Top Universal Life Insurance Providers for 2023
Explore the five best universal life insurance companies for the year 2023, helping you make informed choices regarding your life insurance coverage.
Here are some of the top universal life insurance providers to consider in 2023:
- Northwestern Mutual - Offers an indexed universal life policy with potential cash value growth linked to market indexes. Strong financial ratings.
- Pacific Life - Pacific Life's indexed universal life policies also provide cash value growth opportunities tied to indexes.
- Lincoln Financial - Lincoln's LifeElements policy provides flexible premiums, death benefits, and has chronic illness and long term care riders available.
- John Hancock - John Hancock's Protection UL policy offers a guaranteed death benefit and flexible payments with no MEC status issues.
- Mutual of Omaha - Mutual of Omaha's UL policies include accidental death benefits and waiver of premium for disability. Chronic illness rider available.
- SBLI - SBLI offers interest-indexed universal life to provide both guarantees and cash value growth potential in one policy.
- Principal - Principal's UL offerings provide lifetime guarantees and income options through riders. Also includes long term care benefits.
- Transamerica - Transamerica's Trendsetter policies allow clients to customize the death benefit payout amount.
I recommend working with an independent insurance agent to shop and compare universal life policies to match your specific needs. The rider benefits and investment options can vary greatly between providers.
5 Best Universal Life Insurance Companies of 2023.
The 5 best universal life insurance companies of 2023, according to Forbes Advisor, are:
- Northwestern Mutual
- Nationwide
- Mutual of Omaha
- State Farm Life Insurance
- Penn Mutual
These companies offer a variety of universal life insurance policies that can be tailored to meet your specific needs and budget.
Northwestern Mutual is a good option for universal life insurance because it offers a variety of policies, including flexible premium universal life insurance and guaranteed universal life insurance. Northwestern Mutual also offers a number of riders that can be added to universal life insurance policies to provide additional coverage, such as a rider that covers the cost of chronic illness care if the policyholder dies.
Nationwide is another good option for universal life insurance because it offers a variety of policies, including index universal life insurance and variable universal life insurance. Nationwide also offers a number of riders that can be added to universal life insurance policies to provide additional coverage, such as a rider that covers the cost of college tuition if the policyholder dies.
Mutual of Omaha is a good option for universal life insurance because it offers a variety of policies, including guaranteed universal life insurance and index universal life insurance. Mutual of Omaha also offers a number of riders that can be added to universal life insurance policies to provide additional coverage, such as a rider that covers the cost of long-term care if the policyholder needs it.
State Farm Life Insurance is a good option for universal life insurance because it offers a variety of policies, including index universal life insurance and variable universal life insurance. State Farm Life Insurance also offers a number of riders that can be added to universal life insurance policies to provide additional coverage, such as a rider that covers the cost of child care if the policyholder dies.
Penn Mutual is a good option for universal life insurance because it offers a variety of policies, including guaranteed universal life insurance and index universal life insurance. Penn Mutual also offers a number of riders that can be added to universal life insurance policies to provide additional coverage, such as a rider that covers the cost of chronic illness care if the policyholder dies.
When choosing a universal life insurance company, it is important to compare rates from different companies and to read the policy carefully to understand what is covered and what is not. It is also important to talk to a financial advisor to get help choosing the right universal life insurance policy for your needs.
Here are some additional tips for choosing a universal life insurance policy:
- Consider your needs. What are your needs for universal life insurance? Do you need a policy to cover your funeral expenses and other debts, or do you need a policy to help build wealth and provide for your loved ones in the future?
- Compare policies. Compare universal life insurance policies from different companies to find the best policy for your needs and budget.
- Talk to an agent. An insurance agent can help you compare universal life insurance policies and choose the right policy for you.
- Read the policy carefully. Before you purchase a universal life insurance policy, be sure to read the policy carefully to understand what is covered and what is not.
By following these tips, you can find affordable universal life insurance that meets your needs and budget.