Best Universal Life Insurance Companies in 2026

Q: How flexible are premiums and death benefits in universal life insurance?

Universal life insurance policies allow policyholders to adjust premiums and, in many cases, the death benefit within limits set by the insurer. You may be able to pay more in high-income years, reduce payments later, or use accumulated cash value to help cover premiums. However, reducing funding too much can increase lapse risk, so flexibility should be used carefully and reviewed regularly.

Q: What should you look for when choosing the best universal life insurance company?

When comparing universal life insurance companies, key factors include financial strength ratings, clarity around policy charges, flexibility of premiums and death benefits, and how the cash value is designed to perform over time. It’s also important to consider how the policy will be serviced, whether through an advisor, a digital platform, or a combination of both.

Universal life insurance is a type of permanent life insurance that provides lifelong coverage, flexible premiums, adjustable death benefits, and the ability to build cash value over time. This guide compares the best universal life insurance companies of 2026, highlighting leading insurers and platforms based on flexibility, financial strength, underwriting access, and long term planning value to help you choose coverage that can adapt as your needs change.

Best Universal Life Insurance Companies (February 2026)

The companies listed below are consistently recognized for their universal and indexed universal life insurance offerings. Together, they include a mix of digital insurance platforms and established carriers known for policy flexibility, financial strength, and long term planning support.

Ethos offers digital access to universal life insurance through multiple top rated carrier partners.
Pacific Life is widely recognized for flexible universal and indexed universal life policies designed for long term planning.
North American provides universal life insurance options focused on affordability and accessible underwriting.
John Hancock offers universal life policies designed to support longevity planning and later age flexibility.
Nationwide maintains a broad universal life lineup that supports both protection and estate planning needs.
Protective Life offers a wide range of universal life options, including policies available at higher issue ages.
Northwestern Mutual integrates universal life insurance into an advisor led financial planning approach.

Last updated: February 01, 2026

Compare the Best Universal Life Insurance Companies

Company	Best For	Key Highlights	Available UL Products
Ethos	Digital access and speed	Fully online access to universal life options through multiple established insurers; streamlined application and simplified underwriting.	Indexed UL
Pacific Life	Long-term flexibility and planning focused on accumulation	Broad universal life lineup with flexible premiums and long-term planning support.	Guaranteed UL Traditional UL Indexed UL Variable UL
North American	Value-oriented universal life with flexible underwriting	Strong indexed and guaranteed universal life lineup; competitive pricing for permanent coverage; available through select digital platforms and advisors.	Guaranteed UL Traditional UL Indexed UL
John Hancock	Living benefits and later-age coverage options	Universal life policies that combine wellness and vitality features with flexible design and support for later-age applicants.	Traditional UL Indexed UL Variable UL
Nationwide	Balance of flexibility and access	Accessible universal life options designed to balance flexibility with ease of use.	Guaranteed UL Traditional UL Indexed UL Variable UL
Protective Life	Higher issue-age eligibility and broad UL choice	Wide universal life lineup; coverage available into later ages; positioned for long-term planning through advisor-led distribution.	Traditional UL Indexed UL Variable UL
Northwestern Mutual	Advisor-led planning integration	Universal life integrated into advisor-led, long-term financial planning.	Traditional UL Variable UL

Swipe to see more data

How We Chose the Best Universal Life Insurance Companies

To identify the best universal life insurance companies of 2026, we evaluated insurers and platforms that combine financial stability, flexible policy design, and a consistent ability to support policyholders over time. Our review focused on permanent life insurance options built to adapt as financial needs change, rather than short term pricing alone.

We assessed each company using the following criteria:

Financial strength: Independent ratings from agencies such as AM Best, used to evaluate long term claims paying ability.
Product variety: Availability of guaranteed, traditional, indexed, and variable universal life insurance options.
Cash value performance: Crediting methods and cash value design, including structural features and historical performance patterns where applicable.
Customer experience: Complaint trends, policy transparency, digital access, and overall service reputation.
Policy flexibility: Adjustable premiums and death benefits, rider availability, and no lapse guarantees designed to support lifelong coverage.

