Best Universal Life Insurance Companies (2026)

USAA is the best universal life insurance company, offering strong financial stability, flexible policy options and competitive pricing. While USAA includes special perks for military members and their families, its policies are available to all applicants. Universal life policies are issued through John Hancock from birth to 90-year-old with a maximum of $10 million in coverage. A 40-year-old pays an average of $300 per month for women and $310 for men for $500,000 in coverage.

The company also offers an indexed universal life (IUL) option that ties cash value growth to the S&P 500 while maintaining a 0% floor, which protects you from market losses during downturns. USAA holds an AM Best A++ financial strength rating and has an NAIC complaint index of 0.12, far below the industry average of 1.00, showing strong customer satisfaction.

Protective is the cheapest universal life insurance option in MoneyGeek’s analysis, with average monthly premiums of $251 for 40-year-old women and $292 for men with $500,000 in coverage. Its Custom Choice UL structures premiums similarly to a term policy for the first 10 to 30 years before converting to permanent coverage, keeping 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.

You can still get affordable universal life coverage with poor health. Pacific Life is MoneyGeek’s top pick in this category with a score of 4.3 out of 5, supported by a NAIC complaint index of 0.05, the lowest on our list. Its J.D. Power score of 652 ranks 10th among rated carriers and shows above-average customer satisfaction.

The Pacific Horizon IUL 2 is designed to support legacy, income and business planning goals within a single policy. Pacific Life also offers the Pacific Venture UL 21, which is tailored to business owners and high-net-worth clients seeking flexible coverage. A 40-year-old pays an average of $265 per month for women and $307 for men for $500,000 in coverage. The company holds an AM Best A+ financial strength rating, with policies available from birth through age 79.

Ethos has the best indexed universal life (IUL) insurance with a convenient online application process available to applicants aged 20 to 65. Its IUL policy, issued through Ameritas, earns a MoneyGeek score of 4.2 out of 5 and includes an accelerated death benefit rider, a lifetime income rider and access to estate planning tools that cover wills and living trusts. A 40-year-old pays $267 to $326 on average for a $500,000 policy. Coverage caps out at $1 million for applicants up to age 50 but drops sharply to $500,000 for ages 51-60 and $350,000 for ages 61 to 65.

The company’s Smart Solve™ platform makes the entire process from quoting to policy activation easy, with many applicants getting approval the same day using third-party data instead of a medical exam. If you don’t qualify for preferred products Ethos will automatically match you with the next best available coverage rather than rejecting you outright.

North American offers affordable coverage for older applicants up to age 85. Its Custom Guarantee UL policy provides long-term security by locking in a guaranteed death benefit through age 120 while allowing flexible payment schedules. The company also simplifies the approval process for older applicants with its WriteAway Accelerated Underwriting program, which averages 6.5 days from submission to approval.

The Protection Builder IUL plan combines a guaranteed death benefit, cash value growth and accelerated death benefits for critical, chronic and terminal illness within a single policy, while the Builder Plus IUL adds access to the Fidelity Multifactor Yield Index with a 125% participation rate and no cap. North American holds an AM Best A+ financial strength rating and a low NAIC complaint index of 0.09.

Midland National is the top universal life insurance company for customer experience, thanks to its flexible policy design and consumer-friendly features. You can choose shortened pay periods of five, seven or 10 years instead of paying premiums for life. Plus, the Essential Guaranteed UL 5 plan also includes a Premium Recovery Endorsement that allows you to recover a portion of your premiums during 60-day surrender windows after years 15, 20 and 25. You can also switch to an indexed universal life policy later without a medical exam or surrender penalties.

For a 40-year-old, premiums average $269 per month for women and $313 for men for $500,000 in coverage, with policies available for applicants from birth through age 85. Beyond competitive pricing, Midland National also holds an AM Best A+ financial strength rating, an A+ rating from the Better Business Bureau and an NAIC complaint index of 0.09.

Columbus Life is the top universal life insurance company for estate planning, with policies designed to support long-term wealth transfer. Its Expedition SIUL is the only survivorship indexed universal life policy on our list. This type of policy covers two lives under one contract and pays the death benefit after the second insured person dies, which helps preserve your assets and transfer wealth to your heirs.

The Indexed Explorer Plus includes an Enhanced Cash Value Rider that removes surrender charges on the base coverage layer in the early policy years. This improves liquidity if you need access to your funds. If you prefer permanent protection without market exposure, the Voyager UL has a lifetime no-lapse guarantee. Columbus Life also offers the Indexed Explorer Now plan, which uses rapid-issue underwriting that doesn’t require a physical exam. The company holds dual A+ ratings from AM Best and BBB, with coverage available from birth through age 79, but coverage limits are relatively low compared to competitors.