Best Universal Life Insurance Companies (2026)

USAA, Protective, Pacific Life and Ethos are the best universal life insurance companies based on MoneyGeek's analysis, but the right option depends on your needs.

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Best Universal Life Insurance Companies (2026)

Written by Patrick Bryant

Updated: May 12, 2026

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Universal life insurance is the most misunderstood policy type in life insurance. Unlike term policies, it's a permanent policy that covers your entire life, and the premium you pay doesn't just buy coverage. Your premium also funds a cash value account that grows or shrinks based on how well the policy is managed over time.

In our analysis of over 20 top universal life insurance providers, the spread between the cheapest and most expensive carrier for a 40-year-old buying $500,000 in coverage was $112 per month. That's a difference of $1,344 per year for the same permanent coverage. Over 20 years, that gap is roughly $26,880, not counting how cash value compounds differently across policy structures.

The right carrier depends less on who's cheapest today and more on what your policy needs to do in years 20, 30 and 40. Our analysis explains which providers win for which situations and, just as important, who each carrier isn't right for.

Compare Best Universal Life Insurance Companies

To find the best universal life insurance companies, we reviewed 20 providers, weighing pricing, policy flexibility, financial strength ratings, cash value growth potential and customer satisfaction. Based on our analysis, the cheapest carrier at age 20 is almost never the cheapest at age 40 or 65. Protective leads on rates across every age group we tested, but its NAIC complaint index of 0.21 compares unfavorably to USAA's 0.12. Price gaps also widen sharply after age 60. A 40-year-old woman pays $251 per month with Protective, but at 60, she pays $600. Knowing which carriers price later life stages most favorably changes what "best" means for your situation.

USAA is the best universal life insurance company overall, combining competitive premiums, flexible policy options and strong financial stability. Protective is the most affordable across most age groups, while Ethos has the best indexed universal life options with competitive pricing and fast underwriting.

Why You Can Trust Our Rankings


Overall	USAA	$300 (Female), $310 (Male)	$10,000,000	0-90	4.5
Cheapest	Protective Insurance	$251 (Female), $292 (Male)	$50,000,000	18-85	4.5
Poor Health	Pacific Life	$265 (Female), $307 (Male)	$10,000,000	0-79	4.3
Indexed Universal	Ethos	$267 (Female), $326 (Male)	$1,000,000	20-65	4.2
Seniors	North American	$269 (Female), $314 (Male)	$5,000,000	0-85	4.1
Customer Experience	Midland National	$269 (Female), $313 (Male)	$10,000,000	0-85	4
Best for Estate Planning	Columbus Life	$300 (Female), $363 (Male)	$1,000,000	0-79	3.7

* Rates shown are for nonsmokers with average weight and health ratings. Actual premiums will vary depending on your individual profile, health status, coverage needs and insurer underwriting guidelines.

USAA

Best Overall

MoneyGeek Rating

4.5/ 5

4.7/5Affordability

3.9/5Customer Experience

4.8/5Coverage

Average Monthly Rate
$300 (Female), $310 (Male)
Max Coverage
$10,000,000
Ages
0-90

pros
- Highest available A++ AM Best financial strength rating
- Military perks including wartime coverage, severe injury rider and post-separation conversion
- IUL with 0% floor protects cash value from market losses
cons
- Rates less competitive for younger or older applicants
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.
USAA's pricing advantage is best for middle-aged buyers, falling behind for young adults and seniors. A 20-year-old pays $185 per month with USAA versus $109 with Ethos. At 80, USAA's $1,275 monthly rate for women is higher than both North American ($1,150) and Midland National ($1,150) for the same coverage level. If you're in your 20s or shopping for coverage late in life, the rate difference is harder to justify without the military-specific benefits.
USAA also sells its universal policies through John Hancock's platform. If you prefer direct insurer relationships, you should know the underlying carrier differs from the USAA brand you're purchasing under.

Protective

Cheapest Universal Life Insurance

MoneyGeek Rating

4.5/ 5

5/5Affordability

3.5/5Customer Experience

4.5/5Coverage

Average Monthly Rate
$251 (Female), $292 (Male)
Max Coverage
$50,000,000
Ages
18-85

pros
- Lowest monthly rates across most age groups
- High coverage limits up to $50 million
cons
- Return-of-premium benefit requires surrendering your policy
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.
The return-of-premium feature on the Advantage Choice UL policy sounds attractive on paper. But getting 100% of your premiums back in year 26 is only possible if you surrender the policy, meaning you give up the coverage entirely to collect. Buyers who treat that feature as a savings strategy need to recognize they're also exiting the insurance.
Protective's MoneyGeek customer experience rating of 3.5 out of 5 is the lowest on our list. Its J.D. Power score of 597 ranks near the bottom of rated carriers in the most recent study. If hands-on claims support and ongoing service responsiveness matter to you, the rate savings come with a real trade-off.