What We Considered

Traditional insurance carriers were evaluated based on long term financial stability, policy customization, and how cash value is designed to perform over time. Digital platforms were assessed for accessibility, ease of application, and how clearly they explain complex universal life insurance features to consumers.

Ethos was included for its role in simplifying access to indexed universal life insurance through a streamlined application process while working with insurers that meet strong financial strength standards. Overall, the goal was to compare universal life insurance companies and platforms that balance financial reliability, transparent policy design, and modern convenience.

In-Depth Reviews of the Best Universal Life Insurance Companies

Universal life insurance appeals to people who want flexible coverage that lasts for life but can adjust to changing needs. The best universal life insurance companies combine strong financial ratings, customizable features, and accessible digital tools.

Ethos: Best for No-Exam IUL Coverage

Ethos is a digital life insurance platform designed to simplify access to permanent coverage for people who prefer an online buying experience. Rather than issuing policies itself, Ethos connects applicants to indexed universal life insurance offered by established, highly rated carriers through a single streamlined application.

Quick snapshot: Digital life insurance platform offering indexed universal life coverage through multiple A-rated carrier partners; MoneyGeek named Ethos as “Best Universal Life” because of the platform’s streamlined pathway to permanent coverage.¹
Application process: Fully online application that typically takes around 10 minutes. Applicants answer health questions only, with no medical exam required. 94% of applicants receive a same-day decision.²
Best for: People who want indexed universal life insurance without a traditional agent-led process or extended underwriting timelines.
Unique offerings: Online access to indexed universal life insurance, which is typically sold through advisor-led channels. Ethos also includes complimentary estate-planning tools, such as basic wills and document organization, at no additional cost.

For buyers who want lifetime coverage with cash value potential, but prefer a modern, digital buying experience, Ethos offers a practical alternative to traditional indexed universal life distribution models.

Pacific Life: Long-Term Flexibility and Growth

Pacific Life is a long-established insurer known for its deep universal life lineup, including traditional, indexed, and variable options. Its policies are often used for long-term planning by buyers who want flexibility, financial strength, and multiple paths for cash value growth.

Quick snapshot: Long-established life insurance carrier with a broad universal life lineup and strong financial footing. Rated “Best Overall” by Investopedia,³ Forbes Advisor,⁴ and U.S. News⁵ in their rankings of the best Universal Life companies.
Application process: Typically advisor-led. Underwriting requirements vary by product and coverage amount and often include a medical exam for permanent policies.
Best for: Buyers who want long-term universal life coverage with flexibility across multiple product types.
Unique offerings: Full range of UL options, including guaranteed, indexed, and variable policies designed to support evolving planning needs.

Pacific Life works well for people who want universal life insurance built for long-term planning.

North American: Value-Focused Universal Life With Flexible Access

North American offers universal life coverage with a lineup that includes indexed and guaranteed options designed for accessible, value-oriented coverage. These policies are often used by buyers looking for value-oriented permanent coverage and accessible underwriting.

Quick snapshot: Universal life insurance carrier offering guaranteed, traditional, and indexed UL options; rated “Best Overall” by MoneyGeek in their round-up of the best universal life companies.¹
Application process: Advisor-supported or platform-enabled application depending on product; some policies eligible for simplified or no-exam underwriting.
Best for: Buyers seeking value-oriented universal life coverage with flexible underwriting options.
Unique offerings: Competitive UL pricing paired with simplified access to indexed and guaranteed UL policies, including availability through digital platforms like Ethos.

North American is a strong option for shoppers who want permanent life insurance that emphasizes affordability, access, and long-term flexibility.

John Hancock: Flexible Universal Life With Wellness Integration

John Hancock offers universal life insurance designed for buyers who want flexibility across traditional, indexed, and variable options, along with policy features that support long-term planning. Buyers are typically looking for coverage that can evolve over time while still working within an advisor-guided process.

