8 Best Universal Life Insurance Companies in April 2025

Universal life insurance offers flexible premiums and the potential to build cash value over time. Because you’ll likely have the coverage your entire life, it’s important to choose your insurer wisely. To find the best universal life insurance, consider factors such as coverage amounts, age restrictions, financial strength ratings and whether there are safeguards to keep your policy from lapsing.

The companies below all scored at least 4.5 out of five stars. The list focuses on standard universal life insurance policies, including many with no-lapse guarantees, and doesn’t include other types of universal policies such as indexed or variable universal life insurance. For definitions of the options available with each policy, see our guide to life insurance riders.

» MORE: What is universal life insurance?

Overview: Relative to its size, Northwestern Mutual has the lowest volume of consumer complaints to state regulators of all the life insurers NerdWallet evaluates, according to the National Association of Insurance Commissioners. It’s also highly rated in J.D. Power’s most recent U.S. Life Insurance Study.

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Northwestern Mutual’s Custom Universal Life policy has a built-in accelerated death benefit rider, which means you can receive part of your payout early if you’re diagnosed with a terminal illness. But the policy doesn’t have a no-lapse guarantee, so you’ll need to make sure you fund it sufficiently to keep your coverage active throughout your lifetime. Universal policies have flexible premiums, which means you can pay less when your budget is tight — but your policy could lapse if you pay too little long-term.

• Northwestern Mutual universal life insurance policy details

  • Policy name: Custom Universal Life.

  • Age eligibility: 18 to 85.

  • Coverage amounts: $500,000 and up.

  • State availability: All states.

  • Available riders: Waiver of premium.

» Read the full review: Northwestern Mutual life insurance

Overview: Thrivent is a fraternal benefit organization that exclusively extends coverage to people with a Christian affiliation. Membership includes access to Thrivent’s life insurance products as well as resources to help you find volunteer opportunities, get discounts on health services and connect with other members.

Thrivent’s Accumulation Universal Life policy can offer no-lapse guarantees ranging from five to 20 years, depending on your age at the time you buy the coverage. You can also opt for a level death benefit if you’d like more predictability — typically, universal life insurance policies have adjustable death benefits. The policy is available to applicants up to age 85.

• Thrivent universal life insurance policy details

  • Policy name: Accumulation Universal Life.

  • Age eligibility: 0 to 85.

  • Coverage amounts: Minimum coverage is $25,000 for applicants up to age 17 ($26,000 in West Virginia) and $50,000 for applicants 18 and up.

  • State availability: All states.

  • Available riders: Accelerated death benefit, disability waiver of premium, guaranteed increase option (so you can add more coverage without a medical exam).

» Read the full review: Thrivent life insurance

Overview: Guardian often offers competitive rates for people with pre-existing conditions, and even sells term and whole life policies to people living with HIV. The company draws far fewer consumer complaints than expected for an insurer of its size, according to the NAIC.

Guardian’s Protection Universal Life policy comes with a minimum rate of return for your cash value, plus an option to guarantee no-lapse coverage until age 90. With the policy’s charitable benefit rider, Guardian will donate a sum of money to a nonprofit of your choice when you die.

• Guardian universal life insurance policy details

  • Policy name: Protection Universal Life.

  • Age eligibility: 18 to 85.

  • Coverage amounts: The minimum coverage amount is $100,000.

  • State availability: All states.

  • Available riders: Charitable benefit, waiver of premium.

» Read the full review: Guardian life insurance

Overview: Pacific Life’s Versa-Flex Venture Universal Life policy comes with a no-lapse guarantee that can last anywhere from four to 20 years, depending on your age when you buy the policy. As long as you pay the minimum premiums listed in your policy documents, your coverage won’t lapse during this time period. A longer guarantee may be available as an optional rider.

In addition to this universal life policy, the company offers a Promise Guaranteed Universal Life policy that includes a no-lapse guarantee up to age 90. Pacific Life also sells variable and indexed universal life policies.

The company has been around since 1868 and draws a very low volume of complaints from consumers for an insurer of its size, according to the NAIC.

• Pacific Life universal life insurance policy details

  • Policy name: Versa-Flex Venture Universal Life.

