Best universal life insurance companies

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.

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.

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.

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.

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.

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.

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.