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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first. Bankrate logo Editorial integrity
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. 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. Life insurance can be an important purchase. Basic policies are designed to help provide a financial cushion for your loved ones in the event of your passing, but that’s not all life insurance can do. , also called UL coverage, can be a great choice if you’re looking for a flexible policy with added perks. A universal life policy allows you to increase or decrease your death benefit to suit your needs, allowing you to control your premium. Additionally, universal life is a type of and comes with a cash value component that you may be able to withdraw or borrow against while you’re still living. 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. Compare life insurance providers quickly and easily
See which provider is right for you. The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses. Whole life insurance combines life insurance with an investment component. Coverage for life Tax-deferred savings benefit if premiums are paid 3 variations of permanent insurance: whole life, universal life and variable life include investment component Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time. Fixed premium over term No savings benefits Outliving policy or policy cancellation results in no money back Find matches Powered by HomeInsurance.com (NPN: 8781838) 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 Show More Universal life insurance policies can be complex, though. If you’re in the market for a UL policy, you might want to carefully consider the you choose. The flexibility of a universal life policy might mean you’ll have more contact with your carrier than if you had other , so customer satisfaction may be important. Bankrate’s insurance editorial team analyzed UL life insurance providers to help you choose a company that will fit your unique circumstances. Lightbulb 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. 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: customer satisfaction scores, financial strength scores, 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. Lastly, we investigated whether each carrier had a for universal life policies. Because owning a universal life policy comes with the perk of flexibility, we weighted accessibility as the most important company feature; companies with greater levels of accessibility ranked higher in our . A company’s number of riders was the second measure that we weighted, because UL customers likely want to create a policy that is tailored to their specific circumstances. Based on our research, the following life insurance companies offer some of the best universal life coverage: Bankrate’s best universal life insurance companies (listed alphabetically) Life insurance company AM Best rating 775/1,000 A++ 773/1,000 A+ 795/1,000 A+ 813/1,000 A+ 807/1,000 A++ 753/1,000 A+ 822/1,000 A++ Guardian
Guardian could be a great choice for those looking for a universal life policy without a medical exam, as the company is one of the few to offer a no-exam UL option. 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. However, Guardian does have a slightly lower-than-average J.D. Power customer satisfaction rating as well as fewer options for contact than some of its competitors. Because universal life coverage is flexible and you may need to be in contact with your carrier more often, you might want to consider these drawbacks when getting a quote from Guardian. Perks Drawbacks Superior AM Best financial strength Slightly-below-average J.D. Power score No-exam UL option available Less accessible than some competitors Learn more: Lincoln Financial
If you like options, Lincoln Financial could be a good choice. The company offers several different types of UL coverage, including and . The company also has a user-friendly website with an online portal that allows you to pay bills and manage your policy. Lincoln Financial does have a lower-than-average J.D. Power customer satisfaction score, though, and its financial strength, while high, is lower than some of its competitors. If you like consolidating numerous financial products in one place, however, you might want to consider Lincoln Financial, which also sells annuities and offers long-term care planning services. Perks Drawbacks Several types of UL coverage available Lower-than-average J.D. Power score Sells numerous financial products Lower AM Best financial strength than some competitors Learn more: Mutual of Omaha
Mutual of Omaha could be a good option for anyone looking for solid customer service combined with several universal life options. Additionally, Mutual of Omaha is a relatively accessible company, with local agents, an automated 24/7 phone line for payments and an online customer portal. Mutual of Omaha does not have a no-exam option for its universal life policies, however, and 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. Perks Drawbacks Higher-than-average J.D. Power score All UL policies require a medical exam Several ways to contact the company Riders are not advertised online Several different UL policy types available Learn more: Nationwide
Nationwide won the due to its highly customizable policies. Nationwide also offers several ways to interact with your policy, including a mobile app, online portal and local agents. Nationwide could also be a good choice if you like 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, you can’t get a universal life insurance quote online and must contact an agent. Perks Drawbacks High J.D. Power customer satisfaction AM Best financial strength is lower than some competitors Numerous riders available No online quote option No-exam UL option available Learn more: Northwestern Mutual
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 face value on your policy and value 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. However, with only three riders available, it may be difficult to customize your policy with Northwestern Mutual. The carrier also doesn’t offer a no-exam option for UL policies, either, which means that potential customers with health issues may not qualify for coverage. Perks Drawbacks High J.D. Power customer satisfaction score Fewer riders than some competitors High coverage capacity All UL policies require a medical exam Several ways to contact the company Learn more: Prudential
If you are looking for a highly personalized policy, Prudential could be a good choice. With nine 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 received the lowest J.D Power score on our list, which means that customers may tend to feel dissatisfied with the service they receive. This could be off-putting to some consumers. Additionally, Prudential’s universal life options all require a medical exam. Perks Drawbacks Highest number of riders of the companies on our list Lowest J.D. Power score of the companies on our list Several additional product types offered. All UL policies require a medical exam Learn more: State Farm
State Farm earned the highest J.D. Power score in the 2021 U.S. Individual Life Insurance Study, indicating that its customers tend to be highly satisfied with their interactions. Paired with Superior financial strength from AM Best, the company’s J.D. Power Score indicates that State Farm may be a good option for those looking for a company with a proven track record. Additionally, State Farm offers several ways to handle your policy needs, including a mobile app, online portal, local agents and a 24/7 payment phone line. 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. Perks Drawbacks Highest J.D. Power score in the study No options for indexed or variable universal life Superior AM Best financial strength Policies are not available in Massachusetts, New York or Wisconsin Highly accessible agent interactions Learn more: How to choose the best universal life insurance company
If you’re shopping for a permanent policy like universal life, you may want to consider your life insurance company carefully. Although policies can be canceled or replaced, the point of a permanent policy is to last for your entire life, so it’s important to choose a company that can meet your needs, even as they change. Here are a few things to keep in mind as you search for the best universal life insurance company: Consider third-party ratings: Ratings from companies like J.D. Power, the , AM Best, 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. Shop based on your needs, not rates: While might vary a bit between companies, they don’t fluctuate as much as auto or home insurance rates do. Rather than shopping to find the lowest rates, you might want to based on how they fit your needs. For example, you might want to seek out a few companies that have the specific riders you want and compare how well the riders meet your needs, rather than shopping for . 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, policy types or riders. Frequently asked questions
Who qualifies for universal life insurance
Each insurance company sets its own eligibility criteria for universal life insurance. With some companies, you may have to undergo a medical exam as part of the rating and underwriting process, which means that people with underlying health issues may not qualify. However, some companies have no-exam options for universal life, meaning eligibility is determined by your answers to application questions rather than exact health metrics. If you’re not sure if you qualify for universal life insurance, you may want to contact the company you’d like to buy a policy with and discuss your situation. How much does universal life insurance cost
The price of a UL policy will vary based on the specific type of policy you purchase (standard, indexed or variable), , any riders that you add on, and your individual health metrics like your age, gender and overall health. Generally, universal life will be more expensive than since it is designed to last your entire life. Is term life or universal life insurance better
There isn’t one single policy type that works best for everyone. The type of life insurance that is best for you depends on your needs. Term life can be a good option if you need coverage for a shorter period of time, like while you pay off a mortgage. Universal life is designed for those who need coverage for longer and also want flexibility in their policy. To determine the right type of life insurance coverage for you, you may want to work with a licensed agent. 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. SHARE: Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent. Angelica Leicht is an insurance editor on the Bankrate team. She is truly passionate about helping readers make well-informed decisions for their wallets, whether the goal is to find the right comprehensive auto policy or the best life insurance policy for their needs. Related Articles