Pacific Life

Best for Poor Health

MoneyGeek Rating

4.3/ 5

4.4/5Affordability

3.6/5Customer Experience

4.8/5Coverage

Average Monthly Rate
$265 (Female), $307 (Male)
Max Coverage
$10,000,000
Ages
0-79

pros
- Lowest NAIC customer complaint index in our list
- Strong A+AM Best financial strength rating
- Competitive rates for people in poor health
cons
- Medical exam required for all applicants
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.
Pacific Life requires a medical exam for all applicants. If you're in poor health and need coverage quickly, the underwriting timeline can be longer than with carriers that offer accelerated or no-exam options. Ethos can often issue same-day approval using third-party data. Pacific Life's process is more thorough, which works in your favor for getting the best rate classification possible but not for speed or if you have serious health issue that could lead to denial.
Pacific Life's coverage also ends at age 79. Buyers planning for coverage into their 80s or 90s need a different carrier entirely. USAA extends to age 90, and North American and Midland National both cover applicants through age 85.

Ethos

Best Indexed Universal Life Insurance

MoneyGeek Rating

4.2/ 5

3.6/5Affordability

5/5Customer Experience

5/5Coverage

Average Monthly Rate
$267 (Female), $326 (Male)
Max Coverage
$1,000,000
Ages
20-65

pros
- Fully digital process from quote to issue
- No medical exam required
- Nine index options for cash value
cons
- Limited to applicants 65 and younger
- Relatively low coverage limits
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.
Ethos coverage caps create a real planning problem for buyers in their 50s. Coverage maxes out at $1 million up to age 50, then drops to $500,000 for ages 51 to 60 and $350,000 for ages 61 to 65. If you need $1 million or more in permanent coverage and you're over 50, Ethos doesn't qualify. Protective offers up to $50 million. USAA and Midland National go up to $10 million.
Ethos's IUL is also only available up to age 65. Anyone who needs indexed universal life coverage starting after that cutoff has to look elsewhere. North American and Midland National both offer IUL options with broader age ranges.

North American

Best for Seniors

MoneyGeek Rating

4.1/ 5

4.1/5Affordability

3.7/5Customer Experience

4.6/5Coverage

Average Monthly Rate
$269 (Female), $314 (Male)
Max Coverage
$5,000,000
Ages
0-85

pros
- Fast accelerated underwriting process
- Competitive rates for older applicants
cons
- Pricing less competitive for younger applicants
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.
North American’s pricing advantage is largely limited to older applicants. For a 20-year-old woman, its $127 monthly rate matches Midland National and is higher than Ethos ($109) and Protective ($124), while Columbus Life comes in at $135 for women and $157 for men. If you're a younger buyer without a specific need for the WriteAway accelerated underwriting process or the guaranteed death benefit through age 120, you're likely overpaying compared to alternatives.

The Builder Plus IUL's 125% participation rate with no cap is genuinely competitive. But that product's Fidelity Multifactor Yield Index is less familiar to most buyers than the S&P 500 indexing available with USAA, Ethos and others. Ask your agent for a historical illustration of how that index has performed before committing.

Midland National

Best Customer Experience

MoneyGeek Rating

4.0/ 5

3.9/5Affordability

3.9/5Customer Experience

4.4/5Coverage

Average Monthly Rate
$269 (Female), $313 (Male)
Max Coverage
$10,000,000
Ages
0-85

pros
- High coverage limit up to $10,000,000
- Wide age range
- Flexible payment options
- Low NAIC complaint index of 0.09
cons
- Pricing less competitive for younger applicants
- Can only purchase through an agent
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.
Midland National policies are only available through agents, which means you can't apply online. If you prefer managing everything digitally or don't have a relationship with a financial professional, that friction is real. Ethos is a great alternative that handles the full process online with same-day approval for eligible applicants.
Midland National pricing also skews in favor of older buyers. At age 20, Midland National's rate of $127 per month for women is identical to North American's and higher than Ethos, Protective and Columbus Life. The customer experience advantages and the Premium Recovery Endorsement matter most to buyers who are already mid-career and planning for the long term.

