Universal Life Insurance Companies are vital ways to get the peace of mind you’ve ever wanted when you die, but with the bonus of cash value, you can access it while you’re still alive. Universal Life insurance companies have many choices.
In this article, we’ve evaluated key points for universal life insurance policies in order to know the best universal life insurance companies and assist you in getting started with your financial plan
Best Universal Life Insurance Companies for 2023
- Mutual of Omaha
- Corebridge Financial
- Lincoln Financial
- Penn Mutual
Protective’s universal life insurance policies stand out for competitiveness in costs, including low internal policy costs. With lower policy fees, more premiums can go toward cash value.
The company’s rating from other review platforms is 5.0.
According to its pros & cons, Protective’s universal Life insurance policies have low internal costs, with an excellent historical performance on their company’s investments, which can help keep the company’s policy costs low.
Prudential is available through independent brokers and financial advisors. Prudential’s universal life insurance policies are top-rated according to analysis, this is due to their strong scores for cost competitiveness & reliable policy illustrations.
Prudential seems to be positively oriented, the company has very reliable illustrations for its universal life insurance policies, which reduces unwelcomed surprises for policyholders in the future.
However, if you’re looking to build a cash value as soon as possible, prudential’s universal life insurance policies are likely too slow for you. Consider the policy instructions before you buy.
It has an excellent AM Best financial strength rating and is available through independent brokers and equitable advisors. Equitable is the reliable policy illustrations for its universal life insurance policies that helped boost it on its analysis.
Buyers within the company appreciate its reliable policy illustrations, its cost competitiveness is also good.
The historical performance of the company’s investments has been relatively strong, which can help keep internal policy fees down for policyholders.
On the other hand, Equitable’s universal life insurance policies may not build cash value immediately. Consider the policy illustration closely before you buy to make sure you’re satisfied with the cash value growth.
Guardian is rated 4.5, and available through independent brokers. Guardian’s ratings were boosted by its enviable financial strength and cost competitiveness.
With Guardian’s superior financial strength, they have the ability to pay claims for many decades. Meanwhile, their universal life insurance policy illustrations are fairly reliable.
However, it has very high internal policy costs in its whole life insurance policies compared to competitors. Click the link below to compare quotes.
Mutual of Omaha
Mutual of Omaha has a rating of 4.5. And it’s mainly available through independent brokers.
The company offers a remarkable combination of financial strength, competitive costs for its universal life insurance policies, and excellent historical performance of its assets.
Mutual of Omaha’s investments have traditionally performed very well, which assists in keeping policy costs low for its permanent life insurance products.
However, the pace of its cash value growth has been relatively poor in its universal life policies. If fast cash value accumulation is important to you, you’ll have to find other options.
The company is mainly available through independent brokers. Corebridge Financial, which was formerly known as AIG stands out in our analysis for its superior historical performance of investments.
On the company’s, the cash value can build relatively well in the early years of Corebridge policy compared to many competitors’ universal life policies.
However, the company’s overall financial strength track record is weak but has recovered well since AIG’s financial implosion in 2008.
Brigthouse Financial has an excellent AM Nest financial strength rating and is available through independent brokers.
Brighthouse’s universal life insurance did well in our analysis thanks to its cost competitiveness and reliable policy illustrations. On the other hand, the historical performance of its investments is mediocre compared to top competitors.
Brigthouse Financial is slow in cash value growth in the early years of the policy, therefore, check the policy illustration to find out what you’re to expect.
Lincoln Financial Group is rated 4.0 according to our analysis. And it’s available through independent brokers and Lincoln Financial advisors. Lincoln Financial’s rating was boosted by its fairly reliable universal life policy illustrations.
Lincoln is worth consideration if reliable policy illustrations are a top priority, so there’s less chance you’ll be surprised by lower-than-expected cash value.
The company’s universal life policies also generally have low internal policy costs, which means more of your premium money is going toward cash value.
However, the investment performance of some of Lincoln’s cash-value products has been unremarkable. Click on the link below, and compare quotes.
Penn Mutual is rated 4.0, with its superior rating according to AM’s Best Financial Strength rating. They are available through independent brokers, and Penn Mutual agents.
Penn Mutual has shown superior performance in its investments, which can ultimately help keep policy costs low. it has a good track record of strong financial strength.
The company’s access to cash value in the early years of the universal life policy is better than many top competitors. However, the universal life insurance policy illustrations don’t have great reliability compared to top competitors.
How Much Does a Universal Life Insurance Policy Cost
The average cost of universal life insurance is $87 a month for a $250,000 policy for a 30-year-old female and $103 a month for a 30-year-old male.
Average Monthly Cost for a $250,000 Universal Life Insurance Policy
|If your Washington taxable income is over:||But not over:||Your tax is:|
|Age 30||$87 per month||$103 per month|
|Age 40||$128 per month||$150 per month|
|Age 50||$195 per month||$222 per month|
Factors That Affect the Cost of Universal Life Insurance
When you want to buy a universal life insurance policy, understanding the following factors that affect life insurance rates can help know what to expect.
It will also help you pick out the best life insurance company for your needs, see some factors below insurers may consider when setting your universal life insurance rates:
- Coverage length and amount
- Criminal record
- Driving record
- Family medical history
- Occupation and hobbies
- Recent financial issues, such as bankruptcy
- Smoking, such as nicotine and marijuana use
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