  • Age eligibility: 0 to 90.

  • Coverage amounts: Minimum amounts start at $10,000 or $50,000, depending on your life insurance rating category.

  • State availability: All states except New York.

  • Available riders: Annual renewable term for the insured or someone else, benefit distribution (allowing the death benefit to be paid in installments rather than a lump sum), chronic illness, long-term care, no-lapse guarantee, overloan protection.

» Read the full review: Pacific Life insurance

Overview: MassMutual’s Universal Life Guard policy has a no-lapse guarantee that you can customize to last until your death or for shorter periods. In addition, you can add no-cost riders that allow you to access your death benefit early if you’re diagnosed with a terminal or chronic illness. These riders are a form of life insurance living benefits that are designed to help you take advantage of your coverage while you're still alive.

MassMutual also sells a survivorship version of this coverage. A survivorship or joint life insurance policy covers two people (such as you and a spouse) and pays the death benefit when the second person dies.

MassMutual is one of NerdWallet’s highest-rated life insurance companies, thanks to its financial stability and low rate of consumer complaints.

• MassMutual universal life insurance policy details

  • Policy name: Universal Life Guard.

  • Age eligibility: 18 to 85.

  • Coverage amounts: Minimum coverage is $50,000.

  • State availability: All states.

  • Available riders: Accelerated death benefit for chronic or terminal illness, transfer of insured, waiver of premium.

» Read the full review: MassMutual life insurance

Overview: New York Life’s universal life insurance policy is available to adults between 18 and 80. It includes a no-lapse guarantee rider that keeps your coverage active for up to 15 years as long as you maintain your payments. A variety of other riders are available, like one that increases your death benefit if you die in an accident.

The company also offers a survivorship universal life insurance policy that can cover two people, such as you and your spouse, as well as variable and guaranteed universal life insurance.

New York Life is one of the country’s largest life insurers and has been in business since 1845.

• New York universal life insurance policy details

  • Policy name: Universal Life.

  • Age eligibility: 18 to 80.

  • Coverage amounts: Coverage starts at $50,000.

  • State availability: All states.

  • Available riders: Accelerated death benefit, accidental death benefit, insurance exchange, spouse’s paid-up insurance purchase option (so your spouse can buy a fully paid-up policy after your death with no exam), waiver of premium.

» Read the full review: New York Life insurance

Overview: You can work with a local State Farm agent to get a variety of insurance policies in one place, including not only life insurance but also policies for your car and home.

With a universal life insurance policy from State Farm, you can choose either a set death benefit or one that fluctuates with your policy’s cash value. If you pick the second option, your beneficiaries will receive a total of your life insurance coverage amount plus your accumulated cash value.

State Farm has various riders that can boost your coverage. For example, you may be able to add term life insurance for your spouse and/or your child to your universal policy, or use part of your death benefit toward long-term care services if you become chronically ill.

• State Farm universal life insurance policy details

  • Policy name: Universal Life.

  • Age eligibility: 0 to 85.

  • Coverage amounts: Coverage starts at $25,000 for those up to age 17 or between ages 55 and 85. Coverage starts at $50,000 for those between 18 and 54 years old.

  • State availability: All states except Massachusetts and Rhode Island.

  • Available riders: Children’s term, guaranteed insurability, level term for the spouse of the insured or someone else, long-term care, waiver of premium for disability.

» Read the full review: State Farm life insurance

Overview: Penn Mutual’s Protection Universal Life policy has a built-in no-lapse guarantee that lasts until age 100 as long as you make the required payments. Also included in the policy is an accelerated death benefit, which allows you to access part of your payout early if you’re diagnosed with a terminal or chronic illness. Other optional riders are available, too.

Penn Mutual offers a range of permanent policies to choose from, including whole, indexed universal and variable universal life insurance. The company sells its products through financial professionals.

• Penn Mutual universal life insurance policy details

  • Policy name: Protection Universal Life.

  • Age eligibility: 0 to 85.

  • Coverage amounts: Minimum coverage is $50,000 for those up to age 55 and $100,000 for those 56 and up.

  • State availability: All states.