Quick snapshot: National life insurance company offering traditional, indexed, and variable universal life coverage; rated “Best for High-Issue-Age Policies” by Investopedia.³
Application process: Advisor-supported application. Underwriting requirements vary by product and coverage amount, and some applicants may go through a more traditional review for permanent coverage.
Best for: Buyers who want flexible universal life coverage with optional wellness features and support for longer-term planning needs.
Unique offerings: Wellness and vitality-style programs tied to healthy behaviors, plus a broad UL lineup that can be tailored for protection, accumulation goals, or later-life planning priorities.

John Hancock can be a strong fit for people who want universal life coverage that blends flexibility with engagement features and long-term planning support.

Nationwide: Balance of Flexibility and Accessibility

Nationwide provides a broad range of universal life policies built to balance protection, flexibility, and ease of use. Its UL offerings are often chosen by buyers who want adaptable coverage supported by a large national insurer.

Quick snapshot: National insurer offering a full spectrum of universal life options with flexible policy features; rated “Best for Living Benefits” by Investopedia.³
Application process: Underwriting approach varies by product, with a mix of simplified and traditional review depending on eligibility.
Best for: Buyers who want flexible universal life coverage without extreme complexity.
Unique offerings: Broad UL lineup with features that support flexibility over time, plus multiple service channels for ongoing policy management.

Nationwide fits well for people who want universal life insurance that balances adaptability with straightforward policy management, along with access to living benefits.

Protective Life

Protective Life is a long-established insurer offering a wide range of universal life insurance policies designed to support long-term coverage needs, including later-age applicants. Its lineup includes multiple UL options suited to both protection-focused and accumulation-oriented goals.

Quick snapshot: Established national insurer offering universal, indexed, variable, and survivorship universal life insurance, with issue ages available up to 85 on select policies; recognized as having the “Best Policy Options” by U.S. News.⁵
Application process: Advisor-led application with traditional underwriting; medical exams are typically required.
Best for: Buyers who want broad universal life options, including coverage availability at higher issue ages.
Unique offerings: A broad UL lineup with relatively low minimum coverage amounts and optional riders that support alternative payout or premium recovery features.

Protective works well for shoppers who want universal life insurance flexibility backed by a carrier willing to insure later in life, even with a more traditional underwriting process.

Northwestern Mutual: Advisor-Led Planning Integration

Northwestern Mutual integrates universal life insurance into a broader, advisor-led financial planning approach. Its UL policies are commonly used alongside long-term goals such as retirement and estate planning.

Quick snapshot: Mutual life insurer offering traditional and variable universal life within an advisor-led planning model. Rated “Best for Coverage Amounts” by U.S. News⁵ and “Best for Customer Service” by NerdWallet⁶ in their rankings of universal life companies.
Application process: Advisor-supported application with underwriting based on policy type and coverage amount.
Best for: Buyers who want universal life insurance integrated into a long-term financial plan.
Unique offerings: Universal life coverage positioned as part of a holistic planning relationship.

Northwestern Mutual works best for people who view universal life insurance as one component of a broader financial strategy.

Expert Tip

How do universal life insurance companies design policies to stay sustainable over decades?

Universal life policies are designed to hold up in the real world, where interest rates and markets change over time. Compared with whole life, which follows a more fixed structure, universal life is built with adjustable pricing, crediting limits, and policy rules that help control risk over decades. Features like no-lapse guarantees, interest floors, and caps (for indexed UL) can help keep coverage active, but the policy still needs enough funding to stay on track.

Noby Bakshi

Senior Director Life Underwriting

Ready to get started?

Get a personalized quote in seconds

Universal Life Insurance Explained

Universal life insurance is a type of permanent life insurance that provides coverage for your entire life while also building cash value over time.

Like whole life insurance, universal life provides lifelong protection. However, universal life policies allow policyholders to adjust premium payments and death benefits within set limits, offering more flexibility as income, expenses, or financial priorities change over time.

