Best Universal Life Insurance Companies of February 2025

Best Universal Life Insurance Companies of February 2025

According to recent research by Investopedia, Pacific Life stands out as the premier choice for universal life (UL) insurance. The company boasts low coverage minimums, a wide array of policy options, and consistently strong financial ratings coupled with high customer satisfaction. Universal life insurance provides enduring lifetime coverage, offering flexibility in premium payments and death benefits that can be adjusted as your financial needs evolve.

Investopedia conducted an in-depth review, evaluating 45 insurance companies based on 70 distinct criteria, including policy options, customer satisfaction metrics, and financial strength.

Top Universal Life Insurance Providers:

• 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

Our Top Picks

• Pacific Life
• MassMutual
• Nationwide
• Midland National
• John Hancock

Why Pacific Life?

Pacific Life stands out due to its robust financial strength rating, few customer complaints, and a wide variety of product offerings. The company offers five variable universal life insurance policies that include guaranteed minimum interest crediting and diverse investment strategies. Pacific Life’s indexed universal life insurance products are particularly noteworthy, providing investors with four distinct options designed to customize coverage and optimize cash value growth.

Pros:

• Coverage up to $3 million available without a medical exam
• Policies available with low minimums starting at just $25,000
• Extensive range of universal life insurance products

Cons:

• No online quote tool
• No online application process
• Coverage is not available on the same day as the application

Pacific Life offers a spectrum of universal, indexed universal, and variable universal policies, including survivorship options, catering to a broad range of financial needs. While the company may not have as many riders as some competitors examined in Investopedia’s study, certain policies include valuable add-ons. For example, the Pacific Trident IUL includes a free no-lapse guarantee extending up to 20 years. Healthier applicants may qualify for up to $3 million in coverage without undergoing a medical examination. To get a quote, you must work with a licensed insurance agent, and universal life policies are not available in New York.

Pacific Life was established in 1868 and is headquartered in Newport Beach, California. It maintains a strong reputation in the industry, marked by few customer complaints and a customer satisfaction rating that is above average, according to the 2024 U.S. Individual Life Insurance Study conducted by J.D. Power.

Available 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

Why MassMutual?

MassMutual earns high marks for both financial stability and customer satisfaction, according to Investopedia’s comprehensive research. The company holds an A++ rating from AM Best, the highest rating possible for financial strength. MassMutual registers the lowest NAIC complaint index (0.075) among the companies studied, indicating a significantly low volume of complaints relative to its size. It also holds a strong position in the 2024 Life Insurance Study from J.D. Power, ranking third for customer satisfaction, evidence of its strong reputation and reliability.

Pros:

• Very few complaints relative to market share
• Highest possible AM Best financial stability rating
• High customer satisfaction rating from J.D. Power

Cons:

• No indexed universal life policies
• No-medical-exam coverage is capped at $1 million

MassMutual, founded in 1951 and based in Springfield, Massachusetts, is one of only seven companies out of the 45 reviewed by Investopedia, to hold an A++ rating from AM Best. Demonstrating its exceptional financial stability. In addition, MassMutual’s NAIC complaint index is the best on the list, showing it receives very few customer complaints. MassMutual accepts universal life applicants up to age 85 and offers minimum coverage of $50,000 with no maximum limit. Some of the company’s universal and variable universal policies offer no-lapse guarantees, which ensure the policies stay active as long as premiums are paid on time.

Why Nationwide?

Nationwide distinguishes itself by including critical, chronic, and terminal illness riders in its standard universal life insurance policies, at no extra cost. These riders allow policyholders to access a portion of the death benefit if diagnosed with a qualifying illness.

