Long-term care rider
- Critical illness rider
- Chronic illness rider