In addition to lifetime coverage, universal life insurance includes a cash value component that can grow based on interest rates or market-linked crediting methods, depending on the policy. Because growth varies by policy type and market conditions, universal life policies typically require periodic review to ensure they remain properly funded and aligned with long-term goals.

How Universal Life Insurance Works

When you pay premiums into a universal life insurance policy, the payment is allocated between the cost of insurance and the policy’s cash value. The cost of insurance covers the death benefit, while the remaining amount is added to the cash value, where it earns interest over time.

Over time, the cost of insurance generally increases as the insured person ages. If cash value growth is sufficient, it can help offset rising insurance costs or cover future premiums. If growth falls short, additional contributions may be required to keep coverage in force. How interest is credited to cash value depends on the policy type and is the key distinction between guaranteed, traditional, indexed, and variable universal life insurance.

Types of Universal Life Insurance Policies

Universal life insurance is available in several distinct forms, each offering a different balance of flexibility, cash value growth, and risk. While all universal life policies share the same basic structure, the primary difference lies in how cash value earns interest across guaranteed, traditional, indexed, and variable policies.

Understanding these differences can help you choose coverage that aligns with your long term goals, comfort with variability, and level of ongoing involvement.

Guaranteed Universal Life Insurance (GUL)

Guaranteed universal life insurance focuses on lifelong protection rather than cash value growth. Often called no lapse universal life, these policies guarantee the death benefit as long as required premiums are paid, even if cash value is minimal or depleted. Because the emphasis is on coverage rather than accumulation, premiums are typically lower than other universal life options.

How cash value grows: Cash value accumulation is minimal and incidental. The policy is designed to support a guaranteed death benefit rather than long term growth.

Traditional Universal Life Insurance

Traditional, or fixed, universal life insurance offers predictable cash value growth alongside lifetime coverage. The insurer credits a fixed or declared interest rate, providing steadier performance than market linked options. This type of policy appeals to people who want stability, moderate growth, and flexibility to adjust premiums over time without market exposure.

How cash value grows: Cash value grows based on a fixed or declared interest rate that is generally more conservative than index linked options.

Indexed Universal Life Insurance (IUL)

Indexed universal life insurance links cash value growth to the performance of a market index without direct investment in the market. These policies include caps that limit upside in strong years and floors that help protect against losses during downturns. IUL is often chosen by people seeking more growth potential than traditional UL, with less risk than variable policies.

How cash value grows: Growth is tied to one or more market indices, subject to caps and floors, without direct stock market exposure.

Variable Universal Life Insurance (VUL)

Variable universal life insurance allows policyholders to invest cash value directly in market based subaccounts similar to mutual funds. This creates higher growth potential but also exposes the policy to market losses, including possible declines in principal. VUL is generally best suited for experienced investors who are comfortable managing market risk.

How cash value grows: Cash value is invested directly in market based subaccounts.

Across all universal life policy types, premiums and death benefits can be adjusted within defined limits. Strong cash value growth can help offset future premiums, while weaker performance may require additional funding to keep coverage in force. This flexibility makes universal life insurance a powerful long term planning tool, but one that benefits from regular review.

Universal Life vs Other Life Insurance Policies

Universal life insurance combines lifelong coverage with flexible premiums and cash value, making it one of the three main types of life insurance. Here’s how it compares with whole life and term life, which differ in structure, cost, and long term use.

Universal Life vs Whole Life

Both universal life and whole life insurance are forms of permanent life insurance that provide lifetime coverage and build cash value, but they function differently. Whole life is more predictable, with fixed premiums and guaranteed growth that remains consistent year after year.

Universal life offers greater flexibility. Policyholders can adjust premiums and death benefits and influence how cash value grows, but this flexibility requires ongoing monitoring to ensure the policy remains properly funded.

Key difference: Whole life prioritizes predictability, while universal life prioritizes flexibility.

Universal Life vs Term Life

Universal life and term life insurance both provide financial protection, but they serve different purposes. Term life covers a specific period, typically 10 to 30 years, and pays a death benefit only if the insured passes away during that term. Because it does not build cash value, term life premiums are generally lower.