Columbus

Best for Estate Planning

MoneyGeek Rating

3.7/ 5

3.6/5Affordability

3.6/5Customer Experience

4.3/5Coverage

Average Monthly Rate
$300 (Female), $363 (Male)
Max Coverage
$1,000,000
Ages
0-79

pros
- Only survivorship IUL product in our list, great for estate planning
- Enhanced Cash Value Rider eliminates early surrender charges
- Rapid-issue underwriting with no medical exam
cons
- Coverage caps drop sharply after age 50
- High 1.27 NAIC complaint index
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.
Columbus Life's NAIC complaint index of 1.27 is the highest in our list by a wide margin. The industry average is 1.00. Every other carrier we reviewed came in below that average, with Pacific Life at 0.05 and North American and Midland National at 0.09. A score above 1.00 means Columbus Life receives more complaints relative to its size than the average insurer. For a product you may hold for 30 or 40 years, that pattern matters.
The provider's coverage limits also drop to $250,000 for ages 51 to 60 and to $100,000 for ages 61 to 79. A survivorship policy designed for estate planning usually requires greater coverage amounts to achieve the wealth transfer goal. Buyers with large estates should verify their target coverage amount is available at their current ages before choosing Columbus Life.

How Does Universal Life Insurance Work?

A universal life insurance policy provides permanent life insurance coverage. It pays a death benefit to your beneficiary and includes a cash value savings component. This cash value grows over time and can be used to fund premiums, take out loans or make withdrawals. You’ll receive the cash value minus surrender charges if you surrender the policy.

TYPES OF UNIVERSAL LIFE INSURANCE

Traditional universal life: Flexible premiums and death benefits with cash value that earns interest.
Indexed universal life insurance (IUL): Cash value growth tied to a stock market index like the S&P 500.
Variable universal life (VUL): You can invest cash value in mutual fund-like subaccounts for higher returns but with more market risk.
Guaranteed universal life (GUL): Lifetime coverage with lower premiums and minimal cash value.

How to Choose the Best Universal Life Insurance Policy

Pick the right universal life insurance policy by weighing cost against flexibility and long-term value. Focus on these factors when comparing providers and policies.

Financial Strength Ratings: Pick companies with AM Best ratings of A or higher. They can pay claims decades from now.
Policy Flexibility: Find options to adjust death benefits and premiums when your financial situation changes.
Cash Value Growth: Compare interest rates, crediting methods and fee structures. These determine how quickly your cash value grows.
Rider Availability: Check policy riders like accelerated death benefits, chronic illness coverage and guaranteed insurability. These add extra protection.
Customer Service: Check complaint ratios from state insurance departments and J.D. Power scores.
Premium Costs: Compare quotes from at least three insurers to find low rates.

How Much Does Universal Life Insurance Cost?

Universal life insurance costs vary widely based on age, health, coverage amount and policy type. The most striking pattern in our pricing data isn't the difference between carriers. It's the age curve. A 40-year-old woman pays $251 per month with Protective. By age 60, that same woman pays $600 per month for the same $500,000 in coverage, a 139% increase in just 20 years. Men see a similar jump of $292 at 40, rising to $709 at 60 for a 143% increase.
The gap between cheapest and most expensive carrier also widens with age. At age 20, the spread between the lowest rate (Ethos at $109 for women) and the highest (USAA at $185) is $76 per month. At age 60, the spread between Protective ($600) and Ethos ($823) is $223 per month. Choosing the right carrier matters even more the longer you wait.


USAA	$185 (F), $190 (M)	$300 (F), $310 (M)	$835 (F), $851 (M)	$1,275 (F), $1,431 (M)
Protective Insurance	$124 (F), $148 (M)	$251 (F), $292 (M)	$600 (F), $709 (M)	$1,156 (F), $1,459 (M)
Pacific Life	$135 (F), $158 (M)	$265 (F), $307 (M)	$673 (F), $790 (M)	N/A
Ethos	$109 (F), $131 (M)	$267 (F), $326 (M)	$823 (F), $994 (M)	N/A
North American	$127 (F), $152 (M)	$269 (F), $314 (M)	$715 (F), $868 (M)	$1,150 (F), $1,310 (M)
Midland National	$127 (F), $152 (M)	$269 (F), $313 (M)	$715 (F), $868 (M)	$1,150 (F), $1,310 (M)
Columbus Life	$135 (F), $157 (M)	$300 (F), $363 (M)	N/A	N/A

* For ages 20, 40 and 60, rates shown are for $500,000 in coverage while rates shown for age 80 are for $250,000 in coverage. Note that Columbus only offers up to $250,000 in coverage at age 60. Your rates will vary based on your health profile, age, policy type and underwriting process.

UNIVERSAL LIFE INSURANCE FEES

Universal life insurance comes with fees that reduce your cash value growth over time. In our analysis, these fees rarely show up in quote comparisons, but they compound meaningfully over time. A $10 monthly administrative fee costs $1,200 over 10 years before accounting for the cash value growth it displaces. Here's what to ask about before you sign.

