Best Universal Life Insurance Companies (2026)

USAA universal life policies are issued through John Hancock, with coverage available from birth through age 90 and a maximum of $10 million. USAA life insurance is open to anyone, not just military members or their families. A 40-year-old pays $300 per month for women and $310 for men for $500,000 in coverage.

The company also offers indexed universal life with cash value growth tied to the S&P 500 and a 0% index-crediting floor, so negative index performance won't produce a negative index credit. Policy charges can still reduce cash value. USAA has the highest possible A++ AM Best financial strength rating and a low 0.12 NAIC complaint index.

Protective is the cheapest universal life insurance option in our analysis, with average monthly premiums of $251 for 40-year-old women and $292 for men with $500,000 in coverage. That's 19% below the national average for both women and men. Its Custom Choice UL structures premiums similarly to a term policy for the first 10 to 30 years before converting to permanent coverage, which helps to keep your initial costs low.

The Advantage Choice UL policy adds a return-of-premium feature that refunds 50% of your premiums in year 21 and 100% in year 26 if you surrender the policy. Protective holds an AM Best A+ financial strength rating and a low NAIC complaint index of 0.21. Coverage is available for applicants ages 18 to 85, with policy limits ranging from $50,000 to $50 million.

Pacific Life has some of the lowest universal life rates in our analysis for people with below-average health. A 40-year-old woman with a Standard health rating pays an average of $273 per month for $500,000 in coverage, which is 18% below the national average. A man with the same profile pays $319 per month, 19% below average. Pacific Life offers universal life coverage from birth through age 79.

Its Pacific Horizon IUL 2 policy combines permanent coverage with options for legacy, income and business planning. The Pacific Venture UL 21 policy is geared toward business owners and high-net-worth clients seeking flexible coverage. For people in average health, a 40-year-old woman pays $265 per month for $500,000 in coverage, while a man pays $307. Pacific Life also has an A+ AM Best financial strength rating and a 0.05 NAIC complaint index, the lowest in our analysis.

Ethos has the best indexed universal life (IUL) insurance, with an online application available to applicants ages 20 to 65. Eligible applicants can qualify for coverage without a medical exam, and the policy includes nine index options plus accelerated death benefit and lifetime income riders. A 40-year-old pays an average of $267 per month for women and $326 for men with a $500,000 policy.

The Ethos Smart Solve™ platform streamlines quoting, underwriting and policy activation, with many applicants approved the same day using third-party data instead of a medical exam. If you don't qualify for its preferred products, Ethos may match you with another available coverage option rather than declining your application outright. Coverage limits are lower than many competitors, however, with maximums of $1 million through age 50, $500,000 from ages 51 to 60 and $350,000 from ages 61 to 65.

North American is the best universal life insurance company for seniors. It combines competitive rates for seniors with coverage available through age 85. At age 65, a $250,000 policy averages $483 per month for women and $575 for men, 8% below average for this age group. Its WriteAway accelerated underwriting program can also shorten the approval process for eligible applicants.

North American also has guaranteed and indexed universal life policies, including options with death benefit guarantees through age 120 and accelerated benefits for chronic, critical and terminal illness. The company holds an A+ AM Best rating and a 0.09 NAIC complaint index.

Midland National has more premium flexibility than most companies in our analysis. Depending on the policy, you can structure payments over five, seven or 10 years instead of paying premiums indefinitely. Its Essential Guaranteed UL also includes opportunities to recover premiums during designated surrender windows.

For 40-year-olds, premiums average $269 per month for women and $313 for men for $500,000 in coverage. Policies are available to applicants from birth through age 85 and coverage goes up to $10 million. Midland National holds an A+ AM Best rating and a 0.09 NAIC complaint index.

Columbus Life is our top pick for survivorship universal life insurance, with its Expedition SIUL designed specifically for estate planning and multigenerational wealth transfer. The policy covers two people under one contract and pays the death benefit after the second insured dies. It can be useful for leaving an inheritance, providing estate liquidity or funding other legacy goals.

Expedition SIUL has several features built specifically around long-term estate planning. Its Policy Split Option lets you divide the survivorship policy into two individual universal life policies if your needs change. The optional Estate Protection Rider provides additional coverage if both insureds die within the first three policy years, helping address potential estate tax exposure. The policy also includes a 10-year no-lapse guarantee, Overloan Protection Rider and a guaranteed Persistency Bonus beginning in year 11. 

Columbus Life also offers broader universal life options. Voyager UL provides a lifetime no-lapse guarantee for people who prioritize permanent protection, while Indexed Explorer Now has accelerated underwriting without a physical exam. Columbus Life holds an A+ financial strength rating from AM Best, though its maximum coverage amount of $1 million is lower than most competitors in our analysis.