  • Available riders: Accidental death benefit, children’s term insurance, guaranteed increase, waiver of premium.

» Read the full review: Penn Mutual life insurance

How we rank the top life insurers

When NerdWallet evaluates life insurance companies, our editorial team considers both the customer and the insurer. These are some of the factors we take into account and why:

Policies offered. There are many types of life insurance on the market, and they fall into three key categories: term life insurance, permanent life insurance and no-exam life insurance. The right policy for you depends on your needs and budget, but the best life insurance companies offer a broad range of coverage types to cater to most people.

Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. The top life insurance companies have an exceptional financial strength rating of A+ or A++.

Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. Our top-rated life insurance companies have fewer than the expected number of complaints, so you can expect a smoother customer experience.

Buy online. We consider it a bonus when an insurer allows you to apply for and buy a policy completely online. Note: Universal life insurance isn't typically sold online, so seeing a "yes" in the company cards above refers to the insurer's term life product.

How to find the best universal life insurance company

1. Evaluate your coverage needs

To figure out how much life insurance you need, consider your current and future financial obligations. For example, how much do you spend each month on things like your mortgage, groceries and utilities? How much money will you need to put toward future expenses like college tuition for your kids?

Once you’ve totaled your financial obligations, subtract the value of your current assets, such as savings and investment accounts. The remaining number is a good starting amount for life insurance coverage.

2. Decide whether universal life insurance is right for you

As a type of permanent coverage, universal life insurance isn’t the best fit for everybody. For example, you may not need life insurance after your kids have completed college and your mortgage is paid off. If that’s the case for you, term life insurance might be a better bet.

If you do need lifelong coverage, you may want to consider the guaranteed death benefit that whole life or guaranteed universal life insurance policies provide.

Universal life insurance may be worth it if you prefer more flexibility in your premiums and are willing to monitor your policy to make sure it remains fully funded. A qualified life insurance advisor can help you determine which type of coverage is best for you.

3. Consider extra riders

You can often pay extra to add life insurance riders to your universal life insurance policy. Riders can offer a variety of benefits, such as the ability to access your death benefit early if you become terminally or chronically ill.

4. Get quotes from multiple insurers

Each company prices its policies a bit differently, so it’s smart to compare life insurance quotes from several insurers. Look for carriers with high financial strength ratings, which could mean they’ll be stable enough to pay claims decades into the future. You can check financial strength through rating firms such as AM Best. NerdWallet typically recommends considering insurers with ratings of A- or higher. All of the companies listed above have solid financial strength ratings.

» MORE: Life insurance reviews

More about universal life insurance

Universal life insurance is a type of permanent life insurance, which means the coverage can last your whole life. Permanent policies also include cash value that grows over time.

One thing that sets universal life insurance apart from other types of permanent insurance is that your premium payments are flexible. While that feature could be useful for people with fluctuating incomes, it means the policy may be at risk of lapsing if you pay too little long-term.

To mitigate this risk, some universal policies offer no-lapse guarantees that apply for a certain number of years, as long as you pay a minimum amount.

Universal policies typically also have flexible death benefits, so you may be able to adjust your coverage amount as your needs change. The cash value of your policy will grow at interest rates set by your insurer, which may change regularly.

» MORE: Why permanent life insurance isn't right for most people

Alternatives to universal life insurance

Term life insurance, which doesn’t build cash value, is an affordable alternative to universal life insurance that’s sufficient for most people. Term life insurance lasts a set number of years; if you live past that point, the coverage ends and no one receives a death benefit. Learn more about how term life insurance works.

For those who want lifelong coverage, there are various other types of permanent life insurance to consider. Some of the options are:

• Whole life insurance, which offers a guaranteed death benefit, fixed premiums and cash value that grows over time. Learn how whole life insurance works.

• Indexed universal life insurance, a type of universal life policy that’s tied to a stock index such as the S&P 500.

• Variable life insurance, which lets you choose the mutual funds your your policy’s cash value is invested in.

More about top-rated life insurance companies

Looking for a different type of life insurance policy? Check out NerdWallet’s top picks across these categories:

• Best life insurance companies.

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