Cost of Insurance (COI): Monthly charges cover your death benefit and increase as you age. These fees rise more in later years, consuming more of your cash value if you live into your 80s or 90s.
Administrative Fees: Insurers charge monthly policy maintenance fees ranging from $5 to $15 to cover paperwork, statements and customer service costs.
Premium Load Fees: Companies deduct a percentage of each premium payment (usually 5% to 10%) before applying funds to your cash value account.
Surrender Charges: Canceling your policy or withdrawing large amounts during the first 10 to 15 years triggers surrender fees, which decrease gradually over time.
Rider Fees: Optional benefits like chronic illness riders or guaranteed insurability options add monthly charges to your base premium.
Investment Management Fees: Indexed and variable universal life policies charge fees to manage the underlying investment accounts, typically 0.5% to 2% annually.

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Universal Life Insurance FAQ

Have questions about universal life insurance? Our answers help you make the right decision.

What are the pros of universal life insurance?

Universal life insurance provides lifetime coverage. You get flexibility in the death benefit and premiums, so you build cash value. Some policies include a no-lapse guarantee and minimum interest rate guarantees. Use the cash value to pay premiums, make withdrawals, take out a loan or cash out the policy when you no longer need coverage.

What are the cons of universal life insurance?

Universal life insurance takes ongoing attention. Premiums and cash value depend on how the policy is funded and how credited interest performs, so ignoring it for long periods can lead to problems. If returns fall short, you may need to add more money to keep coverage in place.

Cash value growth can be slow in the early years and may lag behind other long-term financial options. Without regular check-ins, a policy can quietly drift toward underfunding and eventually lapse.

Is universal life insurance worth it?

Universal life is worth it if you fund it consistently and review it every few years. Underfunded policies can lapse decades later. For a pure death benefit, guaranteed life policies cost less in our analysis. If you want cash value growth without active monitoring, whole life's fixed structure may suit you better.

Can I borrow against my universal life insurance policy?

Yes, you can take a loan against the cash value in your universal life policy, often up to about 90% of the cash surrender value. The loan charges interest around 4% to 8% per year, depending on the insurer.

Any loan balance you don’t repay reduces the death benefit dollar for dollar. If the loan and interest grow too large compared to the remaining cash value, the policy can lapse.

What's the difference between universal and whole life insurance?

Universal life insurance lets you change premium payments and death benefits over time. You get more flexibility. Whole life insurance uses fixed premiums. Cash value grows steadily. Universal life insurance needs more oversight. Whole life insurance follows a more predictable structure.

About Patrick Bryant

Patrick Bryant is Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches and writes about life and health insurance products and maintains the scoring methodologies that underpin MoneyGeek's provider comparisons in both verticals. His scoring methodologies for both verticals are reviewed and updated quarterly to reflect current carrier data and market conditions.

Life Insurance

For life insurance, Bryant analyzed more than 50 carriers across term, whole life, universal life, indexed universal life, guaranteed acceptance, no-exam, and final expense products in all 50 states, collecting thousands of quotes across age, gender, health status, coverage level, and tobacco use profiles. He has produced articles covering life insurance reviews, best of guides, rate analysis guides and informational resources to help consumers better understand policy options, pricing factors, underwriting requirements, and how to choose coverage that fits their financial goals.

Health Insurance

For health insurance, he reviews providers across all 50 states using CMS exchange data, Quality Rating System ratings, and claim denial rates covering individual and family plans, Medicare Advantage, and Medicare Supplement plans. He has analyzed plan costs, benefits, network strength, and out-of-pocket exposure across a wide range of consumer profiles, producing in-depth reviews, best-of rankings, and educational guides to help individuals and families compare options and choose coverage that aligns with their healthcare needs and budget.

Before specializing in insurance, Bryant spent four years at Forbes Advisor reviewing small business software and services. During that time, he developed the product review and data methodology skills he now applies to carrier analysis at MoneyGeek. Earlier roles at ClickGiant and Benefitfocus involved direct content work for insurance agents, carriers and employee benefits partners including Allstate and Aflac.

Education

M.A., English, Winthrop University
B.A., English, Winthrop University

Expertise

Life Insurance, Health Insurance, Medicare Advantage, Medicare Supplement

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Best Universal Life Insurance Companies (2026)

Compare Best Universal Life Insurance Companies

USAA

Protective

Pacific Life

Ethos

North American

Midland National

Columbus

How Does Universal Life Insurance Work?

How to Choose the Best Universal Life Insurance Policy

How Much Does Universal Life Insurance Cost?

Universal Life Insurance FAQ

What are the pros of universal life insurance?

What are the cons of universal life insurance?

Is universal life insurance worth it?

Can I borrow against my universal life insurance policy?

What's the difference between universal and whole life insurance?

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