Universal life provides lifelong coverage and includes a cash value component that can help cover future premiums or support long term financial goals. Coverage and payments can be adjusted as needs change over time.

Key difference: Term life focuses on affordability and temporary protection, while universal life is designed for lifelong coverage with built in flexibility.

How to Choose the Best Universal Life Insurance Company

Choosing the right universal life insurance company depends on financial strength, policy design, underwriting access, and long term service support.

Financial strength and long term stability

Universal life insurance is designed to last for decades, so it’s important to choose a company with strong and consistent financial ratings. Independent agencies such as AM Best provide insight into an insurer’s ability to meet future policy obligations.

Policy flexibility and transparency

The best universal life insurance companies clearly explain how premiums, death benefits, and cash value work together over time. Look for transparent policy charges, crediting limits, and no lapse guarantees that support long term coverage.

Underwriting access and eligibility

Some companies rely on traditional advisor led underwriting, while others offer simplified or no exam options. The right choice depends on your health profile, timeline, and comfort with underwriting requirements.

Ongoing service and policy management

Universal life insurance benefits from regular review. Consider whether you prefer ongoing advisor support, digital tools, or a combination of both to help keep your policy aligned with your goals over time.

Please note that all prices quoted are subject to change, including due to underwriting.

FAQs on Best Universal Life Insurance Companies

What is the best type of universal life insurance for most people?

There is no single best universal life insurance policy for everyone. Many people choose indexed universal life (IUL) because it offers more growth potential than fixed options while limiting downside risk compared to variable policies. Others prefer guaranteed universal life (GUL) for lower-cost lifelong coverage, or traditional universal life for predictable interest crediting. The best choice depends on your goals, risk tolerance, and how actively you’re willing to manage the policy.

How flexible are premiums and death benefits in universal life insurance?

Universal life insurance policies allow policyholders to adjust premiums and, in many cases, the death benefit within limits set by the insurer. You may be able to pay more in high-income years, reduce payments later, or use accumulated cash value to help cover premiums. However, reducing funding too much can increase lapse risk, so flexibility should be used carefully and reviewed regularly.

What are the best universal life insurance companies in 2026?

The best universal life insurance companies in 2026 are those that offer strong financial stability, transparent policy design, and flexible long-term coverage options. Some companies stand out for digital access and simplified underwriting, while others are known for broad policy variety, higher issue-age limits, or advisor-led planning. Comparing universal life insurance companies based on policy structure and long-term sustainability is more useful than relying on a single overall ranking.

What happens if the cash value in a universal life policy runs low?

If the cash value in a universal life insurance policy is not sufficient to cover ongoing policy costs, the policyholder may need to increase premium payments to keep coverage in force. If additional funding is not added, the policy can lapse and coverage may end. Regular policy reviews help identify funding issues early and allow adjustments before coverage is at risk.

Are there universal life insurance companies that offer no-exam or simplified underwriting?

Yes. Some universal life insurance companies and digital platforms offer indexed universal life policies with simplified underwriting or no medical exam requirements. These policies typically rely on health questions, prescription history, and data checks rather than a physical exam. Availability, pricing, and eligibility vary by insurer and applicant profile.

How is cash value in universal life insurance taxed?

Cash value in a universal life insurance policy generally grows on a tax-deferred basis. Policyholders may access cash value through withdrawals or policy loans, though loans accrue interest and withdrawals beyond cost basis may be taxable. If a policy becomes a Modified Endowment Contract (MEC), withdrawals and loans may be taxed differently. Death benefits are typically paid income-tax-free to beneficiaries.

What should you look for when choosing the best universal life insurance company?

When comparing universal life insurance companies, key factors include financial strength ratings, clarity around policy charges, flexibility of premiums and death benefits, and how the cash value is designed to perform over time. It’s also important to consider how the policy will be serviced, whether through an advisor, a digital platform, or a combination of both.