Pros:

• Living benefit riders included with policies
• Coverage up to $5 million available without a medical exam
• Few customer complaints

Cons:

• No policies issued for less than $100,000

Nationwide combines financial strength with consumer-friendly features. Nationwide’s universal life insurance policies come with built-in living benefits, enabling access to a portion of the death benefits if needed for a qualifying illness. Additionally, the policies offer a range of optional riders for tailored coverage. While the $100,000 minimum coverage might not suit those looking for smaller, more affordable policies, there is no upper limit for those aiming for extensive coverage. Through its accelerated underwriting process, applicants can get up to $5 million in coverage without a medical exam, making Nationwide a convenient and efficient option for healthy individuals seeking fast, effortless coverage.

Nationwide was established in 1925 and is headquartered in Columbus, Ohio.

Available 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

Why Midland National?

Midland National’s WriteAway accelerated underwriting program allows for the rapid approval of universal life insurance applications, often within a week, providing a distinct advantage for those needing prompt coverage.

Pros:

• Coverage is available to tobacco users without a medical exam
• Living benefit riders are also included with policies
• Accelerated underwriting process with approval in less than a week

Cons:

• Below-average J.D. Power customer satisfaction rating

Midland National’s WriteAway program offers up to $2 million in universal life insurance coverage without a medical exam for eligible applicants, allowing for a faster, easier application process. Applications usually take less than a week, and the healthiest applicants may get same-day approval. Universal life coverage starts at $50,000 with no maximum limit for traditional underwriting, but working with a licensed agent is required to apply.

Midland National was established in 1906 and is based in Sioux Falls, South Dakota.

Available 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

Why John Hancock?

John Hancock offers universal life insurance policies to applicants up to the age of 90, making it the highest age limit among the companies Investopedia reviewed. This makes it an excellent choice for older individuals seeking coverage.

Pros:

• Policies available for applicants up to 90 years old
• Two living benefits are included for free

Cons:

• No online quotes are available
• Below-average J.D. Power customer satisfaction rating

John Hancock provides a range of universal, variable, and indexed universal life policies, including some with no-lapse guarantees. The company’s free Vitality GO program rewards healthy choices with discounts on groceries, fitness gear, and other benefits. The paid version, available for $2 a month, offers additional perks like savings at major retailers and up to 25% off life insurance premiums. You must work with a John Hancock agent to obtain quotes and apply for coverage.

John Hancock was established in 1862 and is headquartered in Boston.

Available Riders:

• Waiver of premium rider
• Disability income rider
• Terminal illness rider
• Long-term care rider
• Critical illness rider
• Chronic illness rider

Methodology

Investopedia’s editorial team and research analysts analyzed 45 life insurance companies, taking into consideration essential factors such as financial stability, customer satisfaction, coverage options, and cost to develop unbiased, comprehensive assessments. Investopedia has been in operation since 1999 and has provided reviews of life insurance companies since 2020.

[Investopedia’s analysis of life insurance companies](https://www.investopedia.com/thmb/CtpivM7DuqHGuM7lAjW2In6fcw0=/1500×0/filters:no_upscale():max_bytes(150000):strip_icc():format(webp)/BestUniversalLifeInsuranceCompanies-final-fb6a9bd142594fbebcc9eb7b41115da5.png)

Investopedia is committed to helping you select the most suitable life insurance to meet your individual needs.

How We Review the Best Universal Life Insurance Companies

Investopedia’s ranking of the best universal life insurance companies is based on thorough research of 45 providers. In March 2024, we surveyed 500 recent life insurance buyers to inform our research. The outcomes helped us identify 70 criteria, encompassing financial strength, customer satisfaction, policy offerings, and digital tools, which our editors and researchers used to evaluate each company. This guarantees that Investopedia’s ratings reflect what matters most to consumers.

Our data gathering process occurred from May 20 to July 3, 2024. We drew our information from company websites, through inquiries made to company representatives, and information procured from rating agencies. To evaluate each company, we sorted the criteria into six categories, which were scored according to the weights below for this article:

• Policy Features: 39%
• Policy Types: 20%
• Riders: 13%
• Financial Stability: 10%
• Customer Satisfaction: 10%
• Application and Online Service Features: 8%

For more information, read our complete methodology explanation.